Capital inflows and the interest premium problem: The effects of monetary sterilisation in selected Asian economies

被引：9
|
作者：
Cavoli, Tony [1 ]
Rajan, Ramkishen S. [2 ,3 ]
机构：
[1] Univ South, UniSA Business Sch, Adelaide, SA, Australia
[2] Natl Univ Singapore, LKY Sch Publ Policy, Singapore 117548, Singapore
[3] George Mason Univ, Sch Publ Policy, Fairfax, VA 22030 USA
来源：
INTERNATIONAL REVIEW OF ECONOMICS & FINANCE | 2015年 / 39卷
关键词：
Monetary Sterilisation; Interest rates; Asia; EXCHANGE MARKET PRESSURE; INTERVENTION; POLICY;
D O I：
10.1016/j.iref.2015.05.002
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Sterilisation of capital inflows remains a pertinent policy option for many Southeast Asian economies. This paper examines some of the possible consequences of complete and incomplete sterilisation by examining its effect on domestic interest rates. We find that there is evidence to suggest that sterilisation influences local rates directly, but the relationship may not be sufficient to preserve interest differentials or to substantially soften the effects of global liquidity transfers into domestic financial market conditions. (C) 2015 Elsevier Inc All rights reserved.
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页码：1 / 18
页数：18
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