Evolution Of Bilateral Swap Lines

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Evolution of Bilateral Swap Lines

Michael Perks,Yudong Rao,Mr. Jongsoon Shin,Kiichi Tokuoka
Evolution of Bilateral Swap Lines Book PDF

Author : Michael Perks,Yudong Rao,Mr. Jongsoon Shin,Kiichi Tokuoka
Publisher : International Monetary Fund
Page : 40 pages
File Size : 43,5 Mb
Release : 2021-08-06
Category : Business & Economics
ISBN : 9781513590134

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Evolution of Bilateral Swap Lines by Michael Perks,Yudong Rao,Mr. Jongsoon Shin,Kiichi Tokuoka Pdf

This paper makes contributions to the study of bilateral swap lines (BSLs). First, this paper fills a BSL information gap by constructing a comprehensive database of BSLs based on publicly available information, including after the onset of the COVID-19 pandemic. Second, the paper provides the results of regression analysis exploring several empirical questions that were not covered in previous studies. The paper documents the evolution of BSLs into an important part of the Global Financial Safety Net (GFSN), with some helping to stabilize financial market during both the Global Financial Crisis (GFC) and the COVID-19 pandemic. Analysis suggests that countries on the recipient side of BSLs are more likely to sign and renew BSLs designed to alleviate balance of payments needs as their external position weakens. U.S. Federal Reserve BSLs appear to have been effective at stabilizing financial market conditions during the COVID-19 pandemic.

Central Banking in a Post-Pandemic World

Mustafa Yağcı
Central Banking in a Post Pandemic World Book PDF

Author : Mustafa Yağcı
Publisher : Taylor & Francis
Page : 307 pages
File Size : 55,6 Mb
Release : 2023-08-25
Category : Business & Economics
ISBN : 9781000935837

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Central Banking in a Post-Pandemic World by Mustafa Yağcı Pdf

This book addresses the urgent need to examine central bank policies in response to the global supply and demand shock brought on by the Covid-19 pandemic, asking whether central banks are doing enough to address inequalities and concerns around climate change and emerging technologies. Adopting an interdisciplinary, critical perspective, the contributors to this volume provide novel theoretical, methodological, and empirical insights on central banks around the world, including in advanced, emerging and developing economies. The chapters in this book explore the evolution of central bank mandates, the policy tools central banks are utilizing, why and how monetary policy takes different shapes (including unconventional monetary policy), the key dynamics influencing central bank policies, how central banks are adapting to the new realities and addressing emerging challenges, and how monetary policy is perceived in the wider economic policy framework. With novel theoretical approaches and diverse empirical evidence from a variety of countries, this book will appeal to readers interested in central banking, monetary policy, the economics of the pandemic and political economy.

The State of Capitalism

Costas Lapavitsas,EReNSEP Writing Collective
The State of Capitalism Book PDF

Author : Costas Lapavitsas,EReNSEP Writing Collective
Publisher : Verso Books
Page : 385 pages
File Size : 52,6 Mb
Release : 2023-08-29
Category : Political Science
ISBN : 9781839767845

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The State of Capitalism by Costas Lapavitsas,EReNSEP Writing Collective Pdf

Thinking beyond pandemic capitalism The health emergency that broke out in 2020 is a landmark event in the development of capitalism, confirming the underlying change signalled by the Great Crisis of 2007-9. The pandemic has catapulted the state to the centre of economic activity. However, a historic impasse is steadily becoming apparent at the core of the world economy Productive accumulation is flaccid, as both profitability and labour productivity are weak. Financialisation has entered a new phase, as “shadow banking” grew relative to other banks but is entirely dependent on the state. The power of the state derives from command over fiat money and can certainly deliver enormous boosts to aggregate demand, but that is not enough to tackle the weakness of the productive sector. The rise in inflation for the first time in forty years indicates the impasse. There is a transparent need for intervention on the supply side, directly challenging capitalist property rights. There is no evidence, however, that the ruling blocs in core countries would engage in such policies. The pandemic crisis also brought to the fore fresh divisions of core and periphery across the world economy. Imperialism has assumed new forms, spurred by globally active financial capital and internationalised productive capital. A renewed contest for hegemony has emerged as US power declined. The economic challenge of China will unfold steadily in the years ahead, intensifying political tensions and military rivalries. This book is the work of a research collective comprising authors from several parts of the world. It analyses these vital issues from the perspective of Marxist political economy and puts forth alternative anticapitalist proposals.

