Direct And Spillover Effects Of Unconventional Monetary And Exchange Rate Policies

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Direct and Spillover Effects of Unconventional Monetary and Exchange Rate Policies

Mr.Joseph E. Gagnon,Mr.Tamim Bayoumi,Juan M. Londono,Christian Saborowski,Horacio Sapriza
Direct and Spillover Effects of Unconventional Monetary and Exchange Rate Policies Book PDF

Author : Mr.Joseph E. Gagnon,Mr.Tamim Bayoumi,Juan M. Londono,Christian Saborowski,Horacio Sapriza
Publisher : International Monetary Fund
Page : 52 pages
File Size : 51,6 Mb
Release : 2017-03-13
Category : Business & Economics
ISBN : 9781475586237

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Direct and Spillover Effects of Unconventional Monetary and Exchange Rate Policies by Mr.Joseph E. Gagnon,Mr.Tamim Bayoumi,Juan M. Londono,Christian Saborowski,Horacio Sapriza Pdf

This paper explores the effects of unconventional monetary and exchange rate policies. We find that official foreign asset purchases have large effects on current accounts that diminish as capital mobility rises and spill over to financially integrated countries. There is an additional effect through the stock of central bank assets. Domestic asset purchases have an effect on current accounts only when capital mobility is low. We also find that rising US bond yields drive foreign yields, stock prices and depreciations, but less so on days of policy announcements. We develop a theoretical model that is broadly consistent with our results.

Financial Crisis, US Unconventional Monetary Policy and International Spillovers

Qianying Chen,Andrew Filardo,Mr. Dong He,Feng Zhu
Financial Crisis US Unconventional Monetary Policy and International Spillovers Book PDF

Author : Qianying Chen,Andrew Filardo,Mr. Dong He,Feng Zhu
Publisher : International Monetary Fund
Page : 32 pages
File Size : 44,8 Mb
Release : 2015-04-29
Category : Business & Economics
ISBN : 9781484340714

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Financial Crisis, US Unconventional Monetary Policy and International Spillovers by Qianying Chen,Andrew Filardo,Mr. Dong He,Feng Zhu Pdf

We study the impact of the US quantitative easing (QE) on both the emerging and advanced economies, estimating a global vector error-correction model (GVECM) and conducting counterfactual analyses. We focus on the effects of reductions in the US term and corporate spreads. First, US QE measures reducing the US corporate spread appear to be more important than lowering the US term spread. Second, US QE measures might have prevented episodes of prolonged recession and deflation in the advanced economies. Third, the estimated effects on the emerging economies have been diverse but often larger than those recorded in the US and other advanced economies. The heterogeneous effects from US QE measures indicate unevenly distributed benefits and costs.

The Impact of Unconventional Monetary Policy Measures by the Systemic Four on Global Liquidity and Monetary Conditions

Ms.Yevgeniya Korniyenko,Ms.Elena Loukoianova
The Impact of Unconventional Monetary Policy Measures by the Systemic Four on Global Liquidity and Monetary Conditions Book PDF

Author : Ms.Yevgeniya Korniyenko,Ms.Elena Loukoianova
Publisher : International Monetary Fund
Page : 48 pages
File Size : 52,5 Mb
Release : 2015-12-30
Category : Business & Economics
ISBN : 9781513515021

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The Impact of Unconventional Monetary Policy Measures by the Systemic Four on Global Liquidity and Monetary Conditions by Ms.Yevgeniya Korniyenko,Ms.Elena Loukoianova Pdf

The paper examines the impact of unconventional monetary policy measures (UMPMs) implemented since 2008 in the United States, the United Kingdom, Euro area and Japan— the Systemic Four—on global monetary and liquidity conditions. Overall, the results show positive significant relationships. However, there are differences in the impact of the UMPMs of individual S4 countries on these conditions in other countries. UMPMs of the Bank of Japan have positive association with global liquidity but negative association with securities issuance. The quantitative easing (QE) of the Bank of England has the opposite association. Results for the quantitative easing measures of the United States Federal Reserve System (U.S. Fed) and the ECB UMPMs are more mixed.

