| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5864 |
| DP5864 The Cost of Banking Regulation | |
| Luigi Guiso; Luigi Zingales; Paola Sapienza | |
| 发表日期 | 2006-10-01 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | A stable international monetary system has emerged since the early 1990s. A large number of industrial and a growing number of developing countries now have domestic inflation targets administered by independent and transparent central banks. These countries place few restrictions on capital mobility and allow their exchange rates to float. The domestic focus of monetary policy in these countries does not have any obvious international cost. Inflation targeters have lower exchange rate volatility and less frequent ?sudden stops? of capital flows than similar countries that do not target inflation. Inflation targeting countries also do not have current accounts or international reserves that look different from other countries. This system was not planned and does not rely on international coordination. There is no role for a center country, the IMF, or gold. It is durable; in contrast to other monetary regimes, no country has yet abandoned an inflation-targeting regime in crisis. Succinctly, it is the diametric opposite of the post-war system; Bretton Woods, reversed. |
| 主题 | International Macroeconomics |
| 关键词 | Fixed inflation Exchange Rate Capital Controls Finance Durable Regime |
| URL | https://cepr.org/publications/dp5864 |
| 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/534699 |
| 推荐引用方式 GB/T 7714 | Luigi Guiso,Luigi Zingales,Paola Sapienza. DP5864 The Cost of Banking Regulation. 2006. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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