장기균형환율의 결정요인

• 영문명: Revisiting Balassa-Samuelson Model of Long-run Exchange Rate
• 발행기관: 한국무역연구원
• 저자명: 현준석(Jun Seog Hyun) 김원중(Won Joong Kim)
• 간행물 정보: 『무역연구』제11권 제4호, 237~255쪽, 전체 19쪽
• 주제분류: 경제경영 > 무역학
• 파일형태: PDF
• 발행일자: 2015.08.30

영문 초록

Under the Balassa-Samuelson model, the long-run equilibrium exchange rate condition is derived by assuming that the wage in the tradable goods equals that in the non-tradable goods. This paper relaxes this assumption and empirically examines the importance of wage differential between tradable and non-tradable goods in the long-run exchange rate. The cointegration analyses show that, in both nominal won/dollar exchange rate and in nominal effective exchange rate of won, the long-run equilibrium patterns in exchange rates are not found with the classical Balassa-Samuelson model. However, with the wage differential in the model, we find a strong long-run equilibrium in exchange rate. Based on the results, it is suggested that wage differential which also accounts for the differences in the labor market between tradable and non-tradable goods, should be included to analyze the long-run movement in the nominal exchange rate.

목차

Abstract

Ⅰ. 서론

Ⅱ. 선행연구 고찰

Ⅲ. 장기균형환율관련 이론적 모형과 생산성, 임금

Ⅳ. 실증분석 결과

Ⅴ. 결론

References

Appendix

키워드

Long-Run Equilibrium Exchange Rate Labor Productivity Wage Differential Cointegration