Dynamic effects of changes in the exchange rate system

Naoyuki Yoshino, Sahoko Kaji, Tamon Asonuma

研究成果: Article査読

1 被引用数 (Scopus)

抄録

We propose a new dynamic transition analysis on the basis of a small open economy dynamic stochastic general equilibrium model. Our proposed analysis differs from existing static and conventional dynamic analyses in that shifts from a fixed exchange rate regime to a basket peg or a floating regime are explicitly explored.We apply quantitative analysis, using data from the People’s Republic of China and Thailand, and find that both economieswould be better off shifting from a dollar peg to a basket peg or a floating regime over the long run. Furthermore, the longer the transition period, the greater the benefits of shifting to a basket peg regime from a dollar peg regime owing to limited volatility in interest rates. Regarding sudden shifts to a desired regime, the welfare gains are larger under a shift to a basket peg if the exchange rate fluctuates significantly.

本文言語English
ページ(範囲)111-161
ページ数51
ジャーナルAsian Development Review
33
1
DOI
出版ステータスPublished - 2016 3

ASJC Scopus subject areas

  • 地理、計画および開発
  • 開発

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