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International Liquidity Rents
CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank
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Title:
International Liquidity Rents
Author:
Eden, Maya
Subjects:
AGGREGATE DEMAND
;
AGGREGATE INCOME
;
AMOUNT OF COLLATERAL
;
ASSETS
;
BENCHMARK
;
BIDS
;
BILL
;
BILLS
;
BINDING CONSTRAINT
;
BINDING CONSTRAINTS
;
BROAD MONEY
;
BUDGET CONSTRAINT
;
BUDGET CONSTRAINTS
;
BUSINESS CYCLES
;
CAPITAL ACCUMULATION
;
CAPITAL CONTROLS
;
CAPITAL MARKET
;
CAPITAL MARKET INTEGRATION
;
CAPITAL SHARE
;
CAPITAL STOCK
;
CAPITAL STOCKS
;
CENTRAL BANK
;
CLAIM
;
CLOSED ECONOMY
;
COLLATERAL
;
COMPARATIVE ADVANTAGE
;
CONSUMPTION GROWTH
;
CONSUMPTION PATH
;
CONSUMPTION PATHS
;
CONSUMPTION SMOOTHING
;
COORDINATION FAILURE
;
CORPORATE BONDS
;
CREDIT BOOMS
;
CURRENCY
;
CURRENT ACCOUNT
;
CURRENT ACCOUNT BALANCE
;
CURRENT ACCOUNT BALANCES
;
CURRENT ACCOUNT DEFICIT
;
CURRENT ACCOUNT IMBALANCES
;
CURRENT ACCOUNT SURPLUS
;
DEBT
;
DECLINE IN INVESTMENT
;
DEPRECIATION
;
DEPRECIATION RATE
;
DEVELOPMENT POLICY
;
DIVIDEND
;
DIVIDEND INCOME
;
DOMESTIC FINANCIAL SYSTEM
;
DOMESTIC LIQUIDITY
;
DOMESTIC PRICES
;
DOWNWARD PRESSURE
;
ECONOMIC EFFICIENCY
;
ECONOMIC GROWTH
;
ECONOMIC POLICY
;
ELASTICITY
;
ELASTICITY OF SUBSTITUTION
;
EMERGING ECONOMIES
;
EMERGING ECONOMY
;
EMERGING MARKET
;
EMERGING MARKETS
;
ENFORCEABILITY
;
ENFORCEMENT POWER
;
EQUATIONS
;
EQUILIBRIA
;
EQUILIBRIUM
;
EQUILIBRIUM CONDITION
;
EQUILIBRIUM CONDITIONS
;
EQUILIBRIUM LEVELS
;
EQUILIBRIUM PRICES
;
EXCESS DEMAND
;
EXCHANGE RATE
;
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;
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;
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;
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;
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;
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;
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;
FINANCIAL INTERMEDIATION
;
FINANCIAL LIBERALIZATION
;
FINANCIAL MARKETS
;
FINANCIAL SHOCKS
;
FULL EMPLOYMENT
;
GDP
;
GDP PER CAPITA
;
GENERAL EQUILIBRIUM
;
GLOBAL IMBALANCES
;
GLOBAL INVESTMENT
;
GLOBAL LIQUIDITY
;
GLOBAL MARKETS
;
GLOBALIZATION
;
GOVERNMENT BOND
;
GOVERNMENT BONDS
;
GROSS CAPITAL FORMATION
;
GROSS DOMESTIC PRODUCT
;
GROWTH RATE
;
IMPORT
;
IMPORTS
;
INEFFICIENCY
;
INELASTIC DEMAND
;
INFLATION
;
INTEREST RATE
;
INTEREST RATE DECLINES
;
INTEREST RATES
;
INTERNATIONAL BANK
;
INTERNATIONAL CAPITAL
;
INTERNATIONAL CAPITAL FLOWS
;
INTERNATIONAL CURRENCY
;
INTERNATIONAL ECONOMICS
;
INTERNATIONAL FINANCIAL INTEGRATION
;
INTERNATIONAL TRADE
;
INVESTING
;
INVESTMENT DECISIONS
;
INVESTMENT OPPORTUNITIES
;
LABOR FORCE
;
LABOR MARKET
;
LENDER
;
LENDERS
;
LEVERAGE
;
LIQUIDITY
;
LIQUIDITY CONSTRAINT
;
LIQUIDITY CONSTRAINTS
;
LIQUIDITY PREMIUM
;
LIQUIDITY PREMIUMS
;
LOW INTEREST RATES
;
MACROECONOMIC EFFECTS
;
MACROECONOMICS
;
MARGINAL PRODUCT
;
MARGINAL PRODUCTIVITY
;
MONETARY ECONOMICS
;
MONETARY MODEL
;
MONETARY POLICY
;
MORTGAGE
;
MORTGAGE LOANS
;
MULTIPLIERS
;
NATIONAL CURRENCY
;
NET CAPITAL
;
NET EXPORTS
;
OPEN ECONOMY
;
OPTIMIZATION
;
PERMANENT INCOME
;
POLITICAL ECONOMY
;
PRIVATE MONEY
;
PRODUCTION INPUTS
;
PRODUCTION OUTPUT
;
PRODUCTIVITY
;
PURCHASING POWER
;
RANDOM VARIABLE
;
RATE OF RETURN
;
RECESSION
;
RELIANCE ON COLLATERAL
;
REPO
;
REPO MARKET
;
RESERVE CURRENCIES
;
RETURNS
;
RISK SHARING
;
SAVINGS
;
SECURITIES
;
SEIGNIORAGE
;
SHARE OF CAPITAL
;
SHAREHOLDERS
;
SOURCE OF UNCERTAINTY
;
STEADY STATE
;
STEADY STATE LEVEL
;
STEADY STATE LEVELS
;
STICKY WAGES
;
SUBSTITUTION EFFECT
;
SURPLUS
;
TAX
;
TAX REVENUES
;
TOTAL OUTPUT
;
TRADE BALANCE
;
TRADE BALANCES
;
TRANSACTION
;
TRANSACTION COSTS
;
TREASURIES
;
TREASURY
;
TREASURY RATE
;
UNEMPLOYMENT
;
UPWARD PRESSURE
;
USE OF COLLATERAL
;
VENTURE CAPITALIST
;
WAGES
;
WEALTH
;
WORKING CAPITAL
;
WORLD DEVELOPMENT INDICATORS
Description:
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 shocks.
Publisher:
World Bank, Washington, DC
Creation Date:
2013-05
Language:
English
Source:
Open Knowledge Repository
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