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《Economic Research Journal》 2011-11
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The Determinants of Exchange Rate Regime in the Emerging Economies

Mei Dongzhou and Gong Liutang (Guanghua School of Management, Peking University)  
Considering the pressure on the currency appreciation and the abundance of dollar assets universally held by China and the emerging economies nowadays whose corporate finance mainly rely on domestic banks, this paper extends Bernanke et al. (1999) BGG model to a small open economy to study optimal exchange rate regime and the determinants in those countries. The conclusion shows that the choice of exchange rate regime is directly related to the proportion of U.S. dollar assets and the financial accelerator effects. Managed floating regime is the most appropriate exchange rate regime in emerging market economies for it avoids "the liquidity trap" which would happen under floating regime in the appreciation crisis and lowers the welfare loss which is relatively larger in the fixed exchange rate system. Finally, considering China's current situation, we give the corresponding countermeasures and suggestions.
【Fund】: 国家杰出青年科学基金(70725006);; 国家自然科学基金(71173160 70801046)的资助
【CateGory Index】: F831.52
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