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題名:貶值政策、通貨替代與經常帳
書刊名:東吳經濟商學學報
作者:孫鈺峯
作者(外文):Sun, Yu-fong
出版日期:2008
卷期:63
頁次:頁53-75
主題關鍵詞:貶值經常帳通貨替代DevaluationThe current accountCurrency substitution
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(0) 博士論文(0) 專書(0) 專書論文(0)
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  • 共同引用共同引用:10
  • 點閱點閱:35
本文設立一個具有通貨替代環境的小型開放經濟模型,探討本國通貨貶值率上升對經濟體系的影響。本文依循Liviatan (1981)的觀點,認定外國通貨提供流動性勞務的功能與本國通貨所提供的相同,而將外國通貨加入Calvo (1981)模型中。文中發現通貨之間若有較高的通貨替代程度,則本國通貨貶值率上升,經常帳會因此改善,此一結果與Calvo (1981)結論相左;也發現通貨替代程度可能是反通貨膨脹的匯率政策失敗的原因之一。
This paper explores the effect of change the devaluation rate of domestic currency on small open economy with currency substitution environments. Our approach expands Calvo (1981) model, foreign currencies is introduced the same as domestic currencies into the system because money provides liquidity services in the spirit of Liviatan (1981). The result is obviously different with Calvo (1981) that if two currencies are higher degree of currency substitution, then an increase in the devaluation rate of domestic currency induced a current account surplus on the transition path. We also find that higher degree of currency substitution is a possible reason of the failure of exchange-rate-based stabilization program.
期刊論文
1.Liviatan, N.(1981)。Monetary Expansion and Real Exchange Rate Dynamics。Journal of Political Economy,89,1218-1227。  new window
2.Agénor, P. R.(1998)。The Behavior of Real Interest Rates in Exchange-rate Based Stabilization Programs。Review of Development Economics,2,231-249。  new window
3.Calvo, G. A.、Drazen, A.(1998)。Uncertain Duration of Reform。Macroeconomic Dynamics,2,443-455。  new window
4.張文雅、蔡雪芳(2006)。Devaluation, Capital Formation, and the Current Account。Open Economies Review,17,341-357。  new window
5.Roldos, J. E.(1995)。Supply-Side Effects of Disinflation Programs。IMF Staff Papers,42,158-183。  new window
6.Lahiri, A.(2001)。Exchange Rate Based Stabilizations under Real Frictions: The Role of Endogenous Labor Supply。Journal of Economic Dynamics and Control,25,1157-1177。  new window
7.Engel, C.(1989)。The Trade Balance and Real Exchange Rate under Currency Substitution。Journal of International Money and Finance,8,47-58。  new window
8.曹添旺、黃俊傑(20050600)。通貨替代、貿易彈性與實質匯率動態。經濟論文,33(2),173-200。new window  延伸查詢new window
9.Uribe, M.(1997)。Exchange-rate-based Inflation Stabilization: The Initial Real Effects of Credible Plans。Journal of Monetary Economics,39,197-221。  new window
10.Buiter, Willem H.(1984)。Saddlepoint Problems in Continuous Time Rational Expectations Models: A General Method and Some Macroeconomic Examples。Econometrica,52(3),665-680。  new window
11.Calvo, Guillermo A.(1981)。Devaluation: Levels Versus Rates。Journal of International Economics,11(2),165-172。  new window
12.Burmeister, E.(1980)。“On Some Conceptual Issues in Rational Expectations Modeling,”。Journal of Money, Credit, and Banking,12,800-12。  new window
13.Calvo, G. A.(1985)。“Currency Substitution and the Real Exchange Rate: The Utility Maximization Approach,”。Journal of International Money and Finance,4,175-88。  new window
14.Calvo, G. A.(1986)。“Temporary Stabilization: Predetermined Exchange Rates,”。Journal of Political Economy,94,1319-1329。  new window
15.Calvo G. A. and C. A. Végh(1994)。“Stabilization Dynamics and Backward-Looking Contracts,”。Journal of Development Economics,43,59-84。  new window
16.Dornbusch, R.(1982)。“Stabilization Policies in Developing Countries: What Have We Learned? ,”。World Development,10,701-708。  new window
17.Lahiri, A.(2000)。“Disinflation Programs under Policy Uncertainty,”。Journal of International Econ omics,50,351-373。  new window
18.Obstfeld, M.(1981)。“Capital Mobility and Devaluation in an Optimizing Model with Rational Expectations,”。The American Economic Review,71,217-221。  new window
19.Petrucci, A.(2003)。“Devaluation (Levels vs. Rates) and Balance of Payments in a Cash-in-Advance Economy,”。Journal of International Money and Finance,22,697-707。  new window
20.Rodriguez, C. A.(1982)。“The Argentine Stabilization Program of December 20th,”。World Development,10,801-811。  new window
21.Roldos, J. E.(1997)。“On Gradual Disinflation, the Real Exchange Rate, and the Current Account,”。Journal of International Money and Finance,16,37-54。  new window
會議論文
1.Sidrauski, M.(1967)。“Rational Choice and Patterns of Growth in a Monetary Economy,”57,534-544。  new window
研究報告
1.Calvo G. A. and C. A. Végh(1999)。“Inflation Stabilization and BOP Crises in Developing Countries,”。  new window
2.Végh C. A.(1991)。“Stopping High Inflation: An Analytical Overview,”。  new window
圖書
1.賴景昌(1994)。國內金融理論 :進階篇。台北。  延伸查詢new window
2.Calvo G. A. and C. A. Végh(1993)。“Exchange Rate Based Stabilization under Imperfect Credibility,”。Open-Economy Macroeconomics。New York。  new window
3.Rebelo, S.(1993)。“Inflation in Fixed Exchange Rate Regimes: The Recent Portuguese Experience,”。Adjustment and growth in the European Monetary Union。Oxford。  new window
4.Rebelo S. and C. A. Végh(1995)。“Real Effects of Exchange Rate Based Stabilization: An Analysis of Competing Theories,”。NBER Macroeconomics Annual。Cambridge, MA.。  new window
 
 
 
 
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