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Exchange rates regime and international business cycle transmission revisited : The Korean experience

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  • Exchange rates regime and international business cycle transmission revisited
  • Lee, Hyun-Hoon; Huh, Hyun-seung
  • University of Washington


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Title Exchange rates regime and international business cycle transmission revisited
Similar Titles
Sub Title

The Korean experience

Material Type Reports
Author(English)

Lee, Hyun-Hoon; Huh, Hyun-seung

Publisher

[Seattle]:University of Washington

Date 2014-08
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Financial Policy
Economy < Economic System
Holding University of Washington

Abstract

The purpose of this paper is to assess how the shifts of the exchange rate regime in Korea have changed the influence of foreign business cycle fluctuations on the domestic economy. Particular attention is paid to the adoption of the market average exchange rate regime in the early 1990s and the freely floating system in the aftermath of the 1997 currency crisis. The paper traces the patterns and extents of changing importance between foreign and domestic business cycles as the economy has shifted to more and more flexible exchange rate regimes. We find that despite the opening of Korea's financial market in the 1990s, the adoption of floating exchange rates may have increased the degree to which the Korean economy is insulated from the foreign disturbances.