Belgian paper warns central bank policies could worsen financial shocks
Central banks in small open economies that try to target both financial stability and monetary policy using only one instrument may end up making credit shocks worse, according to a working paper published today by the National Bank of Belgium.
In Household and firm leverage, capital flows and monetary policy in a small open economy, author Mara Pirovano develops a model of a small open economy with a high level of dollarisation that faces a capital inflow shock, mimicking the experience of many
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