FLOATING EXCHANGE-RATES IN PERU, 1950-1954
成果类型：
Article
署名作者：
LYONS, RK
署名单位：
National Bureau of Economic Research
刊物名称：
JOURNAL OF DEVELOPMENT ECONOMICS
ISSN/ISSBN：
0304-3878
DOI：
10.1016/0304-3878(92)90020-A
发表日期：
1992
页码：
99-118
关键词：
摘要：
Three potentially complementary models are tested in an effort to capture the fundamentals that underlaid the market's determination of Peru's floating exchange rate through the period 1950-1954: the first is an expectational purchasing power parity (PPP) model which maintains that asset market forces were driving the exchange rate to its perceived PPP level; the second is a flexible-price monetary model; and the third is a model along the lines described by Tsiang (1957) which emphasizes world prices for Peruvian exports as a fundamental determinant. I find that the expectational PPP model not only dominates the others, but also fits quite well.