The internationalisation of monetary policy |
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| Institution: | 1. School of Economics, Henan University, Kaifeng, China;2. Korea University Business School, Seoul, South Korea;1. Department of Economics Université de Montréal C.P. 6128, succursale Centre-ville Montréal QC H3C 3J7 Canada;2. Development Research Group, The World Bank, 1818 H St N.W., Washington D.C. 20433, USA;1. Université Paris 8, Bureau D116, 2 rue de la Liberté, 93200 Saint Denis, France;2. Rutgers University, New Jersey Hall, 75 Hamilton Street, New Brunswick, NJ 08901, United States;3. Banque de France, 46-1383 DGEI-DCPM-DIACONJ, 31 rue Croix des Petits Champs, 75049 Paris Cedex 01, France |
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| Abstract: | The case for formal central bank cooperation remains limited, and practical considerations make its implementation difficult. That being said, central banks need to be engaged in a constant dialogue so as to remain ready for rapid coordinated action in exceptional circumstances. Also, they should strive to strengthen the global financial safety nets within their monetary policy mandates so that they can better address global or regional liquidity crises, thereby limiting the case for self-insurance. |
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