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학술연구/단체지원/교육 등 연구자 활동을 지속하도록 DBpia가 지원하고 있어요.
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연구자들이 자신의 연구와 전문성을 널리 알리고, 새로운 협력의 기회를 만들 수 있는 네트워킹 공간이에요.
논문 기본 정보
- 자료유형
- 학술저널
- 저자정보
- 발행연도
- 2012.1
- 수록면
- 317 - 337 (21page)
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This paper analyzes the dynamics of trade balance and real exchange rate based on the elasticity and purchasing power parity (PPP) approaches. Here, a stationary vector autoregressive model with cointegration error, transformed from the error correction model in Kim (2012), is employed. Trade balance and PPP are jointly considered as the two long-run cointegration relationships that represent external economy equilibria. The model was applied to the dynamic analyses of Korea’s trade balance using monthly data from 1990, where model variables from the elasticity and PPP approaches were selected. Based on the estimation, we first confirmed the finding of Cheung et al. (2004), whereas trade balance is additionally considered. The nominal exchange rate adjustment, not the price adjustment, is the key engine that governs the speed of PPP convergence, and the nominal exchange rates were found to converge much more slowly than the prices. The nominal exchange shock did not significantly affect trade balance, whereas the price shocks did. Therefore, manipulation of the nominal exchange rate through intervention to improve trade balance might not be an effective policy tool.
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참고문헌 (20)
참고문헌 신청
Campbell, J. Y. / 1987 / Cointegration and Tests of Present Value Models / Journal of Political Economy 95 (5) : 1062 ~ 1088
Cheung, Y-W / 2004 / Dissecting the PPP Puzzle: the Unconventional Roles of Nominal Exchange Rate and Price Adjustments / Journal of International Economics 64 (1) : 135 ~ 15
Engel, C. / 2001 / The Adjustment of Prices and the Adjust- ment of the Exchange Rate
Goldstein, M. / 1985 / Income and Price Effects in Foreign Trade, In Handbook of International Economics / North-Holland : 979 ~ 1040
Granger, C. W. J. / 1997 / An Introduction to Stochastic Unit Root Processes / Journal of Econometrics 80 (1) : 35 ~ 62
Cheung, Y-W / 2004 / Dissecting the PPP Puzzle: the Unconventional Roles of Nominal Exchange Rate and Price Adjustments / Journal of International Economics 64 (1) : 135 ~ 15
Engel, C. / 2001 / The Adjustment of Prices and the Adjust- ment of the Exchange Rate
Goldstein, M. / 1985 / Income and Price Effects in Foreign Trade, In Handbook of International Economics / North-Holland : 979 ~ 1040
Granger, C. W. J. / 1997 / An Introduction to Stochastic Unit Root Processes / Journal of Econometrics 80 (1) : 35 ~ 62
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