Löffler, Axel; Schnabl, Gunther; Schobert, Franziska - CESifo - 2012
Due to buoyant capital inflows East Asian central banks with exchange rate targets accumulate foreign reserves and … thereby increase surplus liquidity. East Asian central banks with more flexible exchange rate regimes also face surplus … rates East Asian central banks can escape from the impossible trinity and gain monetary policy autonomy by using non …