Macro Financial Linkages In The Pacific Region

Author : Akira Kohsaka
Publisher : Routledge
Page : 284 pages
File Size : 55,9 Mb
Release : 2015-03-05
Category : Business & Economics
ISBN : 9781317615736

Get Book

Macro-Financial Linkages in the Pacific Region by Akira Kohsaka Pdf

Growth perspectives in emerging market economies are increasingly dependent on international capital flows in recent decades because of their influences on business cycles. In fact, volatile international capital flows has been one of the main concerns for the macroeconomic policy authorities. Focusing on emerging economies in the Pacific region, this book reveals how they are different from those in other regions in terms of international macro-financial linkages to the global capital market and domestic financial development,. The book also discusses how these characteristics have interacted with their macroeconomic policy regimes and their macroeconomic performance throughout the two major international financial crises in the past more than two decades. It suggests facts that have strengthened the resilience of these emerging economies in the Pacific region against the global financial crisis along with the intensified intra-regional economic integration through trade and investment. The book also examines their macroeconomic management focusing on monetary policy regimes and suggests that their factual unorthodox policies with exchange rate management and capital controls have contributed to their resilience against the intrinsic volatility of the international capital market and financial flows.

Author : Otaviano Canuto,Swati Ghosh
Publisher : World Bank Publications
Page : 307 pages
File Size : 51,5 Mb
Release : 2013-10-29
Category : Business & Economics
ISBN : 9781464800030

Get Book

Dealing with the Challenges of Macro Financial Linkages in Emerging Markets by Otaviano Canuto,Swati Ghosh Pdf

This book deals with the challenges of macro financial linkages in the emerging markets.

Author : Stijn Claessens,M. Ayhan Kose
Publisher : Unknown
Page : 191 pages
File Size : 41,6 Mb
Release : 2018
Category : Electronic
ISBN : 929259124X

Get Book

Frontiers of Macrofinancial Linkages by Stijn Claessens,M. Ayhan Kose Pdf

The Great Financial Crisis of 2007-09 confirmed the vital importance of advancing our understanding of macrofinancial linkages, the two-way interactions between the real economy and the financial sector. The crisis was a bitter reminder of how sharp fluctuations in asset prices, credit and capital flows can have dramatic impact on the financial positions of households, corporations and sovereign nations. As fluctuations were amplified, the global financial system was brought to the brink of collapse and the deepest contraction in world output in more than half a century followed. Moreover, unprecedented challenges for fiscal, monetary and financial regulatory policies resulted.The crisis revived an old debate in the economics profession about the importance of macrofinancial linkages. Some argue that the crisis was a painful reminder of our limited knowledge of these linkages. Others claim that the profession had already made substantial progress in understanding them but that there was too much emphasis on narrow approaches and modelling choices. Yet, most also recognise that the absence of a unifying framework to study these two-way interactions has limited the practical applications of existing knowledge and impeded the formulation of policies.With these observations in mind, this paper presents a systematic review of the rapidly expanding literature on macrofinancial linkages. It first surveys the literature on the linkages between asset prices and macroeconomic outcomes. It then reviews the literature on the macroeconomic implications of financial imperfections. It also examines the global dimensions of macrofinancial linkages and documents the main stylized facts about the linkages between the real economy and the financial sector. The topic of macrofinancial linkages promises to remain an exciting area of research, given the many open questions and significant policy interest. The paper concludes with a discussion of possible directions for future research, stressing the need for richer theoretical models, more robust empirical work and better quality data so as to advance knowledge and help guide policymakers going forward.

Author : Olga Bespalova,Mrs.Marina V Rousset
Publisher : International Monetary Fund
Page : 19 pages
File Size : 52,8 Mb
Release : 2019-11-13
Category : Business & Economics
ISBN : 9781513519203

Get Book

Macrofinancial Linkages and Growth at Risk in the Dominican Republic by Olga Bespalova,Mrs.Marina V Rousset Pdf

This paper uses the Growth-at-Risk (GaR) methodology to examine how macrofinancial conditions affect the growth outlook and its probability distribution. Using this approach, we evaluate risks to GDP growth in the Dominican Republic using quarterly data for 1996-2018. We group macrofinancial conditions in five principal determinants, based on 32 indicators. The Dominican Republic’s growth distribution appears most vulnerable to negative shocks to domestic financial conditions, domestic leverage, domestic demand, and external demand, with additional repercussions from the external cost of borrowing in the longer run. Our findings show that domestic monetary policy plays a particularly important role in reducing growth vulnerabilities when the economy is weak.

