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The Mexican Peso and the Korean Won Real Exchange Rates: Evidence from Productivity Models

Andre Varella Mollick|Margot Quijano
경제연구소 (Hanyang Economic Research Institute)|2004.06|Journal of Economic Development|제29권 제1호|pp. 189-208

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참고문헌

주제분류경제학

초록

Abstract

Using the U.S. as benchmark country, Korean data from 1970:1 to 2000:4 and Mexican data from 1983:1 to 2000:4 are decomposed into traded and non-traded sectors. We find that the traditional purchasing power parity (PPP) model performs remarkably well for the Peso and that the productivity model appears adequate for the Peso but not for the Won. As Mexican relative traded goods productivity rises, the nominal Peso appreciates (coefficients between -2.03 and -2.16). Conversely, as U.S. relative traded goods productivity rises, the Peso depreciates (coefficients between 2.06 and 2.48). Although predicting correctly the direction of change, such large magnitudes suggest only partial support for the theoretical mechanism in Mexico. Coefficients with contrary signs obtained in Korea may indicate competing models (neoclassical or Ricardian) are more appropriate to capture the relationship between productivity and exchange rates.

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관련 논문AI추천

Time-varying Cointegration Models and Exchange Rate Predictability in Korea박수경, 박철범한국개발연구원 · KDI Journal of Economic Policy2015 · 제37권 제4호Analyses of the Relationship between Exchange Rates and Employment in KoreaWanjoong Kim경제연구소 · Journal of Economic Development2005 · 제30권 제2호ESTIMATING EQUILIBRIUM WON/DOLLAR REAL EXCHANGE RATE: A BEHAVIORAL APPROACH전선애한국경제학회 · The Korean Economic Review2006 · 제22권 제1호Coupling for the Won-Dollar and Yen-Dollar Rates under the Floating Exchange Rate System in Korea: A Fractional Cointegration ApproachJeongseok Song경제연구소 · Seoul Journal of Economics2006 · 제19권 제1호Productivity and Patterns of Trade: The Experience of Korea in the 1990s차문중한국개발연구원 · KDI Journal of Economic Policy2004 · 제26권 제2호엔화환율이 한국의 경기와 실질환율 고평가에 미치는 영향강삼모한국국제경제학회 · 국제경제연구2003 · 제9권 제3호

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