External Sector Report 2022

International Monetary Fund. Research Dept.
External Sector Report 2022 Book PDF

Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 116 pages
File Size : 52,5 Mb
Release : 2022-08-04
Category : Business & Economics
ISBN : 9798400214943

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External Sector Report 2022 by International Monetary Fund. Research Dept. Pdf

Global current account balances—the overall size of current account deficits and surpluses—continued to widen in 2021 to 3.5 percent of world GDP, and are expected to widen again this year. The IMF’s multilateral approach suggests that global excess balances narrowed to 0.9 percent of world GDP in 2021 compared with 1.2 percent of world GDP in 2020. The pandemic has continued to affect economies’ current account balances unevenly through the travel and transportation sectors as well as a shift from services to goods consumption. Commodity prices recovered from the COVID-19 shock and started rising in 2021 with opposite effects on the external position of exporters and importers, a trend that the war in Ukraine is exacerbating in 2022. The medium-term outlook for global current account balances is a gradual narrowing as the impact of the pandemic fades away, commodity prices normalize, and fiscal consolidation in current account deficit economies progresses. However, this outlook is highly uncertain and subject to several risks. Policies to promote external rebalancing differ with positions and needs of individual economies.

Review of the Flexible Credit Line, The Short Term Liquidity Line and the Precautionary and Liquidity Line, and Proposals for Reform

International Monetary,International Monetary Fund. Strategy, Policy, & Review Department
Review of the Flexible Credit Line The Short Term Liquidity Line and the Precautionary and Liquidity Line and Proposals for Reform Book PDF

Author : International Monetary,International Monetary Fund. Strategy, Policy, & Review Department
Publisher : International Monetary Fund
Page : 148 pages
File Size : 42,6 Mb
Release : 2023-10-06
Category : Business & Economics
ISBN : 9798400254703

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Review of the Flexible Credit Line, The Short Term Liquidity Line and the Precautionary and Liquidity Line, and Proposals for Reform by International Monetary,International Monetary Fund. Strategy, Policy, & Review Department Pdf

The Fund’s precautionary toolkit rests on the simple proposition that facilitating crisis prevention is far less costly than crisis resolution. Its value increases with systemic risk. Serial shocks to the global trading and financial systems pose significant and persistent headwinds for well-integrated emerging markets. An adequately funded global financial safety net (GFSN) with a suite of precautionary tools allows qualifying members to respond to balance of payments (BoP) shocks, reducing the incidence of crises and limiting contagion. The Fund is the only layer of the GFSN available to all members; other layers vary in their availability and externalities. In this context, the overarching objective of this review of the Flexible Credit Line (FCL), Short-term Liquidity Line (SLL), and Precautionary and Liquidity Line (PLL) is to ensure that the precautionary facilities toolkit (henceforth “the toolkit”) is fit for purpose for the challenges ahead.

Research Handbook of Financial Markets

Refet S. Gürkaynak,Jonathan H. Wright
Research Handbook of Financial Markets Book PDF

Author : Refet S. Gürkaynak,Jonathan H. Wright
Publisher : Edward Elgar Publishing
Page : 533 pages
File Size : 46,8 Mb
Release : 2023-05-09
Category : Business & Economics
ISBN : 9781800375321

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Research Handbook of Financial Markets by Refet S. Gürkaynak,Jonathan H. Wright Pdf

The Research Handbook of Financial Markets carefully discusses the histories and current states of the most important financial markets and institutions, as well as explicitly underscoring open questions that need study. By describing the institutional structure of different markets and highlighting recent changes within them, it accurately highlights their evolving nature.

Balance of Power

Éric Monnet
Balance of Power Book PDF

Author : Éric Monnet
Publisher : University of Chicago Press
Page : 212 pages
File Size : 42,6 Mb
Release : 2024-04-23
Category : Business & Economics
ISBN : 9780226825472

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Balance of Power by Éric Monnet Pdf

Central banks now stand between societies and collapse, but are they still democratic? Two decades of financial crises have dramatically expanded central banks’ powers. In 2008, and then again in 2020, unelected banking officials found themselves suddenly responsible for the public welfare—not just because it was necessary but based on an idea that their independence from political systems would insulate them from the whims of populism. Now, as international crises continue and the scope of monetary interventions grows in response, these bankers have become increasingly powerful. In Balance of Power, economist and historian Éric Monnet charts the rise of central banks as the nominally independent—but unavoidably political—superpowers of modern societies. This trajectory, Monnet argues, is neither inevitable nor unstoppable. By embracing the political natures of today’s central banks, we can construct systems of accountability for how they interact with states and societies. Monnet shows that this effort will do more than guard against unjust power; it will put the banks to work for greater, more democratic ends. With existential challenges looming and the work of the Federal Reserve and European Central Bank more important than ever, Balance of Power offers a trenchant case for what this century’s central banks can—and must—become.

