The Effects Of U S Unconventional Monetary Policy On Asia Frontier Developing Economies

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The Effects of U.S. Unconventional Monetary Policy on Asia Frontier Developing Economies

Mr.Sohrab Rafiq
The Effects of U S Unconventional Monetary Policy on Asia Frontier Developing Economies Book PDF

Author : Mr.Sohrab Rafiq
Publisher : International Monetary Fund
Page : 30 pages
File Size : 48,5 Mb
Release : 2015-01-23
Category : Business & Economics
ISBN : 9781498334037

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The Effects of U.S. Unconventional Monetary Policy on Asia Frontier Developing Economies by Mr.Sohrab Rafiq Pdf

This paper explores the effect of U.S. unconventional monetary policy (QE2) on a group of frontier developing economies (FDEs) in Asia. This paper finds that spillovers emanating from the U.S. on FDEs in Asia have been small. The relative insulation of emerging Asia from the global financial cycle can likely be attributed to the presence of managed capital accounts coupled with shallow financial markets. Should U.S. monetary policy begin to normalize the direct first-round impact on developing Asia is likely to be small.

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 : 44,9 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).

Frontier and Developing Asia: The Next Generation of Emerging Markets

Mr. Alfred Schipke
Frontier and Developing Asia The Next Generation of Emerging Markets Book PDF

Author : Mr. Alfred Schipke
Publisher : International Monetary Fund
Page : 271 pages
File Size : 49,7 Mb
Release : 2015-04-10
Category : Business & Economics
ISBN : 9781498345613

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Frontier and Developing Asia: The Next Generation of Emerging Markets by Mr. Alfred Schipke Pdf

Frontier economies are receiving increasing attention from policymakers, investors, and academics. Compared with other low-income countries they have experienced rapid growth over the last two decades, giving rise to speculation as to whether they will become the next generation of emerging markets. This book looks at the growing importance of the countries that make up frontier and developing Asia from different angles, including achieving inclusive growth, financial sector deepening, and strengthening policy frameworks.

Monetary and Currency Policy Management in Asia

Masahiro Kawai,Peter J. Morgan,Shinji Takagi
Monetary and Currency Policy Management in Asia Book PDF

Author : Masahiro Kawai,Peter J. Morgan,Shinji Takagi
Publisher : Edward Elgar Publishing
Page : 321 pages
File Size : 49,8 Mb
Release : 2012-01-01
Category : Business & Economics
ISBN : 9780857933355

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Monetary and Currency Policy Management in Asia by Masahiro Kawai,Peter J. Morgan,Shinji Takagi Pdf

Asian economies strengthened their monetary and currency management after the Asian financial crisis of 19971998, and came through the global financial crisis of 20072009 relatively well. Nevertheless, the recent global crisis has presented new challenges. This book develops recommendations for monetary and currency policy in Asian economies aimed at promoting macroeconomic and financial stability in an environment of global economic shocks and volatile capital flows. Monetary and Currency Policy Management in Asia draws lessons from crises and makes concrete macroeconomic policy recommendations aimed at minimizing the impacts of an economic and financial downturn, and setting the stage for an early return to sustainable growth. The focus is on short-term measures related to the cycle. The three main areas addressed are: monetary policy measures, both conventional and unconventional, to achieve both macroeconomic and financial stability; exchange rate policy and foreign exchange reserve management, including the potential for regional cooperation to stabilize currency movements; and ways to ease the constraints on policy resulting from the so-called 'impossible trinity' of fixed exchange rates, open capital accounts and independent monetary policy. This is one of the first books since the global financial crisis to specifically and comprehensively address the implications of the crisis for monetary and currency policy in emerging market economies, especially in Asia. Presenting a broad menu of policy options for financial reform and regulation, the book will be of great interest to finance experts and policymakers in the region as well as academics and researchers of financial and Asian economics as well as economic development.

Research Bulletin, March 2015

International Monetary Fund. Research Dept.
Research Bulletin March 2015 Book PDF

Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 16 pages
File Size : 44,7 Mb
Release : 2015-03-24
Category : Business & Economics
ISBN : 9781475551389

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Research Bulletin, March 2015 by International Monetary Fund. Research Dept. Pdf

Articles in the March 2015 Research Bulletin focus on the oil market, energy subsidies, and output. The Research Summary on "An Exploration in Deep Corners of the Oil Market," authored by Rabah Arezki, Douglas Laxton, Armen Nurekyan, and Hou Wang, examines fluctuations in oil prices. "The State Budget May Afford It All," by Christian Ebeke and Constant Lonkeng Ngbouana, reviews energy subsidies and their fiscal, distributional, and environmental costs. In the “Q&A” column Pau Rabanal takes a look at “Seven Questions on Potential Output.” The Bulletin includes a listing of recent IMF Working Papers, Staff Discussion Notes, recommended readings from IMF Publications, and a call for papers for the next Annual Research Conference. A link with information and free access to IMF Economic Review is also included.

