| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w18431 |
| 来源ID | Working Paper 18431 |
| Financial Intermediation, Exchange Rates, and Unconventional Policy in an Open Economy | |
| Luis Felipe Céspedes; Roberto Chang; Andrés Velasco | |
| 发表日期 | 2012-10-05 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | This paper develops an open economy model in which financial intermediation is subject to occasionally binding collateral constraints, and uses the model to study unconventional policies such as credit facilities and foreign exchange intervention. The model highlights the interaction between the real exchange rate, interest rates, and financial frictions. The exchange rate can affect the financial intermediaries' international credit limit via a net worth effect and a leverage ratio effect; the latter is novel and depends on the equilibrium link between exchange rates and interest spreads. Unconventional policies are nonneutral if and only if financial constraints are binding in equilibrium. Credit programs are more effective if targeted towards financial intermediaries rather than the corporate sector. Sterilized foreign exchange interventions matter because the increased availability of tradables, resulting from the sterilizing credit, can relax financial frictions; this perspective is new in the literature. Finally, self fulfilling expectations can lead to the coexistence of financially constrained and unconstrained equilibria, justifying a policy of defending the exchange rate and the accumulation of international reserves. |
| 主题 | Macroeconomics ; Monetary Policy ; International Economics ; International Finance ; International Macroeconomics |
| URL | https://www.nber.org/papers/w18431 |
| 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/576107 |
| 推荐引用方式 GB/T 7714 | Luis Felipe Céspedes,Roberto Chang,Andrés Velasco. Financial Intermediation, Exchange Rates, and Unconventional Policy in an Open Economy. 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 | ||
| w18431.pdf（322KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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