Asset Purchase Programs In European Emerging Markets

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Asset Purchase Programs in European Emerging Markets

Mr. Marco Arena,Mr. Rudolfs Bems,Mr. Nadeem Ilahi,Mr. Jaewoo Lee,William Lindquist,Mr. Tonny Lybek
Asset Purchase Programs in European Emerging Markets Book PDF

Author : Mr. Marco Arena,Mr. Rudolfs Bems,Mr. Nadeem Ilahi,Mr. Jaewoo Lee,William Lindquist,Mr. Tonny Lybek
Publisher : International Monetary Fund
Page : 81 pages
File Size : 45,8 Mb
Release : 2021-09-24
Category : Business & Economics
ISBN : 9781513593753

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Asset Purchase Programs in European Emerging Markets by Mr. Marco Arena,Mr. Rudolfs Bems,Mr. Nadeem Ilahi,Mr. Jaewoo Lee,William Lindquist,Mr. Tonny Lybek Pdf

Several emerging market central banks in Europe deployed asset purchase programs (APPs) amid the 2020 pandemic. The common main goals were to address market dysfunction and impaired monetary transmission, distinct from the quantitative easing conducted by major advanced economy central banks. Likely reflecting the global nature of the crisis, these APPs defied the traditional emerging market concern of destabilizing the exchange rate or inflation expectations and instead alleviated markets successfully. We uncover some evidence that APPs in European emerging markets stabilized government bond markets and boosted equity prices, with no indication of exchange rate pressure. Examining global and domestic factors that could limit the usability of APPs, in the event of renewed market dysfunction we see a potential scope for scaling up APPs in most European emerging markets that used APPs during the pandemic, provided that they remain consistent with the primary objective of monetary policy and keep a safe distance from the risk of fiscal dominance. As central banks in the region move towards monetary policy tightening, the tapering, ending, and unwinding of APPs must also be carefully considered. Clear and transparent communication is critical at each step of the process, from the inception to the closure of APPs, particularly when a large shock hits and triggers a major policy shift.

Asset Purchases and Direct Financing: Guiding Principles for Emerging Markets and Developing Economies During COVID-19 and Beyond

Mr. Tobias Adrian,Christopher J. Erceg,Mr. Simon T Gray,Ms. Ratna Sahay
Asset Purchases and Direct Financing Guiding Principles for Emerging Markets and Developing Economies During COVID 19 and Beyond Book PDF

Author : Mr. Tobias Adrian,Christopher J. Erceg,Mr. Simon T Gray,Ms. Ratna Sahay
Publisher : International Monetary Fund
Page : 49 pages
File Size : 50,6 Mb
Release : 2021-10-11
Category : Business & Economics
ISBN : 9781513594101

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Asset Purchases and Direct Financing: Guiding Principles for Emerging Markets and Developing Economies During COVID-19 and Beyond by Mr. Tobias Adrian,Christopher J. Erceg,Mr. Simon T Gray,Ms. Ratna Sahay Pdf

Many central banks in emerging market and developing economies have used asset purchases to reduce financial stresses during the COVID crisis, and some are doing so to provide macroeconomic stimulus.

Effects of Emerging Market Asset Purchase Program Announcements on Financial Markets During the COVID-19 Pandemic

Can Sever,Rohit Goel,Dimitris Drakopoulos,Mr.Evan Papageorgiou
Effects of Emerging Market Asset Purchase Program Announcements on Financial Markets During the COVID 19 Pandemic Book PDF

Author : Can Sever,Rohit Goel,Dimitris Drakopoulos,Mr.Evan Papageorgiou
Publisher : INTERNATIONAL MONETARY FUND
Page : 21 pages
File Size : 53,8 Mb
Release : 2020-12-18
Category : Business & Economics
ISBN : 1513564668

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Effects of Emerging Market Asset Purchase Program Announcements on Financial Markets During the COVID-19 Pandemic by Can Sever,Rohit Goel,Dimitris Drakopoulos,Mr.Evan Papageorgiou Pdf

