Global Financial Conditions And Monetary Policy Autonomy

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Global Financial Conditions and Monetary Policy Autonomy

Carlos Caceres,Mr.Yan Carriere-Swallow,Bertrand Gruss
Global Financial Conditions and Monetary Policy Autonomy Book PDF

Author : Carlos Caceres,Mr.Yan Carriere-Swallow,Bertrand Gruss
Publisher : International Monetary Fund
Page : 38 pages
File Size : 49,5 Mb
Release : 2016-06-08
Category : Business & Economics
ISBN : 9781484382066

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Global Financial Conditions and Monetary Policy Autonomy by Carlos Caceres,Mr.Yan Carriere-Swallow,Bertrand Gruss Pdf

Is the Mundell-Fleming trilemma alive and well? International co-movement of asset prices takes place alongside synchronized business cycles, complicating the identification of financial spillovers and assessments of monetary policy autonomy. A benchmark for interest rate comovement is to impose the null hypothesis that central banks respond only to the outlook for domestic inflation and output. We show that common approaches used to estimate interest rate spillovers tend to understate the degree of monetary autonomy enjoyed by small open economies with flexible exchange rates. We propose an empirical strategy that partials out those spillovers that are associated with impaired monetary autonomy. Using this approach, we revisit the predictions of the trilemma and find more compelling evidence that flexible exchange rates deliver monetary autonomy than prior work has suggested.

A Tie That Binds

Mr.Maurice Obstfeld,Mr.Jonathan David Ostry,MissMahvash S Qureshi
A Tie That Binds Book PDF

Author : Mr.Maurice Obstfeld,Mr.Jonathan David Ostry,MissMahvash S Qureshi
Publisher : International Monetary Fund
Page : 45 pages
File Size : 42,6 Mb
Release : 2017-06-08
Category : Business & Economics
ISBN : 9781484302620

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A Tie That Binds by Mr.Maurice Obstfeld,Mr.Jonathan David Ostry,MissMahvash S Qureshi Pdf

This paper examines the claim that exchange rate regimes are of little salience in the transmission of global financial conditions to domestic financial and macroeconomic conditions by focusing on a sample of about 40 emerging market countries over 1986–2013. Our findings show that exchange rate regimes do matter. Countries with fixed exchange rate regimes are more likely to experience financial vulnerabilities—faster domestic credit and house price growth, and increases in bank leverage—than those with relatively flexible regimes. The transmission of global financial shocks is likewise magnified under fixed exchange rate regimes relative to more flexible (though not necessarily fully flexible) regimes. We attribute this to both reduced monetary policy autonomy and a greater sensitivity of capital flows to changes in global conditions under fixed rate regimes.

Loose Financial Conditions, Rising Leverage, and Risks to Macro-Financial Stability

Mr. Adolfo Barajas,Woon Gyu Choi,Ken Zhi Gan,Pierre Guérin,Samuel Mann,Manchun Wang,Yizhi Xu
Loose Financial Conditions Rising Leverage and Risks to Macro Financial Stability Book PDF

Author : Mr. Adolfo Barajas,Woon Gyu Choi,Ken Zhi Gan,Pierre Guérin,Samuel Mann,Manchun Wang,Yizhi Xu
Publisher : International Monetary Fund
Page : 43 pages
File Size : 53,7 Mb
Release : 2021-08-20
Category : Business & Economics
ISBN : 9781513591483

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Loose Financial Conditions, Rising Leverage, and Risks to Macro-Financial Stability by Mr. Adolfo Barajas,Woon Gyu Choi,Ken Zhi Gan,Pierre Guérin,Samuel Mann,Manchun Wang,Yizhi Xu Pdf

After a steady increase following the global financial crisis, private nonfinancial sector leverage rose further during the COVID-19 on the back of easy financial conditions induced by unprecedented policy support. We investigate the empirical relationships between increased leverage, financial conditions, and macro-financial stability in a sample of major advanced and emerging market economies. We find that loose financial conditions contribute to leverage buildups and generate an intertemporal tradeoff: financial stability risk is lessened in the near term but exacerbated in the medium term. The tradeoff is amplified during credit booms, when debt service burdens are particularly high, or when the share of foreign currency debt is high in emerging markets. Selected macroprudential tools can arrest leverage buildups and mitigate the tradeoff.

