Liquidity traps, capital flows

被引：19

作者：

Acharya, Sushant ^{[1
]}

Bengui, Julien ^{[2
,3
]}

机构：

[1] Fed Reserve Bank New York, New York, NY 10045 USA

[2] Univ Montreal, Dept Econ, Montreal, PQ, Canada

[3] Univ Montreal, CIREQ, Montreal, PQ, Canada

来源：

JOURNAL OF INTERNATIONAL ECONOMICS | 2018年 / 114卷

基金：

加拿大魁北克医学研究基金会;

关键词：

Capital flows; International spillovers; Liquidity traps; Capital flow management; Policy coordination; Optimal monetary policy; INTEREST-RATES; FISCAL-POLICY; ZERO; ECONOMIES; MONETARY; TRILEMMA; PRICES; TRADE;

D O I：

10.1016/j.jinteco.2018.06.005

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Motivated by debates surrounding international capital flows during the Great Recession, we conduct a positive and normative analysis of capital flows when a region of the global economy experiences a liquidity trap. Capital flows reduce inefficient output fluctuations in this region by inducing exchange rate movements that reallocate expenditure towards the goods it produces. Restricting capital mobility hampers such an adjustment. From a global perspective, constrained efficiency entails subsidizing capital flows to address an aggregate demand externality associated with exchange rate movements. Absent cooperation, however, dynamic terms-of-trade manipulation motives drive countries to inefficiently restrict capital flows, impeding aggregate demand stabilization. (C)2018 Elsevier B.V. All rights reserved.

引用

页码：276 / 298

页数：23

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