Testing for Long Run Purchasing Power Parity: An Examination of Korean Won

Bahmani-Oskooee Mohsen · Hyun‐Jae Rhee

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Abstract

Most previous recent studies that have tested the Purchasing Power Parity Theory (PPP) have used cointegration technique and bilateral exchange rates. In this paper we too use cointegration technique, but effective exchange rate concept to test the PPP for Korean won. Using monthly data on exchange rates and price levels of 19 trading partners of Korea, we provide enough evidence to reject the PPP, a result similar to those of previous studies. [F31]

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References

1987Co-Integration and Error Correction: Representation, Estimation, and Testing 1964The Purchasing-Power Parity Doctrine: A Reappraisal 1986DEVELOPMENTS IN THE STUDY OF COINTEGRATED ECONOMIC VARIABLES 1987Forecasting and testing in co-integrated systems 1988The New Palgrave: A Dictionary of Economics.1978Purchasing power parity 1988An empirical examination of long-run purchasing power parity using cointegration techniques 1986Unit Roots in Time Series Models: Tests and Implications

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