Credit Interest Rates And The Open Economy

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Credit Interest Rates And The Open Economy

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Author : Louis-Philippe Rochon
language : en
Publisher: Edward Elgar Publishing
Release Date : 2001-01-01

Credit Interest Rates And The Open Economy written by Louis-Philippe Rochon and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001-01-01 with Business & Economics categories.

'This book should be on the reading list of every graduate course in monetary economics. The distinguished contributors not only examine and discuss the nature of money and the conduct of monetary policy in a modern credit economy, but also take an historical perspective through the writings of Cassel, Wicksell, Sraffa and Hicks, as well as Keynes and Kaldor, and extend the theory of money endogeneity (or "horizontalism") to the open economy and economic growth. Interested readers have a feast before them.' - A.P. Thirlwall, University of Kent at Canterbury, UK The horizontalist perspective is an extension of the post-Keynesian approach, that has hitherto focused on a theory of credit and money. This book extends horizontalism beyond its traditional boundaries and makes it consistent with the post-Keynesian theories of output and the open economy. The authors compare and contrast the horizontalist position with various orthodox and non-orthodox views on money. They argue that horizontalism is perfectly compatible with liquidity preference, credit constraints, and a flexible interest-rate mark-up, and address recent developments in banking that reinforce the validity of a horizontal schedule of credit-money. The overall intention is to place horizontalism within the current heterodox tradition as a general theory of the creation of money that is consistent with the post-Keynesian view on macroeconomic policy.

The Market For Money And The Market For Credit

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Author : P. Korteweg
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06

The Market For Money And The Market For Credit written by P. Korteweg and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.

In most Keynesian-type macroeconomic models the financial sector is modelled in terms of money demand, money supply and money market equilibrium. The market equations for private and government debt, i.e. credit, are implicit in these models by virtue of Walras' Law and need not be explicitly specified. Market equations for existing physical capital, or shares in capital, are absent from these models on the tacit assumption that physical capital cannot be traded and, consequently, has no market price. Money in these models is a substitute for private and government debt, not for current output, let alone for physical capital (or claims thereon). Models with these characteristics have three basic weaknesses. They narrow down the monetary transmission mechanism to a small subset of assets. Moreover, they produce downward-biased estimates of the degree of controllability of money in open economies if money and claims on physical capital are actually substitutes. Finally, these models are ill-suited to analyze adequately the effects of open market operations and of financing government budget deficits which change the stocks of money and debt.

Interest Rate Targeting In A Small Open Economy

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Author : Mr.Guillermo Calvo
language : en
Publisher: International Monetary Fund
Release Date : 1990-03-01

Interest Rate Targeting In A Small Open Economy written by Mr.Guillermo Calvo and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1990-03-01 with Business & Economics categories.

An important hurdle in analyzing interest rate targeting is that standard models usually lead to price level or inflation rate indeterminacy. This paper develops a simple framework in which such problems do not arise because the bonds whose interest rate is controlled provide liquidity services. This framework is used to examine interest rate targeting in a small open economy under predetermined exchange rates. A permanent increase in the interest rate has no real effects. In contrast, a temporary increase in the interest rate leads to higher consumption and to a current account deficit that worsens over time.

Interest Rates In Open Economies

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Author : Dipak Das Gupta
language : en
Publisher:
Release Date : 1994

Interest Rates In Open Economies written by Dipak Das Gupta and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Capital market categories.

Policymakers must address the central questions: How much do world interest rates influence domestic rates? And what are the respective roles of monetary policy, real interest parity, expectations of change in the exchange rate, and "country risk?"

Optimal Interest Rate Policy In A Small Open Economy

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Author : Eric Parrado
language : en
Publisher:
Release Date : 2002

Optimal Interest Rate Policy In A Small Open Economy written by Eric Parrado and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Economics categories.

