購賣力平價李論의 有用性에 관한 硏究

Abstract

購買力平價理論(PPP 理論)은 Cassel(1924)에 의해 換率決定理論으로서 提起된 이후, 絶對的 解釋의 PPP 槪念과 相對的 解釋의 PPP 槪念을 中心으로 하는 傳統的 理論을 거쳐 最近에는 Rogalski와 Vinso(1977)에 의해 效率市場假說을 前提로한 새로운 觀點의 商品差益去來的 PPP 理論으로 發展되어 오고 있다. 그러나 PPP 理論은 그 自體로서 보다는 여러가지 巨視經濟的 政策을 정확하게 分析하는 데 있어서 核心이 되기 때문에 더욱 관심을 끌고 있다.

本硏究에서는 먼저 PPP理論의 主要 內容 및 그 實證分析과 관련된 문제점들을 分析 整理해 보고 PPP理論이 解答을 제공해 줄 수 있는 몇가지 國際經營(經濟)問題로서 換率決定問題, 國家經濟 間의 連繫問題, 國際財務理論 等에 대해 檢討해 봄으로써, 단순한 학문적인 關心領域으로서가 아닌 실천적 次元에서의 PPP理論의 有用性에 대해 알아보고자 한다.

Purchasing Power Parity Theory(PPP theory) was first stated by Cassel(1924), who used it as the basis for the theory of exchange rate determination. After Cassel, the traditional PPP theory was emerged, which explains the determination of exchange rate by the means of absolute version of PPP concept and relative version of PPP concept. In recent years, the commodity arbitrage version of PPP theory was suggested by Rogalski and Vinso (1977), who introduced the efficient market hypothesis as the premise of the theory.

Purchasing Power Parity is, however, primarily of interest not for its own sake but because it holds the key to correctly analyzing a variety of macroeconomic polices.

The first objective of this study is to review the main structure of the PPP theories and to examine some problems relating to the empirical study of PPP theories.

And the second objective is to find out the usefulness of the PPP theory not as of just academic interest, but in the meaning that it has an important bearing on the answers to a number of key international management (economic) problems such as exchange rate determination, the degree to which national economies are linked, and international financial theory.

Purchasing Power Parity Theory(PPP theory) was first stated by Cassel(1924), who used it as the basis for the theory of exchange rate determination. After Cassel, the traditional PPP theory was emerged, which explains the determination of exchange rate by the means of absolute version of PPP concept and relative version of PPP concept. In recent years, the commodity arbitrage version of PPP theory was suggested by Rogalski and Vinso (1977), who introduced the efficient market hypothesis as the premise of the theory.

Purchasing Power Parity is, however, primarily of interest not for its own sake but because it holds the key to correctly analyzing a variety of macroeconomic polices.

The first objective of this study is to review the main structure of the PPP theories and to examine some problems relating to the empirical study of PPP theories.

And the second objective is to find out the usefulness of the PPP theory not as of just academic interest, but in the meaning that it has an important bearing on the answers to a number of key international management (economic) problems such as exchange rate determination, the degree to which national economies are linked, and international financial theory.