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فهرست مقالات

Responsiveness of the MENA Economic Growth to the EU Financial Integration: A Problem Evaluation

نویسنده:

علمی-پژوهشی/ISC (10 صفحه - از 35 تا 44)

کلیدواژه ها :

Inflation ،Excess Liquidity ،Open Economy ،Discretion

کلید واژه های ماشینی : The Excess Liquidity Open Economy ، Excess Liquidity Open Economy Management ، MENA Economic Growth E U ، With Impulse VAR ، China ، East Asia ، This BRICs ، Brazil ، Russia ، India

This paper starts by deep study of the related theories of the excess liquidity and the transmission mechanisms and then has an analysis on the current situation and cause of the excess liquidity in the BRICs which is taken as the representative for the developing countries. And then it comes up with the point that the main cause of the excess liquidity in the developing countries is the financial system, including loose monetary policies, financial innovation, petrodollar, East Asia dollar, US dollar hegemony, overcapacity, trade supply, savings supply and the surge of foreign exchange reserves etc. With the help of the Impulse response model from the VAR model, this paper analyzed on the impact of global liquidity surge to America, the euro zone, Japan, China, India, Russia, Brazil etc. and came to a conclusion: 1. The global excess liquidity keeps increasing. And its speed in the developing countries is fast while slow in the developed countries. 2. The spillover effect of the global excess liquidity spreads mainly through GDP and price. And for most countries, the international factor has more influence on the rising price than the domestic factor. Besides, the GDP has also been affected to fast grow which in turn becomes the main driving force of quantity increase of money. 3. The openness and development level of the economy is not the decisive factor in the excess liquidity’s spillover effect. However, the structure of the macroeconomics and the management level discrepancy are the root causes of the influence difference among countries. Last but not least, combining the new situation of the International economy and the current situation in developing countries, this paper raises some suggestions.

خلاصه ماشینی:

"The Excess Liquidity of the Open Economy and its Management Yonghong TU Department of Money and Banking, School of Finance, Renmin University of China, China Wensheng DAI Department of Insurance, School of Finance, Renmin University of China, China Xueqing ZHAO School of Finance, Renmin University of China, China Abstract The excess liquidity of the open economy has become one main factor influencing the monetary markets, financial markets and even the whole macroeconomic. This paper starts by deep study of the related theories of the excess liquidity and the transmission mechanisms and then has an analysis on the current situation and cause of the excess liquidity in the BRICs which is taken as the representative for the developing countries. And then it comes up with the point that the main cause of the excess liquidity in the developing countries is the financial system, including loose monetary policies, financial innovation, petrodollar, East Asia dollar, US dollar hegemony, overcapacity, trade supply, savings supply and the surge of foreign exchange reserves etc."


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