| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15328 |
| DP15328 Global Financial Cycle and Liquidity Management | |
| Olivier Jeanne; Damiano Sandri | |
| 发表日期 | 2020-09-29 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We use a tractable model to show that emerging markets can protect themselves from the global financial cycle by expanding (rather than restricting) capital flows. This involves accumulating reserves when global liquidity is high to buy back domestic assets at a discount when global financial conditions tighten. Since the private sector does not internalize how this buffering mechanism reduces international borrowing costs, a social planner increases the size of capital flows beyond the laissez-faire equilibrium. The model also provides a role for foreign exchange intervention in less financially developed countries. The main predictions of the model are consistent with the data. |
| 主题 | International Macroeconomics and Finance |
| 关键词 | Capital flows Foreign exchange reserves Sudden stop Capital flow management Capital controls |
| URL | https://cepr.org/publications/dp15328 |
| 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/544309 |
| 推荐引用方式 GB/T 7714 | Olivier Jeanne,Damiano Sandri. DP15328 Global Financial Cycle and Liquidity Management. 2020. |
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