Exchange Rate, Capital Flow and Output: Developed versus Developing Economies

Gil Kim; Lian An; Yoonbai Kim

首页> 外文期刊>Atlantic economic journal >Exchange Rate, Capital Flow and Output: Developed versus Developing Economies

【24h】

Exchange Rate, Capital Flow and Output: Developed versus Developing Economies

机译：汇率，资本流量和产出：发达经济体与发展中经济体

获取原文

获取原文并翻译 | 示例

掌桥外文数据库（机构版） >>

开具论文收录证明 >>

文献代查 >>

页面导航

摘要
著录项
相似文献
相关主题

摘要

This paper aims to study the impact of exchange rate and capital flows on output in one unifying model. To explore this issue, we apply a vector auto-regression (VAR) model with Cholesky decomposition to a group of developed economies (Canada, Switzerland, Australia, Italy, the Netherlands, and Spain) and developing economies (Mexico, Indonesia, Korea, Malaysia, Philippines, Brazil, and Chile). The sample period varies for each country with the longest for Switzerland (1970:1-2010:3) and the shortest for Chile (1996:1-2010:3). The findings suggest first that contractionary devaluation is more likely to happen in developing countries while expansionary devaluation is more prevalent in developed countries. Second, the current account tends to improve in some of the countries facing currency depreciation. However, whether output increases after a real devaluation or not has little to do with whether the current account improves or not. Third, in response to capital inflows, output in developed countries are largely unaffected, while output in developing countries generally increases.

机译：本文旨在以一种统一的模型研究汇率和资本流动对产出的影响。为探讨此问题，我们将带有Cholesky分解的向量自回归（VAR）模型应用于一组发达经济体（加拿大，瑞士，澳大利亚，意大利，荷兰和西班牙）和发展中经济体（墨西哥，印度尼西亚，韩国，马来西亚，菲律宾，巴西和智利）。每个国家的采样期各不相同，瑞士最长（1970：1-2010：3），而智利最短（1996：1-2010：3）。研究结果首先表明，收缩贬值在发展中国家更可能发生，而扩张性贬值在发达国家更为普遍。其次，在一些面临货币贬值的国家，经常账户趋于改善。但是，实际贬值后产出是否增加与经常账户是否改善没有关系。第三，为应对资本流入，发达国家的产出在很大程度上未受影响，而发展中国家的产出总体上有所增加。

著录项

来源
《Atlantic economic journal》 |2015年第2期|195-207|共13页
作者
Gil Kim; Lian An; Yoonbai Kim;
展开▼
作者单位

Department of Economics, California State University, Fresno, 5245 North Backer Ave, Fresno, CA 93740, USA;

Department of Economics and Geography, Coggin College of Business, University of North Florida, 1 UNF Drive, Jacksonville, FL 32224, USA;

Department of Economics, University of Kentucky, 335K Gatton College of Business and Economics, Lexington, KY 40506-0034, USA;

展开▼
收录信息
原文格式 PDF
正文语种 eng
中图分类
关键词
Devaluation; Contractionary effects; VAR model;

机译：贬值;收缩作用;VAR模型;

相似文献

外文文献
中文文献
专利

1. Capital controls and exchange rate instability in developing economies [J] . Reuven Glick, Michael Hutchison Journal of International Money and Finance . 2005,第3期

机译：发展中国家的资本管制和汇率不稳定
2. Comment on: 'Exchange rate regime durability and performance in developing versus advanced economies' [J] . David K. Backus Journal of Monetary Economics . 2005,第1期

机译：评论：“汇率制度在发展中经济体与发达经济体之间的持久性和表现”
3. Exchange rate regime durability and performance in developing versus advanced economies [J] . Aasim M. Husain, Ashoka Mody, Kenneth S. Rogoff Journal of Monetary Economics . 2005,第1期

机译：发展中国家与发达经济体的汇率制度持久性和绩效
4. Using Capital Flow Analysis to Understand IS Projects in a Developing Economy [C] . Workshet Lamenew Debay, Richard T. Watson, Tilahun Teklu Americas conference on information systems . 2013

机译：使用资本流量分析了解发展中经济中的IS项目
5. Volatility of exchange rates and international trade: Theory and evidence across developed and developing economies. [D] . Das, Sujit Kanti. 2004

机译：汇率和国际贸易的波动性：发达和发展中经济体的理论和证据。
6. Significance of Photosynthetic and Respiratory Exchanges in the Carbon Economy of the Developing Pea Fruit [O] . Alastair M. Flinn, Craig A. Atkins, John S. Pate 1977

机译：光合和呼吸交换在发展中的豌豆果实碳经济中的意义
7. Financial Development and the Distributional Effects of Monetary Policy Do the distributional consequences of monetary policy depend on the extent of financial development? Should optimal monetary policy vary across countries? In order to answer these questions, we develop a monetary growth production model with heterogeneous agents. In our economy, optimal policy needs to weigh the effects of policy across two groups — capital owners and individuals who hold liquid assets. While banks help limit the exposure to inflation, there are limits because money alleviates the frictions of private information and limited communication. In this environment, we compare two economies that are identical in every aspect except for their level of financial development. In a country with limited financial development, a stock market is absent. In the other, an equity market is active. In either economy, inflation adversely affects capital formation and output. Individuals who hold liquid assets are always adversely affected by inflation, but the attitude of capital owners depends on the level of financial development. In particular, in the presence of a stock market, the impact of inflation on the welfare of capital owners is non-monotonic. Nevertheless, optimal monetary policy is always more conservative at higher levels of financial development. [O] . TINA M. Edgar A. Ghossoub, TINA M. Robert R. Reedy 100

机译：金融发展和货币政策的分配效应货币政策的分配后果是否取决于金融发展的程度？各国的最优货币政策应该不同吗？为了回答这些问题，我们开发了一个具有异构代理的货币增长生产模型。在我们的经济中，最优政策需要权衡两个群体的政策效应 - 资本所有者和持有流动资产的个人。虽然银行帮助限制通胀风险，但存在限制，因为资金减轻了私人信息的摩擦和有限的沟通。在这种环境下，我们比较两个经济体在各个方面都是相同的，除了它们的金融发展水平。在金融发展有限的国家，缺乏股票市场。另一方面，股票市场活跃。在任一经济体中，通胀都会对资本形成和产出产生不利影响持有流动资产的个人总是受到通货膨胀的不利影响，但资本所有者的态度取决于金融发展的水平。特别是，在股票市场存在的情况下，通货膨胀对资本所有者福利的影响是非单调的。尽管如此，在较高的金融发展水平下，最优货币政策总是更加保守。
8. Capital Controls and Exchange Rate Instability in Developing Economies. [R] . Glick, R., Hutchison, M. 2002

机译：发展中经济体的资本管制与汇率不稳定。

Exchange Rate, Capital Flow and Output: Developed versus Developing Economies

摘要

著录项

相似文献

相关主题

期刊订阅