Mundell 命題：資本完全移動與圖形分析

Chen, Lai and Tsaur (1988) 從動態分析的觀點証明「資本完全移動」之假設與「可貨資金說」具有邏輯的致性。本文據此分析奠基於資本完全移動假定之下的利率平價條件反映的正是債券市場的均衡狀態，而未必是國際收支的平衡。本文補充本刊本期陳昭南、賴景昌與張俊仁一文因忽略此一論點，以致若干圖形的解析未盡妥切之處。

關鍵字

Mundell 命題；資本完全移動；可貨資金說

並列摘要

Chen, Lai and Tsaur (1988) demonstrated from the perspective of dynamic analysis that Mundell's model of perfect mobility is logically consistent only within the framework of the loanable funds theory. This paper shows that based on the assumption of perfect capital mobility, the conditions for interest rate parity reflect, not necessarily an external balance, but an instantaneous securities balance. This paper also points out that Chen, Lai and Chang (2001), in this issue, ignore the implications of perfect capital mobility; therefore, some of their diagrammatic analyses may not be entirely accurate.

並列關鍵字

the Mundell proposition ； perfect capital mobility ； the loanable funds theory

參考文獻

陳昭南 Chen, Chau-Nan、賴景昌 Lai, Ching-Chong、張俊仁 Chang, Juin-Jen(2001)。Mundell命題：文獻的回顧與綜合 The Mundell Proposition: A Synthesis of the Literature。經濟論文叢刊 Taiwan Economic Review。29(4)

Mcleod, A. N.(1964).Capital mobility and stabilization policy under fixed and flexible exchange rates: A comment.Canadian Journal of Economics and Political Sciences.30

Google Scholar

Mundell, R. A.(1963).Capital Mobility and Stabilization Policy under Fixed and Flexible Exchange Rates.Canadian Journal of Economics and Political Science.29(4)