Another Look At Global Disinflation

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Another Look At Global Disinflation

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Author : Toshitaka Sekine
language : en
Publisher:
Release Date : 2009

Another Look At Global Disinflation written by Toshitaka Sekine and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Deflation (Finance) categories.

Developments In Macro Finance Yield Curve Modelling

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Author : Jagjit S. Chadha
language : en
Publisher: Cambridge University Press
Release Date : 2014-02-06

Developments In Macro Finance Yield Curve Modelling written by Jagjit S. Chadha and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-02-06 with Business & Economics categories.

Changes in the shape of the yield curve have traditionally been one of the key macroeconomic indicators of a likely change in economic outlook. However, the recent financial crises have created a challenge to the management of monetary policy, demanding a revision in the way that policymakers model expected changes in the economy. This volume brings together central bank economists and leading academic monetary economists to propose new methods for modelling the behaviour of interest rates. Topics covered include: the analysis and extraction of expectations of future monetary policy and inflation; the analysis of the short-term dynamics of money market interest rates; the reliability of existing models in periods of extreme market volatility and how to adjust them accordingly; and the role of government debt and deficits in affecting sovereign bond yields and spreads. This book will interest financial researchers and practitioners as well as academic and central bank economists.

The Us Dollar Shortage In Global Banking And The International Policy Response

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Author : Patrick M. McGuire
language : en
Publisher:
Release Date : 2009

The Us Dollar Shortage In Global Banking And The International Policy Response written by Patrick M. McGuire and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Bank failures categories.

"Among the policy responses to the global financial crisis, the international provision of US dollars via central bank swap lines stands out. This paper studies the build-up of stresses on banks' balance sheets that led to this coordinated policy response. Using the BIS international banking statistics, we reconstruct the worldwide consolidated balance sheets of the major national banking systems. This allows us to investigate the structure of banks' global operations across their offices in various countries, shedding light on how their international asset positions are funded across currencies and counterparties. The analysis first highlights why a country's 'national balance sheet', a residency-based measure, can be a misleading guide to where the vulnerabilities faced by that country's national banking system (or residents) lie. It then focuses on banking systems' consolidated balance sheets, and shows how the growth (since 2000) in European and Japanese banks' US dollar assets produced structural US dollar funding requirements, setting the stage for the dollar shortage when interbank and swap markets became impaired"--Abstract.

China S Evolving External Wealth And Rising Creditor Position

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Author : Guonan Ma
language : en
Publisher:
Release Date : 2009

China S Evolving External Wealth And Rising Creditor Position written by Guonan Ma and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Balance of payments categories.

"China' emergence as a major player in world trade is well known, ut its rising role in global finance is perhaps underappreciated. China is the second largest creditor in the world today, with a net creditor position of exceeding 30%of GDP in 2007. In this paper, we test the importance of growth differential, demographics, government debt, financial depth and the exchange rate in shaping China's net foreign asset position. Our findings highlight the sharp fall in youth dependency as one key driver behind China's puzzlingly large net lender position and also confirm the neoclassical prediction that faster growth attracts more capital inflows. Looking ahead, our findings also suggest that China is unlikely to turn into a meaningful net debtor nation over the next two decades. Moreover, we project that, as China engages in increased cross-border asset trade, its gross foreign assets and liabilities could triple in 10 years. While adjustments in China's net foreign asset position are expected to be gradual and may thus facilitate its capital account opening, increasing exposure to external shocks and growing interactions with the rest of the world may present challenges both to China and to the global financial system."--Abstract.

Inflation And Wage Behaviour In Europe

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Author : Paul de Grauwe
language : en
Publisher: Oxford University Press
Release Date : 1996

Inflation And Wage Behaviour In Europe written by Paul de Grauwe and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with Business & Economics categories.

The Maastricht Treaty makes the convergence of inflation rates one of the preconditions of European Monetary Union (EMU). The purpose of this study is to shed light on the mechanism underlying the processes that lead to convergence or divergence in national inflation rates. It examinesinflation and wage bahaviour in the European Monetary System (EMS), their determinants, and their implications for the credibility and sustainability of the system's exchange rate mechanism (ERM). Although the focus is on the EMS period, eleven of the twelve studies also review the background of the1970s. The contributors examine issues of monetary control, stability of national and ERM-wide money-demand function, the monetary policy of Germany - the pivotal country in the EMS - and its influence on the stability of the system after the fall of the Berlin Wall. As well as explaining how theEMS worked, the book also offers reasons for its breakdown in 1992-3 under the blow of exogenous shocks and growing policy conflict between member countries.The study identifies several causes of inflation and persistent inflation differentials in the EMS. Among the 'real' causes, particular attention is devoted to sectoral productivity shocks. In some countries, import price shocks, exogenous wage pushes, taxes, and government expenditure are bound tobe important factors. Since theses kinds of shock hit the various economies of the region differently, inflation differntials can persist for several years. The different policies of governments and central banks, and the fact the monetary policies have not always been consistent with the long-runmaintenance of fixed exchange rates, have also played a considerable role in explaining the persistance of inflation differentials.

The Bank Lending Channel Revisited

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Author : Piti Disyatat
language : en
Publisher:
Release Date : 2010

The Bank Lending Channel Revisited written by Piti Disyatat and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with Bank loans categories.

A central proposition in research on the role that banks play in the transmission mechanism is that monetary policy imparts a direct impact on deposits and that deposits, insofar as they constitute the supply of loanable funds, act as the driving force of bank lending. This paper argues that the emphasis on policy-induced changes in deposits is misplaced. A reformulation of the bank lending channel is proposed that works primarily through the impact of monetary policy on banks' balance sheet strength and risk perception. Such a recasting implies, contrary to conventional wisdom, that greater reliance on market-based funding enhances the importance of the channel. The framework also shows how banks, depending on the strength of their balance sheets, could act either as absorbers or amplifiers of shocks originiating in the financial system.

Globalization

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Author : Stefan A. Schirm
language : en
Publisher: Routledge
Release Date : 2007

Globalization written by Stefan A. Schirm and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Economics categories.

'Globalization' systematically encompasses the debates and the results of research of political scientists on various core aspects of the interrelation between politics and economics in the process of globalisation.

International Portfolio Rebalancing And Exchange Rate Fluctuations In Thailand

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Author : Jacob Gyntelberg
language : en
Publisher:
Release Date : 2009

International Portfolio Rebalancing And Exchange Rate Fluctuations In Thailand written by Jacob Gyntelberg and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Capital movements categories.

Towards An Operational Framework For Financial Stability

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Author : C. E. V. Borio
language : en
Publisher:
Release Date : 2009

Towards An Operational Framework For Financial Stability written by C. E. V. Borio and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Economic forecasting categories.

International Banking And Financial Market Developments

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Author :
language : en
Publisher:
Release Date : 2009

International Banking And Financial Market Developments written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Banks and banking, International categories.