The relationship between real effective financial exchange rate (REFER) and capital flows: in the case of Thailand

Name: Thipsuda Sukdam

keyword: Real effective financial exchange rate

LCSH: Foreign exchange rates -- Thailand

; Capital flows

LCSH: Capital movements -- Thailand

; Valuation channel

Abstract: A real exchange rate, being an indicator of monetary policy transmission, is used measure to country’s international competitiveness. Due to the rapid growth in international financial transactions, financial market transmission of exchange rate movement are in interests. Real effective financial exchange rate (REFER) index is introduced as an indicator of price competitiveness of country’s assets. This research proposes the REFER index in the case of Thailand and concentrates exchange rate movement through the valuation channel. Thailand’s REFER index movements are heterogeneous from REER which is trade-weight real exchange rate index. Moreover, this paper investigates the relationship between real exchange rate and international capital flows. The main finding shows the different impact size of any kind of capital flows on REER and REFER. However, both of real exchange rate indexes, REER and REFER, benefit policy makers as an intermediate target for monetary policy operations

Thammasat University. Thammasat University Library

Address: BANGKOK

Email: preserv@tu.ac.th

Name: Suluck Pattarathammas

Role: advisor

Created: 2014

Modified: 2022-01-21

Issued: 2022-01-21

วิทยานิพนธ์/Thesis

application/pdf

DOI: 10.14457/TU.the.2014.228

eng

DegreeName: Master of Science

Level: Master's Degree

Descipline: Finance

Grantor: Thammasat University

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