제3국통화표시 수출입가격 결정과 환율의 영향 = Vehicle Currency Pricing and the Effect of Exchange Rates on Export and Import Prices

다국어 초록 (Multilingual Abstract)

Purpose – Since most of Korea's import/export transactions are made using US dollars as the invoicing currency, it is necessary to consider not only the won/dollar exchange rate but also the exchange rate between the dollar and the import/export currency when examining the effect of exchange rates on import/export prices.
Design/Methodology/Approach – This essay theoretically examined that in the vehicle currency trades, the prices in vehicle currency are affected not only by the exchange rate between the exporting country currency and the vehicle currency but also by the exchange rate between the vehicle currency and the importing country currency. This was confirmed by empirical analysis in Korea's imports and exports.
Findings – In exports by country, the coefficient of the won/dollar exchange rate showed a significant value in 11 out of 21 countries, and the effect of the dollar/importing country currency exchange rate was significant in 13 out of 21 countries. In imports by country, the dollar/exporting currency exchange rates showed significant effects in 10 out of 21 countries, and the effect of the won/dollar exchange rate was significant in 8 countries.
Research Implications – When studying the effect of exchange rates on import/export prices in the case of vehicle currency pricing, not only the effects of the exchange rate between the importing/exporting country currencies but also the effects of various exchange rates should be considered according to the invoicing currency.