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A Tie That Binds
Mr.Maurice Obstfeld
Mr.Jonathan David Ostry
MissMahvash S Qureshi
其他書名
Revisiting the Trilemma in Emerging Market Economies
出版
International Monetary Fund
, 2017-06-08
主題
Business & Economics / Foreign Exchange
Business & Economics / Exports & Imports
Business & Economics / Real Estate / General
ISBN
1484302621
9781484302620
URL
http://books.google.com.hk/books?id=-WMZEAAAQBAJ&hl=&source=gbs_api
EBook
SAMPLE
註釋
This paper examines the claim that exchange rate regimes are of little salience in the transmission of global financial conditions to domestic financial and macroeconomic conditions by focusing on a sample of about 40 emerging market countries over 1986–2013. Our findings show that exchange rate regimes do matter. Countries with fixed exchange rate regimes are more likely to experience financial vulnerabilities—faster domestic credit and house price growth, and increases in bank leverage—than those with relatively flexible regimes. The transmission of global financial shocks is likewise magnified under fixed exchange rate regimes relative to more flexible (though not necessarily fully flexible) regimes. We attribute this to both reduced monetary policy autonomy and a greater sensitivity of capital flows to changes in global conditions under fixed rate regimes.