Earticle

환율변동성이 수출에 미치는 효과에 대해서 아직까지 일치된 견해가 도출되지 않고 있다. 그러 나 한국과 같이 대외의존도 높은 소규모 개방경제에서 환율과 환율변동성의 중요성은 재론의 여지가 없다. 환율변동성을 보다 정확히 측정할 수 있는 모형의 개발에 많은 연구들이 이루어 지고 있고, 여기서 도출된 변동성을 수출함수에 적용하고 있으나 분석 대상 국가나 기간 그리 고 대상 품목에 따라 다양한 결과가 나타나고 있다. 본고는 국제결제은행이 제공한 원화의 실 질실효환율에 GARCH(1,1) 모형을 적용하여 구한 환율변동성을 Bahmani-Oskooee and Hegerty (2009)의 수출함수에 결합하여 분석모형을 설정한다. 모형을 추정하기 전에 모형의 안정성 검정 을 위해 Johansen-Juselius의 다변량공적분 검정을 실시하여 도입 모형이 다양한 시차에 강건한 안정성을 확보하고 있음을 확인한다. 그리고 모형 추정을 통해 원화의 1% 가치하락은 수출을 0.62% 증가시키며, 환율변동성의 1% 상승은 수출을 0.08% 감소시킨다는 것을 보인다. 원화의 환율변동성은 한국 수출의 저해요인으로 작용한다는 밝힌다.

Exchange rate volatility can have a profound effect on the trade. This issue is relatively more important for small open economies like Korea, because of its dependence on international trade to achieve its economic development goals. However, there is still no consensus on whether increases in exchange rate volatility will increase or decrease the volume of trade. To assess the effects of exchange rate volatility on export flows this paper relies a model combining the export function used by Bahmani-Oooee and Hegerty (2009) and the generalized Autoregressive Conditional Heteroskedastic (GARCH) model of Bollerslev. The study also applies the Johansen multivariate cointegration method to check whether there is a stable relationship between exports and its determinants. This paper finds that exchange rate volatility has a significantly negative impact on the exports.

In 1999, China legislated the Unification Contract Law instead of the previous three contract laws. The Contract law of the people's republic of 1999 (China contract law) was the first in the history of the legislation of PRC. It was enacted in reference from foreign legal systems to unified the three different laws(Economy Contract, Technology Contract, International Economy Contract) into a single form. The Chinese Contract Law accepted the advanced principles of being enacted in reference to a foreign legal system and international convention, such as CISG, PICC and German Civil Law. Chinese Contract Law is mainly influenced by CISG, especially the right to avoid a contract. Therefore, it is important to observe the legal system related to Contracts for the International Sale of Goods between CISG and Chinese contract law. In conclusion, this paper provides the considerations about the right to avoid contracts under Chinese Contract Law as follows; First of all, the standard of legally prescribed conditions rise to termination right and fundamental breach of contract applies only the objective breach of contract. Secondly, the concept of force majeure under Article 94(ⅰ) is so blur that a court has discretionary power to judge the standard. Third, the provisions about the breach of contract before the time of performance spread in Article 94 and Article 108 and divide into expressive and implied breach of contract without any differentiation of the effect. Forth, there are no remedies about performance guarantee or performance stoppage to the breach of contract before the time of performance. Finally, the concept `reasonable time' under Article 94(ⅲ) is not clear about the period. Therefore, a contract party considers the uncertainty whether he could terminate a contract about delayed performance.

The purpose of this paper is to examine whether there is a non–linear relationship between international entrepreneurship orientation, international market orientation and export performance, and to examine the moderating effects of international market orientation and market dynamics on export performance.　A total of 485 questionnaires were used for the hypothesis test. The results of this study are summarized as follows: First, there is a J-shaped. relationship between international entrepreneurship orientation and export performance. Second, the relationship between international market orientation and export performance is inversely U-shaped. Third, the degree of internationalization has weakened the inverse U-shape relationship between the international market orientation and the export performance. Finally, the degree of international market orientation and degree of internationalization has further strengthened the J-shaped relationship between international entrepreneurial orientation and export performance. The results of the study’s theoretical contribution and the managerial contribution is as followed. As a theoretical contribution, it is confirmed that international entrepreneurial orientation (J-shaped) and international market orientation (inverted U-shaped) and export performance form a non-linear relationship, and it is possible to make an empirical contribution that can newly approach the relationship between international strategic orientation and export performance. The managerial contribution suggests that the higher the degree of internationalization in international business activities, the higher the level of international entrepreneurial orientation and international market orientation in order to improve export performance.

This paper compares and analyzes the relative impact of distance on intra-firm exports and imports using Korean firm-level data. We find the evidence that intra-firm exports from the perspective of affiliates are more sensitive to the distance effect than intra-firm imports. This can be justified on the premise that intra-firm exports are more likely to originate from vertical FDI, where the main motive is to save on trade (distance) costs. However, if distance costs are high, firms nullify the distance effect by offshoring their production facilities. The distance effect is not an important determinant in the case of horizontal FDI. Intra-firm imports are more likely to follow horizontal FDI. Our results imply that the distance effect may contain important information about the nature of FDI and can help to shape a firm’s business strategy.

The purpose of this research is to verify the effectiveness of the anti-dumping measure and the efficiency of the market through fluctuations in the stock price of Korean export companies that subject to antidumping lawsuits or imposing duties on foreign countries. Accordingly, to identify the influence of the stock market that causes the effects of anti-dumping measure, we used the event study methodology and took the date of investigation start and final decision as the event day. The main results and implications of this study are as follows. The market effectively responds to the information of Investigation start and final decision not to imposing an anti-dumping duty because there yield no statistically significant abnormal return after the event day with reflecting all available information on the event day in the stock price and yield statistically significant abnormal return by release of reliable information before the event day and by investor expectations.

Companies operating in foreign countries can use financial hedging and operational hedging to manage serious losses in a sudden change of external environment. Financial hedging is the management of an uncertain external environment by using derivatives and operational hedging is exercising the flexibility of operations by using overseas subsidiary networks. As a result of the empirical analysis, financial hedging can reduce external uncertainty such as exchange rate fluctuation. Tobin's Q, which represents firm value, and hedging activity (financial hedging and operational hedging) show a negative relationship because hedging activity is recognized as a cost.