机构地区: 香港中文大学
出 处: 《世界经济研究》 2012年第12期38-45,共8页
摘 要: 本文运用双倍差分法,分别选择20世纪90年代亚洲金融危机和20世纪70年代布雷顿森林体系的解体两个事件作为"自然实验",实证研究汇率制度与经常账户调节的关系。研究表明,相对于固定汇率制度,浮动汇率制度未能显著地促进经常账户的调节。通过让经常账户盈余国由固定汇率制度调整为浮动汇率制度的做法不会改善全球性经常账户失衡问题。 In this paper,using the difference-in-differences approach,the Asian financial crisis and the collapse of the Bretton Woods system as the'natural experiments'are choosen to study the relationships between exchange rate system and the adjustment of current account respectively.Empirical results show that,compared with the fixed exchange rate system,floating exchange rate regime failed to significantly facilitate the adjustment of current account.By having the country with current account surplus from fixed exchange rate system to a floating exchange rate system will not improve the global current account imbalances.
领 域: [经济管理]