| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w19091 |
| 来源ID | Working Paper 19091 |
| Capital Controls, Global Liquidity Traps and the International Policy Trilemma | |
| Michael B. Devereux; James Yetman | |
| 发表日期 | 2013-05-31 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | The 'International Policy Trilemma' refers to the constraint on independent monetary policy that is forced on a country which remains open to international financial markets and simultaneously pursues an exchange rate target. This paper shows that, in a global economy with open financial markets, the problem of the zero bound introduces a new dimension to the international policy trilemma. International financial market openness may render monetary policy ineffective, even within a system of fully flexible exchange rates, because shocks that lead to a 'liquidity trap' in one country are propagated through financial markets to other countries. But monetary policy effectiveness may be restored by the imposition of capital controls, which inhibit the transmission of these shocks across countries. We derive an optimal monetary policy response to a global liquidity trap in the presence of capital controls. We further show that, even though capital controls may facilitate effective monetary policy, except in the case where monetary policy is further constrained (beyond the zero lower bound constraint), capital controls are not desirable in welfare terms. |
| 主题 | International Economics ; International Finance |
| URL | https://www.nber.org/papers/w19091 |
| 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/576766 |
| 推荐引用方式 GB/T 7714 | Michael B. Devereux,James Yetman. Capital Controls, Global Liquidity Traps and the International Policy Trilemma. 2013. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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