Economic shocks, current account and macroeconomic adjustment : theory and practice in Korea
The main purpose of this thesis is to identify the dynamic effects of exogenous economic shocks on the macroeconomic adjustment in a small open resource-poor economy, Korea. It is well known that the macroeconomic adjustment process of an open economy is best analyzed within an intertemporal general equilibrium framework. However, empirical application of the framework has been very limited despite its theoretical elaborateness. This thesis provides one of the possible solutions to the...[Show more]
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