ransactions, but Japanization of BoK means depreciation helps transition %01012P. OUtPledy a Curtail account —MIP —USEWKRW MI6 15%j 10% 5. hil l lIIIII 0. \..." -15% -20% -25% 1996 Sourowaruesche ant /bow Abu un,dhuuddM 2003 The Korean case therefore illustrates two of our fundamental predicti