Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/109604 
Erscheinungsjahr: 
2013
Schriftenreihe/Nr.: 
ADB Working Paper Series on Regional Economic Integration No. 107
Verlag: 
Asian Development Bank (ADB), Manila
Zusammenfassung: 
Under near zero United States (US) interest rates, the international dollar standard malfunctions. Emerging markets with naturally higher interest rates are swamped with "hot money" inflows. Emerging market central banks intervene to prevent their currencies from rising precipitously. They subsequently lose monetary control and begin inflating. Primary commodity prices rise worldwide unless interrupted by an international banking crisis. This cyclical inflation on the dollar’s periphery only registers in the US core consumer price index (CPI) with a long lag. The zero interest rate policy also fails to stimulate the US economy as domestic financial intermediation by banks and money market mutual funds is repressed. Because the People’s Republic of China (PRC) is forced to keep its interest rates below market-clearing levels, it also suffers from "financial repression," although in a form differing from that in the US.
Schlagwörter: 
Dollar standard
carry trades
commodity price inflation
JEL: 
F31
F32
Persistent Identifier der Erstveröffentlichung: 
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Dokumentart: 
Working Paper

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