earticle

영어

The paper investigates the empirical relationship between real effective exchange rate,nominal effective exchange rate and stock price index. Analysis period were divided intobefore and after the global financial crisis and used a vector error correction model. Majorfindings of this paper are as follows: First, Cointegration test results show that there iscointegration relationship between the variables is related to the balance. Second, nominaleffective exchange rate, real effective exchange rates and stock prices index have a positiverelationship. Third, The analysis of vector error correction model results show that allvariables except effective exchange rate increases at the long-term equilibrium relationship.