Kaltenbrunner, Annina
International monetary and financial hierarchies [recurso electrónico] : macroeconomic implications for emerging market economies / Annina Kaltenbrunner
En: Ensayos Económicos [recurso electrónico]. -- no. 79 (mayo, 2022). -- Buenos Aires : Banco Central de la República Argentina, 2016

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Modo de acceso: World Wide Web. PDF.
Descripción basada en la visualización del recurso el 16/7/2024
Disponible en: https://www.bcra.gob.ar/Institucional/DescargaPDF/DownloadPDF.aspx?Id=1044

This paper discusses the hierarchic features of the international monetary and financial system and the implications these hierarchies have for macroeconomic conditions in Emerging Capitalist Economies (ECEs) using the example of the Covid Shock in March 2020. In particular, it draws attention to two key macroeconomic implications: first, the existence of external vulnerability and adverse exchange rate dynamics, increasingly independent of economic conditions in ECEs; second, the external constraint on monetary policy in ECEs. Analytical emphasis is placed on how recent changes in the global financial system, such as the rise of non-bank financial institutions (NBFIs) and the general move to market-based financial systems, might affect those international monetary and financial hierarchies and their consequences. (This article is based on the presentation made by the author at the 2021 Monetary and Banking Conference of the Central Bank of Argentina).
ISSN: 18506046

1. SISTEMA MONETARIO INTERNACIONAL; 2. SISTEMA FINANCIERO INTERNACIONAL; 3. ECONOMIAS CAPITALISTAS EMERGENTES; 4. VULNERABILIDAD EXTERNA; 5. POLITICA MONETARIA; 6. INSTITUCIONES FINANCIERAS NO BANCARIAS