Sins of the Fathers - The Role of Reputation in Capital Market Integration and the Choice of Exchange Rate Regime

父辈的罪孽——声誉在资本市场一体化中的作用与汇率制度的选择

• 批准号: DP0449706
• 负责人: Prof Prasanna Gai
• 金额: $ 2.8万
• 依托单位: The Australian National University
• 依托单位国家: 澳大利亚
• 项目类别: Discovery Projects
• 财政年份: 2004
• 资助国家: 澳大利亚
• 起止时间: 2004-01-01 至 2005-12-31
• 项目状态: 已结题
• 来源: https://dataportal.arc.gov.au/RGS/Web/Grants/DP0449706
• 关键词: Sins; Fathers; Role; Reputation; Capital

This project investigates, theoretically and empirically, how past and present reputation for monetary policy credibility influences a country's choice of exchange rate regime and its ability to borrow internationally in domestic currency. The inability of emerging market countries to borrow in domestic currency is an important source of global financial instability, and the study contributes to an understanding of how policymakers can better facilitate the process of international financial integration. By introducing new advances in the theory of reputation into models of exchange rate crises and examining lessons from Australian financial history, the research brings a fresh perspective to existing analyses of financial crises.

该项目从理论和实证两个方面考察了货币政策可信度的过去和现在声誉如何影响一国汇率制度的选择及其以本国货币在国际上借款的能力。新兴市场国家无法以本币借款是全球金融不稳定的一个重要来源，这项研究有助于理解政策制定者如何更好地促进国际金融一体化进程。通过将声誉理论的新进展引入汇率危机模型，并考察澳大利亚金融史的教训，本研究为现有的金融危机分析带来了新的视角。