Publication in refereed journal
香港中文大学研究人员 ( 现职)
| 施康教授 (经济学系) |
全文
| 数位物件识别号 (DOI) ○○@http://aims.cuhk.edu.hk/converis/portal/Publication/2$@○○ |
引用次数
Web of Sciencehttp://aims.cuhk.edu.hk/converis/portal/Publication/1WOS source URL
Scopushttp://aims.cuhk.edu.hk/converis/portal/Publication/2Scopus source URL
其它资讯
摘要This paper develops a small open economy model with sticky prices to show why a flexible exchange rate policy is not desirable in East Asian emerging market economies. We argue that weak input substitution between local labor and import intermediates in traded good production and extensive use of foreign currency in export pricing in these economies can help to explain this puzzle. In the presence of these two trade features, the adjustment role of the exchange rate is inhibited, so even a flexible exchange rate cannot stabilize the real economy in face of external shocks. Instead, due to the high exchange rate pass-through, exchange rate changes will lead to instability in domestic inflation. As a result, a flexible exchange rate regime becomes less desirable. In a very limited parameter space, a fixed exchange rate can be superior to monetary policy rules with high exchange rate flexibility, such as non-traded good price targeting. In most cases, however, non-traded good price targeting still delivers higher welfare.
着者Shi K., Xu J., Yin X.
期刊名称Journal of International Money and Finance
出版年份http://aims.cuhk.edu.hk/converis/portal/Publication/20http://aims.cuhk.edu.hk/converis/portal/Publication/15
月份3
日期http://aims.cuhk.edu.hk/converis/portal/Publication/1
卷号5http://aims.cuhk.edu.hk/converis/portal/Publication/1
出版社Pergamon Press Ltd.
出版地United Kingdom
页次http://aims.cuhk.edu.hk/converis/portal/Publication/26 - 46
国际标準期刊号0http://aims.cuhk.edu.hk/converis/portal/Publication/26http://aims.cuhk.edu.hk/converis/portal/Publication/1-5606
电子国际标準期刊号http://aims.cuhk.edu.hk/converis/portal/Publication/1873-0639
语言英式英语
关键词Exchange rate flexibility, Export pricing, F3, F4, Input substitution, Welfare
