Stock markets and the real exchange rate: An intertemporal approach

被引：10

作者：

Mercereau, Benoit ^{[1
]}

机构：

[1] Int Monetary Fund, Washington, DC 20431 USA

来源：

JOURNAL OF INTERNATIONAL MONEY AND FINANCE | 2006年 / 25卷 / 07期

关键词：

real exchange rate; stock markets; risky assets; risk-sharing; Balassa-Samuelson effect;

D O I：

10.1016/j.jimonfin.2006.08.006

中图分类号：

F8 [财政、金融];

学科分类号：

0202 [应用经济学];

摘要：

We study the role of financial markets in the dynamics of the real exchange rate. To do so, we develop a model with stock markets, and we derive a closed-form solution for the real exchange rate. This solution stresses that a country's financial structure affects its real exchange rate, as well as the volatility of this exchange rate. We also contrast other implications of the model with the Balassa-Samuelson effect and with the prediction of traditional Keynesian models. (c) 2006 Elsevier Ltd. All rights reserved.

引用

页码：1130 / 1145

页数：16