Earticle

초록

영어

The purpose of this paper is to test the productivity bias hypothesis that real exchange rate could deviate from its long-run equilibrium. To analyze the hypothesis, we estimated the long-run relationship between real exchange and productivity using the random effect, fixed effect and dynamic panel data model for 89 countries. The empirical results suggest that the increase in relative labor productivity difference, defined as trade sector productivity over non-trade sector productivity, causes real exchange rate to appreciate within 1% significance level no matter what of estimating model. Then we implemented the robustness analysis of the result by national income and exchange regime. The result shows that in most cases, the positive relative productivity differential has to do with the positive change of real exchange which means that the productivity bias hypothesis is supported.

목차

Abstract
Ⅰ. 서론
Ⅱ. 기존 문헌 연구 및 이론모형
Ⅲ. 자료 및 추정모형
Ⅳ. 실증분석 및 결과
Ⅴ. 결론
부록
참고문헌

키워드

저자

• 정경화 [ Kyong-Hwa Jeong | 목포대학교 경제학과 부교수 ] 제1저자
• 최용재 [ Yong-Jae Choi | 전북대학교 무역학과 부교수 ] 교신저자

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  무역통상학회지 [Journal of Korea Research Association of International Commerce]

• 간기

  격월간

• pISSN

  1738-4354

• 수록기간

  2001~2025

• 등재여부

  KCI 등재

• 십진분류

  KDC 326 DDC 380