중국의 경상수지와 위안화 환율간 구조적 충격에 대한 파급효과

• 영문명: The Effect of the Renminbi (RMB) Exchange Rate Reflation on China’s Current Account
• 발행기관: 한국무역연구원
• 저자명: 진빈(Bin Chen) 이기성(Ki Seong Lee)
• 간행물 정보: 『무역연구』제11권 제4호, 411~426쪽, 전체 16쪽
• 주제분류: 경제경영 > 무역학
• 파일형태: PDF
• 발행일자: 2015.08.30

영문 초록

This paper’s data used a monthly dataset of China’s RMB exchange rate covering the period from January 1998 to December 2014 the Structural Vector Autoregression (SVAR) method was used considering the short-run structural shocks in the model among variables. Then, it was also used in order to analyze the impact which the normal RMB exchange rate had on China’s current account. Empirical evidence shows that industrial production shocks account for most of the short-run volatility in the current account. We are able to explain this finding about the current account since industrial production shocks also cause a significant short-run appreciation in the normal exchange rate. An implication is that in order to reduce its trade surplus effectively after 1998, China should have maintained expansion of its production through an industrial restructuring policy and a revaluation of the Chinese Renminbi exchange rate.

목차

Abstract

Ⅰ. 서론

Ⅱ. 선행연구의 검토

Ⅲ. 실증분석

Ⅳ. 결론

References

키워드

RMB Exchange Rate Current Account Structural Vector Autoregression Impulse Response