This paper presents a model of global liquidity shortages. Liquid claims are enforceable promises that play a transaction role. Since developed economies have a comparative advantage in creating liquidity, they export liquid claims to emerging economies, resulting in a permanent current account deficit. This model suggests that unrestricted liquidity flows are (a) welfare reducing for emerging economies and (b) Pareto inefficient. The inefficiency...
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详细
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2013/05/01
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政策研究报告
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WPS6462
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1
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1
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2013/05/01
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Disclosed
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International liquidity rents
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Emerging economies