The COVID-19 pandemic led many emerging market central banks to adopt, for the first time, unconventional policies in the form of asset purchase programs. In this study, we analyze the effects of these announcements on domestic financial markets using both event studies and local projections methodology. We find that these asset purchase announcements lowered bond yields, did not lead to a depreciation of domestic currencies, and did not have much effect on equities. While the immediate effect of asset purchases appears positive, further consideration of the risks and longer-term effects of unconventional monetary policies is needed. We highlight the trade-offs involved with the implementation of these measures, and discuss their risks. This working paper adds to the debate on how asset purchase programs should be a regular part of the emerging market policy toolkit.

Global Economic Prospects, January 2021

World Bank Group
Global Economic Prospects January 2021 Book PDF

Author : World Bank Group
Publisher : World Bank Publications
Page : 412 pages
File Size : 46,9 Mb
Release : 2021-03-23
Category : Business & Economics
ISBN : 9781464816130

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Global Economic Prospects, January 2021 by World Bank Group Pdf

Although the global economy is emerging from the collapse triggered by COVID-19, the recovery is likely to be subdued, and global GDP is projected to remain well below its pre-pandemic trend for a prolonged period. Several risks cloud the outlook, including those related to the pandemic and to rapidly rising debt. The pandemic has further diminished already-weak growth prospects for the next decade. Decisive policy actions will be critical in raising the likelihood of better growth outcomes while warding off worse ones. Immediate priorities include supporting vulnerable groups and ensuring a prompt and widespread vaccination process to bring the pandemic under control. Although macroeconomic policy support will continue to be important, limited fiscal policy space amid high debt highlights the need for an ambitious reform agenda that bolsters growth prospects. To address many of these challenges, global cooperation will be key. Global Economic Prospects is a World Bank Group Flagship Report that examines global economic developments and prospects, with a special focus on emerging market and developing economies, on a semiannual basis (in January and June). The January edition includes in-depth analyses of topical policy challenges faced by these economies, while the June edition contains shorter analytical pieces.

Emerging Market Volatility

Ms.Ratna Sahay,Mr.Vivek B. Arora,Mr.Athanasios V Arvanitis,Mr.Hamid Faruqee,Mr.Papa N'Diaye,Mr.Tommaso Mancini Griffoli
Emerging Market Volatility Book PDF

Author : Ms.Ratna Sahay,Mr.Vivek B. Arora,Mr.Athanasios V Arvanitis,Mr.Hamid Faruqee,Mr.Papa N'Diaye,Mr.Tommaso Mancini Griffoli
Publisher : International Monetary Fund
Page : 29 pages
File Size : 40,6 Mb
Release : 2014-10-02
Category : Business & Economics
ISBN : 9781484356005

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Emerging Market Volatility by Ms.Ratna Sahay,Mr.Vivek B. Arora,Mr.Athanasios V Arvanitis,Mr.Hamid Faruqee,Mr.Papa N'Diaye,Mr.Tommaso Mancini Griffoli Pdf

Accommodative monetary policies in advanced economies have spurred increased capital inflows into emerging markets since the global financial crisis. Starting in May 2013, when the Federal Reserve publicly discussed its plans for tapering unconventional monetary policies, these emerging markets have experienced financial turbulence at the same that their domestic economic activity has slowed. This paper examines their experiences and policy responses and draws broad policy lessons. For emerging markets, good macroeconomic fundamentals matter, and early and decisive measures to strengthen macroeconomic policies and reduce vulnerabilities help dampen market reactions to external shocks. For advanced economies, clear and effective communication about the exit from unconventional monetary policy can and did help later to reduce the risk of excessive market volatility. And for the global community, enhanced global cooperation, including a strong global financial safety net, offers emerging markets effective protection against excessive volatility.

