Monetary and exchange rate policy in the aftermath of the Asian financial crisis The Case of Korea

摘要: This paper extends the structural VAR model of Bernanke and Mihov (1998) to one under a small-open economy in order explore how operating procedures monetary foreign exchange policy Korea changed aftermath 1997 Asian financial crisis. It finds strong evidence apparent regime changes rate after The implications for are that procedure switched call target post-crisis period, but its stance on may remain transition an inflation targeting framework freely floating regime. Moreover, presumably plays important role or as intermediate stabilize prices.