资本流动波动机制与货币政策困境——来自新西兰的证据

Q1 Economics, Econometrics and Finance
Alfan Mansur
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引用次数: 0

摘要

蒙代尔-弗莱明的三重困境强调了三者之间的权衡:稳定的汇率、独立的货币政策和自由的资本流动。Rey(2015)发现,无论汇率制度如何,全球金融周期都已将“三重困境”转变为限制货币政策独立性的“困境”。作为对这一框架现有文献的补充,我们集中讨论了资本流动波动机制的重要性。我们估计了新西兰1997:I至2020:IV季度数据的结构贝叶斯阈值向量自回归(TVAR)。考虑到不同的波动机制,我们发现“困境”将永远束缚着像新西兰这样的小型开放经济体。资本流动的数量不仅很重要,其波动性也会造成重大影响。我们还发现,在高波动机制下,紧缩性货币政策冲击降低了资本流动的波动性,但阻碍了实际GDP的增长。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Capital flow volatility regimes and monetary policy dilemma: Evidence from New Zealand
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来源期刊
Journal of Economic Asymmetries
Journal of Economic Asymmetries Economics, Econometrics and Finance-Economics, Econometrics and Finance (all)
CiteScore
4.80
自引率
0.00%
发文量
42
审稿时长
50 days
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