Macrofinancial Linkages

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Macrofinancial Linkages

Mr.Christopher W. Crowe,Mr.Simon Johnson,Mr.Jonathan David Ostry,Mr.Jeronimo Zettelmeyer
Macrofinancial Linkages Book PDF

Author : Mr.Christopher W. Crowe,Mr.Simon Johnson,Mr.Jonathan David Ostry,Mr.Jeronimo Zettelmeyer
Publisher : International Monetary Fund
Page : 617 pages
File Size : 42,6 Mb
Release : 2010-08-25
Category : Business & Economics
ISBN : 9781589069398

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Macrofinancial Linkages by Mr.Christopher W. Crowe,Mr.Simon Johnson,Mr.Jonathan David Ostry,Mr.Jeronimo Zettelmeyer Pdf

Macrofinancial linkages have long been at the core of the IMF's mandate to oversee the stability of the global financial system. With the advent of the economic crisis, the Fund has drawn on this research in order to contribute to critical debates on the nature of appropriate policy responses at both the national and multilateral levels. The current juncture offers a good opportunity to take stock of this body of research by IMF staff and to share it with a wider audience, particularly since few collections have been published in this area. This volume brings together some of the best writing by IMF economists on macrofinancial issues, and highlights the issues and approaches that have guided IMF thinking in an area that makes up an increasingly important component of the IMF's overall remit. The chapters in the volume fit into three broad themes: financial crises and boom-bust cycles; financial integration, financial liberalization, and economic performance; and policy issues relating to macroeconomic policy and the corporate and financial sectors-including domestic and external financial liberalization.

Frontiers of Macrofinancial Linkages

Stijn Claessens,M. Ayhan Kose
Frontiers of Macrofinancial Linkages Book PDF

Author : Stijn Claessens,M. Ayhan Kose
Publisher : Unknown
Page : 191 pages
File Size : 46,8 Mb
Release : 2018
Category : Electronic
ISBN : 929259124X

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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.

Dealing with the Challenges of Macro Financial Linkages in Emerging Markets

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

Author : Otaviano Canuto,Swati Ghosh
Publisher : World Bank Publications
Page : 307 pages
File Size : 55,5 Mb
Release : 2013-10-29
Category : Business & Economics
ISBN : 9781464800030

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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.

Macrofinancial Linkages and Growth at Risk in the Dominican Republic

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

Author : Olga Bespalova,Mrs.Marina V Rousset
Publisher : International Monetary Fund
Page : 19 pages
File Size : 43,8 Mb
Release : 2019-11-13
Category : Business & Economics
ISBN : 9781513520087

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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.

Macro-Financial Linkages in the Pacific Region

Akira Kohsaka
Macro Financial Linkages in the Pacific Region Book PDF

Author : Akira Kohsaka
Publisher : Routledge
Page : 284 pages
File Size : 41,8 Mb
Release : 2015-03-05
Category : Business & Economics
ISBN : 9781317615736

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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.

Ms. Muffet, the Spider(gram) and the Web of Macro-Financial Linkages

Ricardo Cervantes,Mr.Phakawa Jeasakul,Joseph Maloney,Li Lian Ong
Ms Muffet the Spider gram and the Web of Macro Financial Linkages Book PDF

Author : Ricardo Cervantes,Mr.Phakawa Jeasakul,Joseph Maloney,Li Lian Ong
Publisher : International Monetary Fund
Page : 43 pages
File Size : 46,7 Mb
Release : 2014-06-10
Category : Business & Economics
ISBN : 9781498366397

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Ms. Muffet, the Spider(gram) and the Web of Macro-Financial Linkages by Ricardo Cervantes,Mr.Phakawa Jeasakul,Joseph Maloney,Li Lian Ong Pdf

The global financial crisis has underscored the importance of understanding macro-financial developments and spillovers in an increasingly interconnected and intricate system. At the IMF, staff is focusing on the linkages between the real economy and the financial sector, as well as the inter-relationships between global and individual-country risks. The Country Financial Stability Map provides an empirical framework for explicitly linking these various aspects of the IMF’s surveillance of its member countries. It identifies potential sources of macro-financial risks particular to a country and also enables an assessment of these risks in a global context through comparisons with the corresponding Global Financial Stability Map from the Global Financial Stability Report. The authors have developed an Excel-based tool (“Ms. Muffet”) to facilitate this analysis, which may be replicated by external users with access to the necessary databases, using the accompanying template.

