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Managing External Volatility: Policy Frameworks in Non-Reserve Issuing Economies
Ms.Helene Poirson Ward
Mr.Nathan Porter
Mr.Itai Agur
Mr.Jiaqian Chen
Johannes Eugster
Stefan Laseen
Jeta Menkulasi
Mr.Kenji Moriyama
Ms.Celine Rochon
Katsiaryna Svirydzenka
Mr.Camilo E Tovar Mora
Mr.Zhongxia Zhang
Ms.Aleksandra Zdzienicka
出版
International Monetary Fund
, 2020-12-18
主題
Business & Economics / Foreign Exchange
Business & Economics / Banks & Banking
Business & Economics / Inflation
ISBN
1513564560
9781513564562
URL
http://books.google.com.hk/books?id=yLIhzgEACAAJ&hl=&source=gbs_api
註釋
Since the global financial crisis, non-reserve-issuing economies (NREs) have been highly sensitive to episodes of external pressures. With monetary policy independence constrained by this sensitivity, many NREs have utilized other policy instruments. This paper confirms the vulnerability of NREs to external shocks and finds that in some circumstances managing such shocks with multiple instruments can both lessen the policy response required from any one policy tool to financial and external shocks and increase the effectiveness of policies in stabilizing macro-financial conditions. Effectiveness however does not always imply appropriateness, which rests on an evaluation of potential trade-offs and unintended consequences.