International Liquidity Rents / Maya Eden
Resource type: Ressourcentyp: Buch (Online)Book (Online)Language: English Publisher: Washington, D.C : The World Bank, 2013Description: Online-Ressource (49 p)Subject(s): Additional physical formats: Eden, Maya: International Liquidity Rents DOI: DOI: 10.1596/1813-9450-6462Online resources: Summary: This paper presents a model of global liquidity shortages. Liquid claims are enforceable promises that play a transaction role. Since developed economies have a comparative advantage in creating liquidity, they export liquid claims to emerging economies, resulting in a permanent current account deficit. This model suggests that unrestricted liquidity flows are (a) welfare reducing for emerging economies and (b) Pareto inefficient. The inefficiency results both from excessive investment for the purpose of creating collateral-backed liquid claims, and from excessive global fragility with respect to collateral shocksPPN: PPN: 834978407Package identifier: Produktsigel: ZDB-1-WBA | ZDB-110-WBLNo physical items for this record
Reproduktion, 2013. (World Bank eLibrary) |2013||||||||||