Hong, Kyttack; Oh, Dong-Hwan - In: Journal of Economic Development 34 (2009) 2, pp. 111-130
We examine the purchasing power parity (PPP) hypothesis in won/dollar and won/yen real exchange rates using a non-linear framework. Many empirical studies based on the linear framework have failed to find clear supporting evidence for the validity of PPP hypothesis. We test the PPP hypothesis...
