Globalization, unrecorded capital flows and monetary policy.

机译：全球化，未记录的资本流动和货币政策。

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In this dissertation, we study the trade mis-invoicing, a major channel for capital flight via trade. We examine the international pattern of the trade mis-invoicing and analyze its association with the economic globalization. Further in the second chapter, we use China's trade mis-invoicing with its 130 trade partners as a proxy for the hot money and empirically test the association between the hot money flows and the Renminbi appreciation expectation. Since hot money flows expose the economy to the risk of high inflation and sudden stop, a good understanding of the trade mis-invoicing helps in the monetary policy making. In the last chapter, we study the monetary policies by focusing on the inflation targeting operation. We analyze the behavioral change in central banks' response to the exchange rates at the time of inflation targeting adoption.

机译：在本文中，我们研究了贸易错误发票，这是通过贸易进行资本外逃的主要渠道。我们研究了贸易错误发票的国际模式，并分析了其与经济全球化的关系。在第二章的进一步内容中，我们使用中国与130个贸易伙伴的贸易发票错误作为热钱的代理，并通过经验检验了热钱流量与人民币升值预期之间的关联。由于热钱的流动使经济面临高通胀和突然止损的风险，因此，对贸易错误发票的深入了解有助于制定货币政策。在上一章中，我们将重点放在针对通胀目标的操作上来研究货币政策。我们分析了采用通胀目标制时中央银行对汇率反应的行为变化。

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作者
Liu, Xue.;
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作者单位

University of California, Santa Cruz.;

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授予单位 University of California, Santa Cruz.;
学科 Economics Commerce-Business.
学位 Ph.D.
年度 2010
页码 119 p.
总页数 119
原文格式 PDF
正文语种 eng
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入库时间 2022-08-17 11:36:56

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2. Monetary Policy in a Changing International Environment: The Role of Global Capital Flows [J] . Martin Feldstein Working Paper Series. Monetary Economics . 2005,第11856期

机译：不断变化的国际环境中的货币政策：全球资本流动的作用
3. Capital flow bonanzas and monetary policy in emerging Europe: responses to the global financial crisis [J] . Jean-Pierre Allegret, Audrey Sallenave Post-Communist Economies . 2015,第4期

机译：新兴欧洲的资本流动资金和货币政策：应对全球金融危机
4. Financial globalization and capital flows volatility effects on economic growth [C] . Lenuta Carp Emerging Markets Queries in Finance and Business Conference . 2015

机译：金融全球化和资本流动对经济增长的波动效应
5. Essays on international capital flows, exchange rates, and monetary policy. [D] . di Giovanni, Julian Paul. 2004

机译：关于国际资本流动，汇率和货币政策的论文。
6. Do managed exchange rates and monetary sterilization encourage capital inflows? [O] . Vandana Arya, Tony Cavoli, Ilke Onur 2020

机译：托管汇率和货币灭菌鼓励资本流入吗？
7. "Monetary Policy in an Era of Capital Market Inflation" Abstract: The theory of capital market inflation argues that the values of long-term securities markets are determined by a disequilibrium inflow of funds into those markets. The resulting overcapitalization of companies leads to increased fragility of banking and undermines monetary policy and stable relationships between short- and long-term interests rates, such as that postulated by Keynes in his theory of the speculative demand for money. Moreover, while the increased fragility of banking is an immediate effect, capital market inflation also creates an unstable Ponzi financing structure in the capital market as a whole. [O] . Jan Toporowski 100

机译：“资本市场通胀时代的货币政策”摘要：资本市场通胀理论认为，长期证券市场的价值取决于资金流入这些市场的不平衡。由此导致的公司资本过度导致银行业的脆弱性增加，破坏了货币政策以及短期和长期利率之间的稳定关系，例如凯恩斯在其投机性货币需求理论中假设的那种。此外，虽然银行业脆弱性的增加是直接影响，但资本市场通胀也在整个资本市场中形成了不稳定的庞氏融资结构。

Globalization, unrecorded capital flows and monetary policy.

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