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자료유형
학술저널
저자정보
저널정보
한국무역학회 무역학회지 貿易學會誌 第26卷 第4號
발행연도
2001.9
수록면
271 - 292 (22page)

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Under foreign exchange and capital movement liberalization, government role on exchange rate can be decreased while the demand and supply's effect on exchange rate can be increased. This study analyzed economic variables' effects on exchange rate determination with a synthetic model of exchange rate theories. The analysis was done by time period of the level of liberalization. The result of the period of insufficient liberalization, indicated that the model based on free market economy does not explain the movement of exchange rate well. However, in the period of mature liberalization, the explanation capability of the model was much improved. This result means that the mechanism of exchange rate is determined by the condition of foreign exchange's demand and supply under foreign exchange and capital liberalization. Although first-order autocorrelation of exchange rate variation was high in the period of insufficient liberalization, it became very low in the period of mature liberalization. From this result, we can find exchange rate reacts for the change of economic factors instantly under foreign exchange and capital liberalization. In particular, after the crisis of foreign exchange, the demand and supply of foreign exchange (e.g., current account balance and capital account balance) became main factors for the determination of exchange rate. Co-movement pattern of won/dollar and yen/dollar exchange rates under foreign exchange and capital liberalization, is resulted in increasing power of foreign exchange market participants such as hedgers and arbitrageurs.

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Ⅰ. 서론
Ⅱ. 외환 및 자본자유화
Ⅲ. 분석모형의 설정
Ⅳ. 분석결과 및 해석
Ⅴ. 결론
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