Is There Currency Substitution in Korea?

S. R. Lee

International Area Studies Review, 2010, vol. 13, issue 3, 243-249

Abstract: This paper examines the existence of currency substitution in Korea. By examining the money demand in Korea using quarterly 3-month forward exchange rate premium as a proxy for expected change in exchange rate, this paper concludes that currency substitution does not exist in Korea during the post financial crisis period after 1997. Monetary independence under a flexible exchange rate system appears to hold in Korea.

Keywords: Currency; Substitution; Korea (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:sae:intare:v:13:y:2010:i:3:p:243-249

DOI: 10.1177/223386591001300313

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