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Title: | 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 |
Authors: | Yi Chun Lin 林奕君 |
Advisor: | 陳虹如 |
Keyword: | 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, |
Publication Year : | 2018 |
Degree: | 碩士 |
Abstract: | 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 |
Fulltext Rights: | 同意授權(全球公開) |
Appears in Collections: | 經濟學系 |
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File | Size | Format | |
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ntu-107-1.pdf | 671.64 kB | Adobe PDF | View/Open |
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