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조우길(Cho Woo-Kil) 한국항만경제학회 1998 韓國港灣經濟學會誌 Vol.14 No.-
This paper examines the relationships between nominal exchange rate volatility and trade balances as well as the causal relationships between trade balance and exchange rates in Korea. We investigates whether the ARCH conditional variance(exchange rate volatility) has a statistically significant impact on the trade balance. This study also provides the empirical overviews of the trade account and Korean won-dollar exchange rate using integer and fractional cointegration approach. This paper shows that all the fractional estimates of d not only lie between 0 and 1, but are greater than 0, suggesting a mean-reverting bahaviors.