Macroeconomic Stability Effect of Intermediate Exchange Rate Regimes: Target Zone vs. Managed Float
분야
사회과학 > 정치/외교학
저자
( Yeong Seop Rhee )
발행기관
한국EU학회
간행물정보
Asia-Pacific Journal of EU Studies 2010년, 제8권 제1호, 19~33쪽(총15쪽)
파일형식
32300361.pdf [무료 PDF 뷰어 다운로드]
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    영문초록
    This paper compares alternative intermediate exchange rate regimes instead of comparing an extreme regime vs. an intermediate one, and investigates whether the stabilizing effect on the exchange rate of a regime can be extended to other economic variables. Central results from the comparison of two intervention rules between a target zone and a managed float are: if the sensitivity of aggregate demand to the real exchange rate is very large or the monetary disturbance is predominant compared to the real disturbance, then the stabilizing effect on the exchange rate of a tighter intervention in an intermediate regime than the other is positively associated with the stabilizing effect on the price; if the sensitivity of aggregate demand to the real exchange rate is very small or the real disturbance is predominant, the stabilizing effect on the exchange rate of a tighter intervention can be achieved only at the expense of price stability.
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