کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5053489 | 1476511 | 2016 | 18 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
External shocks and exchange rate regimes in Southeast Asia: A DSGE analysis
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
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چکیده انگلیسی
This paper investigates the choice of the appropriate exchange rate regime in the context where corporate debt is denominated in foreign currency. To address this issue, we build a small open economy DSGE model that incorporates financial frictions and alternative currency denominations of debt. We estimate the model using data from the five individual founding members of ASEAN and compare the welfare performance of four exchange rate regimes (floating, managed floating, target zone and fixed exchange rate). We find that the flexible exchange rate welfare dominates other regimes, whether debt is denominated in domestic or foreign currency. This finding suggests that the expenditure switching effects outweigh the balance sheet ones due to the countries' degree of trade openness.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Economic Modelling - Volume 58, November 2016, Pages 365-382
Journal: Economic Modelling - Volume 58, November 2016, Pages 365-382
نویسندگان
Ibrahima Sangaré,