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Imperfect Competition with Separating Exchange Markets
Wang, Fuhmei 세종대학교 국제경제연구소 2002 Journal of Economic Integration Vol.17 No.3
Obstfeld and Rogoff(1995) endeavour to investigate the international welfare spillovers with monopolistic and sticky output prices, yet in a unified exchange rate system. This paper applies their framework to the regime of dual exchange markets, generating plenty of results of policies. The particular contribution of this paper to the welfare effects of country sizes on policy lies in the cases of numerical simulations. The discussions of spillover effects, the current account dynamics, and imperfect competition to the separating exchange markets fill in the gaps on the literature. Then it takes a further step on open economy macroeconomics.
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Insulation properties of separating exchange markets
Wang, Fuhmei 한국국제경제학회 2004 International Economic Journal Vol.18 No.3
Insulation properties play an important role for countries in favor of separating rates for separating transactions. Such properties insulate the open economy from monetary and real shocks, of domestic and foreign origins. Through theoretical and numerical analyses, we find that in a unified flexible exchange rate system, portfolio holders’ expectations drive the price adjustment, leading to expectations of exchange rate changes. In separating exchange markets, the financial rate reflects the instability of portfolio holders’ expectations and capital flows, however, the real exchange rate and hence the macroeconomy is stable. Uncertainty of shocks ceases to affect the real sector of the economy.
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