外国经济波动、资本流动与汇率调整

发布时间：2018-01-15 23:14

本文关键词：外国经济波动、资本流动与汇率调整　出处：《财贸经济》2015年02期 　论文类型：期刊论文

【摘要】：本文在随机一般均衡非对称两国模型中探讨了在外生冲击下,资本流动对欠发达国家汇率波动的影响。本文发现:在浮动汇率制度、资本账户开放、投资者的资产调整存在时滞等假设下,发迭国家产出波动冲击所引发的投资者资产调整可引起欠发达国家货币的升值。但如发达国家产出波动冲击也引起了欠发达国家产出波动幅度的提高,则欠发达国家货币是否升值取决于欠发达国家产出波动增大的幅度是否低于发达国家。此外,发达国家居民越重视财富和社会地位,越有可能加深欠发达国家的汇率波动幅度。
[Abstract]:Based on the stochastic general equilibrium model of asymmetric countries on the exogenous shocks under the influence of capital flow on the less developed countries. This paper finds that exchange rate fluctuations in the floating exchange rate system, the opening of the capital account, there are investors delay adjustment under the assumptions of investor assets adjustment of other country output fluctuations caused by the impact can be due to the less developed countries. But the appreciation of the currencies of developed countries such as the output volatility impact also caused the underdeveloped countries in output volatility increase is less developed countries whether monetary appreciation depends on whether less developed countries to increase output volatility is lower than that of developed countries. In addition, the developed countries pay more attention to the residents of wealth and social status, the more likely deepen the exchange rate fluctuations of less developed countries.

【作者单位】：对外经济贸易大学金融学院;
【基金】：国家社会科学基金青年项目“金融危机,资本流动与我国的经济增长”(09CJL030) 对外经济贸易大学211校级建设项目:“金融部门扩张与制造业产业竞争力研究”(XK2014119)
【分类号】：F113;F831.6
【正文快照】： 一、弓I言20世纪90年代以来,伴随着金融自由化与全球金融市场一体化,国际资本流动迅猛增长,并表现出极大的波动性,其对发展中资本流人国的经济产生了重要影响。Blair(2003)、Quinn和TOyOda(2008)等发现新兴市场经济体的资本市场开放对其劳均产出增长率或经济增长存在促进作用

【共引文献】