• Proceedings of the Korean Institute of Information and Commucation Sciences Conference
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• 한국정보통신학회 2017년도 추계학술대회
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• pp.89-91
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• 2017

A currency exchange is the rate to exchange currencies between different countries and the one of important factors to measure the economic size or status of a country. The currency exchange is affected by various economic or social events and changed dynamically. However, since too many economic and social factors affect the exchange rate and the leverage rate of each factor is so floating, it is difficult to define clearly the relationships between the exchange rate and the specific factor. In this paper, we analyze the data pattern for the exchange rate and news articles. To do this, we counts the frequencies of words presented in the news articles during specific periods and compare the frequencies with the margins of exchange rates.

• KDI Journal of Economic Policy
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• 제13권2호
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• pp.21-39
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• 1991

This paper introduces a two-sector model to analyze the real and monetary determinants of Korea's real exchange rate. So far, most studies on Korea's exchange rate have concentrated on the behavior of nominal exchange rate, but this study proposes a dynamic model of real exchange rate behavior in developing countries and estimates the real and financial determinants of Korea's real exchange rate behavior. The estimation was performed over the period of 1980-89. The results show many interesting things. First, the monetary and fiscal expansion led to a real appreciation, which suggests that the monetary and fiscal stances be kept sound for a real depreciation. Second, the improvement in the terms of trade led to a real depreciation. This experience is in the contrast to the popular view that the improvement in the terms of trade will result in a real appreciation. Third, the productivity growth led to a real appreciation, but this effect of the Ricardo-Balassa type was not significant. Finally, the nominal devaluation was quite effective to produce a real depreciation. This result also supports Korea's exchange rate policy in the 1980s which was based upon the real target approach instead of nominal anchor approach.

• International Area Studies Review
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• 제14권1호
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• pp.121-138
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• 2010

This paper investigates the effectiveness of the Bretton Woods II hypothesis, by analysing the relationship between the exchange rates and the U.S. current account against 9 Asian countries for the period of 1999-2008. According to the estimation results, It is found that the Asian currencies' real depreciation significantly have worsened the U.S. current account against the Asian countries. Also, the U.S. current account was significantly affected by GDP and investment of the U.S. and the Asian countries. Thus, It is hard to say that the main driver of the global imbalance is the exchange rates devaluation policies of Asian countries as the Bretton Woods II hypothesis argues. The global imbalance is more likely to be complementally affected by savings glut in the Asian region and the deficiency of net saving in the U.S. Therefore, the global imbalance is expected to adjust when economic conditions besides exchange rates change.

• The Korean Journal of Financial Studies
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• 제14권1호
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• pp.15-39
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• 2008

본 연구에서는 미국, 영국, 한국 금융시장의 주식, 회사채, 국채, 부동산지수와 상품지수로 구성된 포트폴리오에서의 상품지수의 역할을 실증적으로 제시하고자 했다. 일반적인 금융상품으로만 구성된 포트폴리오와 상품지수가 포함된 포트폴리오의 수익률과 위험을 비교 분석하여 상품지수의 포트폴리오 구성요소로서의 타당성을 검증했다. 또한, 국가별 통화정책의 변화에 따라 분석기간을 긴축정책기와 확장정책기로 구분하여 그 성과를 비교함으로써 상품지수가 인플레이션 헤지수단이 될 수 있는지를 확인하고자 하였다. 미국과 영국의 경우 GSCI지수는 긴축기에 다른 금융자산에 비해 위험대비 수익률이 높아 포트폴리오 편입비중이 크며, 포트폴리오의 효율성을 높이는 것으로 분석되었다. 영국의 경우 환율을 적용하기 전과 후의 분석결과가 크게 상이하지 않으나, 한국의 경우 환율을 적용한 GSCI지수의 포트폴리오 편입비중은 미국, 영국시장과 유사한 결과를 보이나, 환율과 GSCI지수를 각각 독립적인 자산으로 편입하여 분석할 경우 그 효과는 미미한 것으로 나타났다. 즉, 환율을 적용하여 편입한 GSCI지수의 포트폴리오 수익률 상승효과 중 상당한 부분이 환율로 인한 것이며, 해외시장의 경우와 단순히 비교하기는 어렵다는 점이다. 따라서, 우리나라의 경우는 미국, 영국과 달리 환율을 적용한 상품지수가 인플레이션에 대한 헤지수단이 되나, 환율효과가 지배적이므로 상품지수 자체의 공헌도는 높지 않다고 평가된다.

