British Overvaluations and Devaluations
In: International journal / Canadian Institute of International Affairs, Band 5, Heft 1, S. 48-60
ISSN: 2052-465X
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In: International journal / Canadian Institute of International Affairs, Band 5, Heft 1, S. 48-60
ISSN: 2052-465X
In: International Journal, Band 5, Heft 1, S. 48
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In: NBER working paper series 12850
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Working paper
In: The Economic Journal, Band 99, Heft 397, S. 850
In: NBER Working Paper No. w12850
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In: CESifo Working Paper Series No. 1918
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In: Journal of International Money and Finance, Band 26, Heft 5
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In: Journal of international economics, Band 44, Heft 1, S. 1-19
ISSN: 0022-1996
In: The Pacific review, Band 31, Heft 5, S. 573-597
ISSN: 1470-1332
Existing theories on real exchange rates predict a significant undervaluation of the Korean won (KRW) in the early and mid-1990s. The paper demonstrates why this expectation did not materialize and instead an unprecedentedly large degree of overvaluation took place. Focusing on three variables, namely, financial repression, devaluation pass-through, and policy exhibitionism, the paper examines how the unraveling of the developmental state eventually gave rise to the 1990s' overvaluation. It argues that the policy exhibitionism of the new civilian government amplified the influence of Chaebol on monetary policies, which in turn created a strong appreciative force to KRW. It also contends that the increasing exchange rate pass-through onto the prices of imported intermediate goods explains why Chaebol did not desire to tame the excessive appreciative trend despite its detrimental effect on their exports. The paper offers policy implications for other state-led, emerging economies. (Pac Rev/GIGA)
World Affairs Online
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In: The Pacific review, Band 31, Heft 5, S. 573-597
ISSN: 1470-1332
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Working paper