摘要
The literature overwhelmingly believes that the size of a financial premium could be an indicator of the extent of the real exchange rate misalignment under dual exchange rates. We wish to oppose this view. The strategy in this paper is to investigate the effects that monetary and real shocks from domestic or foreign origin have on these variables. We also extend the analysis of the theoretical model by discussing numerical simulations. Both theoretical and numerical examinations together show that such a relationship does not exist. Moreover, we find that the more volatile the financial premium, the more stable the real exchange rate.
原文 | English |
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頁(從 - 到) | 139-161 |
頁數 | 23 |
期刊 | Journal of Economics/ Zeitschrift fur Nationalokonomie |
卷 | 78 |
發行號 | 2 |
DOIs | |
出版狀態 | Published - 2003 2月 1 |
All Science Journal Classification (ASJC) codes
- 一般商業,管理和會計
- 經濟學與計量經濟學