Using an optimizing model we derive the optimal monetary and exchange rate policy for a small stochastic open economy with imperfect competition and short run price rigidity. The optimal monetary policy has an exact closed-form solution and is obtained using the utility function of the representative home agent as welfare criterion. The optimal policy depends on the source of stochastic disturbances affecting the economy, much as in the literature pioneered by Poole (1970). Optimal monetary policy reacts to domestic and foreign disturbances. If the intertemporal elasticity of substitution in consumption is less than one, as is likely to be the case empirically, the optimal exchange rate policy implies a dirty float: interest rate shocks from abroad are met partially by adjusting home interest rates, and partially by allowing the exchange rate to move. This optimal pattern may help rationalize the observed fear of floating.

Money Versus Credit In The Determination Of Output For Small Open Economies

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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 1989-09-27

Money Versus Credit In The Determination Of Output For Small Open Economies written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1989-09-27 with Business & Economics categories.

It is well known that in a small open economy where there is perfect substitutability between domestic and foreign assets and costless portfolio adjustment, the monetary authorities cannot control the money supply, but can influence the balance of payments through the use of domestic credit. It has been argued that domestic credit is therefore the relevant variable in output determination as well. However, this paper demonstrates, using a “new classical” structural model, that under the conditions that render the money supply uncontrollable, neither money nor domestic credit affects output. If either has a significant effect in empirical tests, it implies that the assumption of perfect capital mobility is not satisfied.

Correlations Between Real Interest Rates And Output In A Dynamic International Model

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Author : Ms.Jahanara Zaman
language : en
Publisher: International Monetary Fund
Release Date : 1998-12-01

Correlations Between Real Interest Rates And Output In A Dynamic International Model written by Ms.Jahanara Zaman and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998-12-01 with Business & Economics categories.

This paper examines the extent to which a dynamic international general equilibrium model can account for observed movements in real interest rates and interest rate differentials. Using data for Group of Seven, the study finds that measured real interest rates are countercyclical in a single country and that the contemporaneous cross-correlations between international real interest differentials and output growth spreads are negative. Predictions of the baseline model are, however, inconsistent with the data. Extending the benchmark model to include habit persistence in consumption improves the match between theory and data.

International Finance And Open Economy Macroeconomics

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Author : Francisco L. Rivera-Batiz
language : en
Publisher: Macmillan College
Release Date : 1985

International Finance And Open Economy Macroeconomics written by Francisco L. Rivera-Batiz and has been published by Macmillan College this book supported file pdf, txt, epub, kindle and other format this book has been release on 1985 with Business & Economics categories.

This new edition contains full coverage of the deregulation and internationalization of banking and finance in the 1980s and 1990s (including a discussion of the growing importance of Japanese finance). It integrates modern international finance and open economy macroeconomics to provide readers with a thorough, accessible, and up-to-date treatment of international finance and economics.

The Effectiveness Of Monetary Policy In Small Open Economies

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Author : Keyra Primus
language : en
Publisher: International Monetary Fund
Release Date : 2016-09-20

The Effectiveness Of Monetary Policy In Small Open Economies written by Keyra Primus and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-09-20 with Business & Economics categories.

This paper examines the relative effectiveness of the use of indirect and direct monetary policy instruments in Barbados, Jamaica and Trinidad and Tobago, by estimating a restricted Vector Autoregressive model with Exogenous Variables (VARX). The study assumes that the central bank conducts monetary policy using a Taylor-type rule and it evaluates the effects of a reserve requirement policy. The results show that although a positive shock to the policy interest rate has a direct effect on commercial banks' interest rates, there is a weak transmission to the real variables. Furthermore, an increase in the required reserve ratio is successful in reducing private sector credit and excess reserves, while at the same time alleviating pressures on the exchange rate. The findings therefore indicate that central banks in small open economies should consider using reserve requirements as a complement to interest rate policy, to achieve their macroeconomic objectives.

Money Stock Bank Credit And Interest Rate Formation In An Open Economy

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Author : Andre G. Fourcans
language : en
Publisher:
Release Date : 1976

Money Stock Bank Credit And Interest Rate Formation In An Open Economy written by Andre G. Fourcans and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1976 with categories.