文章基本信息

标题：The Impact of Financial Integration on Monetary Policy Independence: The Case of Vietnam
本地全文：下载
作者：Ha Hong TRAN ; Thao Phan Thi Dieu LE ; Vinh Thi Hong NGUYEN 等
期刊名称：Journal of Asian Finance, Economics and Business
印刷版ISSN：2288-4637
电子版ISSN：2288-4645
出版年度：2021
卷号：8
期号：2
页码：791-800
DOI：10.13106/jafeb.2021.vol8.no2.0791
语种：English
出版社：Korean Distribution Science Association
摘要：Along with the trend of financial globalization, Vietnam has undergone a process of increasing financial integration. The great capital inflow poses a problem for the monetary policy's ability to follow a planned target during the changes in the global financial markets. This paper aims to examine the impact of financial integration on monetary policy independence in Vietnam and investigate the role of foreign exchange reserves on this relationship. The research borrows from Mundell-Fleming's Trilemma theory. The results show that increasing financial integration reduces the independence of monetary policy in the short term, and foreign exchange reserves have not shown an apparent role in Vietnam. In addition, increasing exchange rate stability has a negative impact on the independence of monetary policy, but it has an impact on growing market confidence and partly supporting the management process of monetary policy in the short term. Therefore, in the long run, Vietnam needs to allow exchange rate flexibility more, but there should not be sudden changes; the size of foreign exchange reserves should be strengthened to facilitate the implementation of an independent monetary policy with an obvious impact in the context of an increasing scale of international capital flows in the future.
关键词：Monetary Policy;Financial Integration;Foreign Exchange Reserves;ARDL Model