No root lies outside the unit circle (see Table 5), which imply that BVAR satisfies the
stability condition. In order to evaluate the dynamical effects of the FXD market transaction
on the export and the import, we use the analysis with generalized impulse response function
(GIRF, Pesarana and Shin, 1998) based on the BVAR model. Figure 3 displays GIRF’s
graphical representations about responses of the export and import to the FXD market
transaction.