دانلود مقاله ISI انگلیسی شماره 90388
کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
90388 2018 31 صفحه PDF سفارش دهید محاسبه نشده
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عنوان انگلیسی
How does financial liberalisation affect the influence of monetary policy on the current account?
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of International Money and Finance, Volume 85, July 2018, Pages 93-123

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چکیده انگلیسی

Does the current account improve or deteriorate following a monetary policy expansion? We examine this issue theoretically and empirically. We show that a standard open economy DSGE model predicts that the current account response to a monetary policy shock depends on the degree of financial regulation. In particular, financial liberalisation makes it more likely that the current account deteriorates following a monetary expansion. We test this theoretical prediction with a varying coefficient Bayesian panel VAR model, where the coefficients are allowed to vary as a function of the degree of financial, product and labour market regulation on data from 1976Q1-2006Q4 for 19 OECD countries. Our empirical results support the theory. We therefore conclude that following a monetary policy expansion, the current account is more likely to go into deficit in countries with more liberalised financial markets.

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