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영어

The guiding research question of this study is to discover whether there exists the long- and short-run relationship among Foreign Exchange Rate Uncertainty, Oil Price Volatility and the export to world in Korea. The time frame covers January 1999 to December 2017 and the 10 major Industries which are considered mainly exporting are investigated, and an ARDL bounds testing approach to cointegtration and error correction model are used. The main findings are twofold: Three industries - petrochemical products, steel products and industrial electronics - were found to have a cointegration between export volume and uncertainty of Foreign Exchange rate. All three industries have no long-run impact on their export volume, but in short-run model estimation, the reduction of export volume by increasing oil price volatility was seen in petrochemical products and the decline of export volume by increasing exchange rate uncertainty was shown in steel products and industrial electronics.