Financial Globalization and Exchange Rates
Financial Globalization and Exchange Rates
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金融全球化与汇率
DOI：
10.2139/ssrn.739144
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发表时间：
2004
期刊：
影响因子：
--
通讯作者：
G. Milesi
中科院分区：
文献类型：
--
作者：
P. Lane;G. Milesi
60年前布雷顿森林体系的创立者主要关心的是在一个国际资本流动受到广泛限制的世界经济中有序地调整汇率。相比之下，近年来金融全球化的快速步伐对国际货币体系提出了新的挑战。特别是，外国资产和负债的大量交叉持有意味着，相对于传统的贸易平衡渠道，汇率调整的估值渠道的重要性有所上升。因此，本文实证地探讨了金融全球化与汇率调整之间的一些内在联系，并讨论了它们的政策含义。
The founders of the Bretton Woods System sixty years ago were primarily concerned with orderly exchange rate adjustment in a world economy that was characterized by widespread restrictions on international capital mobility. In contrast, the rapid pace of financial globalization during recent years poses new challenges for the international monetary system. In particular, large gross cross-holdings of foreign assets and liabilities means that the valuation channel of exchange rate adjustment has grown in importance, relative to the traditional trade balance channel. Accordingly, this paper empirically explores some of the inter-connections between financial globalization and exchange rate adjustment and discusses the policy implications.