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Capital Flows and Financial Stability: Monetary Policies and Macro-prudential Countermeasures
Author(s): 
Pages: 75-80+93
Year: Issue:  4
Journal: Xi'an Finance

Keyword:  货币政策资本流动金融稳定;
Abstract: Capital Flows and Financial Stability: Monetary Policies and Macro-prudential Countermeasures published on the Issue of Quarter 1 of 2013 of International Journal of Central Bank by Bank for International Settlements(BIS) analyzes the mutual influence between monetary policies and macro-prudential policies under the open economic DSGE model, and points out that in the event of financial shocks caused by capital inflows, the role of macro-prudential measures as the effective supplementary for monetary policies can be fully displayed, and at the same time, macro-prudential measures may improve the social welfare under"optimal simple rule". In addition, the paper also thinks that if macro-prudential tools are to be used as the separate policy tools, the role of the foreign exchange rate mechanism is very important.
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