|제목||What determines the exchange rate of the Korean won?|
The determination of exchange rates in international financial markets is, of course, based on the supply and demand between foreign exchange and the local currency. The supply of foreign exchange is determined by the current and capital account balances. In the world before the 1990s, when the capital market was not liberalized, the current account determined the supply of foreign exchange. As the share of income transfer between countries remained relatively low, the current account balance was actually determined by the trade balance.
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