• Management & Information Systems Review
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• 제34권4호
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• pp.67-81
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• 2015

The purpose of this study was to evaluate the effect of this factor on the macroeconomic variables for the healthcare industry market. First, the government bond interest rates and the exchange rate is the cause variable of drug industry index. Drug industry index is a mutual influence between the Call interest rate. Second, the medical equipment index haver mutual cause variable such as call rate index, government bond interest rates, and exchange rate. A current account balance variable is the cause variable of drug industry index. Third, the drug industry index has a negative relationship with a Call interest rate and an exchange rate. but it has a positive relationship with a government bond interest rates. the medical equipment index has a negative relationship with an exchange rate. but it has a positive relationship with a government bond interest rates.

• The Journal of the Convergence on Culture Technology
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• 제5권2호
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• pp.183-188
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• 2019

This study analyzed the effects of short-term interest rates, exchange rates and international oil prices on international grain prices using the EGARCH-GED model. The yield before one month of the international grain prices itself was found to have a significant effect on international grain prices for most periods. During the entire analysis period, none of the economic variables appeared to have a significant effect on international grain prices, whereas during the exchange fall period, only oil prices were shown to have a significant effect on international grain prices. In addition, during the pre-crisis period, interest rates, exchange rates and oil prices did not all have a significant effect, but during the post-crisis period only oil prices had a significant effect on international grain prices. It turns out that the factors affecting international grain prices are changing with the passage of time.

• Journal of Industrial Convergence
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• 제20권6호
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• pp.135-140
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• 2022

In the domestic stock market, the capital market opened in January 1992, and the proportion of foreign capital has steadily increased, accounting for 30% of the domestic market in Overall stock market trend infers that the domestic stock market is more influenced by foreign issues than domestic issues. The trading trend of foreign capital displays a similar flow to exchange rate fluctuations,; thus, preparing an investment strategy by using the Pearson analyzing method the effect of exchange rates of foreign capital trading, fluctuations in exchange rates, and predicting one of the macroeconomic indicators will yield high returns in the stock market. Therefore, this research was conducted to help investment by predicting foreign variables comparing and analyzing exchange rates and foreign capital trading patterns, and predicting appropriate time for buying and selling.

• The Korea Swine Journal
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• 제20권3호통권223호
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• pp.130-133
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• 1998

• Science & Technology Policy
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• 제16권3호통권159호
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• pp.31-39
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• 2006

• The Korean Journal of Financial Management
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• 제16권2호
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• pp.383-404
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• 1999

본 연구는 우레나라 기업 및 산업의 환노출을 측정하고 이를 기업의 특성변수로 설명하려는 것이다. 기존 연구가 주별 및 월별 자료를 사용해서 특정 산업에 국한했던 것과는 달리 금융업을 포함한 전 산업을 대상으로 하였으며, 일별 자료를 사용해 이를 분석하였다. 환노출 추정을 위해, 1987년 1월부터 1997년 6월까지 상장된 우리나라 기업 및 산업의 일별 수익률을 종속변수로 하고 대미달러의 원화 환율 및 대엔화의 원화 환율, 달러대 엔화 환율 등의 변화율을 독립변수로 하는 모형을 설정하였으며, 이를 기존에 논의된 여러 모형을 통해 측정하였다. 측정결과 이자율을 차감하고 종속변수의 1차자기상관을 고려한 GARCH(1,1)모형의 설명력이 높았다. 우리나라 산업중에서는 섬유제품, 펄프 종이, 자동차판매 및 도매, 숙박 운송 등에서 유의한 환노출을 보였으며, 개별기업의 경우에는 1987년 1월부터 1990년 7월까지 대미달러 환율에 많이 노출되었으나, 1990년 8월부터 1994년 7월까지는 상대적으로 노출된 기업의 수가 적었다. 따라서 우리나라 산업 및 기업은 환노출에 있어서 산업효과와 기간효과를 갖고 있음을 알 수 있다. 기업특성변수와 환노출과의 관계를 분석한 결과는 일관되게 유의한 변수는 발견되지 못하였으며, 다만 특정 기간별 그리고 대미달러환율에 대해 기업규모와 금융비용부담률 등의 변수들이 유의하게 반응하고 있는 것으로 나타났다.