The Scarcity Effect of Quantitative Easing on Repo Rates: Evidence from the Euro Area

William Arrata,Benoit Nguyen,Imene Rahmouni-Rousseau,Miklos Vari
The Scarcity Effect of Quantitative Easing on Repo Rates Evidence from the Euro Area Book PDF

Author : William Arrata,Benoit Nguyen,Imene Rahmouni-Rousseau,Miklos Vari
Publisher : International Monetary Fund
Page : 45 pages
File Size : 49,6 Mb
Release : 2018-12-07
Category : Business & Economics
ISBN : 9781484386910

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The Scarcity Effect of Quantitative Easing on Repo Rates: Evidence from the Euro Area by William Arrata,Benoit Nguyen,Imene Rahmouni-Rousseau,Miklos Vari Pdf

Most short-term interest rates in the Euro area are below the European Central Bank deposit facility rate, the rate at which the central bank remunerates banks’ excess reserves. This unexpected development coincided with the start of the Public Sector Purchase Program (PSPP). In this paper, we explore empirically the interactions between the PSPP and repo rates. We document different channels through which asset purchases may affect them. Using proprietary data from PSPP purchases and repo transactions for specific (“special") securities, we assess the scarcity channel of PSPP and its impact on repo rates. We estimate that purchasing 1 percent of a bond outstanding is associated with a decline of its repo rate of 0.78 bps. Using an instrumental variable, we find that the full effect may be up to six times higher.

Global Financial Stability Report, April 2013

International Monetary Fund. Monetary and Capital Markets Department
Global Financial Stability Report April 2013 Book PDF

Author : International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 160 pages
File Size : 53,6 Mb
Release : 2013-04-17
Category : Business & Economics
ISBN : 9781475589580

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Global Financial Stability Report, April 2013 by International Monetary Fund. Monetary and Capital Markets Department Pdf

The Global Financial Stability Report examines current risks facing the global financial system and policy actions that may mitigate these. It analyzes the key challenges facing financial and nonfinancial firms as they continue to repair their balance sheets. Chapter 2 takes a closer look at whether sovereign credit default swaps markets are good indicators of sovereign credit risk. Chapter 3 examines unconventional monetary policy in some depth, including the policies pursued by the Federal Reserve, the Bank of England, the Bank of Japan, the European Central Bank, and the U.S. Federal Reserve.

New Voices in Investment

Laura Gómez-Mera,Thomas Kenyon,Yotam Margalit,José Guilherme Reis,Gonzalo Varela
New Voices in Investment Book PDF

Author : Laura Gómez-Mera,Thomas Kenyon,Yotam Margalit,José Guilherme Reis,Gonzalo Varela
Publisher : World Bank Publications
Page : 112 pages
File Size : 54,8 Mb
Release : 2014-12-03
Category : Business & Economics
ISBN : 9781464803727

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New Voices in Investment by Laura Gómez-Mera,Thomas Kenyon,Yotam Margalit,José Guilherme Reis,Gonzalo Varela Pdf

This study analyzes the characteristics, motivations, strategies, and needs of FDI from emerging markets. It draws from a survey of investors and potential investors in Brazil, India, South Korea, and South Africa.

Global Financial Stability Report, October 2019

International Monetary Fund. Monetary and Capital Markets Department
Global Financial Stability Report October 2019 Book PDF

Author : International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 109 pages
File Size : 54,5 Mb
Release : 2019-10-16
Category : Business & Economics
ISBN : 9781498324021

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Global Financial Stability Report, October 2019 by International Monetary Fund. Monetary and Capital Markets Department Pdf

The October 2019 Global Financial Stability Report (GFSR) identifies the current key vulnerabilities in the global financial system as the rise in corporate debt burdens, increasing holdings of riskier and more illiquid assets by institutional investors, and growing reliance on external borrowing by emerging and frontier market economies. The report proposes that policymakers mitigate these risks through stricter supervisory and macroprudential oversight of firms, strengthened oversight and disclosure for institutional investors, and the implementation of prudent sovereign debt management practices and frameworks for emerging and frontier market economies.

