請用此 Handle URI 來引用此文件:
http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/7586
標題: | 浮動還是固定?零利率之下的匯率政策 Floating or Fixed? Exchange Rate Flexibility in Liquidity Traps |
作者: | Yi Chun Lin 林奕君 |
指導教授: | 陳虹如 |
關鍵字: | 流動性陷阱,零利率下限,浮動匯率,固定匯率,金融摩擦, liquidity trap,zero lower bound,floating exchange rate,fixed exchange rate,financial frictions, |
出版年 : | 2018 |
學位: | 碩士 |
摘要: | 當一國的利率低至零利率下限時,稱此國掉入流動性陷阱。本文針對一個具有金融摩擦與流動性陷阱的經濟體,比較浮動匯率與固定匯率之差異。我們分別檢視以下三種情況:一般情形的浮動匯率制度、流動性陷阱中的浮動匯率制度、固定匯率制度。結果顯示,固定匯率比掉入流動性陷阱的浮動匯率更能穩定經濟體;而當一定程度的金融摩擦存在時,一般情形的浮動匯率制度表現則劣於可實行負利率的固定匯率制度。 The liquidity trap refers to the situation where countries have their interest rates near the zero lower bound. This paper compares whether a floating exchange rate or a fixed exchange rate is more preferable under liquidity traps for the world economy with financial frictions. We specifically examine three cases: a floating-rate system in normal times, a floating-rate system in liquidity traps, and a fixed-rate system. Our results indicate that a fixed exchange rate performs better than a floating one in liquidity traps, and that the floating-rate system in a normal situation may be inferior to the fixed-rate system with negative interest rates if some financial frictions exist. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/7586 |
DOI: | 10.6342/NTU201801109 |
全文授權: | 同意授權(全球公開) |
顯示於系所單位: | 經濟學系 |
文件中的檔案:
檔案 | 大小 | 格式 | |
---|---|---|---|
ntu-107-1.pdf | 671.64 kB | Adobe PDF | 檢視/開啟 |
系統中的文件,除了特別指名其著作權條款之外,均受到著作權保護,並且保留所有的權利。