全球智库信息集成服务系统(G2TT): Sanctions and the Exchange Rate

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w30009
来源ID	Working Paper 30009
	Sanctions and the Exchange Rate
	Oleg Itskhoki; Dmitry Mukhin
发表日期	2022-05-02
出版年	2022
语种	英语
摘要	We show that the exchange rate may appreciate or depreciate depending on the specific mix of sanctions imposed, even if the underlying equilibrium allocation is the same. Sanctions that limit a country's imports tend to appreciate the country’s exchange rate, while sanctions that limit exports and/or freeze net foreign assets tend to depreciate it. Increased precautionary household demand for foreign currency is another force that depreciates the exchange rate, and it can be offset with domestic financial repression of foreign currency savings. The overall effect depends on the balance of currency demand and currency supply forces, where exports and official reserves contribute to currency supply and imports and foreign currency precautionary savings contribute to currency demand. Domestic economic downturn and government fiscal deficits are additional forces that affect the equilibrium exchange rate. The dynamic behavior of the ruble exchange rate following Russia's military invasion of Ukraine in February 2022 and the resulting sanctions is entirely consistent with the combined effects of these mechanisms.
主题	Macroeconomics ; Monetary Policy ; International Economics ; International Finance ; International Macroeconomics ; Globalization and International Relations
URL	https://www.nber.org/papers/w30009
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/587682
推荐引用方式 GB/T 7714	Oleg Itskhoki,Dmitry Mukhin. Sanctions and the Exchange Rate. 2022.

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
w30009.pdf（609KB）	智库出版物		限制开放	CC BY-NC-SA	浏览