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回顾金融流量控制经济学论文

自从布雷顿森林体系的崩溃以及随后短暂的自由浮动汇率尝试后,国际货币安排一直是以各种各样的中间汇率制度为特色的。尽管存在大量关注汇率系统的投机性攻击管理的脆弱性的分析文学,汇率危机的实证研究很少。令人惊讶的是，实证研究的不足最明显的原因是在国际货币市场，可以用来描述的条件缺乏公认的汇总统计。

当国际货币的过度需求异常的大，迫使当局采取强有力的应对措施，通常以牺牲其他政策目标时，货币危机发生了。这表明,发展一个分析国际货币的过度需求的方式，可以以一个自然的方式来获取汇总统计，从而用来描述交换市场环境。

最著名的国际货币过度需求是格顿,Roper外汇市场压力公式。(格顿et al . 1977年)格顿和Roper使用术语“外汇市场压力”来指代货币市场失衡的程度,必须通过储备或汇率变动。

Review On Financial Flow Control Economics Essay

Since the breakdown of the Bretton Woods system and subsequent short-lived experiment with freely floating exchange rates, international monetary arrangements have been characterized by a wide variety of intermediate exchange rate systems. Although there exists a large analytical literature concerned with the vulnerability of managed exchange rate systems to speculative attacks, empirical studies of exchange rate crisis are rare. The most obvious reason for surprising scarcity of empirical work is the absence of a generally-accepted summary statistic that can be used to characterize the conditions prevailing in international currency markets.

A currency crisis occurs when there is an abnormally large international excess demand for a currency which forces monetary authorities to take strong counter measures, often at the expense of other policy objectives. This suggests that a natural way to obtain a summary statistic that can be used to characterize exchange market conditions is to develop an analytically sound measure of the total international excess demand for a currency.

The best-known measure of the international excess demand for a currency is Girton and Roper’s exchange market pressure formula. (Girton et al. 1977) Girton and Roper used the term ‘exchange market pressure’ to refer to the magnitude of money market disequilibrium that must be removed either through reserve or exchange rate changes. Their model specification and their assumption that policy authorities do not employ domestic credit changes to influence the exchange rate levels ensures that exchange market pressure is the simple sum of the percentage change in the exchange rate and in foreign reserves. In the context of the model they employ, Girton and Roper’s exchange market pressure formula measures the magnitude of external imbalance.

While Roper and Turnovsky used a different model specification and allowed intervention to take the form of changes in domestic credit as well as changes in reserves. (Roper D. and Turnovsky S.J. 1980) Roper and Turnovsky found that the excess demand for money is equal to a linear combination of changes in the exchange rate and in monetary base. In general these two components are not equally weighted. Given their assumptions about the nature of exchange market intervention and the model specification, the linear combination identified by Roper and Turnovsky measures the magnitude of the international excess demand for domestic currency.

Neither Girton and Roper nor Roper and Turnovsky were primarily concerned with developing a general measure of exchange market pressure for economies with intermediate systems of exchange rate management. Girton and Roper were interested in investigating empirically the extent to which monetary policy can be formulated independently in open economies. Exchange market pressure was used as the dependent vari本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。