Derivatives Effect On Monetary Policy Transmission

Author : Coenraad Vrolijk
Publisher : International Monetary Fund
Page : 57 pages
File Size : 43,5 Mb
Release : 1997-09-01
Category : Business & Economics
ISBN : 9781451854343

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Derivatives Effect on Monetary Policy Transmission by Coenraad Vrolijk Pdf

This paper examines changes in the monetary policy transmission mechanism in the presence of derivatives markets. The effect of adding derivatives markets is analyzed independently for each of the main channels of monetary policy transmission: interest rates, credit, and exchange rates. Theoretically, derivatives trading speeds up transmission to financial asset prices, but changes in the transmission to the real economy are ambiguous. Using the structural vector autoregression methodology, an empirical study of the United Kingdom is used to assess the impulse responses of output and inflation, controlling for the size of the U.K. derivative markets. No definitive empirical support for a change in the transmission process is found.

Author : Ingo Fender
Publisher : Unknown
Page : 44 pages
File Size : 43,6 Mb
Release : 2000
Category : Credit derivatives
ISBN : IND:30000078249368

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The Impact of Corporate Risk Management on Monetary Policy Transmission by Ingo Fender Pdf

Author : Anonim
Publisher : Unknown
Page : 64 pages
File Size : 44,6 Mb
Release : 1994
Category : Derivative securities
ISBN : IND:30000055845881

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Macroeconomic and Monetary Policy Issues Raised by the Growth of Derivatives Markets by Anonim Pdf

Author : Lavan Mahadeva,Peter J N Sinclair
Publisher : Routledge
Page : 464 pages
File Size : 46,9 Mb
Release : 2004-08-02
Category : Business & Economics
ISBN : 9781134289844

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How Monetary Policy Works by Lavan Mahadeva,Peter J N Sinclair Pdf

For monetary policymakers worldwide, developing a practical understanding of how monetary policy transmits to the economy is a day-to-day challenge. The data such policymakers have is imperfect, the maps they use are continually redrawn. With such uncertainty, understanding this complicated issue is rarely straightforward. This book, a collaboration between some of the finest minds working on monetary theory in the world, helps to provide a foundation for understanding monetary policy in all its complex glory. Using models, case studies and new empirical evidence, the contributors to this book help readers on many levels develop their technical expertise. Students of macroeconomics, money and banking and international finance will find this to be a good addition to their reading lists. At the same time, policymakers and professionals within banking will learn valuable lessons from a thorough read of this book's pages.

Author : Mr.Luis Brandao-Marques,Mr.R. G Gelos,Mr.Thomas Harjes,Ms.Ratna Sahay,Yi Xue
Publisher : International Monetary Fund
Page : 54 pages
File Size : 50,6 Mb
Release : 2020-02-21
Category : Business & Economics
ISBN : 9781513529738

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Monetary Policy Transmission in Emerging Markets and Developing Economies by Mr.Luis Brandao-Marques,Mr.R. G Gelos,Mr.Thomas Harjes,Ms.Ratna Sahay,Yi Xue Pdf

Central banks in emerging and developing economies (EMDEs) have been modernizing their monetary policy frameworks, often moving toward inflation targeting (IT). However, questions regarding the strength of monetary policy transmission from interest rates to inflation and output have often stalled progress. We conduct a novel empirical analysis using Jordà’s (2005) approach for 40 EMDEs to shed a light on monetary transmission in these countries. We find that interest rate hikes reduce output growth and inflation, once we explicitly account for the behavior of the exchange rate. Having a modern monetary policy framework—adopting IT and independent and transparent central banks—matters more for monetary transmission than financial development.

Author : P. Arestis,G. Zezza
Publisher : Springer
Page : 306 pages
File Size : 45,8 Mb
Release : 2007-02-28
Category : Business & Economics
ISBN : 9780230800762

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Advances in Monetary Policy and Macroeconomics by P. Arestis,G. Zezza Pdf

This book deals with the key aspects of developments in monetary economics and macroeconomics, such as the New Consensus Macroeconomics, and further ones such as money, credit and the business cycle. Adding to the analysis are developments that focus on issues for open and spatial macroeconomics.

Author : Frank Hespeler
Publisher : Cuvillier Verlag
Page : 289 pages
File Size : 47,9 Mb
Release : 2008
Category : Electronic
ISBN : 9783867277600

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Electronic Money and the Monetary Transmission Process by Frank Hespeler Pdf

Author : D. Bryan,M. Rafferty
Publisher : Springer
Page : 236 pages
File Size : 54,6 Mb
Release : 2005-12-16
Category : Business & Economics
ISBN : 9780230501546

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Capitalism With Derivatives by D. Bryan,M. Rafferty Pdf

What are the links between things as diverse as the prices of pork bellies, interest rates, and corporate stock? They are all being translated into risk and priced through the system of derivative markets. Financial derivatives are now the largest form of financial transaction in the world, and they are transforming in pervasive ways the lived experience of capitalist economies. Financial derivatives are anchoring the global financial system and challenging the conventional understanding of ownership, money and capital. These challenges are examined in this book, providing a significant reinterpretation of contemporary capitalism that will be of interest to both social scientists and conventional finance scholars.

