| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP2901
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| DP2901 Dollarization, Bailouts and the Stability of the Banking System |
| Douglas M Gale; Xavier Vives
|
| 发表日期 | 2001-07-23
|
| 出版年 | 2001
|
| 语种 | 英语
|
| 摘要 | This Paper investigates the effects of exchange rate regimes and alternative monetary policy rules for an emerging market economy that is subject to a volatile external environment in the form of shocks to world interest rates and the terms of trade. In particular, we highlight the impact of financial frictions and the degree of exchange rate pass through in determining the relative performance of alternative regimes in stabilizing the economy in the face of external shocks. Our results are quite sharp. When exchange rate pass-through is high, a policy of non-traded goods inflation targeting does best in stabilizing the economy, and is better in welfare terms. When exchange rate pass-through is low, however, a policy of strict CPI inflation targeting is better. In all cases, a fixed exchange rate is undesirable. In addition, financial frictions have no implications for the ranking of alternative policy rules |
| 主题 | International Macroeconomics
|
| 关键词 | monetary policy
Pass-through
Financial frictions
Emerging markets
|
| URL | https://cepr.org/publications/dp2901
|
| 来源智库 | Centre for Economic Policy Research (United Kingdom)
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/531938
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推荐引用方式
GB/T 7714 |
Douglas M Gale,Xavier Vives. DP2901 Dollarization, Bailouts and the Stability of the Banking System. 2001.
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