尼泊尔的汇率传递

IF 2.9 3区经济学 Q1 ECONOMICS

Journal of Asian Economics Pub Date : 2025-02-12 DOI:10.1016/j.asieco.2025.101897

Anil Lama , Birendra Bahadur Budha , K.P. Prabhesh , Sona Rana

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引用次数: 0

摘要

本文使用基于1993年3月至2023年10月期间每月数据的当地预测来估计尼泊尔的汇率传递。该论文发现，汇率对消费者价格的传导作用长达12个月。此外，在汇率贬值期间，这种传递是显著的，而在升值期间则不是，这表明汇率变化的不对称效应。此外，在2003年尼泊尔正式宣布货币政策和2007年全球金融危机之后，汇率传递显著下降。考虑到与印度卢比的挂钩以及与印度的高度贸易一体化，存在一个重要的传递，这表明央行在制定货币政策决策时考虑这种传递是很重要的。

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Exchange rate pass-through in Nepal

This paper estimates the exchange rate pass-through in Nepal using Local Projections based on monthly data for the period from March 1993 to October 2023. The paper finds a significant exchange rate pass-through to consumer prices for up to 12 months. Moreover, the pass-through is significant during the depreciation of the exchange rate but not during appreciation periods, indicating the asymmetric effect of exchange rate changes. Additionally, exchange rate pass-through has significantly declined after the formal announcement of Nepalese monetary policy in 2003 and the global financial crisis in 2007. The presence of a significant pass-through, given the peg with the Indian Rupee and high trade integration with India, suggests that it is important for the central bank to consider this pass-through while making monetary policy decisions.

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来源期刊

Journal of Asian Economics ECONOMICS-

CiteScore

4.70

自引率

9.40%

发文量

期刊介绍： The Journal of Asian Economics provides a forum for publication of increasingly growing research in Asian economic studies and a unique forum for continental Asian economic studies with focus on (i) special studies in adaptive innovation paradigms in Asian economic regimes, (ii) studies relative to unique dimensions of Asian economic development paradigm, as they are investigated by researchers, (iii) comparative studies of development paradigms in other developing continents, Latin America and Africa, (iv) the emerging new pattern of comparative advantages between Asian countries and the United States and North America.