Author : Michele Fratianni,Dominick Salvatore,Paolo Savona
Publisher : Springer Science & Business Media
Page : 348 pages
File Size : 41,7 Mb
Release : 2013-06-29
Category : Business & Economics
ISBN : 9781475754506

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Ideas for the Future of the International Monetary System by Michele Fratianni,Dominick Salvatore,Paolo Savona Pdf

Approximately two years ago, the Guido Carli Association charged a group of distinguished economists with studying various aspects of the international monetary system and proposing ways to improve it. The studies were presented at a conference in Florence, Italy, on June 19, 1998 and their edited versions are published in this volume. Ideas for the Future of the International Monetary System consists of two parts: Part I contains the studies commissioned by the Carli Association - those by Dominick Salvatore; Koichi Hamada; Forrest Capie; Michele Fratianni, Andreas Hauskrecht and Aurelio Maccario; Jrgen von Hagen and Ingo Fender, Michael Artis, Marion Kohler and Jacques Mlitz; Barry Eichengreen; Michele Fratianni and Andreas Hauskrecht; Paolo Savona and Aurelio Maccario; and Elvio Dal Bosco - and the comments by Paul De Grauwe and William Branson, and the editors' conclusions. Part II contains three papers presented at the Florence conference, by Antonio Fazio, Carl Scognamiglio, and Alberto Predieri.

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 83 pages
File Size : 47,8 Mb
Release : 2010-07-27
Category : Business & Economics
ISBN : 9781455204908

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Republic of Moldova by International Monetary Fund Pdf

The composition of short-term and medium-term adjustment measures will facilitate sufficient short-term adjustment flexibility, and be consistent with medium-term fiscal sustainability. Improving debt resolution instruments will help the banks to regain confidence in lending. Meanwhile, there is a need to consider improvements in its liquidity framework. The main factors that shaped the economic growth model in Moldova in the last decade and the risks of the current growth model are outlined. Public policies can promote growth by identifying and addressing the most binding constraints to development.

Author : Hau Harald,Peter Hoffmann,Sam Langfield,Mr.Yannick Timmer
Publisher : International Monetary Fund
Page : 45 pages
File Size : 52,9 Mb
Release : 2019-05-07
Category : Business & Economics
ISBN : 9781498303774

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Discriminatory Pricing of Over-the-Counter Derivatives by Hau Harald,Peter Hoffmann,Sam Langfield,Mr.Yannick Timmer Pdf

New regulatory data reveal extensive price discrimination against non-financial clients in the FX derivatives market. The client at the 90th percentile pays an effective spread of 0.5%, while the bottom quarter incur transaction costs of less than 0.02%. Consistent with models of search frictions in over-the-counter markets, dealers charge higher spreads to less sophisticated clients. However, price discrimination is eliminated when clients trade through multi-dealer request-for-quote platforms. We also document that dealers extract rents from captive clients and market opacity, but only for contracts negotiated bilaterally with unsophisticated clients.

Author : Iwao Kuroda
Publisher : Springer
Page : 444 pages
File Size : 46,9 Mb
Release : 1997-04-12
Category : Business & Economics
ISBN : 9781349253821

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Towards More Effective Monetary Policy by Iwao Kuroda Pdf

This volume contains papers prepared for the Bank of Japan's Seventh International Conference which explore the operational and institutional framework for effective monetary policy implementation against the background of recent developments in economics and central banking practice. Features important contributions from leading figures from academia, central banks, and international institutions. Essential reading for anyone interested in central banking or the conduct of monetary policy.

Author : Rosaria Rita Canale,Rajmund Mirdala
Publisher : Emerald Group Publishing
Page : 216 pages
File Size : 49,8 Mb
Release : 2019-05-13
Category : Business & Economics
ISBN : 9781787439818

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Fiscal and Monetary Policy in the Eurozone by Rosaria Rita Canale,Rajmund Mirdala Pdf

Fiscal and Monetary Policy in the Eurozone offers systematic analyses of the economic policy framework of the Eurozone and critiques current ideas about how to move forward, making it essential reading for postgraduate students of economics and of keen interest to researchers, policymakers, journalists, and financial strategists.

Author : Paolo Savona
Publisher : Springer Science & Business Media
Page : 251 pages
File Size : 51,9 Mb
Release : 2013-03-09
Category : Business & Economics
ISBN : 9781475767667

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The New Architecture of the International Monetary System by Paolo Savona Pdf

Two years ago, the Guido Carli Association, in collaboration with the Aspen Institute Italia, charged a group of distinguished economists to examine the problems created by the unsatisfactory functioning of the International Monetary System. The two resulting conferences were sponsored by the Fondazione della Cassa di Risparmio di Firenze (CESIFIN) and the Permanent Advisory Committee on the Euro and the Dollar (PACE&D). Their research had a two-fold aim. The first was an examination of the basic function of the International Monetary System with a special focus on the role the Euro would and should have. The second was the preparation of a list of recommendations on how to resolve the problems, financial problems in particular, affecting the entire world community. Last year, the group focused on efforts taking place in diverse financial institutions and universities to construct what has been called the `New International Financial Architecture'. This group considered the legal problems arising from European and international integration and, more generally, from the new architecture of the International Monetary System. This book, The New Architecture of the International Monetary System, is the final result of their efforts. It will be an invaluable resource for academics, professionals, and students alike.

Author : Board of Governors of the Federal Reserve System
Publisher : Unknown
Page : 0 pages
File Size : 40,7 Mb
Release : 2002
Category : Banks and Banking
ISBN : 0894991965

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The Federal Reserve System Purposes and Functions by Board of Governors of the Federal Reserve System Pdf

Provides an in-depth overview of the Federal Reserve System, including information about monetary policy and the economy, the Federal Reserve in the international sphere, supervision and regulation, consumer and community affairs and services offered by Reserve Banks. Contains several appendixes, including a brief explanation of Federal Reserve regulations, a glossary of terms, and a list of additional publications.