우리나라 대외자산,부채 변동요인의 분석 = Exploring Evolution of External Assets and Liabilities: The case of Korea

다국어 초록 (Multilingual Abstract)

Based on the international investment position and balance of payments tables we have decomposed annual changes in external assets and liabilities into unperceived capital gains term caused by the valuation effect and actual transaction term reflected by the balance of payments during 2000-2010. We construct structural equations for dynamics of external assets and liabilities and show how the movements of net external assets have diverged from the current account paths: during the sample period net external liabilities have increased to 14% of GDP from 11% in spite of firm trend of the current account surplus since the Asian financial crisis. Comparing to Taiwan where net external assets have increased during the same sample period our study suggests that the valuation effect becomes a dominant determinant for the movements of net external assets although foreign investors are ``venture capitalists`` in both countries.

참고문헌 (Reference)

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