Spelling suggestions: "subject:"gresham's baw"" "subject:"gresham's aaw""
1 |
兩種通貨經濟體系下之通貨競爭 / Currency Competition in a Two-Currency Economy林淑芬, Sue-Fen Lin Unknown Date (has links)
Abstract
The controversy about the monetary regime of the EC between the Britain and the other member countries made economists to study currency competition and currency substitution widely.
This dissertation constructs a one-good, two-currency Brock model in discrete time. In the determinate model, we show the Gresham’s Law results as those in Weil’s. And we demonstrate the existence and uniqueness of a class of first-order Markov stationary sunspot equilibria. The existence of sunspot equilibria expresses another situation of currency competition that future situations may depend on the possibility of people’s expectations, not the growth rates of currencies and tries to provide another explain for the phenomena above.Britain and the other member countries made economists totudy currency competition and currency substitution widely .his dissertation constructs a one - good , two - currencyrock model in discrete time . In the determinate model , wehow the Gresham' s Law results as those in Weil's . And weemonstrate the existence and uniqueness of a class of firstorder Markov stationary sunpot equilibria . The existencef sunspot equilibria expresses another situation of currencyompetition that future situations may depend on the possibi-ity of people' s expectations , not the growth rates of cu -rencies and tries to provide another explain for the pheno -ena above .
|
2 |
通貨競爭--不同時點下的貨幣理論模型之研究 / Currency competition - M.I.U. model under different timing basis楊建昌, Yang, Jian-Chung Unknown Date (has links)
本文基本上承襲 Weil(1991)的分析架構,以貨幣在效用函數模型(money-in-the utility model)來分析通貨替代的問題,也就是研究在一個整合的經濟體中,兩種通貨可替代時,高成長率通貨與低成長率通貨彼此競爭流通市場所可能產生的結果。本文改採不連續時間的模型,並引用 Fukuda(1997)的分析,分別以期末實質貨幣餘額及期初實質貨幣餘額放入效用函數中,比較其結果的差異。我們發現期初貨幣模型之各組恆定均衡解(steady state equilibrium)均可能出現多重收斂路徑,如此一來,Weil(1991)所提出的「劣幣逐良幣」現象未必會成為通貨競爭的必然結果。
除此之外,我們以兩個特定的效用函數為例(log-linear, CRRA),以求進一步了解 Weil(1991)結論的模型適應性(robustness)。我們發現在線性對數效用函數的推導下,期初、期末貨幣模型所得到的結果並沒有明顯的分別,但 CRRA 模型的結果則顯示,期初貨幣模型的結論不同於 Weil(1991)。 / The study issues and analytical framework of this thesis follow Weil(1991). We apply the money-in-the-utility model (M.I.U. model) to analyze several issues in currency substitution. We want to investigate the monetary equilibria and their stability when there are two substitutable currencies in an integrated economy. Specifically, we want to know whether the faster growing currency will drive the slower growing ones out of the market, or vise versa. Unlike Weil(1991), we base our model on a discrete-time basis Following the study of Fukuda(1997), we use two different approaches to put the real money balances in the utility function. One is "end-of-the-period" M.I.U. model, and the other is "beginning-of-the-period" M.I.U. model. We make the comparison of the result of the two alternative approaches. Furthermore, we contrast our outcomes against those of Weil(1991).
Besides the analysis based upon the general utility form, we also provide analysis of two specific utility functions. Except for the log-linear utility function, we find that there are significant differences between the two alternatives timing framework. The "beginning-of-the-period" M.I.U. model shows that "Gresham's Law" would not necessarily be the inevitable outcome of the economy with two perfectly substitutable currencies. Thus, it limits the validity of the conclusion of Weil(1991).
|
Page generated in 0.031 seconds