International Monetary Policy Coordination and Financial Market Integration
International Monetary Policy Coordination and Financial Market Integration
复制标题
国际货币政策协调与金融市场一体化
DOI：
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发表时间：
2002
期刊：
影响因子：
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通讯作者：
A. Sutherland
中科院分区：
文献类型：
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作者：
A. Sutherland
货币政策的国际协调的福利收益进行了分析，在两国模型中的粘性价格。协调的收益进行了比较下两种替代结构的金融市场：金融自给自足和风险分担。协调的福利收益被认为是最大的，当有风险分担和国内和外国商品之间的替代弹性大于团结。如果没有风险分担，协调的收益几乎为零。研究还表明，当货币政策不协调时，风险分担的福利收益可能是负的。
The welfare gains from international coordination of monetary policy are analysed in a two-country model with sticky prices. The gains from coordination are compared under two alternative structures for financial markets: financial autarky and risk sharing. The welfare gains from coordination are found to be largest when there is risk sharing and the elasticity of substitution between home and foreign goods is greater than unity. When there is no risk sharing the gains to coordination are almost zero. It is also shown that the welfare gain from risk sharing can be negative when monetary policy is uncoordinated.