Banking and Exchange Rate Flexibility in a Small Open Economy
2009/09/22
研討會日期 : 2009-09-22
時間 : 14:30
主講人 : 黃俞寧助理教授
地點 : B110
演講者簡介 : 黃俞寧教授為Ph.D. in Economics，University of Washington (2006)。現為政治大學經濟系助理教授。其主要研究領域為總體經濟及國際金融。
演講摘要 : The objective of this study is to highlight the role of the banking sector in a small open economy. By including the banking sector in a dynamic stochastic general equilibrium (DSGE) model with a small-open-economy setting, this study examines the significance of the banking sector in a small open economy and the implications of economic openness for the credit market. The steady state analyses show that the inefficiency of the banking sector in a small open economy drives substantial movements of the EFP, same as its role in a closed economy, but higher openness raises the EFP. Furthermore, in line with the current worldwide financial crisis, this study stresses the shock to the collateral effectiveness for loan services. In the face of the financial shock, consumption and output drop as they do in a closed economy, accompanied by the appreciation of the home currency. As a result, the home currency appreciation results in lower export as well as production, and thus exacerbates the impact of shocks on the economy.