U.S. Monetary Policy Normalization and Global Interest Rates

Carlos Caceres,Mr.Yan Carriere-Swallow,Ishak Demir,Bertrand Gruss
U S Monetary Policy Normalization and Global Interest Rates Book PDF

Author : Carlos Caceres,Mr.Yan Carriere-Swallow,Ishak Demir,Bertrand Gruss
Publisher : International Monetary Fund
Page : 46 pages
File Size : 52,5 Mb
Release : 2016-09-29
Category : Business & Economics
ISBN : 9781475543056

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U.S. Monetary Policy Normalization and Global Interest Rates by Carlos Caceres,Mr.Yan Carriere-Swallow,Ishak Demir,Bertrand Gruss Pdf

As the Federal Reserve continues to normalize its monetary policy, this paper studies the impact of U.S. interest rates on rates in other countries. We find a modest but nontrivial pass-through from U.S. to domestic short-term interest rates on average. We show that, to a large extent, this comovement reflects synchronized business cycles. However, there is important heterogeneity across countries, and we find evidence of limited monetary autonomy in some cases. The co-movement of longer term interest rates is larger and more pervasive. We distinguish between U.S. interest rate movements that surprise markets versus those that are anticipated, and find that most countries receive greater spillovers from the former. We also distinguish between movements in the U.S. term premium and the expected path of risk-free rates, concluding that countries respond differently to these shocks. Finally, we explore the determinants of monetary autonomy and find strong evidence for the role of exchange rate flexibility, capital account openness, but also for other factors, such as dollarization of financial system liabilities, and the credibility of fiscal and monetary policy.

Financial Openness and National Autonomy

Tariq Banuri,Juliet Schor
Financial Openness and National Autonomy Book PDF

Author : Tariq Banuri,Juliet Schor
Publisher : Unknown
Page : 312 pages
File Size : 54,8 Mb
Release : 1992
Category : Business & Economics
ISBN : STANFORD:36105000127568

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Financial Openness and National Autonomy by Tariq Banuri,Juliet Schor Pdf

The previous decade ushered in a globalization of finance and governments abandoned their "Keynesian" responsibility to engage in international financial management. A new doctrine of global neoclassicism arose, based on the premise that regulation of financial markets was futile. This volume rejects that approach, and asks whether national policy autonomy is still possible. The authors address financial openness from a "political economy" perspective, including both general historical and theoretical approaches, as well as case studies of countries such as Australia, Mexico, and Pakistan.

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 : 44,9 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.

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 : 44,7 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.

The Federal Reserve System Purposes and Functions

Board of Governors of the Federal Reserve System
The Federal Reserve System Purposes and Functions Book PDF

Author : Board of Governors of the Federal Reserve System
Publisher : Unknown
Page : 0 pages
File Size : 43,7 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.

Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries

International Monetary Fund
Evolving Monetary Policy Frameworks in Low Income and Other Developing Countries Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 74 pages
File Size : 49,5 Mb
Release : 2015-10-23
Category : Business & Economics
ISBN : 9781498344067

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Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries by International Monetary Fund Pdf

Over the past two decades, many low- and lower-middle income countries (LLMICs) have improved control over fiscal policy, liberalized and deepened financial markets, and stabilized inflation at moderate levels. Monetary policy frameworks that have helped achieve these ends are being challenged by continued financial development and increased exposure to global capital markets. Many policymakers aspire to move beyond the basics of stability to implement monetary policy frameworks that better anchor inflation and promote macroeconomic stability and growth. Many of these LLMICs are thus considering and implementing improvements to their monetary policy frameworks. The recent successes of some LLMICs and the experiences of emerging and advanced economies, both early in their policy modernization process and following the global financial crisis, are valuable in identifying desirable features of such frameworks. This paper draws on those lessons to provide guidance on key elements of effective monetary policy frameworks for LLMICs.

Managing Elevated Risk

Iwan J. Azis,Hyun Song Shin
Managing Elevated Risk Book PDF

Author : Iwan J. Azis,Hyun Song Shin
Publisher : Springer
Page : 124 pages
File Size : 54,7 Mb
Release : 2014-12-11
Category : Business & Economics
ISBN : 9789812872845

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Managing Elevated Risk by Iwan J. Azis,Hyun Song Shin Pdf

This book discusses the risks and opportunities that arise in Emerging Asia given the context of a new environment in global liquidity and capital flows. It elaborates on the need to ensure financial and overall economic stability in the region through improved financial regulation and other policy measures to minimize the emergent risks. "Managing Elevated Risk: Global Liquidity, Capital Flows, and Macroprudential Policy—An Asian Perspective" also explores the range of policy options that may be deployed to address the impact of global liquidity on domestic financial and socio-economic conditions including income inequality. The book is primarily aimed at policy makers, financial market regulators and supervisory agencies to help them improve national regulatory systems and to promote harmonization of national regulations and practices in line with global standards. Scholars and researchers will also gain important information and knowledge about the overall impacts of changing global liquidity from the book.

