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

本研究从理论和实证两个方面探讨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进行国际借贷的能力。新兴市场国家无法以本国货币借款是全球金融不稳定的一个重要根源，这项研究有助于了解决策者如何才能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历史的教训，该研究为现有的金融危机分析带来了新的视角。

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.