Author : Akira Kohsaka
Publisher : Routledge
Page : 284 pages
File Size : 42,5 Mb
Release : 2015-03-05
Category : Business & Economics
ISBN : 9781317615743

Get Book

Macro-Financial Linkages in the Pacific Region by Akira Kohsaka Pdf

Growth perspectives in emerging market economies are increasingly dependent on international capital flows in recent decades because of their influences on business cycles. In fact, volatile international capital flows has been one of the main concerns for the macroeconomic policy authorities. Focusing on emerging economies in the Pacific region, this book reveals how they are different from those in other regions in terms of international macro-financial linkages to the global capital market and domestic financial development,. The book also discusses how these characteristics have interacted with their macroeconomic policy regimes and their macroeconomic performance throughout the two major international financial crises in the past more than two decades. It suggests facts that have strengthened the resilience of these emerging economies in the Pacific region against the global financial crisis along with the intensified intra-regional economic integration through trade and investment. The book also examines their macroeconomic management focusing on monetary policy regimes and suggests that their factual unorthodox policies with exchange rate management and capital controls have contributed to their resilience against the intrinsic volatility of the international capital market and financial flows.

Author : Bank for International Settlements. Monetary and Economic Department
Publisher : Unknown
Page : 197 pages
File Size : 48,5 Mb
Release : 2015
Category : Electronic
ISBN : 9291972797

Get Book

Cross-border Financial Linkages by Bank for International Settlements. Monetary and Economic Department Pdf

Author : Asian Development Bank
Publisher : Asian Development Bank
Page : 120 pages
File Size : 40,6 Mb
Release : 2020-10-01
Category : Business & Economics
ISBN : 9789292624194

Get Book

Financial Integration and Macrofinancial Linkages in Asia by Asian Development Bank Pdf

The Asian financial landscape has grown more interconnected over the past 2 decades. Previous financial crises have shown how financial volatility can transmit rapidly across an interconnected financial network. Empirical analyses have shown, moreover, how financial volatility can reverberate across the macroeconomy. This report summarizes the lessons from past crises, reviews the evidence of the macrofinancial linkages and feedback effects of financial distress, and proposes policy considerations and coordinated responses to enhance financial stability and resilience.

Author : Nir Klein
Publisher : International Monetary Fund
Page : 27 pages
File Size : 53,9 Mb
Release : 2013-03-20
Category : Business & Economics
ISBN : 9781484388631

Get Book

Non-Performing Loans in CESEE by Nir Klein Pdf

The paper investigates the non-performing loans (NPLs) in Central, Eastern and South-Eastern Europe (CESEE) in the period of 1998–2011. The paper finds that the level of NPLs can be attributed to both macroeconomic conditions and banks’ specific factors, though the latter set of factors was found to have a relatively low explanatory power. The examination of the feedback effects broadly confirms the strong macro-financial linkages in the region. While NPLs were found to respond to macroeconomic conditions, such as GDP growth, unemployment, and inflation, the analysis also indicates that there are strong feedback effects from the banking system to the real economy, thus suggesting that the high NPLs that many CESEE countries currently face adversely affect the pace economic recovery.

Author : International Monetary Fund. African Dept.
Publisher : International Monetary Fund
Page : 53 pages
File Size : 52,6 Mb
Release : 2018-07-23
Category : Business & Economics
ISBN : 9781484361498

Get Book

Macro-Financial Linkages in Shallow Markets by International Monetary Fund. African Dept. Pdf

This paper assesses and disseminates experiences and lessons from low-income countries (LICs) in Sub-Saharan Africa that were selected by the Africa Department in 2015-16 as pilots for enhanced analysis of macro-financial linkages in Article IV staff reports. The paper focuses on the common characteristics across the pilot countries and highlights the tools used in the analysis, the challenges encountered, and the solutions deployed in overcoming them.

Author : Laurent Ferrara,Ignacio Hernando,Daniela Marconi
Publisher : Springer
Page : 298 pages
File Size : 42,5 Mb
Release : 2018-06-13
Category : Business & Economics
ISBN : 9783319790756

Get Book

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.

