glut" observed in the era of advancing financial globalization. The supposed paradox is that the developing world has …

rate stability and monetary autonomy) continues to be a valid macroeconomic framework. The financial globalization during … financial globalization has been the growing exposure of developing countries to costly capital flights and deleveraging crises …

China occupies a unique position among developing countries. Its success in achieving relative stability in the … current global financial crisis. Over the last few years, China has been on a path of capital account opening that has drawn … introduced problems for the monetary authorities in continuing with an autonomous monetary policy in China, especially with large …

implications of our model for monetary economics. When a central bank increases the money supply, it must inject the money … somewhere in the economy. We demonstrate that the agent closest to the location where money is injected is better off, and the …. Symmetrically, any decrease in the money supply redistributes purchasing power in the other direction. We also outline the testable …

Money, which provides liquidity, is distinct from debt. The introduction of a bank that issues money in exchange for …