منابع مشابه
The Excess Liquidity of the Open Economy and its Management
The excess liquidity of the open economy has become one main factor influencing the monetary markets, financial markets and even the whole macroeconomic. In era of the post-crisis, many countries have implemented the loose monetary policies, especially the quantitative easing policy in the U.S. which worsened the situation of the excess liquidity. Under this background, it will be more meaning...
متن کاملMoney Growth Rules in an Emerging Small Open Economy with an informal sector
This paper is concerned with the saddle-path stability of monetary growth rules in a two-country two-sector dynamic stochastic general equilibrium model. Alongside standard features of emerging economies, such as a combination of producer and local currency pricing for exports, fiscal dominance and oil exports, this model also incorporates informal labour and production sectors and examines how...
متن کاملChapter 9 : Money and the Open Economy ( Monetary Theory and Policy , 3 rd ed . )
The analysis in earlier chapters was conducted within the context of a closed economy. Many useful insights into monetary phenomena can be obtained while still abstracting from the linkages that tie di¤erent economies together, but clearly many issues do require an open-economy framework if they are to be adequately addressed. New channels through which monetary factors can inuence the economy...
متن کاملInside Money, Procyclical Leverage, and Banking Catastrophes
We explore a model of the interaction between banks and outside investors in which the ability of banks to issue inside money (short-term liabilities believed to be convertible into currency at par) can generate a collapse in asset prices and widespread bank insolvency. The banks and investors share a common belief about the future value of certain long-term assets, but they have different obje...
متن کاملImperfect Monitoring and the Discounting of Inside Money
One of the fundamental questions concerning inside money is whether its issuers should be regulated and how. This paper evaluates the e¢ ciency of one prevalent regulatory recommendation a requirement that private issuers redeem inside money on demand at par in a random-matching model of money where the issuers of inside money are only imperfectly monitored. I nd that for su¢ ciently imperf...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Journal of International Economics
سال: 1989
ISSN: 0022-1996
DOI: 10.1016/0022-1996(89)90037-8