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来源类型 | Discussion paper |
规范类型 | 论文 |
来源ID | DP12093 |
DP12093 A Tie That Binds: Revisiting the Trilemma in Emerging Market Economies | |
Maurice Obstfeld; Jonathan D. Ostry; Mahvash S. Qureshi | |
发表日期 | 2017-06-13 |
出版年 | 2017 |
语种 | 英语 |
摘要 | This paper examines the claim that exchange rate regimes are of little salience in the transmission of global financial conditions to domestic financial and macroeconomic conditions by focusing on a sample of about 40 emerging market countries over 1986–2013. Our findings show that exchange rate regimes do matter. Countries with fixed exchange rate regimes are more likely to experience financial vulnerabilities—faster domestic credit and house price growth, and increases in bank leverage—than those with relatively flexible regimes. The transmission of global financial shocks is likewise magnified under fixed exchange rate regimes relative to more flexible (though not necessarily fully flexible) regimes. We attribute this to both reduced monetary policy autonomy and a greater sensitivity of capital flows to changes in global conditions under fixed rate regimes. |
主题 | International Macroeconomics and Finance |
关键词 | Trilemma Global financial cycle Capital flows Emerging market economies |
URL | https://cepr.org/publications/dp12093 |
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/540905 |
推荐引用方式 GB/T 7714 | Maurice Obstfeld,Jonathan D. Ostry,Mahvash S. Qureshi. DP12093 A Tie That Binds: Revisiting the Trilemma in Emerging Market Economies. 2017. |
条目包含的文件 | 条目无相关文件。 |
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