Monetary Policy In Emerging Markets And Other Developing Countries

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Monetary Policy in Emerging Markets and Other Developing Countries

Nicoletta Batini
Monetary Policy in Emerging Markets and Other Developing Countries Book PDF

Author : Nicoletta Batini
Publisher : Unknown
Page : 228 pages
File Size : 50,7 Mb
Release : 2007
Category : Developing countries
ISBN : UCSD:31822034527572

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Monetary Policy in Emerging Markets and Other Developing Countries by Nicoletta Batini Pdf

Over the past twenty years there has been a marked shift toward more flexible exchange rate regimes and more open capital accounts by both industrial and non-industrial economies. Two decades ago exchange rate pegs of various kinds accounted for over half of industrial country monetary policy regimes, but declined to just 5 percent of regimes by 2005, while in non-industrial countries the share fell from 75 percent to 55 percent. The move toward more flexibility in exchange rates has been accompanied by the adoption of a variety of frameworks to conduct monetary policy, ranging from inflation targeting, monetary targeting, and more eclectic approaches based on several targets. In industrial countries, exchange rate pegs and monetary targets have been replaced by regimes based on implicit or explicit inflation targets. In non-industrial countries, exchange rate pegs have also often been replaced by direct inflation targets, although many non-industrial countries still operate through somewhat eclectic regimes. This book is important read for understanding monetary policy under high capital mobility based on other countries' experiences.

Monetary Policy Transmission in Emerging Markets and Developing Economies

Mr.Luis Brandao-Marques,Mr.R. G Gelos,Mr.Thomas Harjes,Ms.Ratna Sahay,Yi Xue
Monetary Policy Transmission in Emerging Markets and Developing Economies Book PDF

Author : Mr.Luis Brandao-Marques,Mr.R. G Gelos,Mr.Thomas Harjes,Ms.Ratna Sahay,Yi Xue
Publisher : International Monetary Fund
Page : 54 pages
File Size : 44,7 Mb
Release : 2020-02-21
Category : Business & Economics
ISBN : 9781513529738

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Monetary Policy Transmission in Emerging Markets and Developing Economies by Mr.Luis Brandao-Marques,Mr.R. G Gelos,Mr.Thomas Harjes,Ms.Ratna Sahay,Yi Xue Pdf

Central banks in emerging and developing economies (EMDEs) have been modernizing their monetary policy frameworks, often moving toward inflation targeting (IT). However, questions regarding the strength of monetary policy transmission from interest rates to inflation and output have often stalled progress. We conduct a novel empirical analysis using Jordà’s (2005) approach for 40 EMDEs to shed a light on monetary transmission in these countries. We find that interest rate hikes reduce output growth and inflation, once we explicitly account for the behavior of the exchange rate. Having a modern monetary policy framework—adopting IT and independent and transparent central banks—matters more for monetary transmission than financial development.

Monetary Policy Frameworks for Emerging Markets

Gill Hammond,S. M. Ravi Kanbur,Eswar Prasad
Monetary Policy Frameworks for Emerging Markets Book PDF

Author : Gill Hammond,S. M. Ravi Kanbur,Eswar Prasad
Publisher : Edward Elgar Publishing
Page : 369 pages
File Size : 41,6 Mb
Release : 2009-01-01
Category : Business & Economics
ISBN : 9781848449190

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Monetary Policy Frameworks for Emerging Markets by Gill Hammond,S. M. Ravi Kanbur,Eswar Prasad Pdf

Financial globalisation has made the formulation of monetary policy in emerging market economies increasingly complicated. This timely set of studies looks at the turmoil in global financial markets, which, coupled with volatile inflation, poses serious challenges for central banks in these countries. The book features a number of specially commissioned new papers from both front-line policymakers and researchers in developing and emerging market economies, which tackle the difficult issues currently being debated with increasing urgency by monetary policy theorists and policymakers around the world. They address questions such as: What monetary policy framework is most suitable for emerging market countries to confront the new challenges while they continue to open up to trade and financial flows? , What are the linkages between monetary stability and financial stability? and Is inflation targeting or a fixed exchange rate regime preferable for developing and emerging markets? Providing unique insights on the interaction between the theory and practice of monetary policy in emerging markets, this book will be of great interest to academics and students of economics, economic policy and development economics. Policymakers will also find this to be a useful and thought-provoking read.

