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논문 기본 정보
- 자료유형
- 학술저널
- 저자정보
- 발행연도
- 2013.12
- 수록면
- 581 - 606 (26page)
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The objective of this paper is to investigate the Japanese real Yen behavior during the Japan’s economically turbulent period since 1980. Using empirical specification of the real Yen following Obstfeld (1993), we have found the real Yen does not follow a trend stationary process, but a unit root process over some sample period since 1980. In the second section of this paper, we have deeply extended Obstfeld (1993)’s approach in showing that the downward trend of real interest rate can be attributed to the appreciation of real currency. Departing from real factors of production or consumption, we have emphasized nominal factors in influencing the real Yen behavior. To show this, we have set up the real interest parity condition and also elicited some testable restrictions: Even though we find no evidence that the real Yen was affected by Japanese money supply over some sub sample period, the real interest parity condition does hold surprisingly over the whole sample period: Relative easing of Japanese domestic money supply causes the real Yen to depreciate while its relative tightened money causes the real Yen to appreciate. Thus, some nominal monetary factors are influential in the behavior of real Yen besides real shocks emphasized in section 1 and section 2.1.
목차
1. INTRODUCTION
2. MODELING DETERMINISTIC OR STOCHASTIC TRENDS IN REAL EXCHANGE RATES
3. REAL INTEREST DIFFERENTIALS, NATURAL REAL RATES, AND THE REAL EXCHANGE RATE
4. CONCLUSION
REFERENCES
참고문헌 (14)
참고문헌 신청
1. [학술지(정기간행물)] - Abbas Aminifard / 2011 / Trade Relations and Long-run Purchasing Power Parity (PPP) between the Selected East Asian Countries and Iran / Korea and the World Economy 12 (2) : 327 ~ 340
2. [학술지(정기간행물)] - Balassa, B. / 1964 / The Purchasing Power Parity Doctrine: A Reappraisal / Journal of Political Economy 72 : 584 ~ 596
3. [학술지(정기간행물)] - Dornbush, R. / 1976 / Expectations and Exchange Rate Dynamics / Journal of Political Economy 84 : 1161 ~ 1176
4. [학술지(정기간행물)] - Edison, Hali J. / 1987 / Purchasing Power Parity in the Long Run: A Test of the Dollar/Pound Exchange Rate, 1890-1978 / Journal of Money, Credit and Banking 19 : 376 ~ 387
5. [단행본] - Frankel, Jeffrey A. / 1986 / International Capital Mobility and Crowding-out in the U.S. Economy: Imperfect Integration of Financial Markets of Goods Markets?, In How Open is the U.S. Economy? / Lexington Books : 33 ~ 67
2. [학술지(정기간행물)] - Balassa, B. / 1964 / The Purchasing Power Parity Doctrine: A Reappraisal / Journal of Political Economy 72 : 584 ~ 596
3. [학술지(정기간행물)] - Dornbush, R. / 1976 / Expectations and Exchange Rate Dynamics / Journal of Political Economy 84 : 1161 ~ 1176
4. [학술지(정기간행물)] - Edison, Hali J. / 1987 / Purchasing Power Parity in the Long Run: A Test of the Dollar/Pound Exchange Rate, 1890-1978 / Journal of Money, Credit and Banking 19 : 376 ~ 387
5. [단행본] - Frankel, Jeffrey A. / 1986 / International Capital Mobility and Crowding-out in the U.S. Economy: Imperfect Integration of Financial Markets of Goods Markets?, In How Open is the U.S. Economy? / Lexington Books : 33 ~ 67
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UCI(KEPA) : I410-ECN-0101-2015-300-001017036