G2TT
来源类型Discussion paper
规范类型论文
来源IDDP12093
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
URLhttps://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.
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