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首页> 外文期刊>Review of international economics >Exchange Rate Asymmetry and Flexible Exchange Rates under Inflation Targeting Regimes: Evidence from Four East and Southeast Asian Countries
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Exchange Rate Asymmetry and Flexible Exchange Rates under Inflation Targeting Regimes: Evidence from Four East and Southeast Asian Countries

机译：通胀目标制下的汇率不对称和灵活汇率：来自四个东亚和东南亚国家的证据

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摘要

While many have underscored the role of a flexible exchange rate policy under an inflation targeting (IT) regime, very few studies have examined what actually happens to exchange rate policy once the emerging market announces that it will adopt inflation targeting. The central contention of this paper is that while the adoption of an inflation targeting (IT) policy may lead to more flexible exchange rate movements, for various reasons it is possible that the degree of flexibility will be significantly higher on one side of the market. In this study, we demonstrate that four Asian economies-namely, Indonesia, Korea, the Philippines and Thailand-whom were among the first group of emerging markets to embrace the inflation targeting framework of monetary policy, tend to adopt a form of asymmetrical exchange rate behavior, wherein appreciation pressures are restrained more substantially than depreciation pressures.
机译：尽管许多人强调了通货膨胀目标制（IT）体制下灵活汇率政策的作用，但很少有研究研究一旦新兴市场宣布将采用通货膨胀目标制，汇率政策实际上会发生什么。本文的中心论点是，尽管采用通货膨胀目标（IT）政策可能会导致汇率变动更加灵活，但由于各种原因，市场一侧的灵活性程度可能会大大提高。在这项研究中，我们证明了印度尼西亚，韩国，菲律宾和泰国这四个亚洲经济体是首批接受货币政策的通胀目标框架的新兴市场国家，它们倾向于采用一种不对称汇率的形式行为，其中升值压力比折旧压力受到更大的限制。

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  • 来源
    《Review of international economics》 |2012年第5期|p.893-908|共16页
  • 作者

    Victor Pontines; Reza Y. Siregar;

  • 作者单位

    The South East Asian Central Banks (SEACEN) Research and Training Centre, Level 5, Sasana Kijang, Bank Negara Malaysia, No. 2 Jalan Dato' Onn, 50480 Kuala Lumpur, Malaysia;

    The South East Asian Central Banks (SEACEN) Research and Training Centre, Level 5, Sasana Kijang, Bank Negara Malaysia, No. 2 Jalan Dato' Onn, 50480 Kuala Lumpur, Malaysia., Flinders Business School, Flinders University, GPO Box 2100 Adelaide 5001 SA Australia;

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