Exchange rate risks in a small open economy
Exchange rate risks in a small open economy
复制标题
小型开放经济体的汇率风险
DOI：
10.1108/jfep-10-2015-0060
复制
发表时间：
2016
影响因子：
1.2
通讯作者：
CHIKAFUMI NAKAMURA
中科院分区：
文献类型：
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作者：
Hiroyasu Ando;Kohta Takehara and Miki Kobayashi;Kohta Takehara;Kohta Takehara;Kohta Takehara;Kohta Takehara;Kohta Takehara;Kohta Takehara;Kohta Takehara;Kohta Takehara;大熊 正哲;梶谷真也;Shinya Kajitani;梶谷真也;梶谷真也;梶谷真也;梶谷真也;Kentaro Kikuchi;Kentaro Kikuchi;Kentaro Kikuchi;Kentaro Kikuchi;菊池健太郎;Kentaro Kikuchi;Kentaro Kikuchi;森 知晴;森 知晴;菊池健太郎;森 知晴;川口 大司ほか;CHIKAFUMI NAKAMURA
本研究旨在分析一个小型开放经济体在纳入金融加速器机制的外汇负债情况下的汇率风险及汇率政策选择。设计/方法/方法为了检验关于浮动恐惧的讨论，本研究建立了一个动态随机一般均衡模型，其中一个小型开放经济模型具有开放经济金融加速器机制作为外部借贷限制。然后，作者比较和分析了不同汇率制度下应对汇率冲击的宏观经济动态。最有趣的发现是，无论贸易开放程度或贸易份额如何，与用于借款的外币挂钩的货币政策比贸易加权货币篮子政策更有效。实际意义研究结果表明，在讨论浮动恐惧时，需要更多地关注金融中的汇率风险。研究还表明，用于缓解金融领域汇率风险的汇率政策能够更有效地稳定宏观经济波动。这篇论文为以下问题提供了答案：在对浮动汇率的恐惧中，哪一个问题更为严重？
PurposeThis study aims to analyze exchange rate risks and the choice of exchange rate policies in a small open economy indebted in foreign currency, incorporating the financial accelerator mechanism.Design/methodology/approachTo examine discussions on the fear of floating, this study develops a dynamic stochastic general equilibrium model in which a small open economy model has an open economy financial accelerator mechanism as the external borrowing restriction. The author then compares and analyzes the macroeconomic dynamics in response to an exchange rate shock under different exchange rate systems.FindingsThe most interesting finding is that the currency peg for a foreign currency used in borrowing is more efficient than the trade-weighted currency basket policy, regardless of trade openness or trade share.Practical implicationsThe result implies that in discussions on the fear of floating, more attention needs to be paid to exchange rate risks in finance. It also suggests that exchange rate policy used to mitigate exchange rate risks in finance stabilizes macroeconomic volatility more efficiently.Originality/valueThe paper provides an answer to the question: which is the more serious problem in the fear of floating and to what would the regime be anchored.