| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9666 |
| DP9666 Optimal Exchange Rate Policy in a Growing Semi-Open Economy | |
| Philippe Bacchetta; Kenza Benhima; Yannick Kalantzis | |
| 发表日期 | 2013-09-29 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | In this paper, we consider an alternative perspective to China's exchange rate policy. We study a semi-open economy where the private sector has no access to international capital markets but the central bank has full access. Moreover, we assume limited financial development generating a large demand for saving instruments by the private sector. We analyze the optimal exchange rate policy by modelling the central bank as a Ramsey planner. Our main result is that in a growth acceleration episode it is optimal to have an initial real depreciation of the currency combined with an accumulation of reserves, which is consistent with the Chinese experience. This depreciation is followed by an appreciation in the long run. We also show that the optimal exchange rate path is close to the one that would result in an economy with full capital mobility and no central bank intervention. |
| 主题 | International Macroeconomics |
| 关键词 | China Exchange rate policy International reserves |
| URL | https://cepr.org/publications/dp9666 |
| 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/538502 |
| 推荐引用方式 GB/T 7714 | Philippe Bacchetta,Kenza Benhima,Yannick Kalantzis. DP9666 Optimal Exchange Rate Policy in a Growing Semi-Open Economy. 2013. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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