International Liquidity Rents:
This paper presents a model of global liquidity shortages. Liquid claims are enforceable promises that play a transaction role. Since developed economies have a comparative advantage in creating liquidity, they export liquid claims to emerging economies, resulting in a permanent current account defi...
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
The World Bank
2013
|
| Online-Zugang: | Volltext |
| Zusammenfassung: | This paper presents a model of global liquidity shortages. Liquid claims are enforceable promises that play a transaction role. Since developed economies have a comparative advantage in creating liquidity, they export liquid claims to emerging economies, resulting in a permanent current account deficit. This model suggests that unrestricted liquidity flows are (a) welfare reducing for emerging economies and (b) Pareto inefficient. The inefficiency results both from excessive investment for the purpose of creating collateral-backed liquid claims, and from excessive global fragility with respect to collateral shocks |
| Beschreibung: | 1 Online-Ressource (49 p) |
| DOI: | 10.1596/1813-9450-6462 |
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| 520 | |a This paper presents a model of global liquidity shortages. Liquid claims are enforceable promises that play a transaction role. Since developed economies have a comparative advantage in creating liquidity, they export liquid claims to emerging economies, resulting in a permanent current account deficit. This model suggests that unrestricted liquidity flows are (a) welfare reducing for emerging economies and (b) Pareto inefficient. The inefficiency results both from excessive investment for the purpose of creating collateral-backed liquid claims, and from excessive global fragility with respect to collateral shocks | ||
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Datensatz im Suchindex
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| id | DE-604.BV048265896 |
| illustrated | Not Illustrated |
| index_date | 2024-07-03T19:59:53Z |
| indexdate | 2025-02-20T07:18:59Z |
| institution | BVB |
| language | English |
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| physical | 1 Online-Ressource (49 p) |
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| publishDate | 2013 |
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| publisher | The World Bank |
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| spellingShingle | Eden, Maya International Liquidity Rents |
| title | International Liquidity Rents |
| title_auth | International Liquidity Rents |
| title_exact_search | International Liquidity Rents |
| title_exact_search_txtP | International Liquidity Rents |
| title_full | International Liquidity Rents Maya Eden |
| title_fullStr | International Liquidity Rents Maya Eden |
| title_full_unstemmed | International Liquidity Rents Maya Eden |
| title_short | International Liquidity Rents |
| title_sort | international liquidity rents |
| url | https://doi.org/10.1596/1813-9450-6462 |
| work_keys_str_mv | AT edenmaya internationalliquidityrents |