Indeed, persistence fell considerably over the 1980s and essentially disappeared in the late 1990s.12 This decline in the persistence of inflation was the result of the change in the monetary policy regime that has fostered more forward-looking inflation expectations.
The advisory role and influence that the international press exercises over the economic development of any one country have correspondingly increased. You yourselves as foreign correspondents in Korea have shown keen interest and provided valuable advice, admonition and encouragement in our attempts to defuse the crisis that broke out a year ago. We are most grateful.