汇率问题研究

1. 汇率问题研究

2. Exchange rate and trade balance relationship: the experience of Asean countries Khim-Sen Liew, Kian-Ping Lim and Huzaimi Hussain (????)

3. 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

4. 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

13. 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