Global financial cycle and liquidity management

被引：4

作者：

Jeanne, Olivier ^{[1
,2
]}

Sandri, Damiano ^{[3
,4
]}

机构：

[1] Johns Hopkins Univ, CEPR, Wyman 582,3400 N Charles St, Baltimore, MD 21218 USA

[2] NBER, Wyman 582,3400 N Charles St, Baltimore, MD 21218 USA

[3] Bank Int Settlements, Centralbahnpl 2, CH-4051 Basel, Switzerland

[4] CEPR, Centralbahnpl 2, CH-4051 Basel, Switzerland

来源：

JOURNAL OF INTERNATIONAL ECONOMICS | 2023年 / 146卷

关键词：

Capital flows; Foreign exchange reserves; Capital flow management; Capital controls; Sudden stops; CAPITAL CONTROLS; INTERNATIONAL RESERVES; FLOWS; VOLATILITY; POLICIES; SURGES; STOPS;

D O I：

10.1016/j.jinteco.2023.103736

中图分类号：

F [经济];

学科分类号：

02 ;

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 foreign liquid assets when global liquidity is high to then 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 relative to the laissez-faire equilibrium. The model also shows that foreign exchange interventions may be preferable to capital controls in less financially developed countries. (c) 2023 The Authors. Published by Elsevier B.V. This is an open access article under the CC BYNC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/).

引用

页数：20