Capital Flows and Exchange Rates
Capital Flows and Exchange Rates
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资本流动和汇率
DOI：
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发表时间：
2005
期刊：
影响因子：
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通讯作者：
S. Millard
中科院分区：
文献类型：
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作者：
A. Bailey;S. Millard
本文重点讨论资本流动在解释汇率变动中可能发挥的作用。有论者认为，流入美国的资金大幅增加，可能是美元近期升值的原因。这可能意味着资本流入的增加是对资本回报率上升的回应，而资本回报率上升又反映了近年来美国生产率的结构性增长。我们发现的证据表明，这可能解释了最近美元升值的部分原因，但不出所料，它并没有提供充分的解释。
This article focuses on the possible role of capital flows in explaining exchange rate movements. Some commentators have suggested that a substantial increase in capital flows into the United States could have accounted for the recent appreciation of the US dollar. This could imply that capital inflows have increased in response to a rise in the rate of return on capital, which in turn has reflected the structural increase in US productivity seen in recent years. We find evidence to suggest that this may explain part of the recent dollar appreciation, but unsurprisingly it does not provide a full explanation.