LEADER 05270oam 22013694 450 001 9910779401403321 005 20230802005436.0 010 $a1-4755-0968-5 010 $a1-4755-3789-1 035 $a(CKB)2550000000107098 035 $a(EBL)1606754 035 $a(SSID)ssj0000943226 035 $a(PQKBManifestationID)11484313 035 $a(PQKBTitleCode)TC0000943226 035 $a(PQKBWorkID)10977031 035 $a(PQKB)10241726 035 $a(MiAaPQ)EBC1606754 035 $a(Au-PeEL)EBL1606754 035 $a(CaPaEBR)ebr10574691 035 $a(OCoLC)794602571 035 $a(IMF)WPIEE2012135 035 $a(IMF)WPIEA2012135 035 $a(EXLCZ)992550000000107098 100 $a20020129d2012 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aOptimal Liquidity and Economic Stability /$fLinghui Han, Il Lee 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2012. 215 $a1 online resource (24 p.) 225 1 $aIMF Working Papers 300 $a"Asia and Pacific Department." 300 $a"May 2012." 311 $a1-4755-5691-8 311 $a1-4755-0388-1 320 $aIncludes bibliographical references. 327 $aCover; 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 330 3 $aMonetary aggregates are now much less used as policy instruments as identifying the right measure has become difficult and interest rate transmission has worked well in an increasingly complex financial system. In this process, little attention was paid to the potential spillover of excess liquidity. This paper suggests a notional level of "optimal" liquidity beyond which asset prices will start to rise faster than the GDP deflator, thereby creating a gap between the face value and the real purchasing value of financial assets and widen the wedge in income between those with capital stock and those living on salaries. Such divergence will eventually lead to an abrupt and disorderly adjustment of the asset value, with repercussions on the real sector. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2012/135 606 $aLiquidity (Economics) 606 $aMonetary policy 606 $aInternational finance 606 $aFinance: General$2imf 606 $aMacroeconomics$2imf 606 $aMoney and Monetary Policy$2imf 606 $aIndustries: Financial Services$2imf 606 $aMethodology for Collecting, Estimating, and Organizing Macroeconomic Data$2imf 606 $aData Access$2imf 606 $aInvestment$2imf 606 $aCapital$2imf 606 $aIntangible Capital$2imf 606 $aCapacity$2imf 606 $aMonetary Policy, Central Banking, and the Supply of Money and Credit: General$2imf 606 $aPortfolio Choice$2imf 606 $aInvestment Decisions$2imf 606 $aPrice Level$2imf 606 $aInflation$2imf 606 $aDeflation$2imf 606 $aFinancial Institutions and Services: General$2imf 606 $aMacroeconomics: Consumption$2imf 606 $aSaving$2imf 606 $aWealth$2imf 606 $aFinance$2imf 606 $aMonetary economics$2imf 606 $aLiquidity$2imf 606 $aAsset prices$2imf 606 $aMonetary aggregates$2imf 606 $aFinancial sector$2imf 606 $aConsumption$2imf 606 $aEconomics$2imf 606 $aPrices$2imf 606 $aMoney supply$2imf 606 $aFinancial services industry$2imf 607 $aUnited States$2imf 615 0$aLiquidity (Economics) 615 0$aMonetary policy. 615 0$aInternational finance. 615 7$aFinance: General 615 7$aMacroeconomics 615 7$aMoney and Monetary Policy 615 7$aIndustries: Financial Services 615 7$aMethodology for Collecting, Estimating, and Organizing Macroeconomic Data 615 7$aData Access 615 7$aInvestment 615 7$aCapital 615 7$aIntangible Capital 615 7$aCapacity 615 7$aMonetary Policy, Central Banking, and the Supply of Money and Credit: General 615 7$aPortfolio Choice 615 7$aInvestment Decisions 615 7$aPrice Level 615 7$aInflation 615 7$aDeflation 615 7$aFinancial Institutions and Services: General 615 7$aMacroeconomics: Consumption 615 7$aSaving 615 7$aWealth 615 7$aFinance 615 7$aMonetary economics 615 7$aLiquidity 615 7$aAsset prices 615 7$aMonetary aggregates 615 7$aFinancial sector 615 7$aConsumption 615 7$aEconomics 615 7$aPrices 615 7$aMoney supply 615 7$aFinancial services industry 700 $aHan$b Linghui$01567452 701 $aLee$b Il$01548097 801 0$bDcWaIMF 906 $aBOOK 912 $a9910779401403321 996 $aOptimal Liquidity and Economic Stability$93838871 997 $aUNINA