Why is Managed Floating Adopted as a De Facto Exchange Rate Regime?

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概要

• 論文の詳細を見る

• This paper examines the welfare implications of the managed floating as an intermediate regime. Modifying and generalizing the Hamada's model (2002) to accommodate intervention policy, we compare the expected losses under three alternative regimes; freely floating, pegged exchange rate, and managed floating. We show that, with some restrictive conditions, the welfare level of a small country under the managed floating regime is possibly higher than that under other regimes. This is because the private sector misconceives the exchange rate regime that the central bank actually selects. This partly explains why managed floating is widely adopted as a de facto regime.

• 早稲田大学の論文

著者

• Kitamura Yoshihiro

  School Of Political Science & Economics Waseda University

• Akiba Hiroya

  School of Political Science & Economics Waseda University

• Iida Yukihiro

  School of Political Science & Economics Waseda University

• Iida Yukihiro

  School Of Political Science & Economics Waseda University

• Akiba Hiroya

  School Of Political Science & Economics Waseda University

関連論文

• The Current Account and Stock Returns
• Why is Managed Floating Adopted as a De Facto Exchange Rate Regime?
• Empirical Assessment of Two Traditional Models for the Asian Currency Crisis

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