Financial globalisation and monetary policy effectiveness

Georgiadis Georgios; Mehl Arnaud

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Financial globalisation and monetary policy effectiveness

机译：金融全球化与货币政策有效性

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In theory financial globalisation has an ambiguous effect on monetary policy effectiveness. On the one hand, exposure to global financial cycles dampens the output effect of a tightening in monetary policy in financially integrated economies and thereby reduces monetary policy effectiveness. On the other hand, another salient feature of financial globalisation is that economies have become increasingly net long in foreign currency, which amplifies monetary policy effectiveness: economies experience larger valuation losses and wealth effects on their external balance sheets in response to an exchange rate appreciation when monetary policy is tightened, hence triggering stronger output effects. We quantify empirically the net impact of financial globalisation on monetary policy effectiveness through these two opposing channels. We find that since the 1990s the second channel has dominated so that financial globalisation has amplified monetary policy effectiveness in the typical advanced and emerging market economy. By our estimates, the output effect of a tightening in monetary policy has increased by 25% due to financial globalisation. Our results imply that financial globalisation has modified the transmission of monetary policy by strengthening the importance of the exchange rate channel. (C) 2016 Elsevier B.V. All rights reserved.

机译：从理论上讲，金融全球化对货币政策的有效性具有模糊的影响。一方面，暴露于全球金融周期会削弱金融一体化经济体紧缩货币政策的产出效果，从而降低货币政策的有效性。另一方面，金融全球化的另一个显着特征是，经济体越来越多地使用外汇进行净多头交易，这放大了货币政策的有效性：经济体在经历汇率升值时会遭受更大的估值损失和外部资产负债表的财富影响。货币政策收紧，因此触发了更强劲的产出效应。我们通过这两个相反的渠道，从经验上量化了金融全球化对货币政策有效性的净影响。我们发现，自1990年代以来，第二种渠道已占主导地位，因此金融全球化在典型的先进和新兴市场经济中放大了货币政策的有效性。据我们估计，由于金融全球化，紧缩货币政策的产出效应增加了25％。我们的结果表明，金融全球化通过加强汇率渠道的重要性来改变货币政策的传导。（C）2016 Elsevier B.V.保留所有权利。

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来源
《Journal of International Economics》 |2016年第11期|200-212|共13页
作者
Georgiadis Georgios; Mehl Arnaud;
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作者单位

European Cent Bank, D-60311 Frankfurt, Germany;

European Cent Bank, D-60311 Frankfurt, Germany;

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正文语种 eng
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关键词
Financial globalisation; Monetary policy effectiveness; Valuation effects;

机译：金融全球化;货币政策有效性;估值效应;

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5. Financial evolution and the declining effectiveness of US monetary policy since the 1980s. [D] . Comert, Hasan. 2011

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6. Non-traditional monetary policy and the future of the financial industries [O] . Willem Thorbecke -1

机译：非传统货币政策和金融行业的未来
7. Financial Development and the Distributional Effects of Monetary Policy Do the distributional consequences of monetary policy depend on the extent of financial development? Should optimal monetary policy vary across countries? In order to answer these questions, we develop a monetary growth production model with heterogeneous agents. In our economy, optimal policy needs to weigh the effects of policy across two groups — capital owners and individuals who hold liquid assets. While banks help limit the exposure to inflation, there are limits because money alleviates the frictions of private information and limited communication. In this environment, we compare two economies that are identical in every aspect except for their level of financial development. In a country with limited financial development, a stock market is absent. In the other, an equity market is active. In either economy, inflation adversely affects capital formation and output. Individuals who hold liquid assets are always adversely affected by inflation, but the attitude of capital owners depends on the level of financial development. In particular, in the presence of a stock market, the impact of inflation on the welfare of capital owners is non-monotonic. Nevertheless, optimal monetary policy is always more conservative at higher levels of financial development. [O] . TINA M. Edgar A. Ghossoub, TINA M. Robert R. Reedy 100

机译：金融发展和货币政策的分配效应货币政策的分配后果是否取决于金融发展的程度？各国的最优货币政策应该不同吗？为了回答这些问题，我们开发了一个具有异构代理的货币增长生产模型。在我们的经济中，最优政策需要权衡两个群体的政策效应 - 资本所有者和持有流动资产的个人。虽然银行帮助限制通胀风险，但存在限制，因为资金减轻了私人信息的摩擦和有限的沟通。在这种环境下，我们比较两个经济体在各个方面都是相同的，除了它们的金融发展水平。在金融发展有限的国家，缺乏股票市场。另一方面，股票市场活跃。在任一经济体中，通胀都会对资本形成和产出产生不利影响持有流动资产的个人总是受到通货膨胀的不利影响，但资本所有者的态度取决于金融发展的水平。特别是，在股票市场存在的情况下，通货膨胀对资本所有者福利的影响是非单调的。尽管如此，在较高的金融发展水平下，最优货币政策总是更加保守。

Financial globalisation and monetary policy effectiveness

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