Money Versus Credit in the Determination of Output for Small Open Economies PDF Download
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Author: International Monetary Fund Publisher: International Monetary Fund ISBN: 1451956037 Category : Business & Economics Languages : en Pages : 32
Book Description
It is well known that in a small open economy where there is perfect substitutability between domestic and foreign assets and costless portfolio adjustment, the monetary authorities cannot control the money supply, but can influence the balance of payments through the use of domestic credit. It has been argued that domestic credit is therefore the relevant variable in output determination as well. However, this paper demonstrates, using a “new classical” structural model, that under the conditions that render the money supply uncontrollable, neither money nor domestic credit affects output. If either has a significant effect in empirical tests, it implies that the assumption of perfect capital mobility is not satisfied.
Author: International Monetary Fund Publisher: International Monetary Fund ISBN: 1451956037 Category : Business & Economics Languages : en Pages : 32
Book Description
It is well known that in a small open economy where there is perfect substitutability between domestic and foreign assets and costless portfolio adjustment, the monetary authorities cannot control the money supply, but can influence the balance of payments through the use of domestic credit. It has been argued that domestic credit is therefore the relevant variable in output determination as well. However, this paper demonstrates, using a “new classical” structural model, that under the conditions that render the money supply uncontrollable, neither money nor domestic credit affects output. If either has a significant effect in empirical tests, it implies that the assumption of perfect capital mobility is not satisfied.
Author: International Monetary Fund. Research Dept. Publisher: International Monetary Fund ISBN: 1451946988 Category : Business & Economics Languages : en Pages : 228
Book Description
This paper studies the flow of primary commodity exports from non-oil exporting developing countries grouped by geographical region. The first part analyzes the changes in the structure of developing country commodity exports that have taken place over the past two decades. The second part presents empirical evidence on the response of commodity exports to demand and supply. These empirical results point to the low price and income elasticities of demand for certain primary commodity exports and to price elasticities of supply that are in general lower than the corresponding price elasticities of demand in the short run, but that are more sensitive to price in the longer run.
Author: Sheila Page Publisher: Routledge ISBN: 1136139249 Category : Business & Economics Languages : en Pages : 388
Book Description
Developing countries now use monetary policy as part of their adjustment programmes but its targets, the tools, and the theory were developed for advanced countries. Low income countries do not have the sophisticated financial sectors that rich ones can assume, and the shocks and size of adjustment which they face may be much greater. Using six country studies, with special analysis of the roles of the external sector and the informal financial sector, this book analyses the interaction among monetary policy, the financial sector, and development.
Author: International Monetary Fund
Author: International Monetary Fund
Author: Peter Montiel
Author: International Monetary Fund. Research Dept.
Author: Sheila Page
Author: 
Author: Yoav Kislev
Author: Vittorio Corbo
Author: Miguel Alberto Kiguel
Author: Arvind Virmani
Author: