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来源类型Working Paper
规范类型报告
DOI10.3386/w9900
来源IDWorking Paper 9900
Does Exchange Rate Risk Matter for Welfare?
Paul R. Bergin; Ivan Tchakarov
发表日期2003-08-18
出版年2003
语种英语
摘要Volatility in exchange rates is a prominent feature of open economies, a fact which has motivated elaborate attempts in many countries at exchange rate management. This paper analyzes quantitatively the welfare effects of exchange rate risk in a general two-country environment. It finds that the effects of uncertainty tend to be small for the types of simplified cases considered in past literature. But it identifies other cases, not considered previously, in which these effects can be significantly larger. These include habit persistence, where agents are more sensitive to risk, and also incomplete asset market structures which allow for asymmetries between countries. The latter case suggests that countries which are hosts to an international reserve currency, such as the U.S. or members of the euro zone, may accrue
主题International Economics ; International Macroeconomics ; Development and Growth ; Innovation and R& ; D ; Other ; History of Economic Thought
URLhttps://www.nber.org/papers/w9900
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/567525
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Paul R. Bergin,Ivan Tchakarov. Does Exchange Rate Risk Matter for Welfare?. 2003.
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