Working Paper
Foreign exchange policy, monetary policy, and capital market liberalization in Korea
Lindner, Deborah J. (1992)
In this paper, I investigate the interactions between foreign exchange policy, monetary policy, and developments in Korean capital markets. A large increase in Korea's external position, combined with a relatively inflexible exchange rate, led to very large potential increases in money growth between 1986 and 1989. The sterilization of the foreign exchange intervention required an unprecedented monetary tightening on other fronts--a tightening that could have created serious distortions in the financial markets had direct credit controls been utilized. Consequently, the use of open market ...
International Finance Discussion Papers , Paper 435

Working Paper
Some simple tests of the globalization and inflation hypothesis
Kamin, Steven B.; Marquez, Jaime R.; Ihrig, Jane E.; Lindner, Deborah J. (2007)
This paper evaluates the hypothesis that globalization has increased the role of international factors and decreased the role of domestic factors in the inflation process in industrial economies. Toward that end, we estimate standard Phillips curve inflation equations for 11 industrial countries and use these estimates to test several predictions of the globalization and inflation hypothesis. Our results provide little support for that hypothesis. First, the estimated effect of foreign output gaps on domestic consumer price inflation is generally insignificant and often of the wrong sign. ...
International Finance Discussion Papers , Paper 891

Working Paper
The political economy of the won: U.S. - Korean bilateral negotiations on exchange rates
Lindner, Deborah J. (1992)
This paper traces the development of U.S.-Korean negotiations on exchange rates in the second half of the 1980s. Background on Korea's foreign exchange control system is provided, including the evolution of its exchange rate determination mechanisms from 1945 to the current period. The U.S. Congress' rationale for including exchange rates in the Omnibus Trade and 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 ...
International Finance Discussion Papers , Paper 434