全球智库信息集成服务系统(G2TT): DP3301 Explaining the Migration of Stocks from Exchanges in Emerging Economies to International Centres

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP3301
	DP3301 Explaining the Migration of Stocks from Exchanges in Emerging Economies to International Centres
	Stijn Claessens; Sergio Schmukler; Daniela Klingebiel
发表日期	2002-04-20
出版年	2002
语种	英语
摘要	The problem of monetary policy delegation is formulated as a two-stage game between the government and the central bank. In the first stage the government chooses the institutional design of the central bank. Monetary and fiscal policy are implemented in the second stage. When fiscal policy is taken into account, there is a continuum of combinations of central bank independence and conservatism that produce optimal outcomes. This indeterminacy is resolved by appealing to practical considerations. In particular, it is argued that full central bank independence facilitates the greatest degree of policy transparency and political coherence.
主题	International Macroeconomics
关键词	Central bank independence Central bank conservatism Monetary policy delegation Credibility Flexible response transparency Policy coherence
URL	https://cepr.org/publications/dp3301
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/532328
推荐引用方式 GB/T 7714	Stijn Claessens,Sergio Schmukler,Daniela Klingebiel. DP3301 Explaining the Migration of Stocks from Exchanges in Emerging Economies to International Centres. 2002.