Money Versus Credit in the Determination of Output for Small Open Economies.

It is well known that in a small open economy where there is perfect substitutability between domestic and foreign assets and costless portfolio adjustment, the monetary authorities cannot control the money supply, but can influence the balance of payments through the use of domestic credit. It has...

ver descrição completa

Detalhes bibliográficos
Autor Corporativo: International Monetary Fund
Formato: Periódico
Idioma:English
Publicado em: Washington, D.C. : International Monetary Fund, 1989.
coleção:IMF Working Papers; Working Paper ; No. 1989/078
Acesso em linha:Full text available on IMF
LEADER 01777cas a2200241 a 4500
001 AALejournalIMF010015
008 230101c9999 xx r poo 0 0eng d
020 |c 5.00 USD 
020 |z 9781451956030 
022 |a 1018-5941 
040 |a BD-DhAAL  |c BD-DhAAL 
110 2 |a International Monetary Fund. 
245 1 0 |a Money Versus Credit in the Determination of Output for Small Open Economies. 
264 1 |a Washington, D.C. :  |b International Monetary Fund,  |c 1989. 
300 |a 1 online resource (32 pages) 
490 1 |a IMF Working Papers 
500 |a <strong>Off-Campus Access:</strong> No User ID or Password Required 
500 |a <strong>On-Campus Access:</strong> No User ID or Password Required 
506 |a Electronic access restricted to authorized BRAC University faculty, staff and students 
520 3 |a It is well known that in a small open economy where there is perfect substitutability between domestic and foreign assets and costless portfolio adjustment, the monetary authorities cannot control the money supply, but can influence the balance of payments through the use of domestic credit. It has been argued that domestic credit is therefore the relevant variable in output determination as well. However, this paper demonstrates, using a 'new classical' structural model, that under the conditions that render the money supply uncontrollable, neither money nor domestic credit affects output. If either has a significant effect in empirical tests, it implies that the assumption of perfect capital mobility is not satisfied. 
538 |a Mode of access: Internet 
830 0 |a IMF Working Papers; Working Paper ;  |v No. 1989/078 
856 4 0 |z Full text available on IMF  |u http://elibrary.imf.org/view/journals/001/1989/078/001.1989.issue-078-en.xml  |z IMF e-Library