Title Page
Abstract
Contents
Ⅰ. Introduction 12
1.1. Research Background 12
1.2. Research Objectives 15
1.3. Research Methods 16
1.4. Research Innovations 18
1.5. Research Structures 19
Ⅱ. Theoretical Backgrounds 21
2.1. Theories Related to the Currency Influence 21
2.2. Theories Related to the International Trade Status 27
2.3. Social Network Analysis 31
2.4. Advance Research 35
2.4.1. The Currency Influence 36
2.4.2. The Exchange Rate Spillover Network 40
2.4.3. The International Trade Status 44
2.4.4. The Trade Related Network 45
2.4.5. The Currency Influence on the International Trade Status 47
Ⅲ. Empirical Model and Data 50
3.1. Models 50
3.1.1. Exchange Rate Spillover Network Model 50
3.1.2. Trade Related Network Model 56
3.1.3. Empirical Model 60
3.2. Data Selection 69
3.3. Methodologies 74
Ⅳ. Empirical Results 80
4.1. Result Analysis 80
4.2. Heterogeneity Test Analysis 90
4.2.1. Heterogeneity Analysis of Exchange Rate System 91
4.2.2. Heterogeneity Analysis of Economic Development 94
4.2.3. Heterogeneity Analysis of the Disordered Trade 97
4.3. Robustness Inspections 100
4.3.1. Elimination of Extreme Values 101
4.3.2. Shortening Years 103
4.4. Research Findings 105
Ⅴ. Conclusion 108
5.1. Summary of the Research 108
5.2. Implications 111
5.2.1. Theoretical Implication 111
5.2.2. Practical Implication 112
5.3. Research Limitations and Directions 115
5.3.1. Research Limitations 115
5.3.2. Research Directions 115
Reference 117
국문초록 134
Table 3.1. Unit Root Test of Daily Returns of Exchange Ratesof G20 Countries from 1999 to 2000 53
Table 3.2. Sources of Variables 71
Table 3.3. VIF Test Results 74
Table 4.1. Hausman Test 82
Table 4.2. Regression Results of Mixed Effect Model 89
Table 4.3. Regression Results of Fixed Effect Model 90
Table 4.4. Regression Results of Fixed Effect Model of Exchange Rate System 94
Table 4.5. Regression Results of Fixed Effect Model of Economic Development Level 97
Table 4.6. Impact of Test on Disordered Trade by Heterogeneity 100
Table 4.7. Regression Results of Fixed Effect Model Excluding Extreme Values 103
Table 4.8. Regression Results of Fixed Effect Model After Shortening Years 105
Figure 1.1. Technological Route 20
Figure 2.1. Exchange Rate Spillover - Trade Related Network 35
Figure 3.1. Sketch Picture of G20 Countries Exchange Rates Spillover Network from 1999 to 2000 55
Figure 3.2. G20 Trade Related Network from 1999 to 2020 58
Figure 3.3. Application steps of linear regression model 79