The purpose of this study is to examine the causal relationship between the exchange rate and economic growth, and to induce policy implications. In order to test whether time series data is stationary and the model is fitness or not, we put in operation unit root test, cointegration test. And we apply Granger causality based on an error correction model. The results indicate that uni-dierctional causality between exchange rate and economic growth is detected. Exchange rate impacts on economic growth, but economic growth don’t impact on exchange rate. The analysis of impulse reaction function shows that the impulse of exchange rate impacts on Korean economic growth in negative direction. We can infer policy suggestion as follows: The fluctuation of exchange rate much affects economic growth, thus we must make a stable policy of exchange rate to continue economic growth.
Ⅰ. 서론
Ⅱ. 환율ㆍ경제성장ㆍ수출ㆍ투자 간의 이론적 관계
Ⅲ. 실증 분석
Ⅳ. 요약 및 결론
참고문헌
Abstract