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Liquidity, default and the interaction of financial stability and monetary policy

Abstract:

“Default is to macro-economics what sin is to theology: regrettable but central and essential”. The contemporaneous assessment of both liquidity and default within a framework of missing financial markets, multiple currencies, heterogeneous economic actors (i.e., investors, firms and intermediaries) and multiple externalities is warranted for analysing the interplay of financial and price stability. Thus, the complementarity and substitutability of regulatory and monetary policies can be iden...

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Publication status:
Published
Peer review status:
Peer reviewed

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Publisher copy:
10.1017/9781108529549.010

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Institution:
University of Oxford
Oxford college:
St Edmund Hall
Role:
Author

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Role:
Editor
Role:
Editor
Role:
Editor
Publisher:
Cambridge University Press Publisher's website
Pages:
153-168
Host title:
Changing Fortunes of Central Banking
Publication date:
2018-03-01
Acceptance date:
2017-04-28
DOI:
Source identifiers:
692268
ISBN:
9781108529549
Pubs id:
pubs:692268
UUID:
uuid:9a424b55-12c7-4952-9cd0-53e09823eb2b
Local pid:
pubs:692268
Deposit date:
2017-05-04

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