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1.
    
Exchange rates have been highly volatile in Africa, especially since the move to a floating exchange rate system beginning in the 1980s. Generally, the pattern of exchange rate changes differs between Africa's two main sub-groups (CFA and non-CFA groups) due to the different monetary/exchange rate systems they adopted. This article therefore examines the effect of exchange rate volatility on the economic activities in Africa and its sub-groups during the period 1986–2011 using a panel data approach.

Rational expectation theory informs the division of exchange rate into anticipated and unanticipated. Both the demand and supply channels are explored to trace the impact of the exchange rate volatility on price as well as aggregate demand and its components. Empirical results reveal differences in the impact of exchange rate volatility on economic activities between Africa's two sub-groups. Exchange rate volatility produced more significant effects in the non-CFA group than in the CFA group.  相似文献   

2.
利用重庆市各区县1999-2010年的经济数据,从个体及时间两方面,分析重庆市产业结构对经济增长的整体影响,从而解释产业结构带动经济的增长方式,进而对产业结构布局提出一些建议:集中资金技术、人力发展第二产业;同时加大发展第三产业。  相似文献   

3.
论文旨在通过介绍“广场协议”形成的始末及其对日本、美国和世界经济的影响,以此来对中国未来汇率制度和经济体制改革提供建议。  相似文献   

4.
    
ABSTRACT

This article develops a wavelet-based control model to simulate fiscal, monetary, and real exchange rate scenarios in an open economy developing country with an inflation-targeting regime. We use South African macro data to jointly simulate optimal fiscal and monetary policy under varying scenarios for real exchange rate stability with interest rate parity. As real exchange rate stability increases, the model simulates the effects on the trade balance under both a constant and depreciating real exchange rate. We find that short-term cycle stability problems are somewhat mitigated by allowing the real exchange rate to depreciate.  相似文献   

5.
If protectionist trade policies aim to insure domestic industries against swings in world market prices, the development of financial markets could lead to trade liberalization. Likewise, trade liberalization could lead to the development of financial markets that help agents diversify the added risks. In this paper, we empirically address the hypothesis that there is a positive interdependence between financial development and liberal trade policies. We find a positive and economically significant relationship between the two, with causation running in both directions. The results are, however, somewhat dependent on the measure of trade policy being used.  相似文献   

6.
陈灵  徐云松 《商业研究》2011,(9):135-141
基于2000-2009年我国西部地区省际面板数据,使用TSLS工具变量法,运用面板数据单位根检验,协整检验和误差修正模型,对西部大开发战略实施十年以来西部地区金融发展与经济增长的长期关系和短期关系进行了实证研究。实证结果表明,西部各省份经济增长的金融贡献度存在差距;西部地区金融发展、控制变量与区域经济增长具有长期稳定的均衡关系,而金融支持的短期效应并不明显。为此,在推进新一轮西部大开发的过程中,须进一步深化金融体制改革,加快转变经济增长方式,提高区域经济增长质量。  相似文献   

7.
    
This paper introduces the New Industrial Policy Observatory (NIPO) data set and documents emergent patterns of policy intervention during 2023 associated with the return of industrial policy. The data show that the recent wave of new industrial policy activity is primarily driven by advanced economies and that subsidies are the most employed instrument. Trade restrictions on imports and exports are more frequently used by emerging market and developing economies. Strategic competitiveness is the dominant motive governments give for these measures, but other objectives such as climate change, resilience and national security are on the rise. In exploratory regressions, we find that implemented measures are correlated with the past use of measures by other governments in the same sector, pointing to the tit-for-tat nature of industrial policy. Furthermore, domestic political economy factors and macroeconomic conditions correlate with the use of industrial policy measures. We intend for the NIPO to be a publicly available resource to help monitor the evolution and effects of industrial policies.  相似文献   

8.
    
ABSTRACT

This article investigates the dynamic and bi-causal link between monetary policy and financial inclusion in sub-Saharan Africa using a panel VAR framework. The researcher obtained data from World Development Indicators (WDI) spanning from 1990 to 2014 for 48 sub-Saharan African economies. The findings suggest that a bi-causal relationship exists between monetary policy and financial inclusion. Specifically, it is evident that monetary policy affects financial inclusion, and financial inclusion is also influenced by monetary policy. The policy implication of this study is that the effectiveness of monetary policy depends on financial inclusion. Hence, the efforts of governments in sub-Saharan African countries should aim at policies that enhance financial inclusion for effective implementation of monetary policy. Also, promoting financial inclusion will require governments in sub-Saharan Africa to reduce their monetary policy rates.  相似文献   

9.
    
In this article, the authors examine the relationship between the volatility in exchange rates and the volume of international trade in sub-Saharan African countries. Using the gravity equation and annual data for the period 1998–2007, they find a statistically significant and negative correlation between the volatility in exchange rates and the volume of trade. The estimated elasticities show that the responsiveness of the flow of international trade to changes in exchange rate volatility is very small. This suggests that eliminating the volatility in the exchange rates will result in only small increments in the volume of trade. Accordingly, pursuing a policy of exchange rate stability would not be sufficient to significantly increase the volume of bilateral trade in the sub-Saharan African region.  相似文献   

