韓中 兩國 輸入性 인플레이션의 比較 硏究

Comparative study of Korean-Chinese imported inflation

This paper attempts to highlight some of salient features of the price movements in an increasingly small open economy. Specifically, it purports to show that the domestic monetary determinants on internal price change may decline in importance as compared to the external determinants in an economy in which the importance of the foreign trade sector is rising over time. This paper set forth a theoretical model consisting a set of postulated relationships which from a basis for relating the internal price changes to the changes in money supply, import prices, and real output. The empirical evidence suggests that the relative importance of monetary change in determining the internal price change declines over time as the degree of openness of the economy rises over time.