| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w8354 |
| 来源ID | Working Paper 8354 |
| Financial Structure, Macroeconomic Stability and Monetary Policy | |
| Stephen G. Cecchetti; Stefan Krause | |
| 发表日期 | 2001-07-01 |
| 出版年 | 2001 |
| 语种 | 英语 |
| 摘要 | Over the past twenty years, macroeconomic performance has improved markedly in industrialized and developing countries alike. Both inflation and real growth are more stable now than they were in the 1980s. This stability has been accompanied by dramatic changes in financial structure. We examine the connection between these concurrent events using data from 23 developed and emerging markets countries. There are a number of possible explanations for the widespread improvement in economic outcomes over the past two decades. There is the very real possibility that the world has become a more stable place. Alternatively, monetary policymakers may have become more skillful in carry out their stabilization objectives. That is, the monetary policy of the 1990s may have been more efficient than it was in the 1980s. We provide evidence that policy has in fact improved, suggesting that a rise in the competence of central bankers. But the ability of policymakers to carry out their job depends crucially on their having the tools necessary to reduce inflation and output volatility. The transmission of these interest rate movements to domestic output and prices depends on the structure of the country's banking system and financial markets. We show that a reduction in direct state ownership of banking system assets and the introduction of explicit deposit insurance can help explain the simultaneous improvement in the efficiency of monetary policy and stabilization of the macroeconomy. |
| 主题 | Macroeconomics ; Monetary Policy ; Financial Economics ; Financial Markets |
| URL | https://www.nber.org/papers/w8354 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/565956 |
| 推荐引用方式 GB/T 7714 | Stephen G. Cecchetti,Stefan Krause. Financial Structure, Macroeconomic Stability and Monetary Policy. 2001. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w8354.pdf（296KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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