| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w17796 |
| 来源ID | Working Paper 17796 |
| Nominal Stability and Financial Globalization | |
| Michael B. Devereux; Ozge Senay; Alan Sutherland | |
| 发表日期 | 2012-01-26 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | Over the one and a half decades prior to the global financial crisis, advanced economies experienced a large growth in gross external portfolio positions. This phenomenon has been described as Financial Globalization. Over roughly the same time frame, most of these countries also saw a substantial fall in the level and variability of inflation. Many economists have conjectured that financial globalization contributed to the improved performance in the level and predictability of inflation. In this paper, we explore the causal link running in the opposite direction. We show that a monetary policy rule which reduces inflation variability leads to an increase in the size of gross external positions, both in equity and bond portfolios. This is a highly robust prediction of open economy macro models with endogenous portfolio choice. It holds across many different modeling specifications and parameterizations. We also present preliminary empirical evidence which shows a negative relationship between inflation volatility and the size of gross external positions. |
| 主题 | International Economics ; International Finance ; International Macroeconomics |
| URL | https://www.nber.org/papers/w17796 |
| 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/575471 |
| 推荐引用方式 GB/T 7714 | Michael B. Devereux,Ozge Senay,Alan Sutherland. Nominal Stability and Financial Globalization. 2012. |
| 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 | ||
| w17796.pdf（415KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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