資本移動性、定價行為與匯率制度抉擇__臺灣人文及社會科學引文索引資料庫

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題名：	資本移動性、定價行為與匯率制度抉擇
書刊名：	東吳經濟商學學報
作者：	賴宗福
作者(外文)：	Lai, Chung-fu
出版日期：	2012
卷期：	76
頁次：	頁55-98
主題關鍵詞：	匯率制度；資本移動性；定價行為；新開放總體經濟學；福利分析；Exchange rate regimes；Capital mobility；Price-setting behavior；New open economy macroeconomics；Welfare analysis
原始連結：	連回原系統網址
相關次數：	被引用次數:期刊(0) 博士論文(0) 專書(0) 專書論文(0) 排除自我引用:0 共同引用:0 點閱:179

本文以新開放總體經濟學（New Open Economy Macroeconomics）作為理論基礎，延伸Devereux及Engel（1998）的分析架構，探究資本移動性與定價行為在匯率制度抉擇議題中扮演的角色。經由理論推導與模擬結果，本文發現浮動匯率制度且按消費者貨幣定價（PTM模型）之消費波動程度最小，但固定匯率制度（FER模型）與浮動匯率制度並按生產者貨幣定價（PCP模型）之消費波動程度則應視資本移動程度以及國家規模的大小而定；固定匯率制度下的期望消費高於浮動匯率制度；若考慮資本不完全移動性，浮動匯率制度且按消費者貨幣定價（PTM模型）之福利水準會高於固定匯率制度（FER模型），而固定匯率制度（FER模型）的福利水準又會比浮動匯率制度並按生產者貨幣定價（PCP模型）來的高。

以文找文

Based on the framework of New Open Economy Macroeconomics, we extend the model setup of Devereux and Engel (1998) to investigate how capital mobility and price setting behavior affect the question of the choice of exchange rate regime. According to theoretical analysis and simulation results, the following conclusions were made. Firstly, the variance of domestic consumption is the lowest under floating exchange rate with pricing to market (PTM), but the variance of domestic consumption with fixed exchange rate (FER) and floating exchange rate with producer-currency pricing (PCP) can be different depending upon the degree of capital mobility and the country size. Secondly, the fixed exchange rate will dominate floating exchange rate in terms of the expected level of consumption. Finally, from the perspective of welfare performance, floating exchange rate with pricing to market (PTM) is preferable to fixed exchange rate (FER), and fixed exchange rate (FER) is better than floating exchange rate with producer-currency pricing (PCP) under imperfect capital mobility.

以文找文

期刊論文
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會議論文
1.	Cristadoro, R.、Gerali, A.、Neri, S.、Pisani, M.(2006)。The Dynamics of the Real Exchange Rate: A Bayesian DSGE Approach。Zurich。

研究報告
1.	Devereux, M.、Engel, C.(1998)。Fixed v.s. Flexible Exchange Rates: How Price Setting Affects the Optimal Choice of Exchange-Rate Regime。
2.	Obstfeld, M.(2006)。Pricing-to-Market, the Interest-Rate Rule, and the Exchange Rate。
3.	Grossman, S. J.、Shiller, R. J.(1981)。The Determinants of the Variability of Stock Market Prices。
4.	Senhadji, A. S.(1997)。Sources of debt accumulation in a small open economy。
5.	Bowman, D.、Doyle, B. M.(2003)。New Keynesian, Open-Economy Models and Their Implications for Monetary Policy。
6.	Airaudo, M.(2004)。Multiple Equilibria in a Dollarized Economy: Some Warnings on an Interest Rate Rule for Turkey。
7.	Aizenman, J.、Ricardo, H.(2000)。Exchange Rate Regimes and Financial-Market Imperfections。
8.	Frenkel, M.、Schmidt, C. N. G.、Stadtmann, G.(2001)。The Effects of Capital Controls on Exchange Rate Volatility and Output。
9.	Selaive, J. D.、Tuesta, V.(2003)。Net Foreign Assets and Imperfect Pass-Through: The Consumption Real Exchange Rate Anomaly。
10.	Thoenissen, C.(2006)。Real Exchange Rate Volatility and AssetMarket Structure。

圖書
1.	Sharpe, W.、Alexander, G. J.、Bailey, Jeffery V.(1999)。Investments。New Jersey：McGraw-Hill, International Editions。
2.	Fischer, S.(1977)。Stability and Exchange Rate SysteStability and Exchange Rate Systems in a Monetarist Model of the Balance of Paymentsms in a Monetarist Model of the Balance of Payments。The Political Economy of Monetary Reform。London。
3.	Ogawa, E.、L. Sun, L.(2001)。How were Capital Inflows Stimulated under the Dollar Peg System?。Regional and Global Capital Flows: Macroeconomic Causes and Consequences。Chicago。

其他
1.	Ghironi, F.(1999)。Alternative Monetary Rules for a Small Open Economy: The Case of Canada，http://home.earthlink.net/hiro/canada.pdf， 20090502。

圖書論文
1.	Kenen, Peter B.(1969)。The Theory of Optimum Currency Areas: an Eclectic View。Monetary Problems of the International Economy。Chicago：University of Chicago Press。
2.	Bayoumi, T.、Eichengreen, B.(1993)。Shocking Aspects of European Monetary Integration。Adjustment and Growth in the European Monetary Union。New York：Cambridge University Press。
3.	Friedman, Milton(1953)。The Case for Flexible Exchange Rates。Essays in Positive Economics。Chicago：University of Chicago Press。

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