| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP17277
|
| DP17277 Sanctions and the Exchange Rate |
| Oleg Itskhoki; Dmitry Mukhin
|
| 发表日期 | 2022-05-04
|
| 出版年 | 2022
|
| 语种 | 英语
|
| 摘要 | We show that the exchange rate may appreciate or depreciate depending on the specific mix of sanctions imposed, even if the underlying equilibrium allocation is the same. Sanctions that limit a country's imports tend to appreciate the country’s exchange rate, while sanctions that limit exports and/or freeze net foreign assets tend to depreciate it. Increased precautionary household demand for foreign currency is another force that depreciates the exchange rate, and it can be offset with domestic financial repression of foreign currency savings. The overall effect depends on the balance of currency demand and currency supply forces, where exports and official reserves contribute to currency supply and imports and foreign currency precautionary savings contribute to currency demand. Domestic economic downturn and government fiscal deficits are additional forces that affect the equilibrium exchange rate. The dynamic behavior of the ruble exchange rate following Russia's military invasion of Ukraine in February 2022 and the resulting sanctions is entirely consistent with the combined effects of these mechanisms. |
| 主题 | Exchange Rates
|
| 关键词 | Sanctions
exchange rate
Currency
Capital flows
Financial repression
|
| URL | https://cepr.org/publications/dp17277
|
| 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/546297
|
推荐引用方式
GB/T 7714 |
Oleg Itskhoki,Dmitry Mukhin. DP17277 Sanctions and the Exchange Rate. 2022.
|
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