Republic of Poland: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Poland

International Monetary,International Monetary Fund. European Dept.
Republic of Poland 2021 Article IV Consultation Press Release Staff Report and Statement by the Executive Director for the Republic of Poland Book PDF

Author : International Monetary,International Monetary Fund. European Dept.
Publisher : International Monetary Fund
Page : 92 pages
File Size : 45,5 Mb
Release : 2022-02-24
Category : Business & Economics
ISBN : 9798400203688

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Republic of Poland: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Poland by International Monetary,International Monetary Fund. European Dept. Pdf

The Polish economy has rebounded strongly, with policy actions limiting the damage from the pandemic-induced recession by supporting employment and avoiding unnecessary bankruptcies. While the pandemic continues to take a toll on lives, the economy has been less impacted by successive waves of the pandemic.

Unconventional Monetary Policies in Emerging Markets and Frontier Countries

Chiara Fratto,Brendan Harnoys Vannier,MissBorislava Mircheva,David de Padua,Ms.Helene Poirson Ward
Unconventional Monetary Policies in Emerging Markets and Frontier Countries Book PDF

Author : Chiara Fratto,Brendan Harnoys Vannier,MissBorislava Mircheva,David de Padua,Ms.Helene Poirson Ward
Publisher : International Monetary Fund
Page : 71 pages
File Size : 42,7 Mb
Release : 2021-01-22
Category : Business & Economics
ISBN : 9781513567211

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Unconventional Monetary Policies in Emerging Markets and Frontier Countries by Chiara Fratto,Brendan Harnoys Vannier,MissBorislava Mircheva,David de Padua,Ms.Helene Poirson Ward Pdf

The COVID-19 crisis induced an unprecedented launch of unconventional monetary policy through asset purchase programs (APPs) by emerging market and developing economies. This paper presents a new dataset of APP announcements and implementation from March until August 2020 for 27 emerging markets and 8 small advanced economies. APPs’ effects on bond yields, exchange rates, equities, and debt spreads are estimated using different methodologies. The results confirm that APPs were successful in significantly reducing bond yields in EMDEs, and these effects were stronger than those of policy rate cuts, suggesting that such UMP could be important tools for EMDEs during financial market stress.

Global Financial Stability Report, April 2021

International Monetary Fund
Global Financial Stability Report April 2021 Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 92 pages
File Size : 52,6 Mb
Release : 2021-04-06
Category : Business & Economics
ISBN : 9781513569673

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Global Financial Stability Report, April 2021 by International Monetary Fund Pdf

Extraordinary policy measures have eased financial conditions and supported the economy, helping to contain financial stability risks. Chapter 1 warns that there is a pressing need to act to avoid a legacy of vulnerabilities while avoiding a broad tightening of financial conditions. Actions taken during the pandemic may have unintended consequences such as stretched valuations and rising financial vulnerabilities. The recovery is also expected to be asynchronous and divergent between advanced and emerging market economies. Given large external financing needs, several emerging markets face challenges, especially if a persistent rise in US rates brings about a repricing of risk and tighter financial conditions. The corporate sector in many countries is emerging from the pandemic overindebted, with notable differences depending on firm size and sector. Concerns about the credit quality of hard-hit borrowers and profitability are likely to weigh on the risk appetite of banks. Chapter 2 studies leverage in the nonfinancial private sector before and during the COVID-19 crisis, pointing out that policymakers face a trade-off between boosting growth in the short term by facilitating an easing of financial conditions and containing future downside risks. This trade-off may be amplified by the existing high and rapidly building leverage, increasing downside risks to future growth. The appropriate timing for deployment of macroprudential tools should be country-specific, depending on the pace of recovery, vulnerabilities, and policy tools available. Chapter 3 turns to the impact of the COVID-19 crisis on the commercial real estate sector. While there is little evidence of large price misalignments at the onset of the pandemic, signs of overvaluation have now emerged in some economies. Misalignments in commercial real estate prices, especially if they interact with other vulnerabilities, increase downside risks to future growth due to the possibility of sharp price corrections.

