| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w30281 |
| 来源ID | Working Paper 30281 |
| Fear of Appreciation and Current Account Adjustment | |
| Paul Bergin; Kyunghun Kim; Ju H. Pyun | |
| 发表日期 | 2022-07-25 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | This paper finds that limited exchange rate flexibility in the form of “fear of appreciation” significantly slows adjustment of current account imbalances, providing novel support for Friedman’s conjecture regarding exchange-rate flexibility. We present a new stylized fact: floaters have faster convergence than peggers for current account deficits, but not so for surpluses. A striking implication is that current account surpluses are more persistent than deficits on average. We provide evidence that this asymmetry is associated with a one-sided muting of exchange rate appreciations. We develop a multi-country DSGE model augmented with an asymmetric exchange rate policy to represent fear of appreciation; when solved to a third-order approximation, it can explain greater persistence of current account surpluses compared to deficits. |
| 主题 | International Economics ; International Finance ; International Macroeconomics |
| URL | https://www.nber.org/papers/w30281 |
| 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/587954 |
| 推荐引用方式 GB/T 7714 | Paul Bergin,Kyunghun Kim,Ju H. Pyun. Fear of Appreciation and Current Account Adjustment. 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 | ||
| w30281.pdf（540KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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