An Extended Quarterly Projection Model: Credit Cycle, Macrofinancial Linkages and Macroprudential Measures: The Case of the Philippines

Mr. Philippe D Karam,Mikhail Pranovich,Mr. Jan Vlcek
An Extended Quarterly Projection Model Credit Cycle Macrofinancial Linkages and Macroprudential Measures The Case of the Philippines Book PDF

Author : Mr. Philippe D Karam,Mikhail Pranovich,Mr. Jan Vlcek
Publisher : International Monetary Fund
Page : 45 pages
File Size : 47,6 Mb
Release : 2021-10-22
Category : Business & Economics
ISBN : 9781589068711

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An Extended Quarterly Projection Model: Credit Cycle, Macrofinancial Linkages and Macroprudential Measures: The Case of the Philippines by Mr. Philippe D Karam,Mikhail Pranovich,Mr. Jan Vlcek Pdf

We extend a modern practical Quarterly Projection Model to study credit cycle dynamics and risks, focusing on macrofinancial linkages and the role of macroprudential policy in achieving economic and financial stability. We tailor the model to the Philippines and evaluate the model’s properties along several dimensions. The model produces plausible dynamics and sensible forecasts. This along with its simplicity makes it useful for policy analysis. In particular, it should help policymakers understand the quantitative implications of responding to changes in domestic financial conditions, along with other shocks, through the joint use of macroprudential and monetary policies.

Macrofinancial Linkages of the Strategic Asset Allocation of Commodity-Based Sovereign Wealth Funds

Aaron Howard Clifford Brown,Mr.Michael G Papaioannou,Iva Petrova
Macrofinancial Linkages of the Strategic Asset Allocation of Commodity Based Sovereign Wealth Funds Book PDF

Author : Aaron Howard Clifford Brown,Mr.Michael G Papaioannou,Iva Petrova
Publisher : International Monetary Fund
Page : 33 pages
File Size : 55,8 Mb
Release : 2010-01-01
Category : Business & Economics
ISBN : 9781451961904

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Macrofinancial Linkages of the Strategic Asset Allocation of Commodity-Based Sovereign Wealth Funds by Aaron Howard Clifford Brown,Mr.Michael G Papaioannou,Iva Petrova Pdf

This paper analyses the links between the investment strategies of a commodity-based SWF and the macroeconomic framework of the owner country. We examine some basic macrofinancial linkages of an SWF's strategic asset allocation (SAA) strategies with regard to the government budget, monetary policy, and exchange rate movements. Based on a simple Markowitz-model framework, which integrates the specific objectives and constraints facing an SWF and the country's specific characteristics and macroeconomic vulnerabilities (especially in relation to commodity prices and prospective defined liabilities), we derive an SAA. The asset-liability methodology that is applied in the selection of an SWF SAA also allows assessing whether (i) the SAA adequately takes into account the country-specific risks and vulnerabilities, and (ii) its objectives and macrofinancial constraints are consistent. Some analytical and practical issues in determining an SAA model are also discussed, along with key effects of a financial crisis.

Approaches to Macrofinancial Surveillance in Article IV Reports

International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Monetary and Capital Markets Department
Approaches to Macrofinancial Surveillance in Article IV Reports Book PDF

Author : International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 44 pages
File Size : 43,8 Mb
Release : 2017-03-28
Category : Business & Economics
ISBN : 9781498347037

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Approaches to Macrofinancial Surveillance in Article IV Reports by International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Monetary and Capital Markets Department Pdf

The Fund has made good progress over the past two years in integrating macrofinancial analysis into Article IV surveillance for a wide range of members. Building on past work to enhance financial sector analysis, Fund staff has sought to develop a consistent and forward-looking view on how the financial sector affects each member’s economic outlook with the aim of strengthening staff’s capacity to provide advice on macro-critical questions. The focus has been on developing a fuller understanding of macrofinancial linkages, and applying this analysis to inform policy advice. Staff has sought to articulate the role of the financial sector in the macroeconomic baseline, and to integrate the financial sector into the risk assessment, taking into account both the impact of macro shocks on the financial sector as well as the effect of financial shocks on macroeconomic stability. Strengthening the analytical foundations of this work has helped staff provide advice in all policy areas, including financial sector policies. Staff has tailored macrofinancial analysis to the circumstances of a diverse set of economies. Area departments have taken the lead in selecting 66 economies for enhanced macrofinancial coverage and in identifying topics, drawing on targeted support from functional departments. The choice of coverage has included legacies from the global financial crisis—such as deleveraging and stretched balance sheets in advanced economies and some emerging markets—and more recent challenges such as commodity price shocks, especially in low income countries, and the risks of housing booms. The financial sector’s contribution to growth and inclusion has become an important question in countries across all income groups. Staff sees benefits in mainstreaming this approach across the membership, while continuing to address analytical gaps and adapting to new challenges. The work of the past two years has underscored the criticality of macrofinancial analysis for a diverse range of members, and laid the basis for progressively mainstreaming macrofinancial surveillance across the membership. Building on this progress, staff sees scope for the Fund to deepen its understanding of the macroeconomic effects of financial shocks, to better adapt microprudential and macroprudential policy advice with an assessment of macro-critical risks including systemic risk, and to deepen the analysis of outward spillovers. Staff will also need to continue to adapt the focus of analysis and tools, and seek relevant data, as economic challenges evolve.