When China Sneezes Does ASEAN Catch a Cold?

Mr.Sohrab Rafiq
When China Sneezes Does ASEAN Catch a Cold Book PDF

Author : Mr.Sohrab Rafiq
Publisher : International Monetary Fund
Page : 128 pages
File Size : 54,7 Mb
Release : 2016-11-27
Category : Business & Economics
ISBN : 9781475556780

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When China Sneezes Does ASEAN Catch a Cold? by Mr.Sohrab Rafiq Pdf

This paper looks at the effects of a China slowdown on Emerging Market Economies (Indonesia, Malaysia, and Thailand) and Frontier Developing Economies (Cambodia, Lao P.D.R., and Vietnam) in ASEAN. The main finding is that the impact of China growth shocks on ASEAN has risen since the global financial crisis. A one percent decline in China’s growth implies a 0.3 percent reduction in growth for ASEAN EMEs and 0.2 for FDEs. An important component of inflation is also shared between ASEAN and China. These magnitudes are double what they were two decades ago due to stronger trade and financial linkages. Finally, a slowdown in China, while having real effects, also has a financial impact via slower credit growth and lower equity prices. This is in line with the existence of both portfolio balance and signaling channels, in which ASEAN market participants absorb news on China economic activity as an indicator over domestic growth prospects.

Policy Advice to Asia in the COVID-19 Era

Changyong Rhee,Katsiaryna Svirydzenka
Policy Advice to Asia in the COVID 19 Era Book PDF

Author : Changyong Rhee,Katsiaryna Svirydzenka
Publisher : International Monetary Fund
Page : 105 pages
File Size : 50,7 Mb
Release : 2021-03-05
Category : Health & Fitness
ISBN : 9781513566597

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Policy Advice to Asia in the COVID-19 Era by Changyong Rhee,Katsiaryna Svirydzenka Pdf

The Asia-Pacific region was the first to be hit by the COVID-19 pandemic; it put a strain on its people and economies, and policymaking became exceptionally difficult. This departmental paper contains the assessment of the key challenges facing Asia at this critical juncture and policy advice to the region both to address the current challenges and to build the foundations for a more sustainable and inclusive future. The paper focuses on (1) adjusting to the COVID-19 shock, (2) using unconventional policies when policy space is limited, (3) dealing with debt, and (4) helping the vulnerable and greening the recovery. The paper first presents the different ways countries are adjusting to the COVID-19 shock.

International Macroeconomics in the Wake of the Global Financial Crisis

Laurent Ferrara,Ignacio Hernando,Daniela Marconi
International Macroeconomics in the Wake of the Global Financial Crisis Book PDF

Author : Laurent Ferrara,Ignacio Hernando,Daniela Marconi
Publisher : Springer
Page : 298 pages
File Size : 44,9 Mb
Release : 2018-06-13
Category : Business & Economics
ISBN : 9783319790756

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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.

Distributional Effects of Monetary Policy

Valentina Bonifacio,Mr. Luis Brandao-Marques,Mrs. Nina T Budina,Mr. Balazs Csonto,Chiara Fratto,Philipp Engler,Davide Furceri,Ms. Deniz O Igan,Rui Mano,Mr. Machiko Narita,Murad Omoev,Gurnain Kaur Pasricha,Ms. Helene Poirson
Distributional Effects of Monetary Policy Book PDF

Author : Valentina Bonifacio,Mr. Luis Brandao-Marques,Mrs. Nina T Budina,Mr. Balazs Csonto,Chiara Fratto,Philipp Engler,Davide Furceri,Ms. Deniz O Igan,Rui Mano,Mr. Machiko Narita,Murad Omoev,Gurnain Kaur Pasricha,Ms. Helene Poirson
Publisher : International Monetary Fund
Page : 47 pages
File Size : 41,7 Mb
Release : 2021-07-30
Category : Business & Economics
ISBN : 9781513588858

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Distributional Effects of Monetary Policy by Valentina Bonifacio,Mr. Luis Brandao-Marques,Mrs. Nina T Budina,Mr. Balazs Csonto,Chiara Fratto,Philipp Engler,Davide Furceri,Ms. Deniz O Igan,Rui Mano,Mr. Machiko Narita,Murad Omoev,Gurnain Kaur Pasricha,Ms. Helene Poirson Pdf

As central banks across the globe have responded to the COVID-19 shock by rounds of extensive monetary loosening, concerns about their inequality impact have grown. But rising inequality has multiple causes and its relationship with monetary policy is complex. This paper highlights the channels through which monetary policy easing affect income and wealth distribution, and presents some quantitative findings about their importance. Key takeaways are: (i) central banks should remain focused on macro stability while continuing to improve public communications about distributional effects of monetary policy, and (ii) supportive fiscal policies and structural reforms can improve macroeconomic and distributional outcomes.

