Asset Purchase Programs In European Emerging Markets
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Asset Purchase Programs In European Emerging Markets
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Author : Mr. Marco Arena
language : en
Publisher: International Monetary Fund
Release Date : 2021-09-24
Asset Purchase Programs In European Emerging Markets written by Mr. Marco Arena and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-09-24 with Business & Economics categories.
Several emerging market central banks in Europe deployed asset purchase programs (APPs) amid the 2020 pandemic. The common main goals were to address market dysfunction and impaired monetary transmission, distinct from the quantitative easing conducted by major advanced economy central banks. Likely reflecting the global nature of the crisis, these APPs defied the traditional emerging market concern of destabilizing the exchange rate or inflation expectations and instead alleviated markets successfully. We uncover some evidence that APPs in European emerging markets stabilized government bond markets and boosted equity prices, with no indication of exchange rate pressure. Examining global and domestic factors that could limit the usability of APPs, in the event of renewed market dysfunction we see a potential scope for scaling up APPs in most European emerging markets that used APPs during the pandemic, provided that they remain consistent with the primary objective of monetary policy and keep a safe distance from the risk of fiscal dominance. As central banks in the region move towards monetary policy tightening, the tapering, ending, and unwinding of APPs must also be carefully considered. Clear and transparent communication is critical at each step of the process, from the inception to the closure of APPs, particularly when a large shock hits and triggers a major policy shift.
Asset Purchases And Direct Financing Guiding Principles For Emerging Markets And Developing Economies During Covid 19 And Beyond
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Author : Mr. Tobias Adrian
language : en
Publisher: International Monetary Fund
Release Date : 2021-10-11
Asset Purchases And Direct Financing Guiding Principles For Emerging Markets And Developing Economies During Covid 19 And Beyond written by Mr. Tobias Adrian and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-10-11 with Business & Economics categories.
Many central banks in emerging market and developing economies have used asset purchases to reduce financial stresses during the COVID crisis, and some are doing so to provide macroeconomic stimulus.
Monetary Policy In Times Of Crisis
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Author : Massimo Rostagno
language : en
Publisher: Oxford University Press
Release Date : 2021
Monetary Policy In Times Of Crisis written by Massimo Rostagno 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 2021 with Business & Economics categories.
The first twenty years of the European Central Bank offer a unique insight into how a central bank can navigate macroeconomic insecurity and crisis. This volume examines the structures and decision-making processes behind the complex measures taken by the ECB to tackle some of the toughest economic challenges in the history of modern Europe.
Regional Economic Outlook October 2021 Europe
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2021-10-20
Regional Economic Outlook October 2021 Europe written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-10-20 with Business & Economics categories.
Europe Regional Economic Outlook, The European Recovery: Policy Recalibration and Sectoral Reallocation, October 2021
Republic Of Poland 2021 Article Iv Consultation Press Release Staff Report And Statement By The Executive Director For The Republic Of Poland
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Author : International Monetary
language : en
Publisher: International Monetary Fund
Release Date : 2022-02-24
Republic Of Poland 2021 Article Iv Consultation Press Release Staff Report And Statement By The Executive Director For The Republic Of Poland written by International Monetary and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-02-24 with Business & Economics categories.
The Polish economy has rebounded strongly, with policy actions limiting the damage from the pandemic-induced recession by supporting employment and avoiding unnecessary bankruptcies. While the pandemic continues to take a toll on lives, the economy has been less impacted by successive waves of the pandemic.
Europe And Central Asia Economic Update Fall 2020
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Author : World Bank
language : en
Publisher: World Bank Publications
Release Date : 2020-10-07
Europe And Central Asia Economic Update Fall 2020 written by World Bank and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-10-07 with Business & Economics categories.
The COVID-19 pandemic has hit human capital directly in Europe and Central Asia, adversely affecting both education and health. School closures may lead to learning losses equivalent to a third to a full year of schooling, and they are likely to exacerbate inequalities, by disproportionately affecting students from disadvantaged backgrounds. The disease has already killed thousands of people, and some patients who survive will suffer long-term damage to their health. Recovery from the pandemic will thus require strong investment in education and health. This update examines human capital outcomes in the region and the ways in which the pandemic is likely to affect them. A focus on the quality of tertiary education and health risk factors of obesity, smoking, and heavy drinking highlights the challenges that are particularly important for the region. Post-COVID 19 policy initiatives to improve education and health will need to recognize the challenges posed by increased reliance on remote learning and the importance of being prepared for future pandemics, given the vulnerability of the region’s aging societies and the large number of people with underlying health risks.
