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- W3131983106 abstract "Korean Abstract: 환율 움직임은 수출가격 경쟁력 등에 영향을 미칠 수 있어 특정 국가가 의도하는 외환시장 오퍼레이션의 동기와 이를 둘러싼 이해관계 국가간 인식의 차가 있을 경우 상호 마찰의 원인이 될 수 있다. 이에 본고에서는 우리나라의 외환시장 오퍼레이션이 시장안정화를 위한 ‘leaning against the wind’ 방식이었는지, 환율변동성에는 어떠한 영향을 미쳤는지를 분석하는 데 중점을 두었다. 전자를 위해서 중앙은행의 손실함수를 활용하여 1994년부터 2018년까지의 월별 명목환율과 외환보유액 증감간의 관계를 분석하였다. 후자를 위해서는 2005.1월부터 2018.12월까지의 월별 시장 오퍼레이션 추정치 및 여타 통제변수를 활용하여 2SLS 회귀분석 및 분위회귀분석을 실행하였다.실증분석 결과 우리나라 외환시장 오퍼레이션은 ‘leaning against the wind’ 방식으로 실행되었음을 알 수 있었고, 환율절상 또는 절하에 대한 비대칭성은 시장상황에 따라 변하였던 것으로 확인되었다. 또한 우리나라 외환시장 오퍼레이션은 환율변동성을 완화시킨 것으로 나타났다.English Abstract: If there is significant difference between a country’s motivation of foreign exchange operation and other interested countries’ perception of the motivation, it could cause serious friction among those countries. Therefore, it is necessary to precisely define the behavior of foreign exchange operation and analyze its effects on foreign exchange rate. For that reason, this paper analyzes whether Korea’s foreign exchange operation is a type of ‘leaning against the wind’ or not and whether it contributes to a decrease of exchange rate volatility or not. Central bank’s loss function and 2SLS regression were used for each analysis respectively.The empirical estimation results show that Korea’s foreign exchange operation is a type of ‘leaning against the wind’ and has been implemented asymmetrically to the appreciation or depreciation of Korea Won against US Dollar according to the market conditions. Also, the results support that the foreign exchange operation contributes to the stabilization of exchange rate volatility." @default.
- W3131983106 created "2021-03-01" @default.
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- W3131983106 date "2020-01-01" @default.
- W3131983106 modified "2023-10-17" @default.
- W3131983106 title "우리나라 외환시장 오퍼레이션의 행태 및 환율변동성 완화 효과 (The Effects of Foreign Exchange Operation on Stabilization of Exchange Rate Volatility in Korea)" @default.
- W3131983106 doi "https://doi.org/10.2139/ssrn.3530579" @default.
- W3131983106 hasPublicationYear "2020" @default.
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