Capital controls as a credit policy tool in a small open economy
Capital controls as a credit policy tool in a small open economy
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DOI：
10.1515/bejm-2016-0231
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发表时间：
2017-10
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影响因子：
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通讯作者：
Shigeto Kitano;Kenya Takaku
中科院分区：
文献类型：
--
作者：
Shigeto Kitano;Kenya Takaku
本文建立了一个包含金融摩擦的粘性价格小型开放经济模型[j] [Gertler， Mark, and Peter Karadi. 2011]。《非常规货币政策模型》货币经济研究，21(1):1 - 4。]，再加上负债美元化。新兴经济体国内金融中介机构与境外投资者之间的代理问题，以内生资产负债表约束的形式对国内金融中介机构产生了金融摩擦。我们考虑收紧资产负债表约束的冲击，并表明资本管制可以作为缓解负面冲击的信贷政策工具，其影响作为新兴经济体的政策工具进行了严格审查。
Abstract We develop a sticky price, small open economy model with financial frictions à la [Gertler, Mark, and Peter Karadi. 2011. “A Model of Unconventional Monetary Policy.” Journal of Monetary Economics 58 (1): 17–34.], in combination with liability dollarization. An agency problem between domestic financial intermediaries and foreign investors of emerging economies introduces financial frictions in the form of time-varying endogenous balance sheet constraints on the domestic financial intermediaries. We consider a shock that tightens the balance sheet constraint and show that capital controls, the effects of which are rigorously examined as a policy tool for the emerging economies, can be a credit policy tool to mitigate the negative shock.