UniSA Business School, University of South Australia, Adelaide, Australia.
PLoS One. 2020 Aug 28;15(8):e0238205. doi: 10.1371/journal.pone.0238205. eCollection 2020.
Economies with exchange rate pegs generally attract higher capital inflows either through lower transaction costs of trade and finance, or by encouraging investors to exploit any interest differentials, or where foreign exchange (FX) interventions are sterilized, any previous interest differentials are preserved. This paper examines these relationships using FDI, portfolio and bank inflows for 28 emerging market economies. We find that greater fixity of the exchange rate and sterilized intervention can potentially encourage capital inflows, and that the effect is magnified when combined. Further, we find that the effect differs by region, and it is larger for higher inflows.
具有汇率挂钩的经济体通常通过降低贸易和金融交易成本，或通过鼓励投资者利用任何利差，或在外汇干预被冲销的情况下保留任何先前的利差，吸引更高的资本流入。本文使用 28 个新兴市场经济体的外国直接投资、证券投资和银行流入数据来检验这些关系。我们发现，汇率更加固定和冲销干预可能会鼓励资本流入，而当两者结合时，这种影响会放大。此外，我们还发现这种影响因地区而异，对于更高的流入，这种影响更大。
