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題 名 | 雙元匯率的單元化過程:兼論固定匯率的投機性炒作=The Unified Process and Speculative Attacks from Two-tier Exchange Rates to Fixed Exchange Rates |
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作 者 | 賴景昌; 李靜芠; 張文雅; | 書刊名 | 經濟論文叢刊 |
卷 期 | 21:4 1993.12[民82.12] |
頁 次 | 頁441-484 |
分類號 | 563.24 |
關鍵詞 | 投機性炒作; 固定匯率; 單元化; 雙元匯率; |
語 文 | 中文(Chinese) |
中文摘要 | 本文設立一兼具完全預知及資產組合平衡雙重特色,且可涵蓋單純雙元 匯率及固定匯率制度的理論模型,據以探討雙元匯率制度單元化為固定匯率制度 的調整過程。我們所研究的題材是:一個原先採行單純雙元匯率制度的國家,政 府當局於期初突然宣佈將於未來某一特定時刻改採單元化的固定匯率制度。基於 民眾的預期有完全預知的特性,因而他們在接收到體制變遷的訊息時,就會立即 進行最適的因應。本文的主旨就是要詳細地解說,民眾事前的因應措施如何主導 相關經濟變數(諸如:金融匯率、外匯存底、及國外債券數量等)的動態調整。 |
英文摘要 | Using a general macroeconomic model which is capable to de-scribe both two-tier and fixed exchange regimes, this paper analyzesthe anticipated unified process and speculative attacks from a two-tier exchange regime to a fixed exchange regime. The main featuresof the present study are that market participants form their expec-tations with perfect foresight, and that the macromodel embodiesthe portfolio-balance view of exchange rate determination. The ex-periment this paper concerns is that the authorities announce theregime will switch from the two-tier regime to the unified fixed regime at a future specific date. Given the fact that the publicpossesses the expectation structure with perfect foresight, they willmake optimal reaction prior to the unification. The focus of thispaper thus is to illustrate how the reaction of the public will governthe evolution of the relevant variables. |
本系統中英文摘要資訊取自各篇刊載內容。