探讨通货膨胀目标制与外汇市场压力之间的关系：全球金融危机的证据

IF 7.9 2区经济学 Q1 ECONOMICS

Economic Analysis and Policy Pub Date : 2024-10-15 DOI:10.1016/j.eap.2024.10.027

Chandan Sethi , Bibhuti Ranjan Mishra , Dinabandhu Sethi

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引用次数: 0

摘要

本研究调查了 1998 年至 2018 年间 24 个亚洲经济体的通胀目标货币框架对外汇市场压力指数（EMPI）的影响，尤其关注全球金融危机期间（2008-2018 年）的情况。利用动态面板数据模型和倾向得分匹配，我们的分析揭示了实施 IT 对 EMPI 的积极影响。研究结果表明，采用 IT 体制可有效减轻外汇市场压力，在 2008 年全球金融危机后表现出显著的恢复能力。这突出表明，IT 政策提高了货币政策的可信度，从而降低了中央银行在此框架内干预外汇市场的必要性。

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Exploring the nexus between inflation targeting and exchange market pressure: Evidence from the global financial crisis

This study investigates the effects of the inflation targeting (IT) monetary framework on the exchange market pressure index (EMPI) across 24 Asian economies from 1998 to 2018, with a particular focus on the period covering the global financial crisis (2008–2018). Employing dynamic panel data modeling and Propensity Score Matching, our analysis reveals a positive impact of implementing the IT on the EMPI. The findings suggest that adopting an IT regime effectively reduces exchange market pressure, demonstrating notable resilience following the global financial crisis of 2008. This highlights that an IT policy enhances the credibility of monetary policy, thereby decreasing the need for central bank interventions in the foreign exchange market within this framework.

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来源期刊

Economic Analysis and Policy ECONOMICS-

CiteScore

9.80

自引率

9.20%

发文量

231

审稿时长

93 days

期刊介绍： Economic Analysis and Policy (established 1970) publishes articles from all branches of economics with a particular focus on research, theoretical and applied, which has strong policy relevance. The journal also publishes survey articles and empirical replications on key policy issues. Authors are expected to highlight the main insights in a non-technical introduction and in the conclusion.