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Monetary policy and demand management for the small open economy in contemporary conditions with (perfectly) mobile capital

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  • ERIC KAM
  • JOHN SMITHIN

Abstract

This paper provides a theoretical framework within which to examine issues of macroeconomic policy autonomy for the small open economy in an increasingly global international environment. We show that substantial policy leverage continues to exist provided that the jurisdictions concerned maintain separate monetary systems, which ensures that the condition of perfect asset substitutability will fail to apply.

Suggested Citation

  • Eric Kam & John Smithin, 2004. "Monetary policy and demand management for the small open economy in contemporary conditions with (perfectly) mobile capital," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 26(4), pages 679-694.
    • Handle: RePEc:mes:postke:v:26:y:2004:i:4:p:679-694
    DOI: 10.1080/01603477.2004.11051420
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    Cited by:

    1. Kam, Eric & Smithin, John, 2008. "‘Unequal Partners’: The Role of International Financial Flows and the Exchange Rate Regime," The Journal of Economic Asymmetries, Elsevier, vol. 5(1), pages 125-137.
    2. Tropeano, Domenica & Michetti, Elisabetta, 2008. "Exchange rate policy and income distribution in an open developing economy," MPRA Paper 6642, University Library of Munich, Germany.
    3. Porcile, Gabriel & de Souza, Alexandre Gomes & Viana, Ricardo, 2011. "External debt sustainability and policy rules in a small globalized economy," Structural Change and Economic Dynamics, Elsevier, vol. 22(3), pages 269-276, September.
    4. Eric Kam & John Smithin, 2012. "Capitalism in One Country? A Re-examination of Mercantilist Systems from the Financial Point of View," Chapters, in: Louis-Philippe Rochon & Salewa ‘Yinka Olawoye (ed.), Monetary Policy and Central Banking, chapter 3, Edward Elgar Publishing.

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