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題名:匯率目標區和股價之穩定
書刊名:交大管理學報
作者:黃秋瓊胡士文 引用關係
作者(外文):Huang, Chiu-chiungHu, Shih-wen
出版日期:2008
卷期:28:1
頁次:頁169-203
主題關鍵詞:匯率目標區蜜月效果Exchange rate target zonesHoneymoon effect
原始連結:連回原系統網址new window
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  • 被引用次數被引用次數:期刊(11) 博士論文(0) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:11
  • 共同引用共同引用:36
  • 點閱點閱:70
Krugman(1991)建立一個包括商品市場、貨幣市場、債券市場與外匯市場之小型開放模型,說明當政府對匯率設立目標區,將會導致匯率有蜜月效果,此文獻為目標區理論之經典之作。本文則增加股票市場的考慮,據以探討政府實施匯率目標區政策,匯率是否會產生如Krugman(1991)所言之「蜜月結果」。本文發現,當經濟體系之預期匯率變動對匯率的影響小於預期股價變動對匯率的影響時,經濟體系不論出現貨幣市場干擾或出現股票市場干擾,設立匯率目標區,「蜜月效果」將不存在;且本文亦發現,Krugman(1991)之結論為本文之特例。
Krugman’s target zones theory (1991) is well-known in the economic literature. In a small open-economy model, which includes the commodity, money, bond, and currency exchange markets, he argues that there will be a “honeymoon effect” in the currency exchange market if the government adopts a target zones policy. This study extends his arguments to the stock market and examines whether the target zones policy will lead to the “honeymoon effect” as described by Krugman. We find that the establishment of exchange-rate target zones may not exhibit the “honeymoon effect” if the expected exchange-rate fluctuation is smaller than the influence of the expected stock price fluctuation on the exchange rate, no matter whether the shocks originate from the money market or the stock market. The paper also shows that Krugman’s conclusion is in fact a special case of our general theory.
期刊論文
1.Van der Ploeg, F.(1989)。Election Outcomes and the Stock Market。European Journal of Political Economy,5(1),21-30。  new window
2.Klein, Michael W.(1990)。Playing with the Band: Dynamic Effects of Target Zones in an Open Economy。International Economic Review,31(4),757-772。  new window
3.Flood, R. P.、Garber, P. M.(1991)。The Linkage between Speculative Attack and Target Zone Models of Exchange Rates。Quarterly Journal of Economics,106(4),1367-1372。  new window
4.方中柔、賴景昌(2002)。Targeting Nominal Income versus Targeting Price Level: A Target Zone Perspective。International Review of Economics and Finance,11(3),229-249。  new window
5.Mundell, Robert A.(1963)。Capital Mobility and Stabilization Policy under Fixed and Flexible Exchange Rates。Canadian Journal of Economics and Political Science,29(4),475-485。  new window
6.賴景昌、王葳、胡士文(20001200)。目標區與農產品價格的穩定--小型開放經濟之分析。農業經濟叢刊,6(1),33-66。new window  延伸查詢new window
7.Ichikawa, M.、Miller, M.、Sutherland, A.(1990)。Entering a Preannounced Currency Band。Economics Letters,44,363-368。  new window
8.Chang, W. Y.、Lai, C. C.(1997)。Election Outcomes and the Stockmarket: Further Result。European Journal of Political Economy,13(1),143-155。  new window
9.賴景昌(20050700)。國際金融理論的發展。經濟與管理論叢,1(2),105-118。new window  延伸查詢new window
10.朱美麗、曹添旺(19870900)。產出水準、股票市場與滙率動態調整。經濟論文,15(2),45-59。new window  延伸查詢new window
11.Dornbusch, Rudiger(1976)。Expectations and Exchange Rate Dynamics。Journal of Political Economy,84(6),1161-1176。  new window
12.Blanchard, Olivier J.(1981)。Output, the Stock Market, and Interest Rates。American Economic Review,71(1),132-143。  new window
13.Fleming, J. Marcus(1962)。Domestic Financial Policies under Fixed and Floating Exchange Rates。IMF Staff Papers,9(3),369-379。  new window
14.Kempa, B.、Nelles, M.(1999)。The Theory of Exchange Rate Target Zones。Journal of Economics Surveys,13(2),173-210。  new window
15.Krugman, Paul R.(1991)。Target Zones and Exchange Rate Dynamics。Quarterly Journal of Economics,106(3),669-682。  new window
16.Lai, Ching-Chong、Fang, Chung-Rou、Chang, Juin-Jen(2008)。Volatility Trade-offs in Exchange Rate Target Zones。International Review of Economics and Finance,17(3),366-379。  new window
17.賴景昌、張俊仁(2001)。A Pedagogical Note on Price Target Zones。Journal of Economic Education,32,369-380。  new window
18.Wang, C. H.、Lai, C. C.(2002)。Efficiency Wages and Nominal Income Targeting in an Open Economy。Pacific Economic Review,7,573-591。  new window
19.Sutherland, A.(1995)。Monetary and Real Shocks and the Optional Target Zone。European Review,39,161-172。  new window
研究報告
1.Krugman, P.(1988)。Target Zones and Exchange Rate Dynamics。0。  new window
學位論文
1.黃承祖(2002)。融資成數與股價及匯率的錯向調整,0。  延伸查詢new window
2.尹祥安(1997)。物價目標區與產出的穩定,0。  延伸查詢new window
3.廖志興(2000)。物價目標區於開放經濟體系的安定效果:圖形的解析,0。  延伸查詢new window
4.陳則忠(1998)。融資成數與股價的動態調整,0。  延伸查詢new window
圖書
1.賴景昌(1994)。國際金融理論。臺北:茂昌圖書有限公司。  延伸查詢new window
2.Williamson, J.(1985)。The Exchange Rate System。Washington, DC:Institute for International Economics。  new window
圖書論文
1.Krugman, R.、Rotemberg, J.(1992)。Speculative Attacks on Target Zones。Exchange Rate Targets and Currency Bands。Cambridge:Cambridge University Press。  new window
 
 
 
 
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