Unconventional Monetary Policy in a Small Open Economy

Margaux MacDonald,Michal Ksawery Popiel
Unconventional Monetary Policy in a Small Open Economy Book PDF

Author : Margaux MacDonald,Michal Ksawery Popiel
Publisher : International Monetary Fund
Page : 70 pages
File Size : 54,7 Mb
Release : 2017-12-01
Category : Business & Economics
ISBN : 9781484331798

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Unconventional Monetary Policy in a Small Open Economy by Margaux MacDonald,Michal Ksawery Popiel Pdf

This paper investigates the effects of unconventional monetary policy in a small open economy. Using recently proposed shadow interest rates to capture unconventional monetary policy at the zero lower bound (ZLB) we estimate a Bayesian structural vector autoregressive model for Canada - a useful case where foreign shocks can be proxied by U.S. variables alone. We find that, during the ZLB period, Canadian unconventional monetary policy increased output (measured by industrial production) by 0.013 percent per month on average while US unconventional monetary policy raised Canadian output by 0.127 percent per month on average. Our results demonstrate the effectiveness of domestic unconventional monetary policy and the strong positive spillover effects that foreign unconventional monetary policies can have in a small open economy.

International Capital Flows

Martin Feldstein
International Capital Flows Book PDF

Author : Martin Feldstein
Publisher : University of Chicago Press
Page : 500 pages
File Size : 50,8 Mb
Release : 2007-12-01
Category : Business & Economics
ISBN : 9780226241807

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International Capital Flows by Martin Feldstein Pdf

Recent changes in technology, along with the opening up of many regions previously closed to investment, have led to explosive growth in the international movement of capital. Flows from foreign direct investment and debt and equity financing can bring countries substantial gains by augmenting local savings and by improving technology and incentives. Investing companies acquire market access, lower cost inputs, and opportunities for profitable introductions of production methods in the countries where they invest. But, as was underscored recently by the economic and financial crises in several Asian countries, capital flows can also bring risks. Although there is no simple explanation of the currency crisis in Asia, it is clear that fixed exchange rates and chronic deficits increased the likelihood of a breakdown. Similarly, during the 1970s, the United States and other industrial countries loaned OPEC surpluses to borrowers in Latin America. But when the U.S. Federal Reserve raised interest rates to control soaring inflation, the result was a widespread debt moratorium in Latin America as many countries throughout the region struggled to pay the high interest on their foreign loans. International Capital Flows contains recent work by eminent scholars and practitioners on the experience of capital flows to Latin America, Asia, and eastern Europe. These papers discuss the role of banks, equity markets, and foreign direct investment in international capital flows, and the risks that investors and others face with these transactions. By focusing on capital flows' productivity and determinants, and the policy issues they raise, this collection is a valuable resource for economists, policymakers, and financial market participants.

Debt in Times of Crisis

Thomas Poufinas
Debt in Times of Crisis Book PDF

Author : Thomas Poufinas
Publisher : Springer Nature
Page : 284 pages
File Size : 44,8 Mb
Release : 2021-08-27
Category : Business & Economics
ISBN : 9783030741624

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Debt in Times of Crisis by Thomas Poufinas Pdf

Debt, private and public, and in particular excessive debt, has been debated to be one of the root causes of economic crises. At the same time, economic crises are believed to lead to an increase of debt. This book, through a range of contributors, explores certain constituents of an economy and attempts to identify their contribution to debt (public and private), especially in times of crisis; namely, bonds, tariffs, social security and non-performing loans (NPLs). Furthermore, it captures the (implicit) impact of the demography on debt through tariffs and social security and investigates the effect of quantitative easing/purchase programs and as well as crises on debt. In addition, the (cost of the) reserve that a state may want to provision for, in order to secure its economy from defaulting within a certain time horizon, is also addressed and calculated. This calculation offers an alternative valuation, or pricing, of (excess) debt (default protection). This book aims to offer a comparative study of countries – especially those with a history of excessive debt - and intends to realize whether an economic crisis can genuinely deteriorate debt, or whether the debt unsustainability is preexisting to the crisis. It will be relevant to students and researchers interested in economic policy and growth.