The Elgar Companion to the Eurasian Economic Union

Alexander Libman,Evgeny Vinokurov
The Elgar Companion to the Eurasian Economic Union Book PDF

Author : Alexander Libman,Evgeny Vinokurov
Publisher : Edward Elgar Publishing
Page : 287 pages
File Size : 45,5 Mb
Release : 2024-03-14
Category : Political Science
ISBN : 9781800375000

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The Elgar Companion to the Eurasian Economic Union by Alexander Libman,Evgeny Vinokurov Pdf

This insightful Companion provides an in-depth, systematic analysis of the Eurasian Economic Union (EAEU), an economic union of several post-Soviet Eurasian states.

Renminbi Usage in Cross-Border Payments: Regional Patterns and the Role of Swaps Lines and Offshore Clearing Banks

Hector Perez-Saiz,Ms. Longmei Zhang
Renminbi Usage in Cross Border Payments Regional Patterns and the Role of Swaps Lines and Offshore Clearing Banks Book PDF

Author : Hector Perez-Saiz,Ms. Longmei Zhang
Publisher : International Monetary Fund
Page : 24 pages
File Size : 47,7 Mb
Release : 2023-03-31
Category : Business & Economics
ISBN : 9798400235559

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Renminbi Usage in Cross-Border Payments: Regional Patterns and the Role of Swaps Lines and Offshore Clearing Banks by Hector Perez-Saiz,Ms. Longmei Zhang Pdf

The paper examines the usage of the Renminbi (RMB) as an international payment currency. Globally, the use of RMB remains small, accounting for 2 percent of total cross-border transactions. Using country-level transaction data from Swift** for 2010–21, we find significant regional variations in the use of RMB for cross-border payments. While RMB is little used in some regions, it has gained traction in others, and these cross-country differences have widened over the years. Such differences can be partly explained by an economy’s geographic distance, political distance, and trade linkages with China. However, it also reflects the impact of policy measures by the People’s Bank of China, including establishing bilateral swap lines and offshore clearing banks. Both policy measures helped to address offshore RMB liquidity shortages given China’s overall capital account restrictions, with the offshore clearing banks having a quantitatively larger impact. Our analysis contributes to a better understanding of the growing importance of RMB within the international monetary system.

Geo-Economic Fragmentation and the Future of Multilateralism

Mr. Shekhar Aiyar,Mr. Jiaqian Chen,Mr. Christian H Ebeke,Mr. Roberto Garcia-Saltos,Tryggvi Gudmundsson,Ms. Anna Ilyina,Mr. Alvar Kangur,Tansaya Kunaratskul,Mr. Sergio L. Rodriguez,Michele Ruta,Tatjana Schulze,Gabriel Soderberg,Mr. Juan P Trevino
Geo Economic Fragmentation and the Future of Multilateralism Book PDF

Author : Mr. Shekhar Aiyar,Mr. Jiaqian Chen,Mr. Christian H Ebeke,Mr. Roberto Garcia-Saltos,Tryggvi Gudmundsson,Ms. Anna Ilyina,Mr. Alvar Kangur,Tansaya Kunaratskul,Mr. Sergio L. Rodriguez,Michele Ruta,Tatjana Schulze,Gabriel Soderberg,Mr. Juan P Trevino
Publisher : International Monetary Fund
Page : 41 pages
File Size : 52,5 Mb
Release : 2023-01-15
Category : Business & Economics
ISBN : 9798400229046

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Geo-Economic Fragmentation and the Future of Multilateralism by Mr. Shekhar Aiyar,Mr. Jiaqian Chen,Mr. Christian H Ebeke,Mr. Roberto Garcia-Saltos,Tryggvi Gudmundsson,Ms. Anna Ilyina,Mr. Alvar Kangur,Tansaya Kunaratskul,Mr. Sergio L. Rodriguez,Michele Ruta,Tatjana Schulze,Gabriel Soderberg,Mr. Juan P Trevino Pdf

