貶值政策、通貨替代與經常帳

Devaluation, Currency Substitution, and the Current Account

10.29735/SJEB.200812.0003

孫鈺峯(Yu-Fong Sun)

貶值 ； 經常帳 ； 通貨替代 ； devaluation ； the current account ； currency substitution

東吳經濟商學學報

63期（2008 / 12 / 01）

53 - 75

繁體中文

本文設立一個具有通貨替代環境的小型開放經濟模型，探討本國通貨貶值率上升對經濟體系的影響。本文依循Liviatan (1981)的觀點，認定外國通貨提供流動性勞務的功能與本國通貨所提供的相同，而將外國通貨加入Calvo (1981)模型中。文中發現通貨之間若有較高的通貨替代程度，則本國通貨貶值率上升，經常帳會因此改善，此一結果與Calvo (1981)結論相左；也發現通貨替代程度可能是反通貨膨脹的匯率政策失敗的原因之一。

This paper explores the effect of change the devaluation rate of domestic currency on small open economy with currency substitution environments. Our approach expands Calvo (1981) model, foreign currencies is introduced the same as domestic currencies into the system because money provides liquidity services in the spirit of Liviatan (1981). The result is obviously different with Calvo (1981) that if two currencies are higher degree of currency substitution, then an increase in the devaluation rate of domestic currency induced a current account surplus on the transition path. We also find that higher degree of currency substitution is a possible reason of the failure of exchange-rate-based stabilization program.

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