| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w22790 |
| 来源ID | Working Paper 22790 |
| A Risk-based Theory of Exchange Rate Stabilization | |
| Tarek A. Hassan; Thomas M. Mertens; Tony Zhang | |
| 发表日期 | 2016-10-31 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | We develop a novel, risk-based theory of the effects of exchange rate stabilization. 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 inter- national 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 exchange rate 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 | Macroeconomics ; Money and Interest Rates ; Monetary Policy ; International Economics ; International Finance ; International Macroeconomics ; Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Markets |
| URL | https://www.nber.org/papers/w22790 |
| 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/580463 |
| 推荐引用方式 GB/T 7714 | Tarek A. Hassan,Thomas M. Mertens,Tony Zhang. A Risk-based Theory of Exchange Rate Stabilization. 2016. |
| 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 | ||
| w22790.pdf（850KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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