Publication
Mar 2007
This paper discusses how financial markets have become more integrated and how this has increased the international capital flows. It argues that the frequently used measure of international liquidity has too many meanings for it to be analytically useful. The author suggests that the best measure of the monetary policy stance to be used is the level of interest rates rather than any of measures of liquidity.
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English (PDF, 12 pages, 106 KB) |
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Author | Stephen Grenville |
Series | Lowy Institute Perspectives |
Publisher | Lowy Institute for International Policy |
Copyright | © 2007 Lowy Institute for International Policy |