担心（不再）浮动：资产购买和汇率动态

IF 1.9 3区经济学 Q2 ECONOMICS

Journal of Economic Dynamics & Control Pub Date : 2025-06-27 DOI:10.1016/j.jedc.2025.105136

Yasin Mimir , Enes Sunel

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引用次数: 0

摘要

我们提供了一个关于货币动态、资本流动和新兴市场经济体央行资产购买条件的理论，为传统货币政策留下了回旋余地。购买本币资产可以缓解金融状况，提高银行的对外借款能力。因此，它们通过缓解私人部门资本外流和随之而来的汇率贬值，抑制了政府债券抛售冲击的金融放大。由此导致的有限通胀上升降低了传统货币政策的顺周期性。我们的框架揭示了新兴市场经济体在2019冠状病毒病危机期间宣布史无前例的资产购买后观察到的稳定汇率动态。

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Fear (no more) of floating: Asset purchases and exchange rate dynamics

We provide a theory on currency dynamics, capital flows and conditions for emerging-market economy central bank asset purchases to leave room for maneuver for conventional monetary policy. Local-currency asset purchases ease financial conditions and boost banks' foreign borrowing capacity. Therefore, they curb the financial amplification of government bond sell-off shocks by mitigating private sector capital outflows and the accompanying exchange rate depreciation. The resulting limited rise in inflation reduces the pro-cyclicality of conventional monetary policy. Our framework sheds light on stable exchange rate dynamics observed after the unprecedented asset purchase announcements in emerging-market economies during the COVID-19 crisis.

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来源期刊

Journal of Economic Dynamics & Control ECONOMICS-

CiteScore

3.10

自引率

10.50%

发文量

199

期刊介绍： The journal provides an outlet for publication of research concerning all theoretical and empirical aspects of economic dynamics and control as well as the development and use of computational methods in economics and finance. Contributions regarding computational methods may include, but are not restricted to, artificial intelligence, databases, decision support systems, genetic algorithms, modelling languages, neural networks, numerical algorithms for optimization, control and equilibria, parallel computing and qualitative reasoning.