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首页> 外文期刊>The North American journal of economics and finance >Monetary policy efficiency and macroeconomic stability: Do financial openness and economic globalization matter?
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Monetary policy efficiency and macroeconomic stability: Do financial openness and economic globalization matter?

机译：货币政策效率和宏观经济稳定性：进行金融开放和经济全球化吗？

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摘要

We provide indicators for monetary policy inefficiency and macroeconomic instability by the use of efficiency frontier approach to measure the performance of the monetary authority. In particular, based on panel data analysis which takes into account information from forty-two countries for the period 1990 to 2014, we analyze the impact of an increase in financial openness and economic globalization on both monetary policy inefficiency and macroeconomic instability. The findings denote that both financial openness and economic globalization are important tools to improve monetary policy efficiency and macroeconomic stability. Furthermore, we observe that countries with inflation targeting, higher level of development, low risk of political pressures (such as socioeconomic pressures and democratic accountability), as well as the absence of international financial crisis, have a better performance in terms of monetary policy efficiency and macroeconomic stability.
机译：我们通过使用效率前沿方法来衡量货币管理局的绩效，为货币政策低效和宏观经济不稳定提供指标。特别是基于面板数据分析，该数据分析考虑到1990年至2014年的四十二个国家的信息，我们分析了对金融开放和经济全球化增加的影响，以对货币政策效率低下和宏观经济不稳定的影响。调查结果表示，金融开放和经济全球化都是提高货币政策效率和宏观经济稳定的重要工具。此外，我们观察到具有通货膨胀的国家，更高的发展水平，政治压力的低风险（如社会经济压力和民主责任）以及缺乏国际金融危机，在货币政策效率方面具有更好的表现和宏观经济稳定性。

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