Financial Integration and Macrofinancial Linkages in Asia

Asian Development Bank
Financial Integration and Macrofinancial Linkages in Asia Book PDF

Author : Asian Development Bank
Publisher : Unknown
Page : 52 pages
File Size : 55,8 Mb
Release : 2020-10-20
Category : Business & Economics
ISBN : 9292624180

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

This report reviews evidence of the macrofinancial linkages and feedback effects of financial distress in Asia. It proposes policy considerations and coordinated responses to enhance financial stability and resilience. The Asian financial landscape has become more interconnected over the past 2 decades. Previous financial crises have proven how volatility can transmit rapidly across an interconnected financial network. Moreover, empirical analyses have shown how it can reverberate across the macroeconomy. With a summary of lessons from past financial crises, this report also analyzes the impact of deeper financial integration on economic vulnerability.

Dealing with the Challenges of Macro Financial Linkages in Emerging Markets

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

Author : Otaviano Canuto,Swati Ghosh
Publisher : World Bank Publications
Page : 308 pages
File Size : 44,9 Mb
Release : 2013-10-29
Category : Business & Economics
ISBN : 9781464800023

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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.

The Global Macrofinancial Model

Francis Vitek
The Global Macrofinancial Model Book PDF

Author : Francis Vitek
Publisher : International Monetary Fund
Page : 136 pages
File Size : 47,6 Mb
Release : 2018-04-09
Category : Business & Economics
ISBN : 9781484352021

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The Global Macrofinancial Model by Francis Vitek Pdf

This paper documents the theoretical structure and empirical properties of the latest version of the Global Macrofinancial Model (GFM). This dynamic stochastic general equilibrium model of the world economy, disaggregated into forty national economies, was developed to support multilaterally consistent macrofinancial policy, risk and spillover analysis. It features a range of nominal and real rigidities, extensive macrofinancial linkages, and diverse spillover transmission channels. These macrofinancial linkages encompass bank and capital market based financial intermediation, with financial accelerator mechanisms linked to the values of the housing and physical capital stocks. A variety of monetary policy analysis, fiscal policy analysis, macroprudential policy analysis, spillover analysis, and forecasting applications of the GFM are demonstrated. These include quantifying the monetary, fiscal and macroprudential policy transmission mechanisms, accounting for business cycle fluctuations, and generating relatively accurate forecasts of inflation and output growth.

The Impact of the Global Crisis on Canada—What Do Macro-Financial Linkages Tell Us?

Rupa Duttagupta,N. Barrera
The Impact of the Global Crisis on Canada What Do Macro Financial Linkages Tell Us Book PDF

Author : Rupa Duttagupta,N. Barrera
Publisher : International Monetary Fund
Page : 21 pages
File Size : 40,6 Mb
Release : 2010-01-01
Category : Business & Economics
ISBN : 9781451961751

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The Impact of the Global Crisis on Canada—What Do Macro-Financial Linkages Tell Us? by Rupa Duttagupta,N. Barrera Pdf

This paper builds a Bayesian VAR estimation model of growth for Canada, by focusing specifically on the role of external and domestic financial indicators, including credit conditions. A variance decomposition shows that financial conditions explain one-third of the total variability in Canada's real GDP growth, although changes in U.S. real GDP growth still account for a larger share of volatility in Canadian growth. A macro-financial conditions index built from the VAR's impulse responses shows that U.S. real GDP growth and lending standards will increasingly bear on Canada's growth, implying that a normalization of the U.S. economic and financial conditions is key for a sustained recovery in Canada.

Financial Integration and Macrofinancial Linkages in Asia

Anonim
Financial Integration and Macrofinancial Linkages in Asia Book PDF

Author : Anonim
Publisher : Unknown
Page : 52 pages
File Size : 42,6 Mb
Release : 2020
Category : Finance
ISBN : 9292624202

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Financial Integration and Macrofinancial Linkages in Asia by Anonim Pdf

This report reviews evidence of the macrofinancial linkages and feedback effects of financial distress in Asia. It proposes policy considerations and coordinated responses to enhance financial stability and resilience.

Modeling with Macro-Financial Linkages

Ms.Inci Ötker,Mr.Jaromir Benes,David Vávra
Modeling with Macro Financial Linkages Book PDF

Author : Ms.Inci Ötker,Mr.Jaromir Benes,David Vávra
Publisher : International Monetary Fund
Page : 36 pages
File Size : 51,5 Mb
Release : 2009-06-01
Category : Business & Economics
ISBN : 9781451872705

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Modeling with Macro-Financial Linkages by Ms.Inci Ötker,Mr.Jaromir Benes,David Vávra Pdf

This paper develops a stylized, small, open economy macro model that incorporates an explicit and non-trivial role for financial intermediation. It illustrates how such a model could be used for policy analysis in an emerging market economy where policymakers are concerned about risks associated with rapid credit growth, financial dollarization, and foreign borrowing, while lacking traditional tools to effect monetary policy transmission, and hence could resort to more direct instruments, such as foreign exchange market intervention and regulatory and administrative measures. Calibrating the model to a stylized emerging European economy, the paper simulates real and financial sector implications of various external and policy-related shocks that could be used as input for monetary policy making.