10.
《Business History》2012,54(5):713-740
The recent financial crisis has raised significant questions about liberal free-markets as a mechanism for generating economic growth compared to those economies where there is greater state intervention. This article develops a theoretical framework for economic development that can explain historical changes in both industrial policy and economic growth where the state actively intervenes to direct economic development. The article then applies this framework to the case of South Korea where there is a strong interventionist government. The results show that economic development can be explained within a sequential framework of policy intervention and that rather than being a static decision, successful state intervention is a dynamic and evolutionary process.  相似文献   

11.
产业结构理论研究和经济发展的实践表明,国民经济发展与产业结构转换之间存在比较稳定的内在联系和规律性,产业结构的合理化可以有效地促进经济增长。通过对近15年黑龙江省经济增长与产业结构变动状况的实证分析,发现黑龙江省在产业结构调整中存在主导产业作用不强,二元经济矛盾突出,第三产业发展滞后,后发优势和比较优势不明显等的问题,严重制约了黑龙江省的经济发展。  相似文献   

12.
我国的汇率市场化是政府推进型的汇率市场化。这一特点显示:政府在促进我国汇率市场化进程的同时,也不可避免地产生重汇率水平调节。轻市场培育的问题。这就与政府的目标不一致,它反而阻碍了汇率的市场化。所以,为了促进汇率的进一步市场化,我国政府应该将外汇市场的市场培育作为其一贯目标,以使得汇率的市场化走上一条良性循环的道路。  相似文献   

13.
    
Using a total of 28 Latin American and Caribbean countries, this study finds a negative relationship between trade and exchange rate volatility. The econometric tool for this specific analysis is the widely used gravity model, in a panel data context. A similar condition is detected between inbound foreign direct investment and exchange rate volatility. The results of the study support the hypothesis that significant exchange rate volatility has a negative impact on the economies of the region and that achieving exchange rate stability should be a goal of policy makers in the context of Latin America and the Caribbean.  相似文献   

14.
本文认为,人民币汇率升值压力增大与经济增长速度回落是目前我国宏观经济调控面临的一个两难抉择,汇率政策的调整应以经济增长目标为依据,重点考虑汇率传递的经济增长效应。汇率波动传递机制的研究结果表明,汇率波动以价格和利率为媒介可以形成直接传递效应和间接传递效应,并最终影响宏观经济增长。若以利率媒介为着眼点,汇率波动的传递机制可以用拉姆齐—卡斯—库普曼斯模型来描述,并通过拉姆齐—卡斯—库普曼斯测度的构造来描述汇率波动对经济增长的影响程度,指导汇率政策的优化与调整。实证研究结果表明,拉姆齐—卡斯—库普曼斯测度对于我国汇率传递经济增长效应的描述具有一定的适应性和可操作性。  相似文献   

15.
当前,我国经济已经进入了一个市场化与国际化的转型时期,在经济全球化背景下,利率政策和汇率政策在我国货币政策中的作用日益显著。我国很多学者在这一领域进行了积极的探索,部分成果实现了学术突破,但对于价格型货币政策即利率政策和汇率政策的综合研究还远远不够丰富和深入。我国应进一步深入研究利率政策和汇率政策的交互作用下对中国宏观经济的影响程度,这种影响是否与货币当局的预期相吻合;包含汇率政策在内的扩展的泰勒规则在中国经济的适应性;研究价格型货币政策工具之间的协调机制。通过梳理利率与汇率的关系、利率政策与汇率政策有效搭配的相关理论,可以更好地为新时期我国利率政策和汇率政策的协调搭配提供参考。  相似文献   

16.
巴罗通过内生经济增长理论证实了财政政策变量能够为静态经济增长提供保障机制。通过引入非扭曲性税收,扩展了贝罗的内生经济增长模型,探讨财政支出政策和税收政策同时作用下经济增长率的变化方向及其政策含义,并提出我国经济保持长期稳定增长应选择的财政政策。  相似文献   

17.
在本币升值背景下,日本与德国采取了不同的应对政策。德国首先着眼于国内宏观经济的稳定,放开汇率的波动,从而更好地保持了国民经济的稳定与增长;而日本试图阻止和缓解日元升值压力,其结果却是日元持续急剧升值,并造成了日本高通货膨胀和泡沫经济。综观日本、德国汇率波动的历史可以得到以下启示:人民币汇率升值是必然趋势;坚持货币政策的独立性十分重要;在坚持货币政策的独立性的同时,实现缓慢渐进式汇率改革;区域货币合作有利于区域内强国减少投机资本冲击,减少汇率升值对贸易品部门的负面影响;加快经济发展战略的转型,促使内外经济均衡发展。  相似文献   

18.
廖楚晖  余可 《财贸经济》2006,(11):41-45
本文运用面板数据分析方法对1995-2004年间中国31个省、自治区和直辖市的财政支出结构与经济增长的关系进行了实证分析,并运用动态面板数据的广义矩估计法(GMM/DPD)进行了稳定性检验.结果表明,地方财政支出对地区短期和长期的经济增长影响有密切的相关关系,其中,一些地方生产性支出对长期经济增长并不具有促进作用.  相似文献   

19.
作为重要的宏观经济景气指标,汇率水平的波动直接影响到经济的整体发展水平.文章从一般均衡的角度出发,对汇率波动对就业影响的研究进行了综述.以期为后续研究的开展奠定基础.  相似文献   

20.
自回归以来,澳门经济表现出三个显著特征:高增长、高波动和产业结构单一化。实证结果表明,产业结构变动是澳门经济高速增长和剧烈波动的重要影响因素。而发展教育、积累人力资本是澳门实现产业结构适度多元化和经济平稳增长的必然出路。  相似文献   

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