| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w8468 |
| 来源ID | Working Paper 8468 |
| Limiting Currency Volatility to Stimulate Goods Market Integration: A Price Based Approach | |
| David C. Parsley; Shang-Jin Wei | |
| 发表日期 | 2001-09-01 |
| 出版年 | 2001 |
| 语种 | 英语 |
| 摘要 | This paper empirically studies the effect of instrumental and institutional stabilization of the exchange rate on the integration of goods markets. An instrumental stabilization of the exchange rate is accomplished through intervention in the foreign exchange market, or by monetary policies. An institutional stabilization, is an adoption a currency board or a common currency. In contrast to the literature that employs data on the volume of trade, an important novelty of this paper is the use of a 3-dimensional panel of prices of 95 very disaggregated goods (e.g., light bulbs) in 83 cities from around the world from 1990 to 2000. We find that goods market integration is increasing over time and is inversely related to distance, exchange rate variability, and tariff barriers. In addition, the impact of an institutional stabilization of the exchange rate provides a stimulus to goods market integration that goes far beyond an instrumental stabilization. Among the institutional arrangements, long-term currency unions demonstrate greater integration than more recent currency boards. All of them can improve their integration further relative to a U.S. benchmark. |
| 主题 | International Economics ; Trade ; International Finance |
| URL | https://www.nber.org/papers/w8468 |
| 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/566072 |
| 推荐引用方式 GB/T 7714 | David C. Parsley,Shang-Jin Wei. Limiting Currency Volatility to Stimulate Goods Market Integration: A Price Based Approach. 2001. |
| 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 | ||
| w8468.pdf（260KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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