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Working Paper

Capital Mobility in Korea since the Early 1980s : Comparison with Japan and Taiwan

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커버이미지
  • 저자 좌승희(左承喜)
  • 발행일 1992/09/01
  • 시리즈 번호 9216
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요약 This paper reviews the Korea`s experience of capital control
since the early 1980s and tries to measure the degree of capital
mobility in Korean in comparison with Japan and Taiwan. It
observes that during the 1980s, Korea relied on capital outflow
regulation to solve the foreign debt and current account deficit
problems during the first half, and on capital inflow regulation to
mitigate excess liquidity problem and the pressure on exchange
rate appreciation caused by the current account surplus during
the latter half.

This Pattern turns out to be very similar in general to the
one observed for Japan during the 1970s. In addition, it argues
that the slow pace of capital flow liberalization is partly due to
the delayed domestic financial liberalization. Nevertheless, it is
shown that the extent of Korea`s capital mobility has been
gradually increasing since the early 1980s. Korea fares relatively
well with Japan and Taiwan in international capital mobility,
while the absolute level of openness is still not very high, and
seems to be moving toward the right direction of liberalization,
even if a little slow, in institutional and regulatory
improvements.
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