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    Title: 開放信用市場的CC-LM-BP模型:浮動匯率體制
    CC-LM-BP Model in the Floating Exchange Rate
    Authors: 陳永錚
    Contributors: 林柏生
    Lin, Bo Sheng
    陳永錚
    Keywords: 信用市場
    浮動匯率
    Date: 2013
    Issue Date: 2014-08-25 15:14:00 (UTC+8)
    Abstract: 本篇論文嘗試結合傳統IS-LM-BP以及CC-LM模型,採用Spiegel開放模型的設定,將IS-LM-BP延伸到開放體系,成為開放信用市場的CC-LM-BP模型,並且研究匯率動態調整的過程。
    在論文中的四個比較靜態分析中,發現當貨幣供給增加時,未必會造成國際收支赤字,反而有可能造成國際收支盈餘,造成本國幣升值,減少貨幣供給對產出的效果。
    就Mundell命題而言,當本國債券市場完全開放,貨幣政策依舊最有效;然而若為本國信用市場完全開放,貨幣政策在浮動匯率下便非最有效。就財政政策而言,在極端情況下都沒有任何效果,故分辨哪一個資本市場開放並沒有實質上的意義。
    由於本國債券市場以及信用市場開放的緣故,使得本國總體經濟更容易受到外國利率的影響;當外國債券市場利率提升時,若本國完全開放債券市場,則外國債券利率上升,將帶動本國產出的增加;但是若本國信用市場完全開放,則外國債券利率上升,對本國總體經濟完全沒有任何影響。
    就外國信用市場利率而言,當外國信用市場利率上升,若本國債券市場完全開放,短期將造成本國產出下降,但長期對本國總體經濟完全沒有影響;然而若是本國信用市場完全開放,短期將造成本國產出大幅下降,而長期仍舊會造成產出下降。
    Reference: B.A. Abrams and F.R. Settle (2003),”Do Fixed Exchange Rates Fetter Monetary Policy? A Credit View,” NBER Working Papers, No.2003-09.

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    B. S. Bernanke (1983),”Nonmonetary Effects of the Financial Crisis in the propagation of the Great Depression,” American Economic Review, Vol. 73, No. 3, pp.257-276.

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    P. Chiades and L. Gambacorta (2004),”The Bernanke and Blinder Model in an Open Economy: The Italian Case,” German Economic Review, Vol.5, No.1, pp.1-34.

    R. S. Rajan and I. Sugema (1999),”Capital Flows, Credit Transmission and the Current Crisis in Southeast Asia” CIES Discussion Paper, No.99/25.

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    Description: 碩士
    國立政治大學
    國際經營與貿易研究所
    101351026
    102
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0101351026
    Data Type: thesis
    Appears in Collections:[國際經營與貿易學系 ] 學位論文

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