| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w12788 |
| 来源ID | Working Paper 12788 |
| Monetary Policy Challenges in Emerging Markets: Sudden Stop, Liability Dollarization, and Lender of Last Resort | |
| Guillermo A. Calvo | |
| 发表日期 | 2006-12-22 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | The paper argues that Emerging Market economies (EMs) face financial vulnerabilities that weaken the effectiveness of a domestic Lender of Last Resort (LOLR). As a result, monetary policy is inextricably linked to the state of the credit market. In particular, the central bank should be ready to operate as LOLR during Sudden Stop (of capital inflows) by releasing international reserves in an effective manner. These conditions also impact on optimal monetary policy in normal but high-volatility periods. The paper further argues that during those periods interest rate rules may engender excessive volatility of exchange rates and, thus, that it may be advisable to temporarily supplement those rules by foreign exchange market intervention or outright exchange rate pegging. At a fundamental level, the analysis suggests that the state-of-the-art literature summarized by Woodford (2003) or even more heterodox approaches exemplified by Stiglitz and Greenwald (2003) likely fall short of providing a satisfactory guide for monetary policy in EMs. |
| 主题 | Macroeconomics ; Monetary Policy ; International Economics ; International Finance |
| URL | https://www.nber.org/papers/w12788 |
| 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/570451 |
| 推荐引用方式 GB/T 7714 | Guillermo A. Calvo. Monetary Policy Challenges in Emerging Markets: Sudden Stop, Liability Dollarization, and Lender of Last Resort. 2006. |
| 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 | ||
| w12788.pdf（239KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
| 个性服务 |
| 推荐该条目 |
| 保存到收藏夹 |
| 导出为Endnote文件 |
| 谷歌学术 |
| 谷歌学术中相似的文章 |
| [Guillermo A. Calvo]的文章 |
| 百度学术 |
| 百度学术中相似的文章 |
| [Guillermo A. Calvo]的文章 |
| 必应学术 |
| 必应学术中相似的文章 |
| [Guillermo A. Calvo]的文章 |
| 相关权益政策 |
| 暂无数据 |
| 收藏/分享 |
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
