Nominal Stability and Financial Globalization

被引:3
作者
Devereux, Michael B. [1 ]
Senay, Ozge [2 ]
Sutherland, Alan [2 ]
机构
[1] Univ British Columbia, Dept Econ, Vancouver, BC V5Z 1M9, Canada
[2] Univ St Andrews, Sch Econ & Finance, St Andrews KY16 9AJ, Fife, Scotland
基金
英国经济与社会研究理事会;
关键词
nominal stability; financial globalization; country portfolios; MONETARY-POLICY RULES; BUSINESS CYCLES; EXTERNAL WEALTH; FOREIGN-ASSETS; LIABILITIES; FRICTIONS; NATIONS; PRICES; SHOCKS; MODEL;
D O I
10.1111/jmcb.12127
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
Over the past four decades, there has been a substantial increase in financial globalization, that is, rapid growth in gross external portfolio positions. There has also been a substantial fall in the variability of inflation. Many economists have conjectured that financial globalization contributed to the improved inflation performance. This paper explores the causal link running in the opposite direction. Using an open economy model with endogenous portfolio choice, it is shown that a monetary rule that reduces inflation variability tends to increase the size of gross external asset positions. This result appears to be robust across different modeling specifications.
引用
收藏
页码:921 / 959
页数:39
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