TY - JOUR
T1 - Macroeconomic aspects of Korea's liberalization policy
T2 - A cointegrated VAR study
AU - Moon, Choon Geol
AU - Jain, Parul
PY - 1995
Y1 - 1995
N2 - This paper examines the transmission of aggregate shocks between Korea and its major trading partners over the decade of the 1980s. Our impulse response analysis, which is based on the cointegrated VAR model, indicates that the country was subject to both foreign and domestic shocks over the past decade, a time period over which trade and financial liberalization measures were aimed at increasing the role of market forces. While this description is accurate to a high degree, the results of our impulse response analysis also suggests that the authorities did actively resist market pressures as well.
AB - This paper examines the transmission of aggregate shocks between Korea and its major trading partners over the decade of the 1980s. Our impulse response analysis, which is based on the cointegrated VAR model, indicates that the country was subject to both foreign and domestic shocks over the past decade, a time period over which trade and financial liberalization measures were aimed at increasing the role of market forces. While this description is accurate to a high degree, the results of our impulse response analysis also suggests that the authorities did actively resist market pressures as well.
UR - http://www.scopus.com/inward/record.url?scp=0012593570&partnerID=8YFLogxK
UR - http://www.scopus.com/inward/citedby.url?scp=0012593570&partnerID=8YFLogxK
U2 - 10.1016/1049-0078(95)90025-X
DO - 10.1016/1049-0078(95)90025-X
M3 - Article
AN - SCOPUS:0012593570
SN - 1049-0078
VL - 6
SP - 469
EP - 492
JO - Journal of Asian Economics
JF - Journal of Asian Economics
IS - 4
ER -