The article surveys recent research on exchange rates and foreign exchange markets in Korea. It covers topics like purchasing power parity, real and nominal exchange rates, market efficiency, and corporate finance issues related to exchange rates. Researchers studied whether the won/dollar exchange rate follows purchasing power parity in the long run and what factors affect short-term fluctuations. They also looked at how news impacts exchange rates and the efficiency of foreign exchange markets. Additionally, they explored how Korean firms are exposed to foreign exchange risk and how it affects their international investments.