English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  Items with full text/Total items : 94188/124659 (76%)
Visitors : 29613171      Online Users : 445
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
  • Adv. Search
    HomeLoginUploadHelpAboutAdminister Goto mobile version
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/60963

    Title: The Effect of Dual Exchange Rates System in a Financial Crisis: A Target Zone Perspective
    Authors: Fang,Chung-rou
    Contributors: 政大經濟系
    Keywords: financial crisis;dual exchange rate system;exchange-rate target zones;speculative attacks;exchange regime collapse
    Date: 2011-07
    Issue Date: 2013-09-16 17:32:19 (UTC+8)
    Abstract: Based on the modified Froot and Obstfeld (1991a) simple stochastic macro model, this paper addresses the relative stabilizing performance of a dual exchange rate system from the viewpoint of target zones. We focus on an experiment in which the central bank implements a target zone policy in the commercial exchange market to maintain the commercial exchange rate within a specific band, but does not engage in any intervention in the financial exchange market, thus allowing the financial exchange rate to float freely. In contrast to the conventional wisdom, upon the shock of a change in commodity production, we find that the inverse movement of these two rates does not always occur under the target zone perspective. The relative elasticity of the real commercial rate to income in the balance of payments is the crucial point for the desirability of targeting the commercial rate. Therefore, in deciding whether to execute the commercial rate target zone, the central bank needs to consider the country's condition and main goals; the issue may merit consideration in countries that have encountered an aggregate supply shock financial crisis situation.
    Relation: 經濟與管理論叢, 7(2), 159-183
    Data Type: article
    Appears in Collections:[經濟學系] 期刊論文

    Files in This Item:

    File Description SizeFormat
    11.pdf217KbAdobe PDF825View/Open

    All items in 政大典藏 are protected by copyright, with all rights reserved.

    社群 sharing

    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - Feedback