| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3364 |
| DP3364 The Benefits and Costs of Group Affiliation: Evidence from East Asia | |
| Stijn Claessens; Larry Lang; Joseph P.H. Fan | |
| 发表日期 | 2002-05-20 |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | This Paper makes two main points. First, irrespective of nominal exchange rate arrangements, the real exchange rate always floats ? if not through nominal exchange rate adjustment, then through price change. Further, because prices and wages tend to be sticky, the adjustment of real exchange rates towards long-run equilibrium takes time, as witnessed by long-lasting currency misalignments around the world. Second, real exchange rates are likely to fluctuate on their way towards long-run equilibrium because of the dynamic interaction between real exchange rates and the current account; or, put differently, because the structure of lags with which exchange rates impact the volume of exports and imports may give rise to oscillatory behaviour. |
| 主题 | International Macroeconomics |
| 关键词 | Flexible exchange rates |
| URL | https://cepr.org/publications/dp3364 |
| 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/532388 |
| 推荐引用方式 GB/T 7714 | Stijn Claessens,Larry Lang,Joseph P.H. Fan. DP3364 The Benefits and Costs of Group Affiliation: Evidence from East Asia. 2002. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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