A New Meaure of the Korean Current Account

Eric Fisher and YoungSoo Woo
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YoungSoo Woo: Cornell University

International Finance from University Library of Munich, Germany

Abstract: We apply Fisher's (1994) concept of the aggregate generational current account to data from the Republic of Korea in the post-war era. A generation's net foreign assets is the present value of its expected net transfers from abroad, and the aggregate generational current account is the annual change in the sum of these accounts across all current and future generations. Although the conventional measure of the Korean current account shows a chronic deficit during this era, our measure indicates that expected military and economic transfers from abroad have actually created long periods of aggregate generational current account surpluses. Also, the aggregate generational current account is more volatile than the conventional current account for Korea.

JEL-codes: F3 F4 (search for similar items in EconPapers)
Pages: 22 pages
Date: 1994-11-07
Note: 22 pages
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Citations: View citations in EconPapers (1)

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