| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11581 |
| DP11581 Currency Manipulation | |
| Tarek Hassan; Thomas M. Mertens; Tony Zhang | |
| 发表日期 | 2016-10-26 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | We develop a novel, risk-based theory of the effects of currency manipulation. In our model, the choice of exchange rate regime allows policymakers to make their currency, and by extension, the firms in their country, a safer investment for international investors. Policies that induce a country's currency to appreciate when the marginal utility of international investors is high lower the required rate of return on the country's currency and increase the world-market value of domestic firms. Applying this logic to currency stabilizations, we find a small economy stabilizing its bilateral exchange rate relative to a larger economy can increase domestic capital accumulation, domestic wages, and even its share in world wealth. In the absence of policy coordination, small countries optimally choose to stabilize their exchange rates relative to the currency of the largest economy in the world, which endogenously emerges as the world's ``anchor currency.'' Larger economies instead optimally choose to float their exchange rates. The model therefore predicts an equilibrium pattern of exchange rate arrangements that is remarkably similar to the one in the data. |
| 主题 | Financial Economics ; International Macroeconomics and Finance ; Macroeconomics and Growth |
| 关键词 | Fixed exchange rate Managed float Exchange rate stabilization Uncovered interest parity Currency returns |
| URL | https://cepr.org/publications/dp11581-0 |
| 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/540400 |
| 推荐引用方式 GB/T 7714 | Tarek Hassan,Thomas M. Mertens,Tony Zhang. DP11581 Currency Manipulation. 2016. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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