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不完全可信的汇率目标区研究 被引量：1

Study on Non-credible Target Zone
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摘要 本文研究了有两类市场参与者、两类政府(央行)的情况下汇率目标区的可信性。分析了市场期望对汇率目标区的影响。并结合实际,对中国的汇率制度改革提出相关建议。 In the present paper, considering the existence of two types of agents and governments, the credibility of target zone is studied. And the influence of market expectation on target zone is analyzed. Then on the basis of fact, related suggestions on innovation of exchange rate regime of China are put forwards.
作者 杨庆定 黄培清
机构地区 上海交通大学管理学院
出处 《预测》 CSSCI 2004年第2期70-72,共3页 Forecasting
基金 教育部博士点基金资助项目(20020248011)
关键词 汇率 目标区 可信性 exchange rate target zone credibility
分类号 F830.73 [经济管理—金融学]
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参考文献6

  • 1Krugman P R. Target zones and exchange rate dynamics[J].The Quarterly Journal of Economics, 1991, 106(3) :669-682.
  • 2Svensson L E O. The simplest test of target zone credibility[J]. IMF Staff Paper, 1991,38:655-665.
  • 3Bertola G, Caballero R J. Target zone and realignment[Jl. American Economic Review, 1992, 82 (3): 520-536.
  • 4Werner A M. Exchange rate target zones, realignments and the interest rate differential: theory and evidence[J].Journal of International Economics, 1995,39:353-369.
  • 5Torres J L. An heterogeneous expectations target zone model[ J ]. Economics Letters, 2000,67 : 69-74.
  • 6De Grauwe P, Dewachter M. Chaos in the Dombusch model of the exchange rate [ J ]. Kredit und Kapital,1992,25:26-54.

同被引文献24

  • 1杨炘,杨松涛.用汇率目标区方法评价1995—2004年人民币汇率[J].清华大学学报（自然科学版）,2006,46(12):2044-2048. 被引量：3
  • 2Bartolini, L. & A. Prati( 1999), "Soft exchange ratebands and speculative attacks", Journal of International Economics 49 : 1 - 29.
  • 3Bauer, C. , et al. (2008), "Exchange rate dynamics in a target zone", Journal of Economic Dynamics & Control 33:329 - 344.
  • 4Bertola, G. & O. Svensson( 1993 ), "Stochastic devaluation risk and the empirical fit of target - zone models", Review of Eco- nomic Studies 60(3) :689-712.
  • 5Cornel1, C. M. (2003), "Target zones, reserve crises, and inverted S -curves", Journal of International Financial Markets, Institutions and Money 13:313 -323.
  • 6Delgado, F. & B. Dumas(1992), "Target zones, broad and narrow", in P. R. Krugman & M. H. Miller (ed.), Exchange Rate and Currency Bands, Cambridge University Press.
  • 7Flood, R. , A. Rose & D. Mathieson(1991 ) , "An empirical exploration of exchange - rate target zones", Carnegie - Rochester Conference Series on Public Policy 35:7-66.
  • 8Garratt, A. , et al. (2001), "An empirical reassessment of target - zone nonlinearities", Journal of International Money and Finance 20:533 - 548.
  • 9Kampa, B., M. Nelles & C. Pierdzioch (1999), "The term structure of interest rates in a sticky - price target zone model", Journal of International Money and Finance 18 (5) :817 - 834.
  • 10Krugman, P. (1991), "Target zones and exchange rate dynamics", Quarterly Journal of Economics, 106:669 - 682.

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2004年 第2期

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