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

Eric Kam () and John Smithin

Journal of Post Keynesian Economics, 2004, vol. 26, issue 4, 679-694

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.

Date: 2004
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DOI: 10.1080/01603477.2004.11051420

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