| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP355 |
| DP355 Exchange Rate Determination with Bank-Financed Investment | |
| Michael R. Wickens; Merih Uctum | |
| 发表日期 | 1989-11-01 |
| 出版年 | 1989 |
| 语种 | 英语 |
| 摘要 | This paper analyses the effects of monetary shocks in the determination of exchange rates in economies where banks play a central role in providing finance for domestic investment and in international capital transactions. This is a situation that prevails in many countries, both developed and developing. For such countries the standard models of exchange rate determination are not strictly appropriate. As there are six state variables, a rational expectations simulation model is constructed and is used to carry out the dynamic analysis. In addition to the exchange rate there are two other jump variables in the model: Tobin's q and the shadow price of bank debt, which depends on expectations of future interest rates. It is shown that financing investment through intermediation helps to stabilize the economy following a domestic monetary shock but makes the economy more vulnerable to a foreign monetary shock. |
| 主题 | International Macroeconomics |
| 关键词 | Bank finance Capital controls Exchange rates |
| URL | https://cepr.org/publications/dp355 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/529511 |
| 推荐引用方式 GB/T 7714 | Michael R. Wickens,Merih Uctum. DP355 Exchange Rate Determination with Bank-Financed Investment. 1989. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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