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国际货币和金融经济学课件09
The Monetary Approach to
The Monetary Approach to
Balance-of-Payments and
Balance-of-Payments and
Exchange-Rate
Exchange-Rate
Determination
Determination
Introduction
• The Monetary Approach focuses on the
supply and demand of money and the
money supply process.
• The monetary approach hypothesizes that
BOP and exchange-rate movements result
from changes in money supply and demand.
Daniels and VanHoose Monetary Approach 2
Small Country Example
A small country is modeled as:
d
(1) M = kPy
(2) M = m(DC + FER)
(3) P = SP*
and, in equilibrium,
d
(4) M = M.
Daniels and VanHoose Monetary Approach 3
Small Country Model
The balance of payments is defined as:
(5) CA + KA = FER.
For example, if FER 0, then CA + KA 0,
and the nation is running a balance of
payments deficit.
Daniels and VanHoose Monetary Approach 4
Small Country Model
(4) and (3) into (1) yields,
*
M = kP Sy.
Sub in (2),
*
(6) m(DC + FER) = kP Sy.
Daniels and VanHoose Monetary Approach 5
Small Country Model
• Fixed Exchange Rate Regime
• Under fixed exchange rates, the spot rate, S,
is not allowed to vary.
• FER must vary to maintain the parity value
of the spot rate.
• Hence, the BOP must adjust to any
monetary disequilibrium.
Daniels and VanHoose Monetary Approach 6
Small Country Model
• Consider what happens if the central bank
raises DC.
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