Global Waves of Debt

M. Ayhan Kose,Peter Nagle,Franziska Ohnsorge,Naotaka Sugawara
Global Waves of Debt Book PDF

Author : M. Ayhan Kose,Peter Nagle,Franziska Ohnsorge,Naotaka Sugawara
Publisher : World Bank Publications
Page : 403 pages
File Size : 49,8 Mb
Release : 2021-03-03
Category : Business & Economics
ISBN : 9781464815454

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Global Waves of Debt by M. Ayhan Kose,Peter Nagle,Franziska Ohnsorge,Naotaka Sugawara Pdf

The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.

The ASEAN Way

Ms.Ana Corbacho,Mr.Shanaka J Peiris
The ASEAN Way Book PDF

Author : Ms.Ana Corbacho,Mr.Shanaka J Peiris
Publisher : International Monetary Fund
Page : 311 pages
File Size : 47,7 Mb
Release : 2018-10-02
Category : Business & Economics
ISBN : 9781513558905

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The ASEAN Way by Ms.Ana Corbacho,Mr.Shanaka J Peiris Pdf

The first part of the book examines the evolution of monetary policy and prudential frameworks of the ASEAN5, with particular focus on changes since the Asian financial crisis and the more recent period of unconventional monetary policy in advanced economies. The second part of the book looks at policy responses to global financial spillovers. The third and last part of the book elaborates on the challenges ahead for monetary policy, financial stability frameworks, and the deepening of financial markets.

International Macroeconomics in the Wake of the Global Financial Crisis

Laurent Ferrara,Ignacio Hernando,Daniela Marconi
International Macroeconomics in the Wake of the Global Financial Crisis Book PDF

Author : Laurent Ferrara,Ignacio Hernando,Daniela Marconi
Publisher : Springer
Page : 298 pages
File Size : 46,6 Mb
Release : 2018-06-13
Category : Business & Economics
ISBN : 9783319790756

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International Macroeconomics in the Wake of the Global Financial Crisis by Laurent Ferrara,Ignacio Hernando,Daniela Marconi Pdf

This book collects selected articles addressing several currently debated issues in the field of international macroeconomics. They focus on the role of the central banks in the debate on how to come to terms with the long-term decline in productivity growth, insufficient aggregate demand, high economic uncertainty and growing inequalities following the global financial crisis. Central banks are of considerable importance in this debate since understanding the sluggishness of the recovery process as well as its implications for the natural interest rate are key to assessing output gaps and the monetary policy stance. The authors argue that a more dynamic domestic and external aggregate demand helps to raise the inflation rate, easing the constraint deriving from the zero lower bound and allowing monetary policy to depart from its current ultra-accommodative position. Beyond macroeconomic factors, the book also discusses a supportive financial environment as a precondition for the rebound of global economic activity, stressing that understanding capital flows is a prerequisite for economic-policy decisions.

Global Financial Stability Report, April 2012

International Monetary Fund. Monetary and Capital Markets Department
Global Financial Stability Report April 2012 Book PDF

Author : International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 94 pages
File Size : 53,9 Mb
Release : 2012-04-18
Category : Business & Economics
ISBN : 9781616352479

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Global Financial Stability Report, April 2012 by International Monetary Fund. Monetary and Capital Markets Department Pdf

The April 2012 Global Financial Stability Report assesses changes in risks to financial stability over the past six months, focusing on sovereign vulnerabilities, risks stemming from private sector deleveraging, and assessing the continued resilience of emerging markets. The report probes the implications of recent reforms in the financial system for market perception of safe assets, and investigates the growing public and private costs of increased longevity risk from aging populations.

Governance of International Banking

Dirk Schoenmaker
Governance of International Banking Book PDF

Author : Dirk Schoenmaker
Publisher : Oxford University Press
Page : 238 pages
File Size : 54,9 Mb
Release : 2013-03-05
Category : Business & Economics
ISBN : 9780199971619

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Governance of International Banking by Dirk Schoenmaker Pdf

Global governance of international banks is breaking down after the Great Financial Crisis, as national regulators are withdrawing on their home turf. New evidence presented illustrates that the global systemically important banks underpin the global financial system. This book offers solutions for the effective governance of global banks.