Public Liquidity Demand and Central Bank Independence
RePEc: Research Papers in Economics(2020)
摘要
This paper studies how private demand for public liquidity affects the independence of a central bank vis-a-vis the fiscal authority. Whereas supplying liquidity to the private sector creates degrees of freedom for fiscal and monetary authorities vis-a-vis each other, we show that the authority that is most able to attract private liquidity demand can ultimately impose its views to the other.
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关键词
public liquidity demand,central bank independence,central bank
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