| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w13978 |
| 来源ID | Working Paper 13978 |
| Will Subprime be a Twin Crisis for the United States? | |
| Michael P. Dooley; David Folkerts-Landau; Peter M. Garber | |
| 发表日期 | 2008-05-09 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | We identify incentives generated by the Bretton Woods II system that may have contributed to the sub-prime liquidity crisis now working its way through the international monetary system. We then evaluate the persistent conjecture that the liquidity crisis is or will become a balance of payments crisis for the United States. Given that it happens, the additional costs associated with a sudden stop of net capital flows to the United States could be quite substantial. But we observe that emerging market governments have continued to acquire US assets even as yields have fallen, and the incentives for continuing to do so remain strong. Moreover, the Bretton Woods II system, which has clearly been the most resilient of the forces driving current markets, continues to generate low real interest rates in industrial countries and growth in emerging markets that will help limit the damage from the liquidity crisis. |
| 主题 | International Economics ; International Finance |
| URL | https://www.nber.org/papers/w13978 |
| 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/571653 |
| 推荐引用方式 GB/T 7714 | Michael P. Dooley,David Folkerts-Landau,Peter M. Garber. Will Subprime be a Twin Crisis for the United States?. 2008. |
| 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 | ||
| w13978.pdf（129KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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