나라경제
금융
요약
The purpose of this paper is to investigate exchange rate
dynamics in dual exchange markets more thoroughly by utilizing
a two-sector general equilibrium portfolio balance model of Calvo
and Rodriguez(1977) under rational expectations. It compares the
reserves adjustment and rationing model with respect to their
dynamic properties and emphasizes distortionary taxes cum
subsidies created by dual exchange rates. This paper shows that
the relationship between the exchange premium and inflation
depends not only on money inflation elasticity, but also on the
money supply rule of domestic credit creation and reserves
adjustment. Furthermore, it shows that unifying dual exchange
rates could lead to lower inflation by eliminating distortions. The
macroeconomic and resource allocation benefits from the
unification of dual rates demonstrate that a dual rate far apart
from the official rate must be a transitory policy if it is to be
effective.
The paper proceeds as follows. Section Ⅱ introduces a
two-sector portfolio balance model of the dual exchange markets,
which emphasizes the money supply processes. Section Ⅲ
discuses the exchange rate dynamics and the steady-state
relationships between exchange premium and inflation. Section Ⅳ
studies both the short-run and long-run impact of the unification
of dual exchange markets on inflation. The conclusion is
provided in Section Ⅴ.
dynamics in dual exchange markets more thoroughly by utilizing
a two-sector general equilibrium portfolio balance model of Calvo
and Rodriguez(1977) under rational expectations. It compares the
reserves adjustment and rationing model with respect to their
dynamic properties and emphasizes distortionary taxes cum
subsidies created by dual exchange rates. This paper shows that
the relationship between the exchange premium and inflation
depends not only on money inflation elasticity, but also on the
money supply rule of domestic credit creation and reserves
adjustment. Furthermore, it shows that unifying dual exchange
rates could lead to lower inflation by eliminating distortions. The
macroeconomic and resource allocation benefits from the
unification of dual rates demonstrate that a dual rate far apart
from the official rate must be a transitory policy if it is to be
effective.
The paper proceeds as follows. Section Ⅱ introduces a
two-sector portfolio balance model of the dual exchange markets,
which emphasizes the money supply processes. Section Ⅲ
discuses the exchange rate dynamics and the steady-state
relationships between exchange premium and inflation. Section Ⅳ
studies both the short-run and long-run impact of the unification
of dual exchange markets on inflation. The conclusion is
provided in Section Ⅴ.
저자
같은 주제 자료 이 내용과 같은 주제를 다루고 있는 자료입니다.
-
KDI 정책포럼거시건전성 관리에 있어 단기성과 중심 정책결정의 위험성: 가계부채에 대한 논의를 중심으로
-
KDI 정책포럼Risks of Short-termism in Macro-prudential Policy Making: The Case of Household Debt in Korea
-
KDI 정책포럼기업집단을 중심으로 한 우리 경제의 자원배분 효율성 하락
-
KDI 정책포럼Business Groups and Declining Allocative Efficiency in Korea
-
연구보고서한국 금융감독체계에 대한 정치경제학적 연구
-
정책연구시리즈우리 경제의 역동성: 기업집단으로의 경제력 집중을 중심으로
-
KDI 정책포럼그룹 리스크 반영을 위한 금융회사 자기자본 규제 개선 방향
-
KDI 정책포럼Improving Capital Regulations on Financial Institutions to Reflect Group-wide Risks
-
정책연구시리즈국내 금융회사 그룹 리스크 평가와 관련 제도 개선 방향
-
기타보고서
국가경쟁력 평가 적정성 제고를 위한 대안 마련 및 향후 WEF 평가방법 개선방향 연구
2016/03/22 -
정책연구시리즈상시적 구조조정을 위한 과제: 사모투자펀드 활성화를 중심으로
-
정책연구시리즈2008년 글로벌 금융위기 후 공매도 금지조치가 금융시장에 미친 영향
같은 주제의 자료가 없습니다.
