conventional trade channel. We analyze whether the effective exchange rate affects GDP growth, the domestic credit and the global … liquidity measure as the credit in foreign currencies, and how global liquidity affects GDP growth. We make use of local … growth. However, this is valid only in the short-run; in the medium-long run, an increase of credit denominated in foreign …

conventional trade channel. We analyze whether the effective exchange rate affects GDP growth, the domestic credit and the global … liquidity measure as the credit in foreign currencies, and how global liquidity affects GDP growth. We make use of local … growth. However, this is valid only in the short-run; in the medium-long run, an increase of credit denominated in foreign …

three policy goals in the trilemma - monetary independence, exchange rate stability, and financial openness - we examine how … choices matter for output volatility and the medium-term level of inflation. Greater monetary independence is associated with … lower output volatility while greater exchange rate stability implies greater output volatility, which can be mitigated if a …

external finances affect output volatility through the investment or trade channel depending on the openness of the economies … three policy goals in the trilemma – monetary independence, exchange rate stability, and financial openness – in this paper … the three policy choices matter for output volatility and the medium-term level of inflation. Greater monetary …

policy choices do not matter for per capita economic growth. However, they do matter for output volatility and the medium … levels of IR. Greater financial openness helps reduce real exchange rate volatility. These results indicate that policy … three policy goals in the trilemma — monetary independence, exchange rate stability, and financial openness — this paper …

This paper develops a flexible price, two-sector nominal growth model, in order to study the role of the exchange rate …