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논문 기본 정보
- 자료유형
- 학술저널
- 저자정보
- 발행연도
- 2019.1
- 수록면
- 212 - 235 (24page)
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This paper investigates the short-run and long-run effects of financial integration on the dynamics between monetary independence and foreign exchange reserves using a GMM system estimation involving two-year non-overlapping average data (2000-2011) from 114 countries. The results indicate that the effect of foreign exchange reserves on the monetary independence is intensified by the level of financial integration. This suggests a positive spill over effect from the financial integration to the monetary policy independence. Besides, a positive implication of financial integration on monetary independence could be established when the foreign exchange reserves is at the maximum level. In addition, the comparisons between the mean of foreign exchange reserves and the threshold levels of foreign exchange reserves that neutralise the impact of financial integration indicate that on average, the foreign exchange reserves are sufficient to offset the effect of financial integration. A stable exchange rate will undermine the positive impact of foreign exchange reserves on monetary independence. Finally, the long-run and short-run impacts occur in the same direction. This paper ends with some policy implications and suggestions for future research.
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참고문헌 (52)
참고문헌 신청
Agenor, P. -R. / 2003 / Benefits and costs of international financial integration: Theory and facts / The World Economy 26(8):1089~1118
Aizenman, J. / 2008 / Assessing the emerging global financial architecture:Measuring the trilemma’s configuration over time
Aizenman, J. / 2010 / The emerging global financial architecture: Tracing and evaluating new patterns of the trilemma configuration / Journal of International Money and Finance 29(4):615~641
Aizenman, J. / 2013 / The ‘impossible trinity’ hypothesis in an era of global imbalances: Measurement and testing / Review of International Economics 21(3):447~458
Aizenman, J. / 2012 / Trilemma policy convergence patterns and output volatility / North America Journal of Economics and Finance 23(3):269~285
Aizenman, J. / 2008 / Assessing the emerging global financial architecture:Measuring the trilemma’s configuration over time
Aizenman, J. / 2010 / The emerging global financial architecture: Tracing and evaluating new patterns of the trilemma configuration / Journal of International Money and Finance 29(4):615~641
Aizenman, J. / 2013 / The ‘impossible trinity’ hypothesis in an era of global imbalances: Measurement and testing / Review of International Economics 21(3):447~458
Aizenman, J. / 2012 / Trilemma policy convergence patterns and output volatility / North America Journal of Economics and Finance 23(3):269~285
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