한국ㆍ일본ㆍ대만 환율변동의 수출가격전가도 분석

Exchange Rate Pass-Through on Export Price in Korea, Japan and Taiwan

As Korean won has gained steadily against the US dollar since 2001, the concern of exchange rate pass-through(ERPT) on export price has been spread out. The ERPT on export price shows how much pass on export price when exchange rate changes. This paper analyzes the ERPT on export price in Korea, Japan and Taiwan using the short dynamic model. The major results of this paper are as follows. First, the ERPT on export price in Korea is very low compared with Japan and Taiwan. It means that Korean exporters take a pricing to market strategy and adjust a profit margin to offset changing of exchange rate. Moreover, Korea has relatively long lag structure of ERPT compared to other countries. Second, the ERPT on export price in Korea rose after the economic crisis. It explains that Korean exporters considered the sharply ups and downs of exchange rates during 1997~1998 as a temporary phenomenon, so that they responded conservatively to the changes of exchange rates. However Korean exporters considered the downward trend of exchange rates since 1999 as a permanent phenomenon. Therefore they respond positively to the changes of exchange rates. It seems that Korean exporters take a pricing to profit strategy comparing to a pricing to market strategy since 1999. Third, there were also asymmetries that the direction and size of changing exchange rate affected on pass-through. The ERPT was higher in the de preciation than the appreciation. In addition, in bigger exchange rate fluctuations, Korean exporters responded less sensitively than in the case of smaller exchanges rate fluctuations.