Experiences with Monetary Integration and Lessons for Korean Unification

Goohoon Kwon

No 1997/065, IMF Working Papers from International Monetary Fund

Abstract: This paper discusses the timing of monetary integration and supporting economic policies during a rapid and largely uncontrolled process of Korean unification. The paper concludes that the transitory use of a separate currency in each region and supporting economic policies would help limit the initial costs of unification although the extent of the eventual cost reduction would depend critically on the success of ensuing economic reforms in the North during the transition. Maintaining the competitiveness of the northern economy would need to be a primary policy objective in the case of an early introduction of a common currency.

Keywords: WP; country; currency; government; enterprise; economy; monetary unit; common currency; currency conversion; currency system; market economy; trade monopoly; Currencies; Wages; Monetary unions; Exchange rates; Income; Baltics (search for similar items in EconPapers)
Pages: 35
Date: 1997-05-01
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