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One Role of FX reserves and Exchange Rate Volatility : 환율 변동성과 외환보유고의 한가지 역할
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- Authors
- Advisor
- 김소영
- Major
- 사회과학대학 경제학부
- Issue Date
- 2015-02
- Publisher
- 서울대학교 대학원
- Keywords
- Exchange rate volatility ; FX reserves ; OLS
- Description
- 학위논문 (석사)-- 서울대학교 대학원 : 경제학부, 2015. 2. 김소영.
- Abstract
- The financial crisis in the United States (2007-2009) affected most countries through certain factors such as the exchange rate. Before the crisis, it was generally believed that if a country falls in a recession, then its currency would depreciate. During the financial crisis, however, the US dollar appreciated substantially vis-à-vis all other currencies except for few. The previous papers explained unexpected movement of the exchange rate by investigating transmission channels of the crisis and its main resources. But none of the papers explained the exchange rate volatility between US dollar and other currencies. Therefore, this paper focuses on the volatility and shows that only FX reserves can account for the magnitude of exchange rate volatility in emerging market economy irrespective of economic situations.
- Language
- English
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