| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3504 |
| DP3504 Relative Performance, Risk and Entry in the Mutual Fund Industry | |
| Gyöngyi Lóránth; Emanuela Sciubba | |
| 发表日期 | 2002-08-20 |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | This Paper develops an empirical model of bilateral exchange rate volatility. We conjecture that for developing economies, external financial liabilities have an important effect on desired bilateral exchange rate volatility, above and beyond the standard Optimal Currency Area (OCA) factors. By contrast, industrial countries do not face the same set of constraints in international financial markets. In our theoretical model, external debt tightens financial constraints and reduces the efficiency of the exchange rate in responding to external shocks. We go on to explore the determinants of bilateral exchange rate volatility in a broad cross section of countries. For developing economies, bilateral exchange rate volatility (relative to creditor countries) is strongly negatively affected by the stock of external debt. For industrial countries however, OCA variables appear more important and external debt is generally not significant in explaining bilateral exchange rate volatility. |
| 主题 | International Macroeconomics |
| 关键词 | Exchange rate volatility Optimal currency area Financing constraints |
| URL | https://cepr.org/publications/dp3504 |
| 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/532518 |
| 推荐引用方式 GB/T 7714 | Gyöngyi Lóránth,Emanuela Sciubba. DP3504 Relative Performance, Risk and Entry in the Mutual Fund Industry. 2002. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
