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财贸经济  2015 

外国经济波动、资本流动与汇率调整

, PP. 45-59

Keywords: 汇率波动,非对称两国模型,资本流动

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Abstract:

本文在随机一般均衡非对称两国模型中探讨了在外生冲击下,资本流动对欠发达国家汇率波动的影响。本文发现:在浮动汇率制度、资本账户开放、投资者的资产调整存在时滞等假设下,发达国家产出波动冲击所引发的投资者资产调整可引起欠发达国家货币的升值。但如发达国家产出波动冲击也引起了欠发达国家产出波动幅度的提高,则欠发达国家货币是否升值取决于欠发达国家产出波动增大的幅度是否低于发达国家。此外,发达国家居民越重视财富和社会地位,越有可能加深欠发达国家的汇率波动幅度。

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