Two challenges from globalization

This speech highlights two channels through which globalization poses challenges for monetary policy. The first channel is through the global determination of the average world natural real rate of interest, which implies that saving and investment shifts abroad can influence the domestic interest r...

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Detalles Bibliográficos
Autor principal: Obstfeld, Maurice
Formato: Online Artículo Texto
Lenguaje:English
Publicado: Elsevier Ltd. 2021
Materias:
Article
Acceso en línea:https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7532754/
https://www.ncbi.nlm.nih.gov/pubmed/33041419
http://dx.doi.org/10.1016/j.jimonfin.2020.102301
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author Obstfeld, Maurice
author_facet Obstfeld, Maurice
author_sort Obstfeld, Maurice
collection PubMed
description This speech highlights two channels through which globalization poses challenges for monetary policy. The first channel is through the global determination of the average world natural real rate of interest, which implies that saving and investment shifts abroad can influence the domestic interest rate setting consistent with price stability. The second channel is through global digital payments systems, which may compromise domestic policy sovereignty through effects on both monetary and financial stability.
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spelling pubmed-75327542020-10-05 Two challenges from globalization Obstfeld, Maurice J Int Money Finance Article This speech highlights two channels through which globalization poses challenges for monetary policy. The first channel is through the global determination of the average world natural real rate of interest, which implies that saving and investment shifts abroad can influence the domestic interest rate setting consistent with price stability. The second channel is through global digital payments systems, which may compromise domestic policy sovereignty through effects on both monetary and financial stability. Elsevier Ltd. 2021-02 2020-10-03 /pmc/articles/PMC7532754/ /pubmed/33041419 http://dx.doi.org/10.1016/j.jimonfin.2020.102301 Text en © 2020 Elsevier Ltd. All rights reserved. Since January 2020 Elsevier has created a COVID-19 resource centre with free information in English and Mandarin on the novel coronavirus COVID-19. The COVID-19 resource centre is hosted on Elsevier Connect, the company's public news and information website. Elsevier hereby grants permission to make all its COVID-19-related research that is available on the COVID-19 resource centre - including this research content - immediately available in PubMed Central and other publicly funded repositories, such as the WHO COVID database with rights for unrestricted research re-use and analyses in any form or by any means with acknowledgement of the original source. These permissions are granted for free by Elsevier for as long as the COVID-19 resource centre remains active.
spellingShingle Article
Obstfeld, Maurice
Two challenges from globalization
title Two challenges from globalization
title_full Two challenges from globalization
title_fullStr Two challenges from globalization
title_full_unstemmed Two challenges from globalization
title_short Two challenges from globalization
title_sort two challenges from globalization
topic Article
url https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7532754/
https://www.ncbi.nlm.nih.gov/pubmed/33041419
http://dx.doi.org/10.1016/j.jimonfin.2020.102301
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