| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2137 |
| DP2137 What are the Effects of Monetary Policy on Output? Results from an Agnostic Identification Procedure | |
| Harald Uhlig | |
| 发表日期 | 1999-05-31 |
| 出版年 | 1999 |
| 语种 | 英语 |
| 摘要 | We examine the view that the recent East Asian crisis was precipitated by bursting asset price bubbles which had been fuelled by strong capital inflows which were largely the result of a moral hazard problem in financial intermediation, and was exacerbated by a vicious cycle of asset price deflation and incipient and actual capital flight. We find evidence of stock market bubbles in all East Asian economies examined, although not in Australia. We examine various categories of capital flows to these countries and find, in particular, relatively high reversible components in portfolio flows to East Asian economies. |
| 主题 | International Macroeconomics |
| 关键词 | Asset market bubbles Capital flows East asian crisis Emerging markets |
| URL | https://cepr.org/publications/dp2137 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/531247 |
| 推荐引用方式 GB/T 7714 | Harald Uhlig. DP2137 What are the Effects of Monetary Policy on Output? Results from an Agnostic Identification Procedure. 1999. |
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