The global implications of regional exchange rate regimes

Harris Dellas; George Tavlas

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The global implications of regional exchange rate regimes

机译：区域汇率制度的全球影响

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摘要

We examine the implications of a regional, fixed exchange rate regime for global exchange rate volatility. The concept of the optimum currency area turns out to play an important role. The formation of a regional regime tends to decrease global volatility when countries are symmetric. The effects tend to be ambiguous in the case of asymmetries. The reduction in global volatility is larger when the rest of the world has more rigid labor markets than the peggers. And when the exchange rate management is done mostly by countries with relatively more flexible labor markets. And in the presence of a negative correlation in productivity shocks across countries.

机译：我们研究了区域固定汇率制度对全球汇率波动的影响。最佳货币区的概念被证明发挥了重要作用。当国家对称时，区域政权的形成往往会降低全球动荡。在不对称的情况下，效果往往是模棱两可的。当世界其他地区的僵化劳动力市场比同龄人更僵硬时，全球波动的减少幅度更大。当汇率管理主要由劳动力市场相对较灵活的国家完成时。而且，各个国家的生产力冲击之间存在负相关关系。

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来源
《Journal of International Money and Finance》 |2005年第2期|p.243-255|共13页
作者
Harris Dellas; George Tavlas;
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作者单位

Department of Economics, University of Bern, CEPR, IMOP, Gesellschaftsstrasse 49, CH-3012 Bern, Switzerland;

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原文格式 PDF
正文语种 eng
中图分类 f;
关键词
regional exchange rate systems; global exchange rate volatility; optimum currency area;

机译：区域汇率制度;全球汇率波动;最优货币区;

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The global implications of regional exchange rate regimes

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