G2TT
来源类型Discussion paper
规范类型论文
来源IDDP3301
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
URLhttps://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.
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