After several decades of increasing global economic integration, the world is facing the risk of policy-driven geoeconomic fragmentation (GEF). This note explores the ramifications. It identifies multiple channels through which the benefits of globalization were earlier transmitted, and along which, conversely, the costs of GEF are likely to fall, including trade, migration, capital flows, technology diffusion and the provision of global public goods. It explores the consequences of GEF for the international monetary system and the global financial safety net. Finally, it suggests a pragmatic path forward for preserving the benefits of global integration and multilateralism

The Future of Multilateralism and Globalization in the Age of the U.S.–China Rivalry

Norbert Gaillard,Fumihito Gotoh,Rick Michalek
The Future of Multilateralism and Globalization in the Age of the U S China Rivalry Book PDF

Author : Norbert Gaillard,Fumihito Gotoh,Rick Michalek
Publisher : Taylor & Francis
Page : 257 pages
File Size : 47,5 Mb
Release : 2023-10-26
Category : Business & Economics
ISBN : 9781000986969

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The Future of Multilateralism and Globalization in the Age of the U.S.–China Rivalry by Norbert Gaillard,Fumihito Gotoh,Rick Michalek Pdf

Despite the growing consensus that the rise of China is transforming international relations, policy makers and scholars have not sufficiently addressed the geopolitical and geoeconomic implications of a new paradigm, especially since the Covid-19 pandemic and the Russo-Ukrainian war. This book fills this gap. This is an original and innovative book that investigates how a new modus vivendi between China and the United States in a post-globalized world requires more economic independence because of the distrust between G20 economies but heightened international cooperation, in order to avert a shift to nationalism and protectionism and to fight financial and climate crises. The book is divided into four parts. Part I investigates the specific features of Chinese and U.S. capitalisms; Part II argues that several flaws observed in the multilateral architecture since the early 2000s have caused global imbalances and increased misunderstanding and mistrust between the two superpowers; Part III analyzes how the China-U.S. rivalry has manifested in Asia, Latin America, and in terms of global development finance and finally, Part IV provides a blueprint for a successful and revamped international order. The book provides an ambitious interdisciplinary analysis of the future of multilateralism and globalization with contributions from economists, lawyers, and political scientists. Due to its multidisciplinary approach, the book will attract the interest of scholars and postgraduate students from wide ranging fields, as well as practitioners working in international organizations, policy makers and more generally educated lay readers interested in the topic.

Review of Data Provision to the Fund for Surveillance Purposes

International Monetary Fund
Review of Data Provision to the Fund for Surveillance Purposes Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 129 pages
File Size : 43,6 Mb
Release : 2024-04-12
Category : Business & Economics
ISBN : 9798400273407

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Review of Data Provision to the Fund for Surveillance Purposes by International Monetary Fund Pdf

Data provision by member countries is a key input into the IMF’s surveillance activities. The 2024 Review of Data Provision to the Fund for Surveillance Purposes took place against the backdrop of profound shifts in the global economy, highlighting the important need for adequate macroeconomic and financial data to inform analysis and policymaking. This Review achieved a substantial, but manageable, update to the overall envelope of data that members are required to provide to the Fund in the areas of public sector, foreign exchange intervention, and macrofinancial indicators. Addressing these data gaps will reduce blind spots and support even-handedness in Fund surveillance. The Review also introduced a more structured and transparent assessment of data adequacy for surveillance. This strengthened framework will facilitate policy dialogue with the authorities on data issues and improve prioritization of capacity development efforts. Finally, the Review confirmed the long-standing practice of not applying the remedial framework when members do not provide certain data categories that the Fund considers outdated.

Crisis as Catalyst

Andrew J. MacIntyre,T. J. Pempel,John Ravenhill
Crisis as Catalyst Book PDF

Author : Andrew J. MacIntyre,T. J. Pempel,John Ravenhill
Publisher : Cornell University Press
Page : 340 pages
File Size : 42,5 Mb
Release : 2008
Category : Asia
ISBN : 0801474604

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Crisis as Catalyst by Andrew J. MacIntyre,T. J. Pempel,John Ravenhill Pdf

The financial crisis that swept across East Asia during 1997-1998 was devastating not only in its economic impact but also in its social and political effects. The explosive growth and sociopolitical modernization that had powered the region for much of the preceding decade suddenly were dramatically interrupted. East Asia is economically outperforming the rest of the developing world once again and has become a leading force in the global economy. In the wake of the crisis, East Asia changed in important ways. Crisis as Catalyst contains assessments of these changes-both ephemeral and permanent- by a wide range of specialists in Asian economics and politics.The crisis, as the contributors to this volume show, catalyzed changes across political, corporate, and social arenas both in the countries hit hard by the crisis and in others throughout the region. The authors of Crisis as Catalyst examine what has changed (as well as what has not changed) in East Asia since the crisis, explain these variations, and reflect on the long-term significance of these developments.

