| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w22844 |
| 来源ID | Working Paper 22844 |
| Pegxit Pressure: Evidence from the Classical Gold Standard | |
| Kris James Mitchener; Gonçalo Pina | |
| 发表日期 | 2016-11-21 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | We develop a simple model that highlights the costs and benefits of fixed exchange rates as they relate to trade, and show that negative export-price shocks reduce fiscal revenue and increase the likelihood of an expected currency devaluation. Using a new high-frequency data set on commodity-price movements from the classical gold standard era, we then show that the model’s main prediction holds even for the canonical example of hard pegs. We identify a negative causal relationship between export-price shocks and currency-risk premia in emerging market economies, indicating that negative export-price shocks increased the probability that countries abandoned their pegs. |
| 主题 | International Economics ; International Finance ; History ; Macroeconomic History ; Financial History |
| URL | https://www.nber.org/papers/w22844 |
| 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/580518 |
| 推荐引用方式 GB/T 7714 | Kris James Mitchener,Gonçalo Pina. Pegxit Pressure: Evidence from the Classical Gold Standard. 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 | ||
| w22844.pdf（501KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 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。
