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Test of the Response of the Overnight Rate to the Real Exchange Rate: The Case of Korea, Hong Kong, and Singapore

机译:隔夜汇率对实际汇率的响应检验:以韩国,香港和新加坡为例

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摘要

For Korea, the overnight rate responds positively to the inflation rate, the output gap, the lagged real exchange rate, and the lagged overnight rate and negatively to the current real exchange rate. For Hong Kong, the overnight rate reacts positively to the inflation rate and the lagged overnight rate and does not react to other variables. For Singapore, the overnight rate is affected positively by the output gap and the lagged overnight rate and is not influenced by other variables. Hence, interest rate rules for some industrialized countries may not apply to Korea, Hong Kong, and Singapore.
机译:对于韩国来说,隔夜利率对通货膨胀率,产出缺口,滞后的实际汇率和滞后的隔夜汇率有积极的反应,而对当前的实际汇率则有负面反应。对于香港来说,隔夜利率对通货膨胀率和滞后隔夜利率有积极的反应,而对其他变量没有反应。对于新加坡而言,隔夜利率受到产出缺口和滞后隔夜利率的积极影响,而不受其他变量的影响。因此,某些工业化国家的利率规则可能不适用于韩国,香港和新加坡。

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