| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4799 |
| DP4799 The Welfare Cost of Business Cycles in an Economy with Non-Clearing Markets | |
| Franck Portier; Luis Puch | |
| 发表日期 | 2004-12-23 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | The founders of the Bretton Woods System sixty years ago were primarily concerned with orderly exchange rate adjustment in a world economy that was characterized by widespread restrictions on international capital mobility. In contrast, the rapid pace of financial globalization during recent years poses new challenges for the international monetary system. In particular, large gross cross-holdings of foreign assets and liabilities means that the valuation channel of exchange rate adjustment has grown in importance, relative to the traditional trade balance channel. Accordingly, this Paper empirically explores some of the inter-connections between financial globalization and exchange rate adjustment and discusses the policy implications. |
| 主题 | International Macroeconomics |
| 关键词 | Financial integration Capital flows External assets and liabilities |
| URL | https://cepr.org/publications/dp4799 |
| 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/533711 |
| 推荐引用方式 GB/T 7714 | Franck Portier,Luis Puch. DP4799 The Welfare Cost of Business Cycles in an Economy with Non-Clearing Markets. 2004. |
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