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首页> 外文期刊>Journal of International Money and Finance >Do fixers perform worse than non-fixers during global recessions and recoveries?
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Do fixers perform worse than non-fixers during global recessions and recoveries?

机译：在全球经济衰退和复苏期间，定影剂的表现是否比非定影剂差？

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摘要

There is an important debate about how economies with different exchange rate regimes performed during the Great Recession and its ensuing recovery. While economic theory suggests that economies with fixed exchange rates are more affected and recover more slowly from global shocks than economies with non-fixed exchange rates, the empirical evidence on the most recent global recession has been mixed. This paper uses dynamic panel models to examine how the exchange rate and economic growth nexus is affected by the four global recessions and recoveries the world economy has experienced post-Bretton Woods. While there is no robust long-term relationship between exchange rate regimes and growth, there is evidence that fixers recover from global recessions at a weaker pace than non-fixers. These findings are robust across the different de facto exchange rate regime measures. Crown Copyright (C) 2020 Published by Elsevier Ltd. All rights reserved.
机译：关于在大萧条及其随之而来的复苏期间，具有不同汇率制度的经济体的表现存在重要的争论。尽管经济理论表明，汇率固定的经济体比汇率固定的经济体受到的冲击更大，从全球冲击中复苏的速度也较慢，但最近一次全球经济衰退的实证证据参差不齐。本文使用动态面板模型来检验汇率和经济增长之间的联系如何受到四次全球性衰退和世界经济在布雷顿森林会议之后经历的复苏的影响。尽管汇率制度与增长之间没有牢固的长期关系，但有证据表明，固定汇率持有者从全球经济衰退中复苏的步伐要弱于非固定汇率持有者。在不同的实际汇率制度措施中，这些发现是可靠的。 Crown版权（C）2020，由Elsevier Ltd.发行。保留所有权利。

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