Evolution or Revolution?

Olivier Blanchard,Lawrence H. Summers
Evolution or Revolution Book PDF

Author : Olivier Blanchard,Lawrence H. Summers
Publisher : MIT Press
Page : 388 pages
File Size : 49,7 Mb
Release : 2019-04-16
Category : Business & Economics
ISBN : 9780262039369

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Evolution or Revolution? by Olivier Blanchard,Lawrence H. Summers Pdf

Leading economists discuss post–financial crisis policy dilemmas, including the dangers of complacency in a period of relative stability. The Great Depression led to the Keynesian revolution and dramatic shifts in macroeconomic theory and macroeconomic policy. Similarly, the stagflation of the 1970s led to the adoption of the natural rate hypothesis and to a major reassessment of the role of macroeconomic policy. Should the financial crisis and the Great Recession lead to yet another major reassessment, to another intellectual revolution? Will it? If so, what form should it, or will it, take? These are the questions taken up in this book, in a series of contributions by policymakers and academics. The contributors discuss the complex role of the financial sector, the relative roles of monetary and fiscal policy, the limits of monetary policy to address financial stability, the need for fiscal policy to play a more active role in stabilization, and the relative roles of financial regulation and macroprudential tools. The general message is a warning against going back to precrisis ways—to narrow inflation targeting, little use of fiscal policy for stabilization, and insufficient financial regulation. Contributors David Aikman, Alan J. Auerbach, Ben S. Bernanke, Olivier Blanchard, Lael Brainard, Markus K. Brunnermeier, Marco Buti, Benoît Cœuré, Mario Draghi, Barry Eichengreen, Jason Furman, Gita Gopinath, Pierre-Olivier Gourinchas, Andrew G. Haldane, Philipp Hildebrand, Marc Hinterschweiger, Sujit Kapadia, Nellie Liang, Adam S. Posen, Raghuram Rajan, Valerie Ramey, Carmen Reinhart, Dani Rodrik, Robert E. Rubin, Jay C. Shambaugh, Tharman Shanmugaratnam, Jeremy C. Stein, Lawrence H. Summers

Crashed

Adam Tooze
Crashed Book PDF

Author : Adam Tooze
Publisher : Penguin
Page : 720 pages
File Size : 47,6 Mb
Release : 2018-08-07
Category : Business & Economics
ISBN : 9780525558804

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Crashed by Adam Tooze Pdf

WINNER OF THE LIONEL GELBER PRIZE A NEW YORK TIMES NOTABLE BOOK OF 2018 ONE OF THE ECONOMIST'S BOOKS OF THE YEAR A NEW YORK TIMES CRITICS' TOP BOOK "An intelligent explanation of the mechanisms that produced the crisis and the response to it...One of the great strengths of Tooze's book is to demonstrate the deeply intertwined nature of the European and American financial systems."--The New York Times Book Review From the prizewinning economic historian and author of Shutdown and The Deluge, an eye-opening reinterpretation of the 2008 economic crisis (and its ten-year aftermath) as a global event that directly led to the shockwaves being felt around the world today. We live in a world where dramatic shifts in the domestic and global economy command the headlines, from rollbacks in US banking regulations to tariffs that may ignite international trade wars. But current events have deep roots, and the key to navigating today’s roiling policies lies in the events that started it all—the 2008 economic crisis and its aftermath. Despite initial attempts to downplay the crisis as a local incident, what happened on Wall Street beginning in 2008 was, in fact, a dramatic caesura of global significance that spiraled around the world, from the financial markets of the UK and Europe to the factories and dockyards of Asia, the Middle East, and Latin America, forcing a rearrangement of global governance. With a historian’s eye for detail, connection, and consequence, Adam Tooze brings the story right up to today’s negotiations, actions, and threats—a much-needed perspective on a global catastrophe and its long-term consequences.