超额外汇储备和汇率超调.docVIP

超额外汇储备和汇率超调:中国的证据 e, the standard deviation of the exchange rate movements in these countries has a significant positive correlation with the standard deviation of the foreign exchange reserve movements.This paper,by taking into account the preferences of foreign bonds, analyzes how excessive foreign exchange reserves impact exchange rate overshooting based upon the model of Obstfeld Rogoff (1995). The result shows that the preference for foreign bonds will lead to exchange rate volatility because the expected depreciation of domestic currency will make the domestic residents hold more foreig