A Case of Successful Adjustment: Korea's Experience During 1980-84
International Monetary Fund, Aug 15, 1985 - Business & Economics - 34 pages
This paper was prepared by Bijan B. Aghevli, Division Chief in the international Monetary Fund's Asian Department, and Jorge Marquez-Ruarte, Senior Economist in the Asian Department. In preparing the paper, the authors have relied extensively on the analysis and information provided by the Korean authorities as well as on the work of the Fund staff on Korea during the period under study.
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13 percent 30 percent adjustment program agricultural average Bank of Korea banking system billion broad money Central Government Chart commercial banks consumer price consumer price index curb market current account deficit cyclically neutral balance Debt service ratio decelerated deficit rose domestic credit domestic demand domestic inflation effective exchange rate exchange rate policy expenditure external competitiveness external current account external debt fell financial system fiscal policy foreign borrowing Fund staff estimates Grain Management Fund Gross domestic product Gross national product improved income industrial inflationary international capital market International Monetary Fund Korea's external Korean authorities loans maturity structure ment NBFIs nonbank financial oil prices output percent in 1980 percent of GNP Percentage change percentage points period private sector protectionism public sector deficit real GNP real interest rates real terms real wages recovery reduced reserve money revenues savings sharply short-term debt slowdown Sources stabilization stand-by arrangement substantial Table U.S. dollar Velocity