Unconventional Monetary Policies in Emerging Markets and Frontier Countries

Chiara Fratto,Brendan Harnoys Vannier,MissBorislava Mircheva,David de Padua,Ms.Helene Poirson Ward
Unconventional Monetary Policies in Emerging Markets and Frontier Countries Book PDF

Author : Chiara Fratto,Brendan Harnoys Vannier,MissBorislava Mircheva,David de Padua,Ms.Helene Poirson Ward
Publisher : International Monetary Fund
Page : 71 pages
File Size : 49,8 Mb
Release : 2021-01-22
Category : Business & Economics
ISBN : 9781513567211

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Unconventional Monetary Policies in Emerging Markets and Frontier Countries by Chiara Fratto,Brendan Harnoys Vannier,MissBorislava Mircheva,David de Padua,Ms.Helene Poirson Ward Pdf

The COVID-19 crisis induced an unprecedented launch of unconventional monetary policy through asset purchase programs (APPs) by emerging market and developing economies. This paper presents a new dataset of APP announcements and implementation from March until August 2020 for 27 emerging markets and 8 small advanced economies. APPs’ effects on bond yields, exchange rates, equities, and debt spreads are estimated using different methodologies. The results confirm that APPs were successful in significantly reducing bond yields in EMDEs, and these effects were stronger than those of policy rate cuts, suggesting that such UMP could be important tools for EMDEs during financial market stress.

Monetary Policy in Emerging Markets

Mr.Donal McGettigan,Mr.Kenji Moriyama,Mr.Jean F Noah Ndela Ntsama,Mr.Francois Painchaud,Mr.Haonan Qu,Mr.Chad Steinberg
Monetary Policy in Emerging Markets Book PDF

Author : Mr.Donal McGettigan,Mr.Kenji Moriyama,Mr.Jean F Noah Ndela Ntsama,Mr.Francois Painchaud,Mr.Haonan Qu,Mr.Chad Steinberg
Publisher : International Monetary Fund
Page : 30 pages
File Size : 52,6 Mb
Release : 2013-05-03
Category : Business & Economics
ISBN : 9781484388266

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Monetary Policy in Emerging Markets by Mr.Donal McGettigan,Mr.Kenji Moriyama,Mr.Jean F Noah Ndela Ntsama,Mr.Francois Painchaud,Mr.Haonan Qu,Mr.Chad Steinberg Pdf

In contrast to advanced markets (AMs), procyclical monetary policy has been a problem for emerging markets (EMs), with macroeconomic policies amplifying economic upswings and deepening downturns. The stark difference in policy has not been subject to extensive study and this paper attempts to address the gap. Key findings, using a large sample of EMs over the past 50 years, are: (i) EMs have adopted increasingly countercyclical monetary policy over time, although large differences remain among EMs and policies became more procyclical during the recent crisis. (ii) Inflation targeting and better institutions have been key factors behind the move to countercyclicality. (iii) Only deep financial markets allow EMs with flexible exchange rate regimes turn countercyclical. (iv) More countercyclical policy is associated with far less volatile output. The economically meaningful impact of IT on monetary policy countercyclicality and output variability is another reason in its favor, over and above better inflation outcomes.

