Financial liberalization and adjustment: the cases of Chile and New Zealand

Article Abstract:

A study of financial liberalization in New Zealand and Chile, using a two-sector model, found national interest rates to be more sensitive to shocks when capital mobility is imperfect, though real exchnage rates appear more sensitive with perfect capital mobility. Liberalization of the capital account appears to move volatility to real exchange rates from national interest rates. The study focused on the middle of the 1980s and the end of the 1970s.

Economic aspects, Chile, New Zealand

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Monetary policies in interdependent economies: an open economy explanation for base drift and price-level non-trend-stationarities

Article Abstract:

Structural and policy interdependence among economies yield price-level non-trend-stationarities by impelling central banks to comply with non-trend-stationary policies. Such interdependence are shown to produce spillover effects that influence central banks to follow these monetary policies even if these banks only wish to achieve price-smoothing goals for their domestic economies.

Economic policy, Central banks

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Optimal monetary policies and policy interdependence in the world economy

Article Abstract:

The world economy comprises interdependent units, and changes in the global economic background will affect

Measurement, Money supply

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