생산단계를 고려한 한국 수출품의 환율변동에 따른 마크업 (mark-up) 조정 특성분석

Markup Adjustment of Korean Export Price Responding to Exchange Rate Change considering Production Process

This study analyzes the markup effect of Korean export prices in 30 industries for the period from 2000 to 2010, considering the price of imported intermediate goods in each industry. According to the study, a rise of 1% in Won-dollar exchange rates brings about the rise of 0.53% in the Korean manufacturing export price denominated in the domestic currency in the long-term, whereas Korean export price in local markets is decreased by 0.47%. The size of markup adjustment in industries is higher, as the ratio of R&D to total sales and ratio of net export to total sales are higher and the ratio of imported intermediate goods to total sales is lower. This results suggest that the net foreign currency revenue position of a firm can determine the export markup of the firm responding to foreign exchange change.