Skip to main navigation Skip to main content
info(at)avldigital.remove-this.de
Deutsch English
Narrow Search
Search narrowed by
Last searches

Results for *

Displaying results 1 to 5 of 5.

  1. How does international capital flow?
    Author: Kumhof, Michael; Phurichai Rungcharoenkitkul; Sokol, Andrej
    Published: 2020
    Publisher:  Bank for International Settlements, Monetary and Economic Department, [Basel]

    Access:
    Verlag (kostenfrei)
    Verlag (kostenfrei)
    Verlag (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 546
    Inter-library loan:
    No inter-library loan
    Export to reference management software   RIS file
      BibTeX file
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: BIS working papers ; no 890 (October 2020)
    Subjects: bank lending; money creation; money demand; uncovered interest parity; exchange rate determination; international capital flows; gross capital flows
    Scope: 1 Online-Ressource (circa 68 Seiten), Illustrationen
  2. How does international capital flow?
    Author: Kumhof, Michael; Phurichai Rungcharoenkitkul; Sokol, Andrej
    Published: November 2020
    Publisher:  Verein für Socialpolitik, [Köln]

    Understanding gross capital flows is increasingly viewed as crucial for both macroeconomic and financial stability policies, but theory is lagging behind many key policy debates. We fill this gap by developing a two-country DSGE model that tracks... more

    Access:
    Resolving-System (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DSM 13
    Inter-library loan:
    No inter-library loan

     

    Understanding gross capital flows is increasingly viewed as crucial for both macroeconomic and financial stability policies, but theory is lagging behind many key policy debates. We fill this gap by developing a two-country DSGE model that tracks domestic and cross-border gross positions between banks and households, with explicit settlement of all transactions through banks. We formalise the conceptual distinction between cross-border saving and financing, which often move in opposite directions in response to shocks. This matters for at least four policy debates. First, current accounts are poor indicators of financial vulnerability, because in a crisis, creditors stop financing debt rather than current accounts, and because following a crisis, current accounts are not the primary channel through which balance sheets adjust. Second, we reinterpret the global saving glut hypothesis by arguing that US households do not finance current account deficits with foreigners' physical saving, but with digital purchasing power, created by banks that are more likely to be domestic than foreign. Third, Triffin's current account dilemma is not in fact a dilemma, because the creation of additional US dollars requires dollar credit creation by US and non-US banks rather than US current account deficits. Finally, we demonstrate that the observed high correlation of gross capital inflows and outflows is overwhelmingly an automatic consequence of double entry bookkeeping, rather than the result of two separate sets of economic decisions.

     
    Export to reference management software   RIS file
      BibTeX file
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/242328
    Edition: This is an updated version of the Staff Working Paper originally published on 21 August 2020
    Series: Jahrestagung 2021 / Verein für Socialpolitik ; 21
    Staff working paper / Bank of England ; no. 884
    Subjects: Bank lending; money creation; money demand; uncovered interest parity; exchange ratedetermination; international capital flows; gross capital flows
    Scope: 1 Online-Ressource (circa 67 Seiten), Illustrationen
  3. CBDC policies in open economies
    Author: Kumhof, Michael; Pinchetti, Marco; Phurichai Rungcharoenkitkul; Sokol, Andrej
    Published: April 2023
    Publisher:  Bank for International Settlements, Monetary and Economic Department, [Basel]

    Access:
    Verlag (kostenfrei)
    Verlag (kostenfrei)
    Verlag (kostenfrei)
    Verlag (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 546
    Inter-library loan:
    No inter-library loan
    Export to reference management software   RIS file
      BibTeX file
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: BIS working papers ; no 1086
    Subjects: Central bank digital currencies; monetary policy; bank deposits; bank loans; monetary frictions; money demand; money supply; credit creation
    Scope: 1 Online-Ressource (circa 94 Seiten), Illustrationen
  4. CBDC policies in open economies
    Author: Kumhof, Michael; Pinchetti, Marco; Phurichai Rungcharoenkitkul; Sokol, Andrej
    Published: March 13, 2023
    Publisher:  [London School of Economics and Political Science], [London, UK]

    Access:
    Verlag (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Inter-library loan:
    No inter-library loan
    Export to reference management software   RIS file
      BibTeX file
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: [CFM discussion paper series] ; [CFM-DP 2023, 09]
    Subjects: Central bank digital currencies; monetary policy; bank deposits; bank loans; monetary frictions; money demand; money supply; credit creation
    Scope: 1 Online-Ressource (circa 91 Seiten)
  5. CBDC policies in open economies
    Author: Kumhof, Michael; Pinchetti, Marco; Phurichai Rungcharoenkitkul; Sokol, Andrej
    Published: [2023]
    Publisher:  [Puey Ungphakorn Institute for Economic Research], [Bangkok]

    Access:
    Verlag (kostenfrei)
    Verlag (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 785
    Inter-library loan:
    No inter-library loan
    Export to reference management software   RIS file
      BibTeX file
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Discussion paper / Puey Ungphakorn Institute for Economic Research ; no. 205 (April 2023)
    Subjects: Central bank digital currencies; monetary policy; bank deposits; bank loans; monetary frictions; money demand; money supply; credit creation
    Scope: 1 Online-Ressource (circa 92 Seiten), Illustrationen