Global Waves of Debt

M. Ayhan Kose,Peter Nagle,Franziska Ohnsorge,Naotaka Sugawara
Global Waves of Debt Book PDF

Author : M. Ayhan Kose,Peter Nagle,Franziska Ohnsorge,Naotaka Sugawara
Publisher : World Bank Publications
Page : 403 pages
File Size : 48,6 Mb
Release : 2021-03-03
Category : Business & Economics
ISBN : 9781464815454

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Global Waves of Debt by M. Ayhan Kose,Peter Nagle,Franziska Ohnsorge,Naotaka Sugawara Pdf

The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.

The ASEAN Way

Ms.Ana Corbacho,Mr.Shanaka J Peiris
The ASEAN Way Book PDF

Author : Ms.Ana Corbacho,Mr.Shanaka J Peiris
Publisher : International Monetary Fund
Page : 311 pages
File Size : 50,5 Mb
Release : 2018-10-02
Category : Business & Economics
ISBN : 9781513558905

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The ASEAN Way by Ms.Ana Corbacho,Mr.Shanaka J Peiris Pdf

The first part of the book examines the evolution of monetary policy and prudential frameworks of the ASEAN5, with particular focus on changes since the Asian financial crisis and the more recent period of unconventional monetary policy in advanced economies. The second part of the book looks at policy responses to global financial spillovers. The third and last part of the book elaborates on the challenges ahead for monetary policy, financial stability frameworks, and the deepening of financial markets.

Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries

International Monetary Fund
Evolving Monetary Policy Frameworks in Low Income and Other Developing Countries Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 74 pages
File Size : 47,5 Mb
Release : 2015-10-23
Category : Business & Economics
ISBN : 9781498344067

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Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries by International Monetary Fund Pdf

Over the past two decades, many low- and lower-middle income countries (LLMICs) have improved control over fiscal policy, liberalized and deepened financial markets, and stabilized inflation at moderate levels. Monetary policy frameworks that have helped achieve these ends are being challenged by continued financial development and increased exposure to global capital markets. Many policymakers aspire to move beyond the basics of stability to implement monetary policy frameworks that better anchor inflation and promote macroeconomic stability and growth. Many of these LLMICs are thus considering and implementing improvements to their monetary policy frameworks. The recent successes of some LLMICs and the experiences of emerging and advanced economies, both early in their policy modernization process and following the global financial crisis, are valuable in identifying desirable features of such frameworks. This paper draws on those lessons to provide guidance on key elements of effective monetary policy frameworks for LLMICs.

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 : 42,8 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.

Coordination of Monetary and Fiscal Policies

International Monetary Fund
Coordination of Monetary and Fiscal Policies Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 33 pages
File Size : 50,9 Mb
Release : 1998-03-01
Category : Business & Economics
ISBN : 9781451844238

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Coordination of Monetary and Fiscal Policies by International Monetary Fund Pdf

Recently, monetary authorities have increasingly focused on implementing policies to ensure price stability and strengthen central bank independence. Simultaneously, in the fiscal area, market development has allowed public debt managers to focus more on cost minimization. This “divorce” of monetary and debt management functions in no way lessens the need for effective coordination of monetary and fiscal policy if overall economic performance is to be optimized and maintained in the long term. This paper analyzes these issues based on a review of the relevant literature and of country experiences from an institutional and operational perspective.

A Decade after the Global Recession

M. Ayhan Kose,Franziska Ohnsorge
A Decade after the Global Recession Book PDF

Author : M. Ayhan Kose,Franziska Ohnsorge
Publisher : World Bank Publications
Page : 475 pages
File Size : 47,6 Mb
Release : 2021-03-19
Category : Business & Economics
ISBN : 9781464815287

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A Decade after the Global Recession by M. Ayhan Kose,Franziska Ohnsorge Pdf

This year marks the tenth anniversary of the 2009 global recession. Most emerging market and developing economies weathered the global recession relatively well, in part by using the sizable fiscal and monetary policy ammunition accumulated during prior years of strong growth. However, their growth prospects have weakened since then, and many now have less policy space. This study provides the first comprehensive stocktaking of the past decade from the perspective of emerging market and developing economies. Many of these economies have now become more vulnerable to economic shocks. The study discusses lessons from the global recession and policy options for these economies to strengthen growth and prepare for the possibility of another global downturn.