论文部分内容阅读
<正>This paper analyzes the impacts of the US monetary shocks on East Asian countries udng structural VAR model.We find that the impacts of the US monetary shocks on domestic interest rates and exchange rates contradict conventional wisdom.The conventional exchange rate channel is unlikely to play much role in the transmission of the U.S.monetary policy shocks to floaters in East Asian countries,excluding Japan.In these countries,the domestic interest rate respond strongly to the U.S.interest rate changes,by giving up monetary autonomy,probably because of fear of floating.On the other hand,the domestic interest rate does not respond much in the countries with fixed exchange rate regime and capital account restrictions,such as China and Malaysia.This may suggest that the countries with fixed exchange rate regime enjoy a higher degree of monetary autonomy probably with the help of capital account restrictions.