Ha, In-Bong; Lee, Bong-Soo; Cheong, Chongcheul - In: Asian Economic Journal 21 (2007) 2, pp. 195-206
The present paper investigates which factor is primarily responsible for the sharp depreciation of the Korean won against the US dollar in 1997, using a bivariate vector autoregressive model of real and nominal exchange rates. In the present study, we directly identify the relative importance of...