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Optimal Exchange Rate Regimes: Turning Mundell-Fleming's Dictum on its Head

Author

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  • Amartya Lahiri
  • Rajesh Singh
  • Carlos A. Vegh

Abstract

Čuvena tvrdnja u makroekonomiji otvorene privrede - koja postoji u Mundell-Fleming-ovom svetu rigidnih cena i savršene mobilnosti kapitala - kaže da izbor optimalnog režima deviznog kursa treba da zavisi od vrste šoka koji pogađa ekonomiju. Ukoliko su šokovi prevashodno realni, optimalan je fleksibilni devizni kurs, a ukoliko su šokovi uglavnom monetarni, optimalan je fiksni devizni kurs. Međutim, ne postoji nijedan očigledan razlog zašto bi ta paradigma trebalo da bude najadekvatnija kada se razmišlja o ovom važnom pitanju. Poremećaji na tržištu sredstava/kapitala svakako mogu biti jednako značajni kao i poremećaji tržišta robe (posebno u zemljama u razvoju). U svetlu toga, pokazujemo da se u modelu sa fleksibilnim cenama i poremećajima tržišta sredstava, Mundell-Fleming-ova tvrdnja okreće naglavaćke: fleksibilni kursevi su optimalni u prisustvu monetarnih šokova, dok su fiksni kursevi optimalni kao odgovor na realne šokove. Stoga zaključujemo da izbor optimalnog režima deviznog kursa ne treba da zavisi samo od vrste šoka (realnog versus monetarnog) već i od vrste poremećaja (tržišta roba versus tržišta kapitala). Ključne reči: Fiksni devizni kursevi, Fleksibilni devizni kursevi, Šokovi outputa, Šokovi brzine opticaja.JEL: F41.

Suggested Citation

  • Amartya Lahiri & Rajesh Singh & Carlos A. Vegh, 2007. "Optimal Exchange Rate Regimes: Turning Mundell-Fleming's Dictum on its Head," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 54(3), pages 249-270.
    • Handle: RePEc:voj:journl:v:54:y:2007:i:3:p:249-270:id:283
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    Keywords

    Fiksni devizni kursevi; Fleksibilni devizni kursevi; Šokovi outputa; Šokovi brzine opticaja;
    All these keywords.

    JEL classification:

    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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