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International Liquidity Rents

Author: Maya Eden
Publisher: Washington, D.C. : The World Bank, 2013.
Series: Policy research working papers.; World Bank e-Library.
Edition/Format:   eBook : Document : International government publication : EnglishView all editions and formats
Summary:
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)  Read more...
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Additional Physical Format: Print version:
Eden, Maya
International Liquidity Rents.
Washington, D.C. : The World Bank, 2013
Material Type: Document, Government publication, International government publication, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Maya Eden
OCLC Number: 858016000
Description: 1 online resource (49 pages).
Series Title: Policy research working papers.; World Bank e-Library.
Responsibility: Maya Eden.

Abstract:

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 results both from excessive investment for the purpose of creating collateral-backed liquid claims, and from excessive global fragility with respect to collateral shocks.

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