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The Microeconomic Dimension of Monetary Policy

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  • Delano Villanueva

Abstract

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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File URL: http://www.seacen.org/GUI/pdf/publications/staff_paper/1997/SP59.pdf
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Bibliographic Info

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This book is provided by South East Asian Central Banks (SEACEN) Research and Training Centre in its series Staff Papers with number sp59 and published in 1997.

ISBN: 983-9478-02-8
Handle: RePEc:sea:spaper:sp59

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