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In the latter half of 2012, the worldwide musical hit Gangnam Style by South Korean K-pop singer Psy, contributed to a boost in tourism to South
In the latter half of 2012, the worldwide musical hit Gangnam Style by South Korean K-pop singer Psy, contributed to a boost in tourism to South Korea ("Gangnam Brings Fans — and Tourism Revenue — to Korea," CNBC.com, January 23, 2013). Record numbers of tourists from China, Japan, and even the United States wanting to see the Gangnam district in person helped South Korea's economy in 2012. How does an increase in South Korean tourism affect the foreign exchange market for the South Korean won (its currency)? Describe other situations that had a similar impact on a country’s foreign exchange market?