Inflation in Emerging and Developing Economies

Jongrim Ha,M. Ayhan Kose,Franziska Ohnsorge
Inflation in Emerging and Developing Economies Book PDF

Author : Jongrim Ha,M. Ayhan Kose,Franziska Ohnsorge
Publisher : World Bank Publications
Page : 513 pages
File Size : 52,5 Mb
Release : 2019-02-24
Category : Business & Economics
ISBN : 9781464813764

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Inflation in Emerging and Developing Economies by Jongrim Ha,M. Ayhan Kose,Franziska Ohnsorge Pdf

This is the first comprehensive study in the context of EMDEs that covers, in one consistent framework, the evolution and global and domestic drivers of inflation, the role of expectations, exchange rate pass-through and policy implications. In addition, the report analyzes inflation and monetary policy related challenges in LICs. The report documents three major findings: In First, EMDE disinflation over the past four decades was to a significant degree a result of favorable external developments, pointing to the risk of rising EMDE inflation if global inflation were to increase. In particular, the decline in EMDE inflation has been supported by broad-based global disinflation amid rapid international trade and financial integration and the disruption caused by the global financial crisis. While domestic factors continue to be the main drivers of short-term movements in EMDE inflation, the role of global factors has risen by one-half between the 1970s and the 2000s. On average, global shocks, especially oil price swings and global demand shocks have accounted for more than one-quarter of domestic inflation variatio--and more in countries with stronger global linkages and greater reliance on commodity imports. In LICs, global food and energy price shocks accounted for another 12 percent of core inflation variatio--half more than in advanced economies and one-fifth more than in non-LIC EMDEs. Second, inflation expectations continue to be less well-anchored in EMDEs than in advanced economies, although a move to inflation targeting and better fiscal frameworks has helped strengthen monetary policy credibility. Lower monetary policy credibility and exchange rate flexibility have also been associated with higher pass-through of exchange rate shocks into domestic inflation in the event of global shocks, which have accounted for half of EMDE exchange rate variation. Third, in part because of poorly anchored inflation expectations, the transmission of global commodity price shocks to domestic LIC inflation (combined with unintended consequences of other government policies) can have material implications for poverty: the global food price spikes in 2010-11 tipped roughly 8 million people into poverty.

Two Targets, Two Instruments

Mr.Jonathan David Ostry,Mr.Atish R. Ghosh,Mr.Marcos Chamon
Two Targets Two Instruments Book PDF

Author : Mr.Jonathan David Ostry,Mr.Atish R. Ghosh,Mr.Marcos Chamon
Publisher : International Monetary Fund
Page : 25 pages
File Size : 45,7 Mb
Release : 2012-02-29
Category : Business & Economics
ISBN : 9781475554281

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Two Targets, Two Instruments by Mr.Jonathan David Ostry,Mr.Atish R. Ghosh,Mr.Marcos Chamon Pdf

Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief and written in nontechnical language, and so are aimed at a broad audience interested in economic policy issues. This Web-only series replaced Staff Position Notes in January 2011.

Spillovers from United States Monetary Policy on Emerging Markets

Mr.Jiaqian Chen,Mr.Tommaso Mancini Griffoli,Ms.Ratna Sahay
Spillovers from United States Monetary Policy on Emerging Markets Book PDF

Author : Mr.Jiaqian Chen,Mr.Tommaso Mancini Griffoli,Ms.Ratna Sahay
Publisher : International Monetary Fund
Page : 30 pages
File Size : 42,7 Mb
Release : 2014-12-24
Category : Business & Economics
ISBN : 9781498380423

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Spillovers from United States Monetary Policy on Emerging Markets by Mr.Jiaqian Chen,Mr.Tommaso Mancini Griffoli,Ms.Ratna Sahay Pdf

The impact of monetary policy in large advanced countries on emerging market economies—dubbed spillovers—is hotly debated in global and national policy circles. When the U.S. resorted to unconventional monetary policy, spillovers on asset prices and capital flows were significant, though remained smaller in countries with better fundamentals. This was not because monetary policy shocks changed (in size, sign or impact on stance). In fact, the traditional signaling channel of monetary policy continued to play the leading role in transmitting shocks, relative to other channels, affecting longer-term bond yields. Instead, we find that larger spillovers stem more from structural factors, such as the use of new instruments (asset purchases). We obtain these results by developing a new methodology to extract, separate, and interpret U.S. monetary policy shocks.

Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries — Background Paper — Country Experiences

International Monetary Fund
Evolving Monetary Policy Frameworks in Low Income and Other Developing Countries Background Paper Country Experiences Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 89 pages
File Size : 45,7 Mb
Release : 2015-10-27
Category : Business & Economics
ISBN : 9781498344050

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Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries — Background Paper — Country Experiences by International Monetary Fund Pdf

This background paper focuses on the experiences of evolving monetary policy frameworks in nine individual countries and three thematic groupings of countries. The country case studies are complemented by analyses of common issues faced by countries in currency unions in the CFA franc zone, selected resource rich countries, and advanced economies and emerging markets during their modernization process of monetary policy regimes. Finally, the background paper also contains a discussion on the benefits of effective communication in conducting monetary policy.

Macroeconomic Shocks and Unconventional Monetary Policy

Naoyuki Yoshino,Pornpinun Chantapacdepong,Matthias Helble
Macroeconomic Shocks and Unconventional Monetary Policy Book PDF

Author : Naoyuki Yoshino,Pornpinun Chantapacdepong,Matthias Helble
Publisher : Oxford University Press, USA
Page : 345 pages
File Size : 43,8 Mb
Release : 2019
Category : Business & Economics
ISBN : 9780198838104

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Macroeconomic Shocks and Unconventional Monetary Policy by Naoyuki Yoshino,Pornpinun Chantapacdepong,Matthias Helble Pdf

Barely two decades after the Asian financial crisis Asia was suddenly confronted with multiple challenges originating outside the region: the 2008 global financial crisis, the European debt crisis, and finally developed economies' implementation of unconventional monetary policies. The implementation of quantitative easing, ultra-low interest rate policies, and negative interest rate policies by a number of large central banks has given rise to concerns over financial stability and international capital flows. Macroeconomic Shocks and Unconventional Monetary Policy: Impacts on Emerging Markets explains how shocks stemming from the global financial crisis have affected macroeconomic and financial stability in emerging Asia. Macroeconomic Shocks and Unconventional Monetary Policy: Impacts on Emerging Markets brings together the most up-to-date knowledge impacts of recent macroeconomic shocks on Asia's real economy; the spillover effects of macroeconomic shocks on financial markets and flows in Asia; and key challenges for monetary, exchange rate, trade and macro prudential policies of developing Asian economies. It is authored by experts in the field of international macroeconomics from leading academic institutions, central banks, and international organizations including the International Monetary Fund, the Bank for International Settlement, and the Asian Development Bank Institute.

Transformations to Open Market Operations

S. H. Axilrod,International Monetary Fund
Transformations to Open Market Operations Book PDF

Author : S. H. Axilrod,International Monetary Fund
Publisher : International Monetary Fund
Page : 32 pages
File Size : 45,9 Mb
Release : 1996
Category : Business & Economics
ISBN : STANFORD:36105028873482

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Transformations to Open Market Operations by S. H. Axilrod,International Monetary Fund Pdf

With more countries seeking to deregulate and unleash the potential of market forces, many policymakers and central bankers are grappling with ways to realize the full benefits of open market operations. This paper compares the benefits of open market operations with other methods of monetary control and analyzes the conditions and market architecture necessary for the successful implementation of these operations.

