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Author : Anonim
Publisher : Unknown
Page : 276 pages
File Size : 42,7 Mb
Release : 1999
Category : Banks and banking
ISBN : STANFORD:36105021479089
Author : Mr.Jonathan David Ostry,Mr.Atish R. Ghosh,Mr.Marcos Chamon
Publisher : International Monetary Fund
Page : 25 pages
File Size : 47,7 Mb
Release : 2012-02-29
Category : Business & Economics
ISBN : 9781475554281
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.
Author : Gill Hammond,S. M. Ravi Kanbur,Eswar Prasad
Publisher : Edward Elgar Publishing
Page : 369 pages
File Size : 49,9 Mb
Release : 2009-01-01
Category : Business & Economics
ISBN : 9781848449190
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.
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 : 55,9 Mb
Release : 2013-05-03
Category : Business & Economics
ISBN : 9781484388266
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.
Author : Rakesh Mohan,Muneesh Kapur
Publisher : International Monetary Fund
Page : 34 pages
File Size : 41,7 Mb
Release : 2014-04-29
Category : Business & Economics
ISBN : 9781484362518
The unconventional monetary policies (UMPs) pursued by the advanced economies (AEs) have posed macroeconomic challenges for the emerging market economies (EMEs) through volatile capital flows and exchange rates. AE central banks need to acknowledge and appreciate the spillovers resulting from such UMPs. Central banks of the AEs, who have set up standing mutual swap facilities, should explore similar arrangements with other significant EMEs with appropriate risk mitigation measures. These initiatives could do much to actually curb volatility in global financial markets and hence in capital flows to EMEs, thus obviating the need for defensive policy actions on the part of EMEs.
Author : Mario I. Blejer,Marko Skreb
Publisher : Springer Science & Business Media
Page : 458 pages
File Size : 44,9 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9781461551935
the adaptation of the institutional settings of monetary policy to deal with an emerging market economy had to be carried out in the midst of an unprecedented stabilization effort and, therefore, was particularly urgent and complicated. In many of the transition countries, the transformation effort implied not just changes in procedures but the establishment of a central bank from scratch, a process that involved an important effort, precisely at a time when the whole system was in serious turmoil. While the process of reforms is not yet completed in all the transition countries, an immense amount of progress has been achieved, and many of the transition countries face today monetary and central banking conditions that are close to those of Western economies. In this volume, we collect a number of important contributions that discuss the most burning aspects of the current debates on central banking and monetary policy and draw implications for the postsocialist transition economies. The various papers included in the volume deal with a broad set of related issues, which are highly relevant not just for transition economies but for other emerging markets and for advanced economies as well. The subjects covered in the book are divided into seven major categories (Sections II to VIII), some of which overlap.
Author : Mr.Chorng-Huey Wong
Publisher : International Monetary Fund
Page : 30 pages
File Size : 50,7 Mb
Release : 1991-04-01
Category : Business & Economics
ISBN : 9781451845877
This paper reviews issues in the development of a market-based system of monetary control in developing countries. It focuses on the appropriate sequencing of financial reform that would facilitate the transition toward a market-based system and measures required to strengthen the effectiveness of market-based operations. The paper also assesses the effects of financial reform on the demand for money function and discusses the implications for policy formulation and implementation.
Author : Ila Patnaik,Ajay Shah,Rudrani Bhattacharya
Publisher : International Monetary Fund
Page : 27 pages
File Size : 53,6 Mb
Release : 2011-01-01
Category : Business & Economics
ISBN : 9781455211838
Some emerging economies have a relatively ineffective monetary policy transmission owing to weaknesses in the domestic financial system and the presence of a large and segmented informal sector. At the same time, small open economies can have a substantial monetary policy transmission through the exchange rate channel. In order to understand this setting, we explore a unified treatment of monetary policy transmission and exchangerate pass-through. The results for an emerging market, India, suggest that the most effective mechanism through which monetary policy impacts inflation runs through the exchange rate.
Author : Frederic S. Mishkin
Publisher : World Bank Publications
Page : 48 pages
File Size : 50,9 Mb
Release : 2001
Category : Crisis financiera - Paises en desarrollo
ISBN : 8210379456XXX
In recent years we have seen a growing number of banking and financial crises in emerging market countries, with great costs to their economies. But we now have a much better understanding of why these crises occur and a better idea how they can be prevented.
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 : 53,9 Mb
Release : 2020-02-21
Category : Business & Economics
ISBN : 9781513529738
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.
Author : Chiara Fratto,Brendan Harnoys Vannier,MissBorislava Mircheva,David de Padua,Ms.Helene Poirson Ward
Publisher : International Monetary Fund
Page : 71 pages
File Size : 47,5 Mb
Release : 2021-01-22
Category : Business & Economics
ISBN : 9781513567211
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.
Author : Richard J Sweeney
Publisher : Routledge
Page : 347 pages
File Size : 44,6 Mb
Release : 2019-03-13
Category : Political Science
ISBN : 9780429721069
With the loss of Soviet control in Central and Eastern Europe, as well as the move toward economic liberalization in many developing countries, a huge increase in the number of convertible currencies in the world has occurred. A key aspect of the management of these currencies involves their relationships with the world economy, which is determined
Author : Mr.Etienne B. Yehoue,Kotaro Ishi,Mr.Mark R. Stone
Publisher : International Monetary Fund
Page : 44 pages
File Size : 46,9 Mb
Release : 2009-10-01
Category : Business & Economics
ISBN : 9781451873733
Unconventional central bank measures are playing a key policy role for many advanced economies in the 2007-09 global crisis. Are they playing a similar role for emerging economies? Emerging economies have widely used unconventional foreign exchange and domestic short-term liquidity easing measures. Their use of credit easing and quantitative easing measures has been much more limited. Thus, unconventional measures are much less important for emerging economies compared to advanced economies in achieving broader macroeconomic objectives. The difference can be attributed to the relatively limited financial stress in emerging economies, their external vulnerabilities and their limited scope for quasifiscal activities.
Author : Mr.Mohsin S. Khan
Publisher : International Monetary Fund
Page : 19 pages
File Size : 40,6 Mb
Release : 2003-03-01
Category : Business & Economics
ISBN : 9781451847727
Movements in global capital during the late 1990s and the greater emphasis on price stability led many countries to abandon fixed exchange rate regimes and to design institutions and monetary policies to achieve credibility in the goal of lowering inflation. Such recent developments have brought to the forefront the idea that freely mobile capital, independent monetary policy, and fixed exchange rates form an "impossible trinity." It is possible to have two of these policies, but not all three. Inflation-targeting regimes being adopted by many countries provide a way of resolving this dilemma.
Author : Mario I. Bléjer,Marko Skreb
Publisher : MIT Press
Page : 282 pages
File Size : 44,6 Mb
Release : 2002
Category : Business & Economics
ISBN : 0262025256
An overview of the financial vulnerability of emerging market economies and how the impact of exchange rate regimes affects this vulnerability.