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...
Saved in:
| Main Author: | |
|---|---|
| Format: | Electronic eBook |
| Language: | English |
| Published: |
Washington, D.C
The World Bank
2013
|
| Online Access: | Volltext |
| Summary: | 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 |
| Physical Description: | 1 Online-Ressource (49 p) |
| DOI: | 10.1596/1813-9450-6462 |
Staff View
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Record in the Search Index
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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 |
| record_format | marc |
| 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 |