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@techreport{NBERw5824,
 title = "Liberalization of Capital Flows in Korea: Big-Bang or Gradualism?",
 author = "Cho, Dongchul and Koh, Youngsun",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "5824",
 year = "1996",
 month = "November",
 doi = {10.3386/w5824},
 URL = "http://www.nber.org/papers/w5824",
 abstract = {Capital market liberalization has become an irreversible trend in Korea since 1992.  With the current level of high interest rate in Korea, however, drastic full-scale liberalization would certainly attract a large amount of capital inflows and appreciate the Korean won.  This would affect the price competitiveness of Korean products in international markets, which could bring about significant macro-instability in an economy like Korea which relies heavily upon external transactions.  Through simulations using a macro-model based on the neoclassical long-run convergence and the Keynesian short-run dynamics, this paper attempts to provide some quantitative assessments of several alternative policy choices including the speed of liberalization.},
}