Kejutan Monetari, Lencongan Pariti Faedah Tak Terlindung dan Akaun Semasa: Pengaruh Peletakan Harga Antarabangsa (Monetary Shock, Uncovered Interest Parity Deviation and Current Account: The Influence of International Pricing)

Noreha Halid, Noor Azlan Ghazali, Izani Ibrahim, Abdul Ghafar Ismail, Mansor Jusoh

Abstract


ABSTRAK

Kajian ini membentangkan sebuah model keseimbangan umum yang mengkaji gelagat akaun semasa bawah pengaruh amalan peletakan harga antarabangsa. Kajian ini juga mengetengahkan peranan penting yang dimainkan oleh
kejutan Pariti Faedah Tak Terlindung (uncovered interest parity UIP) yang mana selama ini kebanyakan model
mengandaikan Pariti Faedah Tak Terlindung adalah benar. Kesan kejutan monetari dan kejutan UIP ke atas gelagat
akaun semasa dalam persekitaran peletakan harga antarabangsa dikaji dengan memperluaskan model keseimbangan umum Obstfeld dan Rogoff (1995). Hasil analisis model mendapati impak kejutan monetari dan kejutan UIP ke atas akaun semasa dipengaruhi oleh amalan peletakan harga oleh pengeksport. Kajian juga mendapati bahawa darjah tindak balas akaun semasa bergantung kepada kekuatan keanjalan penggunaan intra-temporal dan inter-temporal serta keanjalan kadar faedah permintaan wang. Kekuatan impak kejutan UIP melalui kadar pertukaran sangat dipengaruhi oleh nilai keanjalan penggunaan dan kadar faedah. Sebaliknya kejutan UIP secara langsung tidak
dipengaruhi oleh amalan peletakan harga ataupun nilai keanjalan penggunaan dan kadar faedah. Kajian ini
memperluaskan penyelidikan bidang akaun semasa dengan menunjukkan kepentingan lencongan UIP, amalan
peletakan harga antarabangsa dan kesensitifan pengguna terhadap penggunaan dan kadar faedah terhadap turun
naik akaun semasa. Kajian ini juga mencadangkan kepada pembuat dasar agar memberi perhatian kepada
pembolehubah tersebut dalam menggubal dasar ekonomi luar negara.


ABSTRACT


This study presents a general equilibrium model to explore the impact of international pricing practices on the
behavior of current account. This study identifies the current account response towards monetary and uncovered
interest parity (UIP) shocks under the environment of different pricing approaches. The model shows the pricing
practices by exporters highly influence the impact of both monetary and UIP shocks on current account. However, the
degree of current account response depends on the intra- and inter-temporal consumption substitution elasticities
and interest rate elasticity of money demand. The strength of the UIP shock through exchange rate on current accounts
is highly influenced by the interest rate elasticity of money demand. In contrast, the UIP direct shock on current
account is not affected by both international pricing practices and consumer’s sensitivity towards consumption and
interest rate. The study extends the existing current account research by proving the importance of UIP deviation,
international pricing practices and consumer’s preferences in influencing the behavior of current account. It also
suggests the policy makers to consider in those variables in formulating their current account policies.

 

 


Full Text:

PDF

Refbacks

  • There are currently no refbacks.


DISCLAIMER

The editors and publisher of Jurnal Pengurusan have made every possible effort to verify the accuracy of all information contained in this publication. Any opinions, discussions, views and recommendations expressed in the article are solely those of the authors and are not of Jurnal Pengurusan, its editors or its publisher. Jurnal Pengurusan, its editors and its publisher will not be liable for any direct, indirect, consequential, special, exemplary, or other damages arising therefrom.