Do Exchange Rate Regimes Matter? Evidence from the 2008-09 Financial Crisis
2011/05/17
研討會日期 : 2011-05-17
時間 : 14:30
主講人 : Professor Tai-Kuang Ho
地點 : Conference Room B110
演講者簡介 : Tai-Kuang Ho got his Ph.D. in Economics from University of Bonn in 2003. He is currently serving as Associate Professor of Department of Quantitative Finance at National Tsing Hua University. His research field is in international finance, macroeconomics, and monetary economics.
演講摘要 : Given the widespread skepticism about the possibility of making sound inference based on conventional regression analysis, we present in this paper a data-driven matching analysis to evaluate the exchange rate regime - growth nexus. In addition, to mitigate the endogeneity problem, we use a unique event, the 2008-09 global financial crisis, which is unexpected and therefore its outcome is unlikely to have influenced the choice of the exchange rate regimes. We do not find evidence that exchange rate regimes matter for the economic performance in the recent depression. This result is based on refined estimates that control for the common support of the fixed and float countries.
