This paper explains the background and recent history of the exchange rate system in Korea and discusses the policy implications for its management of exchange risk.
This paper is organized as follows. Section II examines the characteristics of the exchange rate system, focusing on the international balance of payments and the management of currency. Section III analyzes the exchange rate fluctuations under different systems using statistical analysis, time series analysis and correlation analysis. Section IV estimates how an observational error of the exchange rate fluctuations according to the change of their system has affected corporate decision-making processes. Section V reveals how corporations have taken some measures to avoid exchange rate risk. In addition, it finds some points to be further improved for the Korean government's exchange rate system and suggests institutional devices for the management of exchange risk. Summary and policy implications are provided in Section VI.

序 言

第1章 序 論

第2章 換率制度의 特性과 運營上의 問題點
Ⅰ. 複數通貨「바스켙 · 페그」 制度
Ⅱ. 市場平均換率制度
Ⅲ. 自由變動換率制度
Ⅳ. 國際換率制度의 改編論議

第3章 換率變動率의 特性 分析
Ⅰ. 換率變動率의 統計的 分析
Ⅱ. 換率變動率의 時系列 分析
Ⅲ. 周邊換率 變動率의 特性 分析
Ⅳ. 換率變動率의 相關關係 分析

第4章 換率制度와 外換危險
Ⅰ. 分析을 위한 基礎 設定
Ⅱ. 外換危險과 輸出의 利益率
Ⅲ. 外換危險과 送狀通貨 選擇
Ⅳ. 外換危險과 輸出

第5章 外換危險 回避를 위한 外換市場育成策
Ⅰ. 外換危險管理의 問題點
Ⅱ. 外換危險管理 技法의 利用과 外換管理制度 改善
Ⅲ. 外換危險管理를 위한 先決事項

第6章 要約 및 結論

參考文獻