SHERP

The Recent Liberalization of Korea's Foreign Exchange Markets, and Tests of U.S. versus Japanese Influence

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Authors
Frankel, Jeffrey A.
Issue Date
1992
Publisher
Seoul Journal of Economics
Citation
Seoul Journal of Economics 5 (No. 1 1992): 1-30
Keywords
SEC-type; Super-301; unfair traders
Abstract
Financial liberalization is a good thing for Korea, so long as proper SEC-type regulation is maintained. However, the beneficial implications for U.S. "competitiveness" of Asian liberalization in the area of exchange rate policy are less clear than one would infer from observing the amount of U.S. pressure applied. It is misguided for Americans to appeal to free-market principles to justify pressure on Asian countries to allow their currencies to appreciate against the doll oar. American negotiators would perhaps be better advised to concentrate on negotiating the liberalization of trade in goods and services, the liberalization of which could benefit both countries. It is ironic, that U.S. government pressure on Korea to liberalize its financial markets and loosen its link with the dollar has resulted in a greater role for the yen and Japanese interest rates in Korea.
ISSN
1225-0279
Language
English
URI
http://hdl.handle.net/10371/943
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College of Social Sciences (사회과학대학)Institute of Economics Research (경제연구소)Seoul Journal of EconomicsSeoul Journal of Economics vol.05(1) (Spring 1992)
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