논문KCI 등재
ESTIMATING EQUILIBRIUM WON/DOLLAR REAL EXCHANGE RATE: A BEHAVIORAL APPROACH
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참고문헌
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Abstract
A BEER of won/dollar is estimated using the cointegration methods of Johansen(1995). Impulse response analysis shows that the responses of the real exchange rate to the various shocks differ. Variance decomposition analysis demonstrates that the net foreign asset and productivity differential plays a important role in explaining the behavior of real exchange rate. The long run equilibrium value of Won recovered from an estimated cointegrating equation reveals the periods of overvaluation in the 1990s until the 1997 financial crisis.
참고문헌 (36)
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