Global implications of national unconventional policies
成果类型：
Article
署名作者：
Dedola, Luca; Karadi, Peter; Lombardo, Giovanni
署名单位：
European Central Bank
刊物名称：
JOURNAL OF MONETARY ECONOMICS
ISSN/ISSBN：
0304-3932
DOI：
10.1016/j.jmoneco.2012.12.001
发表日期：
2013
页码：
66-85
关键词：
摘要：
Financial integration in the markets for banks' assets and liabilities makes balance sheet constraints highly correlated across countries, resulting in a high degree of financial and macroeconomic interdependence. Likewise, under financial integration unconventional policies aimed at stabilizing domestic financial and credit conditions could entail large international spillovers. Therefore, stabilization by one country will also benefit other countries, reducing incentives to implement credit policies in a classic free-riding problem, especially when these policies entail domestic costs. We show that this outcome can emerge in an open economy model featuring financial intermediaries that face endogenously determined balance sheet constraints. (c) 2012 Elsevier B.V. All rights reserved.
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