haku: @author Devereux, M. B. / yhteensä: 9
viite: 2 / 9
| Tekijä: | Devereux, M. B. Lane, P. R. |
| Otsikko: | Understanding Bilateral Exchange Rate Volatility |
| Lehti: | Journal of International Economics
2003 : MAY, VOL. 60:1, p.109-132 |
| Asiasana: | EXCHANGE RATES VOLATILITY MODELS |
| Kieli: | eng |
| Tiivistelmä: | This paper develops an empirical model of bilateral exchange rate volatility. The authors conjecture that for developing economies, external financial liabilities have an important effect on desired bilateral exchange rate volatility, above and beyond the standard optimal currency area factors. By contrast, industrial countries do not face the same set of constraints in international financial markets. In the theoretical model, external debt tightens financial constraints and reduces the efficiency of the exchange rate in responding to external shocks. The authors go on to explore the determinants of bilateral exchange rate volatility in a broad cross section of countries. |
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