Title of article :
Globalimplicationsofnationalunconventionalpolicies
Author/Authors :
Luca Dedola، نويسنده , , PeterKaradi، نويسنده , , GiovanniLombardo، نويسنده ,
Issue Information :
روزنامه با شماره پیاپی سال 2013
Abstract :
Financialintegrationinthemarketsforbanks’assetsandliabilitiesmakesbalancesheet
constraintshighlycorrelatedacrosscountries,resultinginahighdegreeoffinancialand
macroeconomicinterdependence.Likewise,underfinancialintegrationunconventional
policiesaimedatstabilizingdomesticfinancialandcreditconditionscouldentaillarge
internationalspillovers.Therefore,stabilizationbyonecountrywillalsobenefitother
countries,reducingincentivestoimplementcreditpoliciesinaclassicfree-riding
problem,especiallywhenthesepoliciesentaildomesticcosts.Weshowthatthis
outcomecanemergeinanopeneconomymodelfeaturingfinancialintermediariesthat
face endogenouslydeterminedbalancesheetconstraints
Journal title :
Journal of Monetary Economics
Journal title :
Journal of Monetary Economics
