주요국 환율의 수출가격 전가율 비교분석과 시사점

Abstract

There are a lot of empirical studies on the pass-through following the exchange rate change. But few studiesare distinguishing currency appreciation and depreciation in the estimation of pass-through rate. The extent ofexporter’s response to exchange rate changes may be asymmetric depending on appreciation or depreciation ofa currency. So in this paper, we analyzed the extent of pass-through in the export price due to currencyappreciation in 4 countries, i.e. Korea, Japan, Germany and France. In case of Korea, the pass-through rate tothe export price following the appreciation of Won increased from 0.239 in the period of 2002, 1Q~2007, 4Qto 0.540 in the period of 2009, 2Q~2012, 4Q. This means that Korean export companies place emphasis on theprofit margin than market share maintaining. This strategy were possible by strengthening of non-pricecompetitiveness of Korean export goods. The pass-through rate of Japan decreased from 0.223 in the period of2002, 1Q~2005, 1Q to 0.209 in the period of 2007, 2Q~2012, 3Q. This reflects the fact that Japanese exportcompanies absorbed a large part of Yen appreciation through cutting of the profit margins in order to maintainthair market share. The degrees of exchange rate pass-through of Germany and France were estimated to be farhigher than Korea or Japan. This reflects relatively high non-price competitiveness of German and Frenchexport goods.