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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. |
条目包含的文件 | 条目无相关文件。 |
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