On the determinants of aggregate currency mismatch

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• 作者：Seung-Gwan Baekp> ; p>p>sbaek@hongik.ac.krp>
• 关键词：F30 ; F31
• 刊名：Journal of Policy Modeling
• 出版年：2013
• 出版时间：July-August, 2013
• 年：2013
• 卷：35
• 期：4
• 页码：623-637
• 全文大小：341 K

文摘

This paper examines the determinants of aggregate currency mismatch using the panel data set of Lane and Shambaugh, covering 97 countries over 1990-2004. The estimation results show that both domestic and international factors matter. Strengthening domestic policies and institutions is necessary but not sufficient for controlling currency mismatches in developing and emerging economies. A country should be financially liberalized and open, develop domestic securities markets, prudentially supervise financial intermediaries, upgrade institutional quality, and adopt credible monetary policies. However, a choice of exchange-rate regime does not impact currency mismatching.