A note on the exchange market pressure: The Korean experience, 1980-1987

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Abstract

This paper applies the exchange market pressure (EMP) model to Korea under a managed floating exchange rate. We show that the EMP model is superior to one concentrating solely on foreign reserve or exchange rate changes. Given that the balance of payments in Korea experienced a drastic turn to surplus during the estimated period, we checked the stability of the coefficients. The results show that the coefficients have remained stable.

Original languageEnglish
Pages (from-to)587-590
Number of pages4
JournalApplied Economics
Volume23
Issue number4
DOIs
StatePublished - 1 Apr 1991

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