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首页> 外文期刊>Journal of International Money and Finance >Foreign-currency exposures and the financial channel of exchange rates: Eroding monetary policy autonomy in small open economies?
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Foreign-currency exposures and the financial channel of exchange rates: Eroding monetary policy autonomy in small open economies?

机译：外币风险和汇率的财务渠道：侵蚀小型开放经济体的货币政策自治？

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Foreign-currency exposures on an economy's external balance sheet may jeopardise financial stability when the exchange rate depreciates. In fact, theory suggests that in such an environment it may be optimal for monetary policy in a floating regime to reduce exchange rate variation by mimicking foreign monetary policy in order to dampen financial cycles rather than focusing exclusively on stabilising the business cycle. We explore whether there is evidence in the data for monetary policy in small open economies facing such a trade-off between financial stability and macroeconomic stabilisation that gives rise to "fear-of-floating". In a panel data set for 26 advanced and emerging small open economies with floating regimes for the time period from 2000 to 2017 we document evidence that is consistent with fear-of-floating, i.e. that small open economy monetary policy responds to base-country monetary policy even after controlling for macroeconomic fundamentals. We find that this fear-of-floating is particularly pronounced in the presence of foreign-currency exposures. Specifically, fear-of-floating is stronger when the foreign-currency exposures arise through debt rather than non-debt instruments, which is consistent with existing evidence documenting that these instruments are more fickle and sensitive to swings in investor sentiment. Moreover, the evidence for fear-of-floating is stronger when base-country monetary policy is tightened, suggesting that fear-of-floating typically arises in the face of immediate threats to financial stability due to depreciation pressures in the presence of foreign-currency exposures, rather than as preemptive action to mitigate the build-up of such vulnerabilities when the currency is appreciating. (C) 2020 Elsevier Ltd. All rights reserved.
机译：经济外部资产负债表上的外汇风险可能会在汇率贬值时危及金融稳定性。事实上，理论表明，在这种环境中，在浮动制度中的货币政策可能是最佳的，以减少通过模拟外国货币政策来减少汇率的汇率变化，以抑制财务周期，而不是专注于稳定商业周期。我们探讨是否有证据表明，在金融稳定与宏观经济稳定之间面临的小型开放经济体中的货币政策数据有证据，这导致“漂浮”的宏观经济稳定之间。在2000年至2017年期间的浮动制度的面板数据中，有2000〜2017年的浮动制度，我们记录了与漂浮恐惧符合的证据，即小型开放经济货币政策对基本国家的货币作出反应政策即使在控制宏观经济基础之后也是如此。我们发现这种漂浮的恐惧在存在外汇风险时特别明显。具体而言，当通过债务而不是非债务工具出现外币风险而非债务工具时，漂浮的恐惧更强，这与记录这些文书更加疲惫和投资者情绪的摇摆更为善良和敏感的现有证据一致。此外，当紧缩基本国家货币政策时，漂浮恐惧的证据表明，由于在外国外币存在的折旧压力导致的金融稳定性上，漂浮恐惧通常会出现漂浮的恐惧曝光，而不是作为抢先行动，以减轻这种漏洞的积累，因为货币欣赏。 （c）2020 elestvier有限公司保留所有权利。

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