주요국 환율의 수출가격 전가율 비교분석과 시사점

Comparison of Excahnge Rate Pass-through Rates among Major Countries

There are a lot of empirical studies on the pass-through following the exchange rate change But few studies are distinguishing currency appreciation and depreciation in the estimation of pass-through rate. The extent of exporter s response to exchange rate changes may be asymmetric depending on appreciation or depreciation of a currency. So in this paper, we analyzed the extent of pass-through in the export price due to currency appreciation in 4 countries, i.e. Korea, Japan Germany and France. In case of Korea, the pass-through rate to the export price following the appreciation of Won increased from 0.239 in the period of 2002, 1Q∼2007, 4Q to 0.540 in the period of 2009, 2Q∼2012 , 4Q. This means that Korean export companies place emphasis on the profit margin than market share maintaining. This strategy were possible by strengthening of non-price competitiveness of Korean export goods. The pass-through rate of Japan decreased from 0.223 in the period of 2002, 1Q∼2005, IQ to 0.209 in the period of 2007, 2Q∼2012, 3Q. This reflects the fact that Japanese export companies absorbed a large part of Yen appreciation through Cutting of the profit margins in order to maintain thair market share. The degrees of exchange rate pass-through of Germany and France were estimated to be far higher than Korea or Japan. This reflects relatively high non-price competitiveness of German and French export goods.