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연구정보

연구정보

국내외 연구기관에서 발표된 중국 연구 자료를 수집하여 제공합니다.

연구보고서

A Target-Zone Model with Two Types of Assets

Yue Ma, Shu-ki Tsang, Matthew S. Yiu and Wai-Yip Alex Ho 2011.01.10

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[HKIMR Working Paper No.30/2010]
(December 2010)

 

Abstract
This paper extends the single-asset target-zone model pioneered by Krugman (1991) to include both bonds and equities. The new model provides a convenient framework for investigating a ‘puzzle’ recently noted in Hong Kong. While the economy has experienced persistently lower interest rates relative to the US, it has been able to maintain a stable peg between the Hong Kong dollar and the US counterpart under an environment of free capital flows. This is in apparent contradiction with the ‘impossibility trinity’ in the theory of international finance. Our modified analytical structure presents a plausible route to a meaningful answer to the ‘conundrum’ and hopefully yields a certain degree of theoretical generality.

 


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학술보고서 : An Analytical Framework for the HK Dollar Exchange Rate

출처 HKIMR
원문링크 http://www.hkimr.org/uploads/publication/80/ub_full_0_2_263_wp-no-30_2010-final-.pdf
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키워드

Target Zone Uncovered Interest Rate Parity

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