G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w0666
来源IDWorking Paper 0666
Currency Baskets and Real Effective Exchange Rates
William H. Branson; Louka T. Katseli
发表日期1981-04-01
出版年1981
语种英语
摘要With the major currencies continuously moving (if not floating freely) against each other, a country that does not choose to float must decide what to peg to. If it pegs to the SDR it floats against all currencies. Thus in the system begun in the early 1970s the very concept of a fixed exchange rate is unclear. In this situation many countries have chosen to peg their currencies to a basket, or a weighted average of other currencies. The analysis of this paper is focused on fluctuations in real exchange rates. We first show that pegging to a currency basket is the same as holding constant a real effective exchange rate that uses a specific set of weights depending on a chosen policy target. We also show the weights that correspond to particular targets for stabilization policy. Next we discuss several problems involved in choosing and computing optimal weights or the equivalent real effective rate. It is shown that the index formula itself aggregates countries that are in a currency area, so that monetary authorities should use weights based on trade with countries rather than on currency denomination of trade. Finally, we report on an initial empirical investigation of pegging practices in Greece, Portugal, and Spain. These are all countries that have moved to basket pegs, with geographically diversified trade. We present initial estimates of the implicit weights in their baskets, and find that all three countries experienced real appreciation relative to the basket during the l970s.
主题International Economics
URLhttps://www.nber.org/papers/w0666
来源智库National Bureau of Economic Research (United States)
引用统计
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/557868
推荐引用方式
GB/T 7714
William H. Branson,Louka T. Katseli. Currency Baskets and Real Effective Exchange Rates. 1981.
条目包含的文件
文件名称/大小 资源类型 版本类型 开放类型 使用许可
w0666.pdf(374KB)智库出版物 限制开放CC BY-NC-SA浏览
个性服务
推荐该条目
保存到收藏夹
导出为Endnote文件
谷歌学术
谷歌学术中相似的文章
[William H. Branson]的文章
[Louka T. Katseli]的文章
百度学术
百度学术中相似的文章
[William H. Branson]的文章
[Louka T. Katseli]的文章
必应学术
必应学术中相似的文章
[William H. Branson]的文章
[Louka T. Katseli]的文章
相关权益政策
暂无数据
收藏/分享
文件名: w0666.pdf
格式: Adobe PDF
此文件暂不支持浏览

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。