The purpose of this study is to find causes of inflation in Korea. We hypothesized that inflation in Korea was a "mixed" inflation generated by not only monetary factors but also nonmonetary factors. The data was obtained mainly from International Finance Statistics (IMF) and Monthly Bulletin (The Bank of Korea). The first chapter introduces the Korean economy. Chapter two surveyed the effects of import prices, wages, and money supply in inflationary process. The third chapter studied some theoretical backgrounds of inflation. Chapter four analyzed the results of statistical tests. Finally, chapter five consisted of summary and policy implications.

Interview with William Tucker, a business executive from Boston, regarding his experiences working for Caltex Petroleum Corporation, their refinery construction and expansion during World War II and after the war, the oil industry, and Caltex in India, Australia, Germany, Japan, Korea, and South Africa.