환율이 항공 화물 수송량에 미치는 영향
Does Air Cargo have the positive relationship with exchange rate in Korea?
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초록
This paper explains if the relationship between the air cargo and exchange rate is proportional or not. Two explanatory variables(real exchange rate and U.S. Industrial Production Index) are used to estimate the Korea air cargo function. At first, the cointegration test derives a long-term equilibrium relationship among these three variables. So the model to be estimated has to be the Error Correction Model to represent this cointegration relationship. The result shows that the U.S. Industrial Production Index has the roportional relationship with the air cargo in the short-and long-term. But it is proven that the air cargo decreases if the exchange rate increases in the short-and long-term.
Abstract
This paper explains if the relationship between the air cargo and exchange rate is proportional or not. Two explanatory variables(real exchange rate and U.S. Industrial Production Index) are used to estimate the Korea air cargo function. At first, the cointegration test derives a long-term equilibrium relationship among these three variables. So the model to be estimated has to be the Error Correction Model to represent this cointegration relationship. The result shows that the U.S. Industrial Production Index has the roportional relationship with the air cargo in the short-and long-term. But it is proven that the air cargo decreases if the exchange rate increases in the short-and long-term.
참고문헌 (16)
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