Implikacje wyboru polityki kursu walutowego dla wzrostu gospodarczego i cen aktywów

• Autorzy: Paweł Lubecki

Warianty tytułu

The Implications of the Choice of Exchange Rate Policy for Economic Growth and Asset Prices

• Języki publikacji: PL

Abstrakty

Wybór polityki kursu walutowego ma duże znaczenie i wpływ na wzrost gospodarczy. Autor odnosząc się do modelu Mundella-Fleminga twierdzi, że mały biznes może w sposób skuteczny wykorzystywać instrumenty polityki monetarnej do wywołania wzrostu gospodarczego tylko przy zastosowaniu polityki zmiennego oprocentowania.

EN

The choice of exchange rate policy has implications for economic growth and inflation. From the beginning of the 1970s, the policy pursued by monetary authorities in emerging economies began to evolve away from fixed exchange rates towards variable rates. According to the Fleming-Mundell model, a small open economy can effectively use monetary policy instruments to influence economic growth only if it pursues a variable exchange rate policy. Empirical research on a group of 145 economies over the last 30 years shows that the consequences of a variable exchange rate policy are, on the one hand, faster growth of national income than in the case of a fixed exchange rate policy and, on the other, higher inflation. The choice of exchange rate policy also has an impact on the prices of financial assets. Due to the over-fluidity of the banking system which accompanies a fixed exchange rate policy, the latter is generally conducive to greater periodic ineffectiveness in valuing financial assets, creating so-called asset bubbles. (original abstract)

Słowa kluczowe

PL

Kurs walutowy; Polityka walutowa; Wzrost gospodarczy; Mała gospodarka otwarta

EN

Exchange rates; Exchange rate policy; Economic growth; Small open economy

• Czasopismo: Zeszyty Naukowe / Akademia Ekonomiczna w Krakowie
• Rocznik: 2002
• Numer: nr 575
• Strony: 71--81

Twórcy

autor

Paweł Lubecki

Bibliografia

• Caramazza F., Aziz J., Fixed or Flexible? Getting the Exchange Rate Right in the 1990s, IMF Working Paper 1998, nr 13.
• Choe H., Kho B.C., Stulz R., Do Foreign Investors Destabilize Stock Markets? The Korean Experience in 1997 Seoul University, The Ohio State University and NBER, 1998.
• Ghosh A.R., Ostry J.D., Guide A.M., Wolf H.C., Does the Exchange Regime Matter for Inflaction and Growth, IMF Working Paper 1995, nr 121.
• IMF World Economic Outlook 1997.
• Pilbeam K., International Finance, City University, London 1992.