Two monies, two markets? Variability and the option to segment

被引：12

作者：

Friberg, R ^{[1
]}

机构：

[1] Stockholm Sch Econ, SE-11383 Stockholm, Sweden

来源：

JOURNAL OF INTERNATIONAL ECONOMICS | 2001年 / 55卷 / 02期

关键词：

exchange rate pass-through; law of one price; EMU; price discrimination; real options;

D O I：

10.1016/S0022-1996(01)00100-3

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper examines the decision to create barriers to arbitrage for a firm selling on two national markets. Real exchange rate changes affect the incentives to create such barriers since they influence the optimal prices. Sunk costs of market segmentation imply that the option to segment markets is more valuable the greater the variability of the real exchange rate. If a monetary union reduces future real exchange rate variability it could thus stimulate market integration. (C) 2001 Elsevier Science B.V. All rights reserved.

引用

页码：317 / 327

页数：11

共 18 条

[1]

Anderson Simon P, 1999, REV INT ECON, V7, P126, DOI DOI 10.1111/1467-9396.00151

[2]

[Anonymous], NBER MACROECONOMICS

[3] PERSISTENT TRADE EFFECTS OF LARGE EXCHANGE-RATE SHOCKS [J].