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政大機構典藏 > 商學院 > 金融學系 > 期刊論文 > Item 140.119/78838

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/78838

Title:	To Intervene or Not to Intervene: Exchange Rate Responses to Capital Flows in Selected Asian Economies
Authors:	Shen, Chung-Hua;Wang, Lee-Rong 沈中華;王儷容
Contributors:	金融系
Keywords:	Capital Flows;Exchange Rates
Date:	2001-04
Issue Date:	2015-10-01 18:37:04 (UTC+8)
Abstract:	This article stresses the role of the central bank when discussing the response of the exchange rate to net capital flows in selected East Asian countries. We argue that the priority of central banks is the inflation rate but this priority sometimes becomes obscured by other factors. This article considers the sources of inflation and economic competitiveness as the two other factors. We argue that low inflation may result from strong productivity in a boom or from weak demand in a recession. Similarly, high inflation may result from strong demand or from a fiscally irresponsible government. Capital inflows would be expected in the former case and outflows would be anticipated in the latter case. The extent of the intervention of central banks and the resulting responses of the exchange rate will therefore vary based on the circumstances. The detailed empirics conducted in this article for selected Asian economies broadly confirm these hypotheses.
Relation:	ASEAN Economic Bulletin, 18(1), 63-82
Data Type:	article
Appears in Collections:	[金融學系] 期刊論文

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