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논문 기본 정보
- 자료유형
- 학술저널
- 저자정보
- 발행연도
- 2015.1
- 수록면
- 67 - 81 (15page)
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When a fixed exchange rate country is faced with a sudden increase in foreign exchange inflows, its economy would normally experience higher inflation and real exchange rate appreciation. Between 1998 and 2006, however, China underwent a period of surging influx of foreign exchange and accumulation of vast reserves with little inflation or changes in the real exchange rate. Instead of sterilization by the central bank, this paper argues that the small change was largely due to “sterilization by the people”—the public voluntarily increased their holdings of monetary balances because of a rise in income or change in preferences—hence alleviating the inflationary pressure on the economy. In addition, the easing of import restrictions also helped offset some of the extra foreign exchange coming into China. An open economy model that highlights the role of the monetary approach is used to demonstrate how increased money demand and trade liberalization can mitigate the impact of the inflows on the domestic price level and the real exchange rate.
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참고문헌 (28)
참고문헌 신청
Blejer, M. I. / 1979 / Devaluation, inflation, and the balance of payments : A short-run monetary approach / Economic Record 55(148):33~40
Burdekin, R. C. K. / 2008 / What has driven Chinese monetary policy since 1990? Investigating the People's bank's policy rule / Journal of International Money and Finance 27(5):847~859
Calvo, G. A. / 1993 / Capital inflows and real exchange rate appreciation in Latin America : The role of external factors / International Monetary Fund Staff Papers 40(1):108~151
Chan, M. S. / Real exchange rate adjustments to foreign exchange inflows in a fixed exchange rate system / Journal of Economics and Economic Education Research
Dornbusch, R. / 1973 / The Monetary Approach to the Balance of Payments / Allen and Unwin :168~186
Burdekin, R. C. K. / 2008 / What has driven Chinese monetary policy since 1990? Investigating the People's bank's policy rule / Journal of International Money and Finance 27(5):847~859
Calvo, G. A. / 1993 / Capital inflows and real exchange rate appreciation in Latin America : The role of external factors / International Monetary Fund Staff Papers 40(1):108~151
Chan, M. S. / Real exchange rate adjustments to foreign exchange inflows in a fixed exchange rate system / Journal of Economics and Economic Education Research
Dornbusch, R. / 1973 / The Monetary Approach to the Balance of Payments / Allen and Unwin :168~186
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