汇率问题研究
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汇率问题研究. Exchange rate and trade balance relationship: the experience of Asean countries. Khim-Sen Liew, Kian-Ping Lim and Huzaimi Hussain (????). Exchange rate and trade balance relationship: the experience of ASEAN countries.

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汇率问题研究

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汇率问题研究


Exchange rate and trade balance relationship: the experience of Asean countries

Khim-Sen Liew, Kian-Ping Lim and Huzaimi Hussain

(????)


Exchange rate and trade balance relationship: the experience of ASEAN countries

  • This study addresses the question of whether exchange rate changes have any significant and direct impact on trade balance

  • They propose that trade balance is affected by real money, rather than nominal exchange rate.

  • In order to cope with trade deficits, the governments of these ASEAN countries might resort to policy measures focusing on the variable of real money


Exchange rate-trade balance relationship

  • The elasticity model of the balance of trade (Krueger, 1983)

  • In theory, nominal depreciation ( appreciation) of exchange rate is assumed to change the real exchange rate.

  • J-curve

    the trade balances pf ASEAN-5 countries( Indonesia, Malaysia, the Philippines, Singapore and Thailand) with Japan

    weal statistical evidence


Real money effect proposition

  • PPP hypothesis

  • Impact of nominal depreciation of domestic exchange rate is transmitted to the trade balance through the real money effect, rather than the nominal exchange rate effect


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