원貨환율 변동효과의 비대칭성 분석 (Asymmetric Effects of Won Exchange Rate Changes)

Abstract

This paper analyses an asymmetric effect of exchange rate change to the unit price of export and import indices and domestic price. Using regressions and impulse response analyses, I found that obvious asymmetric effects exist in most of the relevant variables. In other words, the decrease of unit price of export and import and the increase of the producers' price index are more significant when the Korean won depreciates. From a policy perspective, it should be considered that the continuing depreciation of the won may cause a burdensome inflationary pressure instead of boosting up exports by strengthening price competitiveness.