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Gresham's law in the late Chosun Korea

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  • Y. -Y. Kim

Abstract

The issue of Gresham's law in the late Chosun Korea is addressed. Available historical records are interpreted to provide evidence that undervalued money was taken out of circulation because of both the legal tender law and Rolnick and Weber's law. Later, however, undervalued money replaced overvalued money because of the inflationary effect of the latter.

Suggested Citation

  • Y. -Y. Kim, 2004. "Gresham's law in the late Chosun Korea," Applied Economics Letters, Taylor & Francis Journals, vol. 11(15), pages 979-984.
    • Handle: RePEc:taf:apeclt:v:11:y:2004:i:15:p:979-984
    DOI: 10.1080/1350485042000291385
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    References listed on IDEAS

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    1. Rolnick, Arthur J & Weber, Warren E, 1986. "Gresham's Law or Gresham's Fallacy?," Journal of Political Economy, University of Chicago Press, vol. 94(1), pages 185-199, February.
    2. Selgin, George, 1996. "Salvaging Gresham's Law: The Good, the Bad, and the Illegal," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 28(4), pages 637-649, November.
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