세계경제위기시의 외환정책과 국제무역: 세계대공황과 글로벌경제위기의 비교

Exchange Rate Regime and International Trade in the World Economic Crisis

This paper analyzes the impact of exchange rate regime on international trade in the world economic crisis. First, we studied the effect of foreign exchange control on international trade under the international gold standard in the Great Depression. Next, we analyzed empirically the impact of the floating exchange rates on world trade in the recent global economic crisis. This study showed historically the evidence that such a policy measure as foreign exchange control used as substitutes for devaluation resulted in the contraction of the overall volumn of trade under the Great Depression. The empirical analysis showed that the currency depreciation in the most OECD countries leads to succeed in cushioning the disruptive impact of various economic shocks under the recent global economic crisis.