This paper aims to analyze the recent relationship among exports, exchange rate, and economic growth in Korea, Japan, and the US for the period from 2000 to 2013. It makes use of econometric procedures and empirical estimates for major currency-owned large economies and non-major currency-owned countries. One task for which the elasticities of international trade and real GDP are needed is in developing exchange rate assessments. This study found that there is a significant relationship going from exports and exchange rate to the real GDP. Based on the recent outcome of empirical tests, the increase in the exports helps explain economic growth, suggesting that the effect of the exports-led growth has been decreasing. We may guess that the US and Japan and their respective major currencies could have different value-and-volume-effects with Korea.
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