G2TT
来源类型Discussion paper
规范类型论文
来源IDDP1990
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
URLhttps://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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