Monetary and Financial Policies in Emerging Markets
by Nobuhiro Kiyotaki, Kosuke Aoki and Gianluca Benigno
Abstract
In the past few decades, we have observed a significant process of international financial integration characterized by the rising importance of international financial áows and larger gross external assets and liabilities. To what extent does this international financial integration pose challenges for the conduct of monetary and Önancial policies in open economies, particularly for emerging market economies? How should government conduct policy during global financial booms and recessions?
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