China's New Economic Frontier

Joseph E. Gagnon,Jacob Funk Kirkegaard,Edwin M. Truman,Nicolas Véron
China s New Economic Frontier Book PDF

Author : Joseph E. Gagnon,Jacob Funk Kirkegaard,Edwin M. Truman,Nicolas Véron
Publisher : Peterson Institute for International Economics
Page : 42 pages
File Size : 53,7 Mb
Release : 2016-08-01
Category : Electronic
ISBN : 9780881327243

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China's New Economic Frontier by Joseph E. Gagnon,Jacob Funk Kirkegaard,Edwin M. Truman,Nicolas Véron Pdf

PIIE Briefing 16-5

Currency Conflict and Trade Policy

C. Fred Bergsten,Joseph E. Gagnon
Currency Conflict and Trade Policy Book PDF

Author : C. Fred Bergsten,Joseph E. Gagnon
Publisher : Columbia University Press
Page : 128 pages
File Size : 41,8 Mb
Release : 2017-06-27
Category : Business & Economics
ISBN : 9780881327250

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Currency Conflict and Trade Policy by C. Fred Bergsten,Joseph E. Gagnon Pdf

Conflicts over currency valuations are a recurrent feature of the modern global economy. To strengthen their international competitiveness, many countries resort to buying foreign currencies to make their exports cheaper and their imports more expensive. In the first decade of the 21st century, for example, China's currency manipulation practices were so flagrant that they produced a backlash in the United States and other trading partners, prompting threats of retaliation. How damaging is the practice of currency manipulation—and how extensive is the problem? This book by C. Fred Bergsten and Joseph E. Gagnon—two leading experts on trade, investment, and the effects of currency manipulation—traces the history, causes, and effects of currency manipulation and analyzes a range of policy responses that the United States could adopt. The book is an indispensable guide to a complex and serious problem and what might be done to solve it.

International Monetary Cooperation

C. Fred Bergsten ,Russell A. Green
International Monetary Cooperation Book PDF

Author : C. Fred Bergsten ,Russell A. Green
Publisher : Peterson Institute for International Economics
Page : 312 pages
File Size : 49,8 Mb
Release : 2016-04-07
Category : Political Science
ISBN : 9780881327120

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International Monetary Cooperation by C. Fred Bergsten ,Russell A. Green Pdf

In September 1985, emissaries of the world's five leading industrial nations—the United States, Britain, France, Germany, and Japan—secretly gathered at the Plaza Hotel in New York City and unveiled an unprecedented effort to correct the largest set of current account and exchange rate imbalances that had ever threatened the world economy. The Plaza Accord is credited with sharply realigning exchange rates, significantly reducing current account imbalances, and countering protectionist pressures in the United States. But did the Accord provide a foundation for ongoing international financial stability and policy coordination? Or was it simply a unique one-time coincidence of national interests? The Plaza experience continues to inform today's debates about the limits and possibilities of international monetary cooperation. In late 2015, leading policymakers and economists—including those who were involved in the Accord's design, negotiation, and implementation—held a Plaza Retrospective conference at the Baker Institute for Public Policy to evaluate the Accord's legacy and how its collaborative spirit can be applied today. This volume presents their views and analyses to provide guidance for a time when the world again faces the prospect of currency disequilibria, growing imbalances, trade policy reactions, and thus uncertainty for both the global economy and world politics.

Contemporary Topics in Finance

Iris Claus,Leo Krippner
Contemporary Topics in Finance Book PDF

Author : Iris Claus,Leo Krippner
Publisher : John Wiley & Sons
Page : 400 pages
File Size : 55,5 Mb
Release : 2019-04-29
Category : Business & Economics
ISBN : 9781119565161

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Contemporary Topics in Finance by Iris Claus,Leo Krippner Pdf

The literature surveys presented in this edited volume provide readers with up-to-date reviews on eleven contemporary topics in finance. Topics include unconventional monetary policy, implicit bank guarantees, and financial fraud - all linked to the exceptional event of the Global Financial Crisis Explores how recent studies on inflation risk premia and finance and productivity have benefitted from new empirical methods and the availability of relevant data Demonstrates how angel investing, venture capital, relationship lending and microfinance have benefitted from increased research as they have become more seasoned Investigates crowdfunding and crypto-currencies which have both arisen from recent technological developments

Negative Interest Rate Policy (NIRP)

Andreas Jobst,Huidan Lin
Negative Interest Rate Policy NIRP Book PDF

Author : Andreas Jobst,Huidan Lin
Publisher : International Monetary Fund
Page : 48 pages
File Size : 48,7 Mb
Release : 2016-08-10
Category : Business & Economics
ISBN : 9781475524475

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Negative Interest Rate Policy (NIRP) by Andreas Jobst,Huidan Lin Pdf

More than two years ago the European Central Bank (ECB) adopted a negative interest rate policy (NIRP) to achieve its price stability objective. Negative interest rates have so far supported easier financial conditions and contributed to a modest expansion in credit, demonstrating that the zero lower bound is less binding than previously thought. However, interest rate cuts also weigh on bank profitability. Substantial rate cuts may at some point outweigh the benefits from higher asset values and stronger aggregate demand. Further monetary accommodation may need to rely more on credit easing and an expansion of the ECB’s balance sheet rather than substantial additional reductions in the policy rate.