Monetary Policy Implementation

Mr.Rodolfo Maino,MissInese Buzeneca
Monetary Policy Implementation Book PDF

Author : Mr.Rodolfo Maino,MissInese Buzeneca
Publisher : International Monetary Fund
Page : 43 pages
File Size : 45,5 Mb
Release : 2007-01-01
Category : Business & Economics
ISBN : 9781451865714

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Monetary Policy Implementation by Mr.Rodolfo Maino,MissInese Buzeneca Pdf

Since the early 1990s, the IMF has been advising countries to shift to the use of indirect instruments for executing monetary policy. This paper provides information about a monetary policy instruments database, maintained by the Monetary and Capital Markets Department of the IMF. We offer an overview of the information contained in the database in the form of comparative summary tables and graphs to illustrate the use of monetary policy instruments by groups of countries (developing, emerging market and developed countries). The main trend that can be identified from the database information is the increasing reliance on money market operations for monetary policy implementation. We emphasize the relevance and usefulness of the data collected through periodic surveys of central banks, for general descriptive and analytical purposes.

Financial Policies in Emerging Markets

Mario I. Bléjer,Marko Skreb
Financial Policies in Emerging Markets Book PDF

Author : Mario I. Bléjer,Marko Skreb
Publisher : MIT Press
Page : 282 pages
File Size : 47,6 Mb
Release : 2002
Category : Business & Economics
ISBN : 0262025256

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Financial Policies in Emerging Markets by Mario I. Bléjer,Marko Skreb Pdf

An overview of the financial vulnerability of emerging market economies and how the impact of exchange rate regimes affects this vulnerability.

Other People's Money

Barry Eichengreen,Ricardo Hausmann
Other People s Money Book PDF

Author : Barry Eichengreen,Ricardo Hausmann
Publisher : University of Chicago Press
Page : 305 pages
File Size : 42,5 Mb
Release : 2010-04-15
Category : Business & Economics
ISBN : 9780226194578

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Other People's Money by Barry Eichengreen,Ricardo Hausmann Pdf

Recent crises in emerging markets have been heavily driven by balance-sheet or net-worth effects. Episodes in countries as far-flung as Indonesia and Argentina have shown that exchange rate adjustments that would normally help to restore balance can be destabilizing, even catastrophic, for countries whose debts are denominated in foreign currencies. Many economists instinctually assume that developing countries allow their foreign debts to be denominated in dollars, yen, or euros because they simply don't know better. Presenting evidence that even emerging markets with strong policies and institutions experience this problem, Other People's Money recognizes that the situation must be attributed to more than ignorance. Instead, the contributors suggest that the problem is linked to the operation of international financial markets, which prevent countries from borrowing in their own currencies. A comprehensive analysis of the sources of this problem and its consequences, Other People's Money takes the study one step further, proposing a solution that would involve having the World Bank and regional development banks themselves borrow and lend in emerging market currencies.

Inflation Targeting and Monetary Policy Transmission Mechanisms in Emerging Market Economies

Ms.Sanchita Mukherjee,Ms.Rina Bhattacharya
Inflation Targeting and Monetary Policy Transmission Mechanisms in Emerging Market Economies Book PDF

Author : Ms.Sanchita Mukherjee,Ms.Rina Bhattacharya
Publisher : International Monetary Fund
Page : 29 pages
File Size : 47,7 Mb
Release : 2011-10-01
Category : Business & Economics
ISBN : 9781463921293

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Inflation Targeting and Monetary Policy Transmission Mechanisms in Emerging Market Economies by Ms.Sanchita Mukherjee,Ms.Rina Bhattacharya Pdf

In this paper we empirically examine the operation of the traditional Keynesian interest rate channel of the monetary policy transmission mechanism in five potential inflation targeting economies in the MENA region and compare it with fourteen inflation targeting (IT) emerging market economies (EMEs) using panel data analysis. Contrary to some existing studies, our empirical results suggest that private consumption and investment in both groups of countries are sensitive to movements in real interest rates. Moreover, we find that the adoption of IT did not significantly alter the operation of the interest rate channel in IT EMEs. Also, the interest rate elasticities of private consumption and private investment vary with the level of development of the domestic financial market. Finally, capital account liberalization have opposite effects on private consumption and private investment in the two groups of countries.