International Liquidity Rents

Eden, Maya

World Bank, Washington, DC

关键词: AGGREGATE DEMAND;    AGGREGATE INCOME;    AMOUNT OF COLLATERAL;    ASSETS;    BENCHMARK;   

DOI  :  10.1596/1813-9450-6462
RP-ID  :  WPS6462

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

This paper presents a model of globalliquidity shortages. Liquid claims are enforceable promisesthat play a transaction role. Since developed economies havea comparative advantage in creating liquidity, they exportliquid claims to emerging economies, resulting in apermanent current account deficit. This model suggests thatunrestricted liquidity flows are (a) welfare reducing foremerging economies and (b) Pareto inefficient. Theinefficiency results both from excessive investment for thepurpose of creating collateral-backed liquid claims, andfrom excessive global fragility with respect to collateral shocks.