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Financial stability in open economies

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dc.contributor.authorFujiwara, Ippei
dc.contributor.authorTeranishi, Yuki
dc.date.accessioned2025-04-08T01:02:20Z
dc.date.available2025-04-08T01:02:20Z
dc.date.issued2013-04
dc.description.abstractDo financial frictions call for policy cooperation? This paper investigates the implications of financial frictions for monetary policy in the open economy. Welfare analysis shows that there are long-run gains which result from cooperation, but, dynamically, financial frictions per se do not require policy cooperation to improve global welfare over business cycles. In addition, inward-looking financial stability, namely eliminating inefficient fluctuations of loan premiums in the home country, is the optimal monetary policy in the open economy, irrespective of the existence of policy coordination.
dc.identifier.issn2204-9770
dc.identifier.urihttps://hdl.handle.net/1885/733747245
dc.language.isoen_AU
dc.provenanceThe publisher permission to make it open access was granted in November 2024
dc.publisherCrawford School of Public Policy, The Australian National University
dc.relation.ispartofseriesAJRC working papers
dc.rightsAuthor(s) retain copyright
dc.sourceAustralia-Japan Research Centre Working Papers
dc.source.urihttps://crawford.anu.edu.au
dc.titleFinancial stability in open economies
dc.typeWorking/Technical Paper
dcterms.accessRightsOpen Access
dspace.entity.typePublication
local.bibliographicCitation.issueJun-13
local.type.statusPublished Version

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