한국의 정부 재정지출이 실질환율에 미친 영향

• 영문명: Effects of Variations in Government Fiscal Expenditure on Real Exchange Rate in Korea: ARDL-EC Model Estimation
• 발행기관: 한국무역연구원
• 저자명: 팜광흥(Quang-Hung Pham) 김창수(Changsoo Kim)
• 간행물 정보: 『무역연구』제14권 제1호, 289~302쪽, 전체 14쪽
• 주제분류: 경제경영 > 무역학
• 파일형태: PDF
• 발행일자: 2018.02.21

영문 초록

The aim of this study is to investigate effects of changes in government expenditure on real exchange rate for Korea during the period of 1998. I - 2016. IV. We use Error Correction model based on Pesaran, Shin and Smith (2001)’s ARDL bounds test to estimate long run and short run relationship between changes in government expenditure and real exchange rate. The results show that changes in government expenditure during the period had a significant positive effect on real exchange rate in Korea. The long run response of real exchange rate was more than twice larger than the short run response. To be more specific, one percent increase of the ratio of government expenditure to GDP raised the real exchange rate by 0.99% in the short run while the same change raised the real exchange rate by more than 2.55% over the long run. The positive empirical effect of government expenditure increase on the real exchange rate found by the present study is broadly in line with many other previous studies. Theoretically, this result is in line with the assertion that an expansionary government expenditure would raise relative price of non-tradable goods when the government expenditure has a home bias and so a positive effect on the real exchange rate.

목차

Ⅰ. 서론

Ⅱ. 재정정책의 실질환율 효과: 선행연구

Ⅲ. ARDL-한계검정법 오차수정모형

Ⅳ. 실증 분석

Ⅳ. 결론

키워드

ARDL Bounds Test Error Correction Model Government Fiscal Expenditure Korea Real Exchange Rate