IDEAS home Printed from https://ideas.repec.org/a/taf/reroxx/v29y2016i1p286-313.html
   My bibliography  Save this article

Global liquidity and strategies of exit from unconventional monetary policies

Author

Listed:
  • Ansgar Belke

Abstract

We develop some main characteristics of a roadmap of how the European Central Bank (ECB) should further reduce the volume of its balance sheets and roll back credit easing in order to prevent inflation. The exit should be step-by-step rather than a one-off. Communicating about the exit strategy must be an integral part of the strategy. Price stability should take precedence in all decisions. Due to vagabonding global liquidity, there is a strong case for globally coordinating monetary exit strategies. Given non-surmountable practical problems of coordinating exit with asymmetric country interests, however, the ECB should go ahead – perhaps jointly with some Far Eastern economies. Coordination of monetary and fiscal exit would potentially undermine ECB independence and is also technically out of reach within the euro area.

Suggested Citation

  • Ansgar Belke, 2016. "Global liquidity and strategies of exit from unconventional monetary policies," Economic Research-Ekonomska Istraživanja, Taylor & Francis Journals, vol. 29(1), pages 286-313, January.
    • Handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:286-313
    DOI: 10.1080/1331677X.2016.1168039
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1080/1331677X.2016.1168039
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1080/1331677X.2016.1168039?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:taf:reroxx:v:29:y:2016:i:1:p:286-313. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Chris Longhurst (email available below). General contact details of provider: http://www.tandfonline.com/rero .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.