Title of article
Globalimplicationsofnationalunconventionalpolicies
Author/Authors
Luca Dedola، نويسنده , , PeterKaradi، نويسنده , , GiovanniLombardo، نويسنده ,
Issue Information
روزنامه با شماره پیاپی سال 2013
Pages
20
From page
66
To page
85
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
Serial Year
2013
Journal title
Journal of Monetary Economics
Record number
846572
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