摘要
日元汇率变动不仅影响日本经济的发展,而且通过商品、资本溢出对其他国家产生影响。本文运用完全信息动态博弈模型,考虑汇率变化所产生的溢出效应,分析日本银行与外国央行不同阶段的支付函数与行为策略,讨论外国央行报复、不报复情况下的子博弈精炼纳什均衡,以日本1991～2010年的外汇操作为例,剖析了这一时期日本银行的汇市干预及不同时段的干预特征和干预效果。
The volatile Yen exchange rates have not only influenced Japanese economy, but also exerted spillover effects on other economies through the flow of goods and capital. Considering the spillover effects, the article applies a dynamic game model with perfect information to analyze the payoffs and actions of central banks in different phrases, and the subgame -perfect Nash equilibria under different reprisal strategies. By examining Japan＇s foreign exchange market operation during the period of 1991 -2010, we explore the features and the performance of Bank of Japan＇s intervention at different time intervals.
出处
《现代日本经济》
CSSCI
2011年第6期7-14,共8页
Contemporary Economy OF Japan
基金
2011年教育部人文社会科学研究项目"当前世界经济周期波动及其变动趋势研究"(11YJCGJW013)
关键词
日本银行
汇率干预
动态博弈
纳什均衡
溢出效应
Bank of Japan
Foreign Exchange Intervention
Dynamic Game
Nash Equilibrium
Spillover Effect
