全球智库信息集成服务系统(G2TT): Global Financial Cycle and Liquidity Management

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w27901
来源ID	Working Paper 27901
	Global Financial Cycle and Liquidity Management
	Olivier Jeanne; Damiano Sandri
发表日期	2020-10-05
出版年	2020
语种	英语
摘要	We use a tractable model to show that emerging markets can protect themselves from the global financial cycle by expanding (rather than restricting) capital flows. This involves accumulating reserves when global liquidity is high to buy back domestic assets at a discount when global financial conditions tighten. Since the private sector does not internalize how this buffering mechanism reduces international borrowing costs, a social planner increases the size of capital flows beyond the laissez-faire equilibrium. The model also provides a role for foreign exchange intervention in less financially developed countries. The main predictions of the model are consistent with the data.
主题	International Economics ; International Finance
URL	https://www.nber.org/papers/w27901
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/585574
推荐引用方式 GB/T 7714	Olivier Jeanne,Damiano Sandri. Global Financial Cycle and Liquidity Management. 2020.