국제 금가격과 주요 통화간의 관계 분석

An Empirical Analysis on Relationships between International Gold Price and Major Currencies

This paper estimates the effect of major currency blocs on international gold price, and analyzes the interactions among the gold price, exchange rates, and prices level in those blocs. We found that US dollar bloc loses domination on gold price after Euro departure while the bloc strongly dominated gold price before the departure. Especially, Euro bloc has the largest power of pricing gold now, and other blocs begin with setting the gold price in the world market. Moreover, the accumulated generalized impulse response analysis suggests that the value of dollar insignificantly responses to the gold price innovation after Euro departure.