Macroeconomic effects of capital account liberalization: The case of Korea

Review of Development Economics

Volumn 8, Issue 4, 2004, Pages 624-639

  Kim, Soyoung ^a   Kim, Sunghyun Henry ^b   Wang, Yunjong ^c  

^a Korea University   (South Korea)

^b TUFTS UNIVERSITY   (United States)

^c SK Corporation   (South Korea)

Author keywords

[No Author keywords available]

Indexed keywords

CAPITAL FLOW; CAPITAL MARKET; LIBERALIZATION; MACROECONOMICS;

ASIA; EASTERN HEMISPHERE; EURASIA; FAR EAST; KOREA; WORLD;

EID: 8644280392     PISSN: 13636669     EISSN: None     Source Type: Journal    
DOI: 10.1111/j.1467-9361.2004.00257.x     Document Type: Article

References (25)

1. Agenor, Pierre-Richard and Alexander Hoffmaister, "Capital Inflows and the Real Exchange Rate: Analytical Framework and Econometric Evidence," in Rueven Glick (ed.), Managing Capital Flows and Exchange Rates: Perspectives from the Pacific Basin, Cambridge: Cambridge University Press (1998).
2. Alesina, Alberto, Vittorio Grill, and Gian Maria Milesi-Ferretti, " The Political Economy of Capital Controls," in Leonard Leiderman and Assaf Razin (eds), Capital Mobility: the Impact on Consumption, Investment, and Growth, Cambridge: Cambridge University Press (1994).
3. Allen, P. R and Jerome Stein, "Capital Market Integration," Journal of Banking and Finance 14 (1990):909-28.
4. Antzoulatos, Angelos, "Capital Flows and Current Account Deficits in the 1990s: Why Did Latin American and East Asian Countries Respond Differently?" Federal Reserve Bank of New York research paper 9610 (1996).
5. Bacchetta, Philippe, "Liberalization of Capital Movements and of the Domestic Financial System," Economica 59 (1992):465-74.
6. Bacchetta, Philippe and Eric van Wincoop, "Capital Flows to Emerging Markets: Liberalization, Overshooting, and Volatility," NBER working paper 6530 (1998).
7. Calvo, Guillermo, Leonardo Leiderman, and Carmen Reinhart, "Capital Inflows and Real Exchange Rate Appreciation in Latin America: the Role of External Factors," IMF Staff Papers 40 (1993):108-51.
8. Calvo, Guillermo, Leonardo Leiderman, and Carmen Reinhart, "Inflows of Capital to Developing Countries in the 1990s," Journal of Economic Perspectives 10 (1996):123-39.
9. De Gregorio, Jose, Sebastian Edwards, and Rodrigo Valdes, "Controls on Capital Flows: Do They Work?" Journal of Development Economics 63 (2000):59-83.
10. Edwards, Sebastian, "The Liberalization of the Current Capital Accounts and the Real Exchange Rate," Canadian Journal of Economics 22 (1989):79-92.
11. Eichengreen, Barry and Michael Mussa, "Capital Account Liberalization: Theoretical and Practical Aspects," IMF occasional paper 172 (1998).
12. Eichengreen, Barry, Andrew Rose, and Charles Wyplosz, "Contagious Currency Crisis," Scandinavian Economic Review 98 (1996 ):463-84.
13. Engle, Charles and Ken Kletzer, "Saving and Investment in an Open Economy with Non-traded Goods," International Economic Review 30 (1989):735-52.
14. Grilli, Vittorio and Gian Maria Milesi-Ferretti, "Economic Effects and Structural Determinants of Capital Controls," IMF Staff Papers 42 (1995):517-51.
15. Hamilton, James D, Time Series Analysis, Princeton, NJ: Princeton University Press (1994).
16. Johnston, R. B., S. M. Darbar, and C. Echeverria, "Sequencing Capital Account Liberalization: Lessons from the Experiences in Chile, Indonesia, Korea, and Thailand," IMF working paper 97/157 (1997).
17. Kang, Sammo, Soyoung Kim, S. H. Kim, and Yunjong Wang, Understanding the Determinants of Capital Flows in Korea: an Empirical Investigation Seoul: KIEP Press (2002).
18. Montiel, Peter, "Policy Responses to Surges in Capital Flows: Issues and Lessons," in Guillermo Calvo, Morris Goldstein, and Eduard Hochreiter (eds), Private Capital Flows to Emerging Markets After the Mexican Crisis, Washington, DC: Institute for International Economics (1996).
19. Obstfeld, Maurice, "Capital Flows, the Current Account, and the Real Exchange Rate: Consequences of Liberalization and Stabilization," in Sebastian Edwards and Liaquat Ahamed (eds), Economic Adjustment and Exchange Rates in Developing Countries, Chicago: University of Chicago Press (1986).
20. Park, Yung Chul, "Korea's Experience with Managing Foreign Capital Flows," paper presented at the UNDP Meeting on Proposals for an International Currency Transaction, Levy, New York (10 October 1995).
21. Park, Yung Chul and Chi-Young Song, "Managing Foreign Capital Flows: the Experiences of the Republic of Korea, Thailand, Malaysia and Indonesia," in G. K. Helleiner (ed.), Capital Account Regimes and the Developing Countries, UNCTAD: Macmillan Press (1998).
22. Rodrik, Dani, "Who Needs Capital Account Convertibility?" in Peter Kenen (ed.), Should the IMF Pursue Capital Account Convertibility? Princeton, NJ: Princeton University Press (1998).
23. Sims, Christopher, "Macroeconomics and Reality," Econometrica 48 (1980):1-48.
24. Sims, Christopher, "Bayesian Skepticism on Unit Root Econometrics," Journal of Economic Dynamics and Control 12 (1988):463-74.
25. Sims, Christopher and Harold Uhlig, "Understanding Unit Rooters: a Helicopter Tour," Econometrica 59 (1991):1591-9.