Global Impact And Challenges Of Unconventional Monetary Policies Background Paper

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Global Impact and Challenges of Unconventional Monetary Policies - Background Paper

International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Monetary and Capital Markets Department
Global Impact and Challenges of Unconventional Monetary Policies Background Paper Book PDF

Author : International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 59 pages
File Size : 45,9 Mb
Release : 2013-03-09
Category : Business & Economics
ISBN : 9781498341349

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Global Impact and Challenges of Unconventional Monetary Policies - Background Paper by International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Monetary and Capital Markets Department Pdf

This paper provides case studies of 13 of the largest non-UMP countries. The case studies begin with an overview of recent macro-economic developments as well as capital flow patterns during the crisis up to the first U.S. tapering announcement in May 2013. Country experiences with capital inflows are judged along five dimensions: (i) the size of capital inflows, (ii) policies used to manage inflows, (iii) external stability, measured by exchange rate overvaluation and current account deficits relative to fundamentals,2 (iv) asset price and credit market reactions, and (v) financial sector stability. Case studies mostly draw on published IMF Staff Reports for each country, as well as the 2013 Pilot External Stability Report (IMF 2013d).

Global Impact and Challenges of Unconventional Monetary Policies

International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Monetary and Capital Markets Department
Global Impact and Challenges of Unconventional Monetary Policies Book PDF

Author : International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 40 pages
File Size : 54,5 Mb
Release : 2013-03-09
Category : Business & Economics
ISBN : 9781498341394

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Global Impact and Challenges of Unconventional Monetary Policies by International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Monetary and Capital Markets Department Pdf

This paper takes stock of unconventional monetary policies (UMP) and their impact so far, and looks ahead towards exit and prospects for policy coordination. It synthesizes earlier staff work on UMP,1 the findings of a substantial and growing academic and central banking literature, as well as further staff analysis contained in the Background Paper. While some widely accepted conclusions have emerged from the large and growing number of studies on UMP, many important questions remain unsettled, as enough time has not elapsed to draw definitive conclusions. In those cases, the paper will pose the relevant questions and provide possible nswers, while recognizing the uncertainty that remains.

Unconventional Monetary Policies - Recent Experiences and Prospects - Background Paper

International Monetary Fund. Fiscal Affairs Dept.,International Monetary Fund. Monetary and Capital Markets Department
Unconventional Monetary Policies Recent Experiences and Prospects Background Paper Book PDF

Author : International Monetary Fund. Fiscal Affairs Dept.,International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 47 pages
File Size : 44,5 Mb
Release : 2013-04-18
Category : Business & Economics
ISBN : 9781498341974

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Unconventional Monetary Policies - Recent Experiences and Prospects - Background Paper by International Monetary Fund. Fiscal Affairs Dept.,International Monetary Fund. Monetary and Capital Markets Department Pdf

This paper provides background information to the main Board paper, “The Role and Limits of Unconventional Monetary Policy.” This paper is divided in five distinct sections, each focused on a different topic covered in the main paper, though most relate to bond purchase programs. As a result, this paper centers on the experience of the United States Federal Reserve (Fed), the Bank of England (BOE) and the Bank of Japan (BOJ), mostly leaving the European Central Bank (ECB) aside given its focus on restoring the functioning of financial markets and intermediation. Section A explores whether bond purchase programs were effective at decreasing bond yields and, if so, through which channels. Section B goes one step further in evaluating whether bond purchase programs had—or can be expected to have—significant effects on real growth and inflation. Section C studies the spillover effects of bond purchases on both advanced and emerging market economies, using very similar methods as introduced in the first section. Section D breaks from the immediate focus on bond purchases to discuss how inflation might decrease the debt burden in advanced economies, in light of possible pressures that could fall (or be perceived to fall) on central banks. Finally, Section E discusses the possible risks of exiting given the very large central bank balance sheets.

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 : 45,9 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.

The Mechanics of a Strong Euro Area

Ms.Petya Koeva Brooks,Mahmood Pradhan
The Mechanics of a Strong Euro Area Book PDF

Author : Ms.Petya Koeva Brooks,Mahmood Pradhan
Publisher : International Monetary Fund
Page : 286 pages
File Size : 46,9 Mb
Release : 2015-10-21
Category : Business & Economics
ISBN : 9781498305532

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The Mechanics of a Strong Euro Area by Ms.Petya Koeva Brooks,Mahmood Pradhan Pdf

Among member states, many structural weaknesses were exposed when economic performance declined significantly and financial markets became more discerning. This book focuses on the analytical underpinnings of real-time policy advice given to euro area policymakers during four cycles of the IMF’s annual Article IV consultations (2012–15) with euro area authorities.

