Regime Switch and the Dynamic Adjustment of the Stock Price：An Analysis of Small Open Economy
| Autor: | Chia-Jung Hu, 胡佳容 |
|---|---|
| Rok vydání: | 2008 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 96 This article build a small open economy model which include the commodity market, money market, stock market and foreign exchange market. This system used the floating exchange rate system at first. The government announces they will switch the floating exchange rate system to the fixed exchange rate system in a special timing; it influences on some relevant economic parameters, such as economic system, stock price, exchange rate and foreign exchange reserve. We found: First, when the government announces the regime switch, the stock prices and exchange rate benchmark will jump; at system switch time, the exchange rate must reach a new long-term balanced point. Second, the process of the floating exchange rate system switch to the fixed exchange rate system, corresponding different structure parameters, it will have diversified dynamically adjustment, even stock price or the exchange rate benchmark might be mis-jump or misadjustment at the announcing time. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
| Externí odkaz: |
|