Excess liquidity and monetary overhangs / Gerard Caprio, Jr. and Patrick Honohan Caprio, Gerard; Honohan, Patrick

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Caprio, Gerard ; Honohan, Patrick
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World Development
Liquidity (Economics); Marxist economics -- Analysis; Liquidity (Finance) -- Analysis
Academic; Trade
Problems of excess liquidity are cited with striking frequency in countries ranging from the emerging socialist economies to those in the developing world, especially Africa. Monetary policy restraint is often counselled as a remedy, but the term excess liquidity is used to mean widely different phenomena, some of which should not be dealt with in that manner. The focus of this paper is on two cases of excess liquidity which have become increasingly relevant: the credit crunch and the socialist economies' monetary overhang. For these cases a conventional tightening of monetary policy instruments would be particularly inappropriate.
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