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of the COVID-19 pandemic and the financial crisis. Using bank-level data of 31 commercial banks in Vietnam from 2007 to … through the bank lending channel is stronger under unfavorable macro contexts in Vietnam. Accordingly, it can be suggested … the implementation of unconventional monetary policy in Vietnam is not necessary yet. Regression results when using the …
Persistent link: https://www.econbiz.de/10014480274
Modern Money Theory (MMT) has generated considerable scrutiny and discussions over the past decade. While it has gained some acceptance in the financial sector and among some politicians, it has come under strong criticisms from all sides of the academic spectrum and from conservative political...
Persistent link: https://www.econbiz.de/10012795769
sample of representative commercial banks on a quarterly basis for a small open emerging market such as Vietnam. We find that …
Persistent link: https://www.econbiz.de/10014431861
One of the main contributions of Modern Money Theory (MMT) has been to explain why monetarily sovereign governments have a very flexible policy space that is unconstrained by hard financial limits. Not only can they issue their own currency to pay public debt denominated in their own currency,...
Persistent link: https://www.econbiz.de/10010251586
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stagflation of the 1970s required steep increases in interest rates by major advanced-economy central banks to quell inflation …
Persistent link: https://www.econbiz.de/10013256317
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What are the macroeconomic consequences of a government that is limited in its willingness or ability to raise primary surpluses, and a central bank that accommodates its interest-rate policy to the fiscal conditions? I address this question in a dynamic stochastic sticky-price model with...
Persistent link: https://www.econbiz.de/10014484339
make several claims about the inadequacy and fallacy of modern money theory (MMT) and conclude that MMT is nothing more than a political manifesto; there is no theoretical and empirical foundation beneath it. The present paper addresses this last point by focusing on the fiscal and monetary...
Persistent link: https://www.econbiz.de/10014433700
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