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Record Nr. |
UNINA9910779401403321 |
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Autore |
Han Linghui |
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Titolo |
Optimal Liquidity and Economic Stability / / Linghui Han, Il Lee |
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Pubbl/distr/stampa |
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Washington, D.C. : , : International Monetary Fund, , 2012 |
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ISBN |
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1-4755-0968-5 |
1-4755-3789-1 |
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Descrizione fisica |
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1 online resource (24 p.) |
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Collana |
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Altri autori (Persone) |
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Soggetti |
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Liquidity (Economics) |
Monetary policy |
International finance |
Finance: General |
Macroeconomics |
Money and Monetary Policy |
Industries: Financial Services |
Methodology for Collecting, Estimating, and Organizing Macroeconomic Data |
Data Access |
Investment |
Capital |
Intangible Capital |
Capacity |
Monetary Policy, Central Banking, and the Supply of Money and Credit: General |
Portfolio Choice |
Investment Decisions |
Price Level |
Inflation |
Deflation |
Financial Institutions and Services: General |
Macroeconomics: Consumption |
Saving |
Wealth |
Finance |
Monetary economics |
Liquidity |
Asset prices |
Monetary aggregates |
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Financial sector |
Consumption |
Economics |
Prices |
Money supply |
Financial services industry |
United States |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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"Asia and Pacific Department." |
"May 2012." |
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Nota di bibliografia |
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Includes bibliographical references. |
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Nota di contenuto |
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Cover; Contents; I. Introduction; II. Defining Liquidity and Optimality; III. Testing for Causality between Liquidity and Prices; IV. Relationship between liquidity and consumption; V. Summary and Conclusion; References; Annexes; A. Sources of Data and Estimation Results; B. Relationship Liquidity and Demand |
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Sommario/riassunto |
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Monetary aggregates are now much less used as policy instruments as identifying the right measure has become difficult and interest rate transmission has worked well in an increasingly complex financial system. In this process, little attention was paid to the potential spillover of excess liquidity. This paper suggests a notional level of "optimal" liquidity beyond which asset prices will start to rise faster than the GDP deflator, thereby creating a gap between the face value and the real purchasing value of financial assets and widen the wedge in income between those with capital stock and those living on salaries. Such divergence will eventually lead to an abrupt and disorderly adjustment of the asset value, with repercussions on the real sector. |
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