current account surplus. Also, rising prices of non-tradable goods could trigger a rise in real exchange rates (currency …

industries relying on renminbi-denominated imported inputs. Finally, as a key implication of invoicing currency, we confirm its … 보다는 달러화 등 소수의 핵심통화를 집중적으로 이용하게 되는, 이른바 기축통화 가격설정(Dominant Currency Pricing)의 미시적 배경이 될 수 있다. 결제통화 선택에 있어 이 두 가지 요인의 중요성은 … of invoicing currency in international trade. We obtain robust evidence of the two underlying motives in export currency …

money. In particular, foreign currency holdings are divided into those for store-of-value purposes and those for transaction … purposes.This paper shows that in the early stages, in which the amount of foreign currency holdings for store …-of-value purposes is decreasing while the amount of foreign currency holdings for transaction purposes is intact, inflation and exchange …

Korea, Japan, China and 10 ASEAN countries. The foreign exchange reserves of these countries increased rapidly from 1990 to …

. Lastly, we explain the possibility of the inflation pressure and currency market distortion by the asymmetric hedging …

macroeconomic theory. The depreciation of the won after the currency crisis along with economic liberalization raised the relative …