全球智库信息集成服务系统(G2TT): DP6984 Imperfect Competition in the Inter-Bank Market for Liquidity as a Rationale for Central Banking

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP6984
	DP6984 Imperfect Competition in the Inter-Bank Market for Liquidity as a Rationale for Central Banking
	Denis Gromb; Viral Acharya; Tanju Yorulmazer
发表日期	2008-10-23
出版年	2008
语种	英语
摘要	A considerable literature has examined the causes, consequences, and policy responses to surges in international capital flows. A related strand of papers has attempted to catalog current account reversals and capital account "sudden stops." This paper offers an encompassing approach with an algorithm cataloging capital inflow bonanzas in both advanced and emerging economies during 1980-2007 for 181 countries and 1960-2007 for a subset of 66 economies from all regions. In line with earlier studies, global factors, such as commodity prices, international interest rates, and growth in the world?s largest economies, have a systematic effect on the global capital flow cycle. Bonanzas are no blessing for advanced or emerging market economies. In the case of the latter, capital inflow bonanzas are associated with a higher likelihood of economic crises (debt defaults, banking, inflation and currency crashes). Bonanzas in developing countries are associated with procyclical fiscal policies and attempts to curb or avoid an exchange rate appreciation - very likely contributing to economic vulnerability. For the advanced economies, the results are not as stark, but bonanzas are associated with more volatile macroeconomic outcomes for GDP growth, inflation, and the external accounts. Slower economic growth and sustained declines in equity and housing prices follow at the end of the inflow episode.
主题	International Macroeconomics
关键词	Capital inflows Commodity prices Financial crises Procyclical policies
URL	https://cepr.org/publications/dp6984
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/535839
推荐引用方式 GB/T 7714	Denis Gromb,Viral Acharya,Tanju Yorulmazer. DP6984 Imperfect Competition in the Inter-Bank Market for Liquidity as a Rationale for Central Banking. 2008.