Trilemma or Dilemma is popular PDF and ePub book, written by Mr.Luca Antonio Ricci in 2016-03-23, it is a fantastic choice for those who relish reading online the Business & Economics genre. Let's immerse ourselves in this engaging Business & Economics book by exploring the summary and details provided below. Remember, Trilemma or Dilemma can be Read Online from any device for your convenience.
Trilemma or Dilemma Book PDF Summary
This paper studies the heterogeneous response across countries of local currency interest rates to foreign and domestic factors, thus contributing to the discussion on the policy trilemma in international economics. On average, floaters appear to be less affected by the U.S. in the short run (up to about one year). However, there is large cross-country heterogeneity in the response: floaters that care less about domestic objectives, exhibit stronger fear of floating, or show higher co-cyclicality with the U.S., respond more to foreign rates. This suggests that floating does not necessarily imply a lack of response of local policy rates to foreign ones, but seems to allow independence when needed. Moreover, the effect of foreign rates on the short end of the local interest rate curve seems to operate mainly via the foreign influence on local policy rates, thus suggesting that central banks may be themselves the source of conduit of the “global credit cycle” discussed by Rey (2014). At the same time, most countries face the equivalent of a “Greenspan conundrum” as their long term rates are mainly influenced by foreign factors.
Detail Book of Trilemma or Dilemma PDF
- Author : Mr.Luca Antonio Ricci
- Release : 23 March 2016
- Publisher : International Monetary Fund
- ISBN : 9781475522921
- Genre : Business & Economics
- Total Page : 39 pages
- Language : English
- PDF File Size : 18,6 Mb
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