환율변동에 따른 동아시아 국가의 수출가격설정 연구

Export Price Setting Estimation of East Asian Countries to Fluctuations in Exchange Rate

Export pricing setting estimation was performed as a result of estimating the exchange rate pass-through of long and short term export prices from 1993 to 2016 of three countries, namely, South Korea, China and Japan. Findings show that in spite of the sharp decline in yen value caused by the implementation of Japan’s Abenomics policy, the exchange rate pass-through of export price of South Korea increased. It can be concluded that South Korea’s exporting companies have made pricing to market (PTM), which changes the rate of Korean won through markup adjustment instead of changing the dollar-denominated export price. Moreover, the exchange rate pass-through of the yuan-denominated export price of China is much lower than that of South Korea and Japan, as the exchange rate is stable. However, when China appreciates or depreciates the yuan, the volatility of the exchange rate is very high, and the exchange rate pass-through of export price is also significantly shifted. In addition, since the introduction of Abenomics policy, the exchange rate pass-through of Japanese export prices has also increased. In the case of Japan, it seemed to pay more attention to improving export profitability by actively raising the yen price and passively reducing the price of the contract.