Global Imbalances, Exchange Rate Pegs and Capital Flows: A Closer Look
This paper presents a stylised model in which either a savings glut or an exchange rate peg in emerging economies drives down the level of interest rates in advanced economies and, when it hits the zero-rate bound, produces a welfare loss. It shows that structural reform in the pursuit of better soc...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2011
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| Schriftenreihe: | OECD Economics Department Working Papers
no.856 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | This paper presents a stylised model in which either a savings glut or an exchange rate peg in emerging economies drives down the level of interest rates in advanced economies and, when it hits the zero-rate bound, produces a welfare loss. It shows that structural reform in the pursuit of better social protection and financial markets in the emerging economies reduces this negative welfare spillover. An extension of the model with the short-run dynamics of exchange-rate and capital movements shows that adverse asymmetric shocks can lead to a race to the bottom of interest rates. In that case the global coordination of monetary policies is welfare enhancing for both groups of economies. However, the coordinated equilibrium is unstable, which indicates that strong pre-commitment arrangements are required to maintain coordination. This disadvantage diminishes if structural reform is adopted to reduce the volatility in capital flows. |
| Beschreibung: | 1 Online-Ressource (15 p.) 21 x 29.7cm. |
| DOI: | 10.1787/5kgdw3th55r8-en |
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| spelling | van den Noord, Paul VerfasserIn aut Global Imbalances, Exchange Rate Pegs and Capital Flows A Closer Look Paul, van den Noord = Les déséquilibres mondiaux, l'arrimage des taux de changes et les mouvements de capitaux : examen à la loupe / Paul, van den Noord Les déséquilibres mondiaux, l'arrimage des taux de changes et les mouvements de capitaux Paris OECD Publishing 2011 1 Online-Ressource (15 p.) 21 x 29.7cm. Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier OECD Economics Department Working Papers no.856 This paper presents a stylised model in which either a savings glut or an exchange rate peg in emerging economies drives down the level of interest rates in advanced economies and, when it hits the zero-rate bound, produces a welfare loss. It shows that structural reform in the pursuit of better social protection and financial markets in the emerging economies reduces this negative welfare spillover. An extension of the model with the short-run dynamics of exchange-rate and capital movements shows that adverse asymmetric shocks can lead to a race to the bottom of interest rates. In that case the global coordination of monetary policies is welfare enhancing for both groups of economies. However, the coordinated equilibrium is unstable, which indicates that strong pre-commitment arrangements are required to maintain coordination. This disadvantage diminishes if structural reform is adopted to reduce the volatility in capital flows. Economics FWS01 ZDB-13-SOC FWS_PDA_SOC https://doi.org/10.1787/5kgdw3th55r8-en Volltext |
| spellingShingle | van den Noord, Paul Global Imbalances, Exchange Rate Pegs and Capital Flows A Closer Look Economics |
| title | Global Imbalances, Exchange Rate Pegs and Capital Flows A Closer Look |
| title_alt | Les déséquilibres mondiaux, l'arrimage des taux de changes et les mouvements de capitaux |
| title_auth | Global Imbalances, Exchange Rate Pegs and Capital Flows A Closer Look |
| title_exact_search | Global Imbalances, Exchange Rate Pegs and Capital Flows A Closer Look |
| title_full | Global Imbalances, Exchange Rate Pegs and Capital Flows A Closer Look Paul, van den Noord = Les déséquilibres mondiaux, l'arrimage des taux de changes et les mouvements de capitaux : examen à la loupe / Paul, van den Noord |
| title_fullStr | Global Imbalances, Exchange Rate Pegs and Capital Flows A Closer Look Paul, van den Noord = Les déséquilibres mondiaux, l'arrimage des taux de changes et les mouvements de capitaux : examen à la loupe / Paul, van den Noord |
| title_full_unstemmed | Global Imbalances, Exchange Rate Pegs and Capital Flows A Closer Look Paul, van den Noord = Les déséquilibres mondiaux, l'arrimage des taux de changes et les mouvements de capitaux : examen à la loupe / Paul, van den Noord |
| title_short | Global Imbalances, Exchange Rate Pegs and Capital Flows |
| title_sort | global imbalances exchange rate pegs and capital flows a closer look |
| title_sub | A Closer Look |
| topic | Economics |
| topic_facet | Economics |
| url | https://doi.org/10.1787/5kgdw3th55r8-en |
| work_keys_str_mv | AT vandennoordpaul globalimbalancesexchangeratepegsandcapitalflowsacloserlook AT vandennoordpaul lesdesequilibresmondiauxlarrimagedestauxdechangesetlesmouvementsdecapitaux |