Euro Area Policies

International Monetary Fund. European Dept.
Euro Area Policies Book PDF

Author : International Monetary Fund. European Dept.
Publisher : International Monetary Fund
Page : 112 pages
File Size : 54,5 Mb
Release : 2015-07-27
Category : Business & Economics
ISBN : 9781513523088

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Euro Area Policies by International Monetary Fund. European Dept. Pdf

This Selected Issues paper discusses the risks of low growth and inflation over the medium term for the euro area. It examines the consequences of longer term trends that predate the crisis and the progress made in addressing the crisis legacies of high unemployment and debt. The paper illustrates, in a downside scenario, how low potential growth and crisis legacies leave the euro area vulnerable to the risks of stagnation. The weak medium-term prospect and limited policy space leave the euro area vulnerable to shocks that could lead to a prolonged period of low growth and inflation. Model simulations suggest that a modest shock to investor confidence could push up risk premia and real interest rates, as policy space is constrained at the zero lower bound and fiscal policy space to provide stimulus is limited. Moreover, the lingering crisis legacies of high debt and unemployment could amplify the original shocks, creating a bad feedback loop and keeping the economy stuck in equilibrium of stagnation.

Financial Crisis, US Unconventional Monetary Policy and International Spillovers

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

Author : Qianying Chen,Andrew Filardo,Mr.Dong He,Mr.Feng Zhu
Publisher : International Monetary Fund
Page : 32 pages
File Size : 52,8 Mb
Release : 2015-04-29
Category : Business & Economics
ISBN : 9781475520668

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

Push Factors and Capital Flows to Emerging Markets

Mr.Eugenio Cerutti,Mr.Stijn Claessens,Mr.Damien Puy
Push Factors and Capital Flows to Emerging Markets Book PDF

Author : Mr.Eugenio Cerutti,Mr.Stijn Claessens,Mr.Damien Puy
Publisher : International Monetary Fund
Page : 43 pages
File Size : 40,7 Mb
Release : 2015-06-22
Category : Business & Economics
ISBN : 9781513526638

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Push Factors and Capital Flows to Emerging Markets by Mr.Eugenio Cerutti,Mr.Stijn Claessens,Mr.Damien Puy Pdf

This paper analyzes the behavior of gross capital inflows across 34 emerging markets (EMs). We first confirm that aggregate inflows to EMs co-move considerably. We then report three findings: (i) the aggregate co-movement conceals significant heterogeneity across asset types as only bank-related and portfolio bond and equity inflows do co-move; (ii) while global push factors in advanced economies mostly explain the common dynamics, their relative importance varies by type of flow; and (iii) the sensitivity to common dynamics varies significantly across borrower countries, with market structure characteristics (especially the composition of the foreign investor base and the level of liquidity) rather than borrower country’s institutional fundamentals strongly affecting sensitivities. Countries relying more on international funds and global banks are found to be more sensitive to push factors. Our findings suggest that EMs need to closely monitor their lenders and investors to assess their inflow exposures to global push factors.

Strategic Priorities in Competitive Environments

Hasan Dincer,Serhat Yüksel
Strategic Priorities in Competitive Environments Book PDF

Author : Hasan Dincer,Serhat Yüksel
Publisher : Springer Nature
Page : 353 pages
File Size : 46,6 Mb
Release : 2020-06-15
Category : Business & Economics
ISBN : 9783030450236

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Strategic Priorities in Competitive Environments by Hasan Dincer,Serhat Yüksel Pdf

This book combines various analyses of strategic priorities in a competitive market environment, focusing on the balanced scorecard technique, but also considering customer expectations, organizational requirements, financial outcomes and technological infrastructures. The first part explores the financial impacts and performance measurement of investments, while the second part examines customer demand in a globalized environment. Part three then addresses organizational quality and internal processes, highlighting participatory elements and synergies. Lastly, part four investigates strategic learning in enterprises as a factor for sustainable economic success in times of change and disruption.

Global Financial Stability Report, April 2015

International Monetary Fund. Monetary and Capital Markets Department
Global Financial Stability Report April 2015 Book PDF

Author : International Monetary Fund. Monetary and Capital Markets Department
Publisher : INTERNATIONAL MONETARY FUND
Page : 0 pages
File Size : 55,5 Mb
Release : 2015-04-15
Category : Business & Economics
ISBN : 1498372937

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Global Financial Stability Report, April 2015 by International Monetary Fund. Monetary and Capital Markets Department Pdf

The current report finds that, despite an improvement in economic prospects in some key advanced economies, new challenges to global financial stability have arisen. The global financial system is being buffeted by a series of changes, including lower oil prices and, in some cases, diverging growth patterns and monetary policies. Expectations for rising U.S. policy rates sparked a significant appreciation of the U.S. dollar, while long term bond yields in many advanced economies have decreased—and have turned negative for almost a third of euro area sovereign bonds—on disinflation concerns and the prospect of continued monetary accommodation. Emerging markets are caught in these global cross currents, with some oil exporters and other facing new stability challenges, while others have gained more policy space as a result of lower fuel prices and reduced inflationary pressures. The report also examines changes in international banking since the global financial crisis and finds that these changes are likely to promote more stable bank lending in host countries. Finally, the report finds that the asset management industry needs to strengthen its oversight framework to address financial stability risks from incentive problems between end-investors and portfolio managers and the risk of runs due to liquidity mismatches.

