Two challenges from globalization

被引：3
|
作者：
Obstfeld, Maurice [1 ]
机构：
[1] Univ Calif Berkeley, Berkeley, CA 94720 USA
来源：
JOURNAL OF INTERNATIONAL MONEY AND FINANCE | 2021年 / 110卷
关键词：
Globalization; Digital currency; Natural real interest rate;
D O I：
10.1016/j.jimonfin.2020.102301
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This speech highlights two channels through which globalization poses challenges for monetary policy. The first channel is through the global determination of the average world natural real rate of interest, which implies that saving and investment shifts abroad can influence the domestic interest rate setting consistent with price stability. The second channel is through global digital payments systems, which may compromise domestic policy sovereignty through effects on both monetary and financial stability. (C) 2020 Elsevier Ltd. All rights reserved.
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页数：9
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