원/위안 환율과 대 중국 해외직접투자의 관계분석

• 영문명: Won/Yuan Exchange Rate and Korean Direct Investment in China
• 발행기관: 한국무역연구원
• 저자명: 강상일(Sang Il Kang) 김석진(Seok Chin Kim)
• 간행물 정보: 『무역연구』제11권 제4호, 505~523쪽, 전체 19쪽
• 주제분류: 경제경영 > 무역학
• 파일형태: PDF
• 발행일자: 2015.08.30

영문 초록

This paper analyzes the impact of real won/yuan exchange rate changes and its volatility on Korean foreign direct investment (FDI) in China. We estimate the volatility by the GARCH (1,1) model. For the analysis, we employ the vector error correction model (VECM) from using data 1999 to 2013. Main results are as follows. First, the appreciation of RMB is negatively related with the Korean FDI in China. This result indicates that wage and/or wealth effects matter when the value of host currency changes. Second, the volatility of real won/yuan exchange rate is positively related with the Korean FDI in China. This result confirms the export substitution effect that FDI is preferred because export may get riskier than FDI. Third, these effects appear to be strong in some industries such as manufacturing, construction, wholesale and retail, accommodation and food, while they do not appear in other industries such as finance and insurance, real estate and leasing, and so on.

목차

Abstract

Ⅰ. 서론

Ⅱ. 선행 연구

Ⅲ. 연구 설계

Ⅳ. 실증분석

Ⅴ. 결론

References

키워드

Exchange Rate Volatility FDI GARCH (1,1) VECM