Earticle

초록

영어

Launch of floating exchange rates expected that the exchange rate volatility increase. Previous research, such as Bartove el at(1996) shows that a significant increase in volatility of monthly stock returns corresponding to the period of increased exchange rate variability after switching from fixed to floating exchange rates and interpret that exchange rate is one of systematic risk. In this study, we test whether significant changes in stock return volatility, market risk, and foreign exchange rate risk exposures took place for 873 Asian countries’ firms. Focusing on three four-year periods around the launch of floating exchange rates after experiencing currency crisis in 1997, we find a significant increase in volatility of monthly stock returns corresponding to the period of increased exchange rate variability, but unlike the previous study the exchange rate exposure was reduced.

목차

1. 서론
 2. 문헌연구
 3. 자료
  3.1. 환율에 관한 자료
  3.2. 주식시장에 관한 자료
 4. 실증분석
  4.1. 환율제도 도입에 의한 시장위험의 변화
  4.2. 환율제도 도입에 의한 환노출의 변화
 5. 결론
 참고문헌
 논문초록

키워드

저자

• 변애련 [ Bian, Ai-Lian | 국민대학교 경영대학 경영학부 조교수 ]
• 박경인 [ Park, Kyung-In | 경북대학교 경영대학 경영학과 초빙교수 ]

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  동북아 문화연구 [Journal of North-east Asian Cultures]

• 간기

  계간

• pISSN

  1598-3692

• 수록기간

  2001~2026

• 등재여부

  KCI 등재

• 십진분류

  KDC 910 DDC 950