US-China Cooperation in a Changing Global Economy

Adam S. Posen,Jiming Ha
US China Cooperation in a Changing Global Economy Book PDF

Author : Adam S. Posen,Jiming Ha
Publisher : Peterson Institute for International Economics
Page : 156 pages
File Size : 49,7 Mb
Release : 2017-06-01
Category : Business & Economics
ISBN : 9780881327298

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US-China Cooperation in a Changing Global Economy by Adam S. Posen,Jiming Ha Pdf

978-0-88132-729-8, PIIE, IIE, Peterson Institute for International Economics, US-China Cooperation in a Changing Global Economy, CF40, Adam S. Posen, China-US Economic Cooperation, Policy Changes, US Fiscal Policy, US Economy, Trump Administration, Exchange Rates, Finance, International Monetary System, G-20 Cooperation, Trade and Investment, US-China Trade Disputes, wto, bilateral Investment Treaty, fdi, Trade Wars

Negative Interest Rates

Luís Brandão Marques,Marco Casiraghi,Gaston Gelos,Güneş Kamber,Roland Meeks
Negative Interest Rates Book PDF

Author : Luís Brandão Marques,Marco Casiraghi,Gaston Gelos,Güneş Kamber,Roland Meeks
Publisher : International Monetary Fund
Page : 84 pages
File Size : 40,7 Mb
Release : 2021-03-03
Category : Business & Economics
ISBN : 9781513570082

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Negative Interest Rates by Luís Brandão Marques,Marco Casiraghi,Gaston Gelos,Güneş Kamber,Roland Meeks Pdf

This paper focuses on negative interest rate policies and covers a broad range of its effects, with a detailed discussion of findings in the academic literature and of broader country experiences.

Flow and Stock Effects of Large-Scale Treasury Purchases

Stefania D'Amico
Flow and Stock Effects of Large Scale Treasury Purchases Book PDF

Author : Stefania D'Amico
Publisher : DIANE Publishing
Page : 40 pages
File Size : 55,7 Mb
Release : 2011-02
Category : Business & Economics
ISBN : 9781437941647

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Flow and Stock Effects of Large-Scale Treasury Purchases by Stefania D'Amico Pdf

This is a print on demand edition of a hard to find publication. Using a panel of daily CUSIP-level data, the authors study the effects of the Federal Reserve¿s program to purchase $300 billion of U.S. Treasury coupon securities announced and implemented during 2009. The authors find that each purchase operation, on average, caused a decline in yields in the sector purchased of 3.5 basis points on the days when these purchases occurred (the ¿flow effect¿ of the program). In addition, the program as a whole resulted in a persistent downward shift in the yield curve of as much as 50 basis points (the ¿stock effect¿), with the largest impact in the 10- to 15-year sector. The coefficient patterns generally support a view of segmentation or imperfect substitution within the Treasury market. Charts and tables.

IMF Research Bulletin, Summer 2017

International Monetary Fund. Research Dept.
IMF Research Bulletin Summer 2017 Book PDF

Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 19 pages
File Size : 41,5 Mb
Release : 2017-08-11
Category : Business & Economics
ISBN : 9781484315446

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IMF Research Bulletin, Summer 2017 by International Monetary Fund. Research Dept. Pdf

The Summer 2017 issue of the IMF Research Bulletin highlights new research such as recent IMF Working Papers and Staff Discussion Notes. The Research Summaries are “Structural Reform Packages, Sequencing, and the Informal Economy (by Zsuzsa Munkacsi and Magnus Saxegaard) and “A Broken Social Contract, Not High Inequality Led to the Arab Spring” (by Shantayanan Devarajan and Elena Ianchovichina). The Q&A section features “Seven Questions on Fintech” (by Tommaso Mancini-Griffoli). The Bulletin also includes information on recommended titles from IMF Publications and the latest articles from the IMF Economic Review.