Korean capital markets. A large increase in Korea's external position, combined with a relatively inflexible exchange rate …

. Background on Korea's foreign exchange control system is provided, including the evolution of its exchange rate determination … Competitiveness Act, the U.S. Treasury's Reports to Congress, and the results of the U.S. Treasury's negotiations with Korea on … exchange rate "manipulation" are examined. ; Korea's current account surpluses emerged at a time when the United States was …

relationship between the stock markets of Korea, Japan, and the United States. We estimate GARCH models to quantify the importance …

At a macroeconomic level, infrastructure and productivity are positively correlated in the United States and other … infrastructure to productivity, or the reverse. This paper focuses on roads, and finds that vehicle-intensive industries benefit … disproportionately from road-building: when road growth changes, productivity growth changes more in industries that are more vehicle …

countries. The paper begins by surveying earlier estimates of relative productivity and unit labor cost levels and evaluating … productivity translated into dollars at purchasing power parity exchange rates. These estimates are compared with results obtained … level in a representative newly industrialized country, Korea. …

Productivity rises in booms and falls in recessions. There are four main explanations for procyclical productivity: (i … are particularly important in explaining procyclical productivity. We argue that the reallocation effects that we identify …

Explanations of procyclical productivity playa key role in a variety of business-cycle models. Most of these models … aggregate productivity changes into several terms, each of which has an economic interpretation. However, many of these tenus …