Central Bank Emergency Support to Securities Markets

Darryl King,Mr.Luis Brandao-Marques,Kelly Eckhold,Peter Lindner,Diarmuid Murphy
Central Bank Emergency Support to Securities Markets Book PDF

Author : Darryl King,Mr.Luis Brandao-Marques,Kelly Eckhold,Peter Lindner,Diarmuid Murphy
Publisher : International Monetary Fund
Page : 50 pages
File Size : 40,9 Mb
Release : 2017-07-10
Category : Business & Economics
ISBN : 9781484305850

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Central Bank Emergency Support to Securities Markets by Darryl King,Mr.Luis Brandao-Marques,Kelly Eckhold,Peter Lindner,Diarmuid Murphy Pdf

This paper considers the central bank mandate with respect to financial stability and identifies the links to the functioning of securities markets. It argues that while emergency support to securities markets is an important part of the crisis management response, a high bar should be set for its use. Importantly, it should be used only as part of a comprehensive policy package. The paper considers what types of securities markets may be important for financial stability, what market conditions could trigger emergency support measures, and how programs can be designed to restore market functioning while minimizing moral hazard.

Monetary Policy in Times of Crisis

Massimo Rostagno,Carlo Altavilla,Giacomo Carboni,Jonathan Yiangou
Monetary Policy in Times of Crisis Book PDF

Author : Massimo Rostagno,Carlo Altavilla,Giacomo Carboni,Jonathan Yiangou
Publisher : Oxford University Press
Page : 449 pages
File Size : 51,6 Mb
Release : 2021
Category : Business & Economics
ISBN : 9780192895912

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Monetary Policy in Times of Crisis by Massimo Rostagno,Carlo Altavilla,Giacomo Carboni,Jonathan Yiangou Pdf

The first twenty years of the European Central Bank offer a unique insight into how a central bank can navigate macroeconomic insecurity and crisis. This volume examines the structures and decision-making processes behind the complex measures taken by the ECB to tackle some of the toughest economic challenges in the history of modern Europe.

Quantitative Easing and Its Impact in the US, Japan, the UK and Europe

Kjell Hausken,Mthuli Ncube
Quantitative Easing and Its Impact in the US Japan the UK and Europe Book PDF

Author : Kjell Hausken,Mthuli Ncube
Publisher : Springer Science & Business Media
Page : 123 pages
File Size : 51,5 Mb
Release : 2013-12-06
Category : Business & Economics
ISBN : 9781461496465

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Quantitative Easing and Its Impact in the US, Japan, the UK and Europe by Kjell Hausken,Mthuli Ncube Pdf

This volume empirically analyzes the effects of quantitative easing (QE) on interest rates and the economy in the US, Japan, UK and Europe. Using an event-study methodology, the authors find that the measures undertaken by the Federal Reserve and Bank of England, which focus primarily on bond purchases, are much more effective in lowering interest rates than those undertaken by the Bank of Japan and the European Central Bank, which have relied more heavily on lending to private financial institutions. Using large Bayesian vector autoregression (BVAR) models they also analyze the impact of QE on the wider economy. They produce no-QE counterfactual forecasts that are compared with their corresponding baseline forecasts, incorporating the effects of QE on government bond spreads. Despite the failure of stimulating economic activities as a whole, the simulation results suggest that the unconventional monetary policies have a positive influence on industrial production in the US, UK and Japan. The authors’ analysis finds that QE contributes to the reduction in unemployment in the US and Japan, and a rise in inflation-expectations in the US, UK and Euro zone. However, evidence on QE’s effect on house prices, stock prices, consumer confidence, and exchange rate, is mixed and thus inconclusive.