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농촌경제

THE EFFECT OF EXCHANGE RATE MISALIGNMENT ON AGRICULTURAL TRADE

2005.10.01 9200
연구보고서 표지
  • 저자
    조규대, 김민경
  • 등록일
    2005.10.01
  • 연구주제
    국제농업
원문보기
목차

Ⅰ. Introduction
Ⅱ. Exchange Rate Misalignment
III. Theoretical Consideration
IV. Estimation Model and Variable Construction
V. Estimation Results
VI. Conclusions

요약문

This paper examines whether exchange rate misalignment negatively affects agricultural trade, compared to other industrial sectors. Nominal exchange rate misalignment is obtained from the percentage deviation of real exchange rates from their long-run equilibrium based on the theory of purchasing power parity. In order to explore this issue, a bilateral trade matrix involving trade flows between ten developed countries is constructed. Using panel data analysis, a gravity model is estimated for four industrial sectors over the period from 1976 to 1999. The study has found that over-valuation (under-valuation) of the nominal exchange rate negatively (positively) affects export performance of the agricultural sector in particular. In the large-scale manufacturing sectors considered in this paper, exports are not significantly affected by exchange rate misalignment.

This paper examines whether exchange rate misalignment negatively affects agricultural trade, compared to other industrial sectors. Nominal exchange rate misalignment is obtained from the percentage deviation of real exchange rates from their long-run equilibrium based on the theory of purchasing power parity. In order to explore this issue, a bilateral trade matrix involving trade flows between ten developed countries is constructed. Using panel data analysis, a gravity model is estimated for four industrial sectors over the period from 1976 to 1999. The study has found that over-valuation (under-valuation) of the nominal exchange rate negatively (positively) affects export performance of the agricultural sector in particular. In the large-scale manufacturing sectors considered in this paper, exports are not significantly affected by exchange rate misalignment.

저자정보
조규대Cho, Guedae
일용직
소속: 연우회
저자의 다른 보고서
저자에게 문의
조규대Cho, Guedae
일용직
소속: 연우회
저자에게 문의
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