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학술연구/단체지원/교육 등 연구자 활동을 지속하도록 DBpia가 지원하고 있어요.
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연구자들이 자신의 연구와 전문성을 널리 알리고, 새로운 협력의 기회를 만들 수 있는 네트워킹 공간이에요.
초록· 키워드
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I measured the Balassa-Samuelson effect in the real exchange rate changes between the US and its trading counterparts of the UK, Japan, Hong Kong and Korea, using the MSE decomposition technique from Engel (1999). Empirical findings from the data of the 4 pairs of the US vs. the UK from January 1988 through December 2010, the US vs. Japan from January 1980 through December 2010, the US vs. Hong Kong from January 1976 through December 2001, and the US vs. Korea from January 1985 through December 2010 are as follows: j the MSE shares of the tradables price changes in real exchange rate changes for 3 pairs except the pair of the US and Hong Kong were overwhelmingly large, accounting for more than 90% of real exchange rate changes as in Engel (1999). The MSE shares of the non-tradables component in the real exchange rate changes between the US and fast-growing countries such as Hong Kong and Korea were much greater than those in the real exchange rates between the US and developed countries such as the UK and Japan, and move in line with the sectoral growth differentials between countries. l The real exchange rate changes between the US and Hong Kong were accounted for mainly by the sectoral inflation differentials across the US and Hong Kong: approximately 70% was explained at the beginning of the sample period and 25% at the end of the sample period. I conclude that there exists the Balassa-Samuelson effect in the real exchange rate changes for the pairs of the countries that have significant differences in sectoral growth differentials like the pairs of developed and fast growing countries such as Hong Kong and Korea.
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참고문헌 (13)
참고문헌 신청
Asea, Patrick K. / 1994 / Do Long-Run Productivity Differentials Explain Long-Run Real Exchange Rates
Balassa, Bela / 1964 / The Purchasing Power Parity Doctrine: A Reappraisal / Journal of political Economy 72
Betts, C. M. / 2006 / U.S. Real Exchange Rate Fluctuations and Measures of the Relative Price of Goods / Journal of Monetary Economics 53
Betts, C. M. / 2008 / Real Exchange Rate Movements and the Relative Price of Non-traded Goods
DeGregorio, Jose / 1994 / The Behavior of Nontradable Goods Prices In Europe: Evidence and Interpretation / Review of International Economics 2
Balassa, Bela / 1964 / The Purchasing Power Parity Doctrine: A Reappraisal / Journal of political Economy 72
Betts, C. M. / 2006 / U.S. Real Exchange Rate Fluctuations and Measures of the Relative Price of Goods / Journal of Monetary Economics 53
Betts, C. M. / 2008 / Real Exchange Rate Movements and the Relative Price of Non-traded Goods
DeGregorio, Jose / 1994 / The Behavior of Nontradable Goods Prices In Europe: Evidence and Interpretation / Review of International Economics 2
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