Money Versus Credit in the Determination of Output for Small Open Economies

Nopic
It is well known that in a small open economy where there is perfect substitutability between domestic and foreign assets and costless portfolio adjustment, the monetary authorities cannot control the money supply, but can influence the balance of payments through the use of domestic credit. It has been argued that domestic credit is therefore... READ MORE...

Publication date: September 1989
ISBN 9781451956030
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