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題 名 | Are Exchange Rates Excessively Volatile? Evidence from Five Pacific Basin Countries=匯率是否過度調整?五個太平洋盆地國家之實證研究 |
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作 者 | 吳致寧; 陳秀淋; | 書刊名 | 經濟論文叢刊 |
卷 期 | 26:2 1998.06[民87.06] |
頁 次 | 頁127-143 |
分類號 | 563.2 |
關鍵詞 | 匯率; 過度波動; 效率性市場; 貨幣學派分析法; Exchange rates; Excessive volatility; Market efficiency; Monetary approach; |
語 文 | 英文(English) |
中文摘要 | 本文利用Mankiw,Romer and Shapiro(1991)之方法探討五個太平洋盆地國家之匯 率是否有超額波動。一般而言,貨幣學派模型無法解釋匯率的過度波動,除非吾人所選用的 標準(benchmark)匯率為前期匯率。匯率是否過度波動深受所選取之標準匯率的影響。 |
英文摘要 | The objective of this paper is to examine the excessive volatility of exchange rates among five Pacific Basin countries based on the method proposed by Mankiw, Romer and Shapiro(1991). In general, our finding is that monetary models are rejected except for the case when the benchmark exchange rate is the lagged exchange rate. The evidence of excessive volatility of exchange rates is also sensitive to the selected benchmark. In other words, what would be viewed as excessively volatile would be the benchmark itself instead of the exchange rate. |
本系統中英文摘要資訊取自各篇刊載內容。