Author : Institute of Medicine,Board on Global Health,Forum on Microbial Threats
Publisher : National Academies Press
Page : 376 pages
File Size : 47,6 Mb
Release : 2004-04-26
Category : Medical
ISBN : 9780309182157

Get Book

Learning from SARS by Institute of Medicine,Board on Global Health,Forum on Microbial Threats Pdf

The emergence of severe acute respiratory syndrome (SARS) in late 2002 and 2003 challenged the global public health community to confront a novel epidemic that spread rapidly from its origins in southern China until it had reached more than 25 other countries within a matter of months. In addition to the number of patients infected with the SARS virus, the disease had profound economic and political repercussions in many of the affected regions. Recent reports of isolated new SARS cases and a fear that the disease could reemerge and spread have put public health officials on high alert for any indications of possible new outbreaks. This report examines the response to SARS by public health systems in individual countries, the biology of the SARS coronavirus and related coronaviruses in animals, the economic and political fallout of the SARS epidemic, quarantine law and other public health measures that apply to combating infectious diseases, and the role of international organizations and scientific cooperation in halting the spread of SARS. The report provides an illuminating survey of findings from the epidemic, along with an assessment of what might be needed in order to contain any future outbreaks of SARS or other emerging infections.

Author : Mr.Stijn Claessens,Swati R. Ghosh,MissRoxana Mihet
Publisher : International Monetary Fund
Page : 36 pages
File Size : 40,7 Mb
Release : 2014-08-19
Category : Business & Economics
ISBN : 9781498357609

Get Book

Macro-Prudential Policies to Mitigate Financial System Vulnerabilities by Mr.Stijn Claessens,Swati R. Ghosh,MissRoxana Mihet Pdf

Macro-prudential policies aimed at mitigating systemic financial risks have become part of the policy toolkit in many emerging markets and some advanced countries. Their effectiveness and efficacy are not well-known, however. Using panel data regressions, we analyze how changes in balance sheets of some 2,800 banks in 48 countries over 2000–2010 respond to specific macro-prudential policies. Controlling for endogeneity, we find that measures aimed at borrowers––caps on debt-to-income and loan-to-value ratios––and at financial institutions––limits on credit growth and foreign currency lending––are effective in reducing asset growth. Countercyclical buffers are little effective through the cycle, and some measures are even counterproductive during downswings, serving to aggravate declines, consistent with the ex-ante nature of macro-prudential tools.

Author : Hoe Ee Khor,Mr.Roger P. Kronenberg,Ms.Patrizia Tumbarello
Publisher : International Monetary Fund
Page : 462 pages
File Size : 44,9 Mb
Release : 2016-08-10
Category : Business & Economics
ISBN : 9781513507521

Get Book

Resilience and Growth in the Small States of the Pacific by Hoe Ee Khor,Mr.Roger P. Kronenberg,Ms.Patrizia Tumbarello Pdf

Pacific island countries face unique challenges to realizing their growth potential and raising living standards. This book discusses ongoing challenges facing Pacific island countries and policy options to address them. Regional cooperation and solutions tailored to their unique challenges, as well as further integration with the Asia and Pacific region will each play a role. With concerted efforts, Pacific island countries can boost potential growth, increase resilience, and improve the welfare of their citizens.

Author : Hoe Ee Khor,Mr.Roger P. Kronenberg,Ms.Patrizia Tumbarello
Publisher : International Monetary Fund
Page : 61 pages
File Size : 52,7 Mb
Release : 2016-04-07
Category : Nature
ISBN : 9781484319833

Get Book

Excerpt: Resilience and Growth in the Small States of the Pacific by Hoe Ee Khor,Mr.Roger P. Kronenberg,Ms.Patrizia Tumbarello Pdf

This is a prepublication excerpt of Resilience and Growth in the Small States of the Pacific.

Author : Perry Warjiyo,Solikin M. Juhro
Publisher : Springer Nature
Page : 286 pages
File Size : 54,8 Mb
Release : 2022-01-22
Category : Business & Economics
ISBN : 9789811668272

Get Book

Central Bank Policy Mix: Issues, Challenges, and Policy Responses by Perry Warjiyo,Solikin M. Juhro Pdf

This is an open access book. This book is an integration of keynote speeches, lectures, and related teaching materials during the five years of the "Central Bank Policy Mix: Issues, Challenges and Policy Responses" flagship program of the BI Institute, the learning and research centre of Bank Indonesia. The book examines the interactions among central bank policies including monetary policy, exchange rate policy, macroprudential policy, and capital flow management and also elaborates on modeling issues and quantitative analysis of the interaction between macroeconomic variables and policy instruments.