| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP1990
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| DP1990 Currency Crises, Sunspots and Markov-Switching Regimes |
| Paul R Masson; Olivier Jeanne
|
| 发表日期 | 1998-10-31
|
| 出版年 | 1998
|
| 语种 | 英语
|
| 摘要 | On the eve of a major change in the world monetary system, the adoption of a single currency in Europe, our theoretical understanding of the implications of the exchange rate regime for trade and capital flows is still limited. We argue that two key model ingredients are essential to address this question: a general equilibrium set-up and deviations from purchasing power parity. By developing a simple benchmark monetary model that contains these two ingredients, we find the following main results. First, the level of trade is not necessarily higher under a fixed exchange rate regime. Second, the level of net capital flows tends to be higher under a fixed exchange rate regime when there is a preference for domestic bonds, which is the case when the rate of relative risk-aversion is larger than one. Third, the asset market structure, including the presence of a forward market, does not qualitatively affect the results. |
| 主题 | International Macroeconomics
|
| 关键词 | Capital flows
Exchange rate uncertainty
Trade
|
| URL | https://cepr.org/publications/dp1990
|
| 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/531121
|
推荐引用方式
GB/T 7714 |
Paul R Masson,Olivier Jeanne. DP1990 Currency Crises, Sunspots and Markov-Switching Regimes. 1998.
|
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