IMF Response to the Financial and Economic Crisis

International Monetary Fund. Independent Evaluation Office
IMF Response to the Financial and Economic Crisis Book PDF

Author : International Monetary Fund. Independent Evaluation Office
Publisher : International Monetary Fund
Page : 55 pages
File Size : 47,5 Mb
Release : 2015-01-15
Category : Business & Economics
ISBN : 9781498305174

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IMF Response to the Financial and Economic Crisis by International Monetary Fund. Independent Evaluation Office Pdf

This evaluation assesses the IMF’s response to the global financial and economic crisis, focusing on the period September 2008 through 2013. It assesses the IMF’s actions to help contain the crisis and navigate a global recovery, assist individual economies to cope with the impact of the crisis, and identify and warn about future risks.

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 : 47,6 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.

International Monetary Fund Annual Report 2014

International Monetary Fund. Secretary's Department
International Monetary Fund Annual Report 2014 Book PDF

Author : International Monetary Fund. Secretary's Department
Publisher : International Monetary Fund
Page : 82 pages
File Size : 41,5 Mb
Release : 2014-10-03
Category : Business & Economics
ISBN : 9781498395786

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International Monetary Fund Annual Report 2014 by International Monetary Fund. Secretary's Department Pdf

Seven years after the onset of the global financial crisis, the world still has a way to go to secure a sustainable recovery marked by strong growth that supports rapid job creation and benefits all, International Monetary Fund (IMF) Managing Director Christine Lagarde says in her foreword to the institution’s Annual Report 2014—From Stabilization to Sustainable Growth, published today. The recovery is ongoing, but it is still too slow and fragile, subject to the vagaries of financial sentiment. Millions of people are still looking for work. The level of uncertainty might be diminishing, but it is certainly not disappearing.” Ms. Lagarde said that “throughout the crisis and in the recovery period, the IMF has been, and continues to be, an indispensible agent of economic cooperation” for its membership. The report covers the work of the IMF’s Executive Board and contains financial statements for the year May 1, 2013, to April 30, 2014. It describes the IMF’s support for its 188 member countries, with an emphasis on the core areas of IMF responsibility: assessing their economic and financial policies, providing financing where needed, and building capacity in key areas of economic policy.

History of Monetary Policy in India Since Independence

Ashima Goyal
History of Monetary Policy in India Since Independence Book PDF

Author : Ashima Goyal
Publisher : Springer
Page : 89 pages
File Size : 44,5 Mb
Release : 2014-07-16
Category : Business & Economics
ISBN : 9788132219613

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History of Monetary Policy in India Since Independence by Ashima Goyal Pdf

The book discusses Indian post-independence monetary history in the context of the country’s development and the global changes of the period. The conceptual framework used is the SIIO (Structure, Ideas, Institutions and Outcomes) paradigm. That is, structure and ideas become embedded in institutions and affect outcomes. Narrative history, data analysis and research reports demonstrate the dialectic between ideas and structure with respect to monetary history, aspects of India’s development, and the global institutions and events that impacted monetary choices. The history of the economy and of the global changes that affected it covers a time when major changes took place both in India and internationally. India’s greater openness is important both for it and for the world, but it occurred at a time of major global crises. How did these impact monetary choices and how did the latter help India navigate the crises while maintaining its trajectory towards greater liberalization? The book explores these and other relevant but under-analyzed questions. The initial combination of ideas and structure created fiscal dominance and made monetary policy procyclical. An aggregate supply-and-demand framework derived from forward-looking optimization subject to Indian structural constraints is able to explain growth and inflation outcomes in the light of policy actions. Using exogenous supply shocks to identify policy shocks and to isolate their effects, demonstrate that policy was sometimes exceedingly strict despite the common perception of a large monetary overhang. Surges and sudden stops in capital flow also constrained policy. But the three factors that cause a loss of monetary autonomy—governments, markets and openness—moderate each other. Markets moderate fiscal profligacy and global crises moderate market freedoms and ensure openness remains a sequenced and gradual process. The book argues greater current congruence between ideas and structure is improving institutions and contributing to India’s potential.

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 : 48,9 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.