資本移動性、定價行為與匯率制度抉擇

Capital Mobility, Price-Setting Behavior and the Choice of the Exchange Rate Regime

賴宗福(Chung-Fu Lai)

《東吳經濟商學學報》 76期 (2012/03) Pp. 55-98

https://doi.org/10.29735/SJEB.201203.0003

摘要

本文以新開放總體經濟學（New Open Economy Macroeconomics）作為理論基礎，延伸Devereux及Engel（1998）的分析架構，探究資本移動性與定價行為在匯率制度抉擇議題中扮演的角色。經由理論推導與模擬結果，本文發現浮動匯率制度且按消費者貨幣定價（PTM模型）之消費波動程度最小，但固定匯率制度（FER模型）與浮動匯率制度並按生產者貨幣定價（PCP模型）之消費波動程度則應視資本移動程度以及國家規模的大小而定；固定匯率制度下的期望消費高於浮動匯率制度；若考慮資本不完全移動性，浮動匯率制度且按消費者貨幣定價（PTM模型）之福利水準會高於固定匯率制度（FER模型），而固定匯率制度（FER模型）的福利水準又會比浮動匯率制度並按生產者貨幣定價（PCP模型）來的高。

關鍵字

匯率制度 ； 資本移動性 ； 定價行為 ； 新開放總體經濟學 ； 福利分析

並列摘要

Based on the framework of New Open Economy Macroeconomics, we extend the model setup of Devereux and Engel (1998) to investigate how capital mobility and price setting behavior affect the question of the choice of exchange rate regime. According to theoretical analysis and simulation results, the following conclusions were made. Firstly, the variance of domestic consumption is the lowest under floating exchange rate with pricing to market (PTM), but the variance of domestic consumption with fixed exchange rate (FER) and floating exchange rate with producer-currency pricing (PCP) can be different depending upon the degree of capital mobility and the country size. Secondly, the fixed exchange rate will dominate floating exchange rate in terms of the expected level of consumption. Finally, from the perspective of welfare performance, floating exchange rate with pricing to market (PTM) is preferable to fixed exchange rate (FER), and fixed exchange rate (FER) is better than floating exchange rate with producer-currency pricing (PCP) under imperfect capital mobility.

並列關鍵字

exchange rate regimes ； capital mobility ； price-setting behavior ； New Open Economy Macroeconomics ； welfare analysis

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