The Microeconomic Dimension of Monetary Policy
Delano Villanueva ()
in Staff Papers from South East Asian Central Banks (SEACEN) Research and Training Centre
This paper which touches on the links between the macroeconomic and microeconomic dimensions of monetary management, argues that bank soundness is a sine quo non of price stability (or exchange rate stability), and vice versa. It then describes the structural weaknesses of a banking system that create conditions for a financial crisis. The paper concludes by describing how official oversight can buttress market discipline, given some externalities inherent in the banking industry and the public goods nature of banking soundness.
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