Drivers Of Emerging Market Bond Flows And Prices
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Author : Mr. Evan Papageorgiou
language : en
Publisher: International Monetary Fund
Release Date : 2021-12-16
Drivers Of Emerging Market Bond Flows And Prices written by Mr. Evan Papageorgiou and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-12-16 with Business & Economics categories.
An interesting disconnect has taken shape between local currency- and hard currency-denominated bonds in emerging markets with respect to their portfolio flows and prices since the start of the recovery from the COVID-19 pandemic. Emerging market assets have recovered sharply from the COVID-19 sell-off in 2020, but the post-pandemic recovery in 2021 has been highly uneven. This note seeks to answer why. Yields of local currency-denominated bonds have risen faster and are approaching their pandemic highs, while hard currency bond yields are still near their post-pandemic lows. Portfolio flows to local currency debt have similarly lagged flows to hard currency bonds. This disconnect is closely linked to the external environment and fiscal and inflationary pressures. Its evolution remains a key consideration for policymakers and investors, since local markets are the main source of funding for emerging markets. This note draws from the methodology developed in earlier Global Financial Stability Reports on fundamentals-based asset valuation models for funding costs and forecasting models for capital flows (using the at-risk framework). The results are consistent across models, indicating that local currency assets are significantly more sensitive to domestic fundamentals while hard currency assets are dependent on the external risk sentiment to a greater extent. This suggests that the post-pandemic, stressed domestic fundamentals have weighed on local currency bonds, partially offsetting the boost from supportive global risk sentiment. The analysis also highlights the risks emerging markets face from an asynchronous recovery and weak domestic fundamentals.
Monetary Finance Do Not Touch Or Handle With Care
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Author : Mr. Itai Agur
language : en
Publisher: International Monetary Fund
Release Date : 2022-01-13
Monetary Finance Do Not Touch Or Handle With Care written by Mr. Itai Agur and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-01-13 with Business & Economics categories.
This paper reviews the theoretical arguments in favor and against MF and presents an empirical assessment of the risks that it may pose for inflation.
Hungarian Monetary Policy Operations Before During And After The Pandemic
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Author : Mr. Tonny Lybek
language : en
Publisher: International Monetary Fund
Release Date : 2023-02-26
Hungarian Monetary Policy Operations Before During And After The Pandemic written by Mr. Tonny Lybek and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-02-26 with Business & Economics categories.
Within its inflation-targeting framework, the Magyar Nemzeti Bank (MNB) has frequently adjusted its monetary operations. This has raised questions about their internal consistency, appropriateness, and effectiveness. A broader assessment, implying a comparison to a counterfactual, is outside the scope of this paper. Our prior is agnostic. We find that the changes were generally well-motivated within the MNB statutory powers; prioritized, transparently explained, and monitored; and promptly adjusted, when they no longer served their purpose. Occasionally, some tools have worked at cross purposes. Government policies have at times hampered monetary policy. Simplicity comes with a premium, as complexity can blur signals.
The Role Of Crises In Shaping Financial Systems
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Author : Małgorzata Iwanicz-Drozdowska
language : en
Publisher: Taylor & Francis
Release Date : 2022-10-18
The Role Of Crises In Shaping Financial Systems written by Małgorzata Iwanicz-Drozdowska and has been published by Taylor & Francis this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-10-18 with Business & Economics categories.
The Role of Crises in Shaping Financial Systems: From the Global Financial Crisis to COVID-19 underscores the role of crises as turning points for the financial sector and its interactions with the real economy. It sheds new light on the financial industry through the lens of three recent crises – the global financial crisis, the sovereign debt crisis, and the COVID-19 pandemic. The book provides in-depth insight into the financial systems in European Economic Area countries, accentuating the role of crises in shaping the condition and development of the financial arena. The authors pay special attention to the differences between “old” and “new” Europe, i.e. countries that joined the EU in 2004 or later. It explores the implications of recent turbulences for financial institutions, financial markets, and public finance, and their relationship with the economy. The book examines low or negative interest rates, non-standard monetary policy, fiscal stimulus, dense safety nets, regulatory inflation, weak profitability of the financial sector, and the sovereign-bank nexus. Post-crisis developments are assessed, comprehensively and empirically, from both macro- and microeconomic perspectives to help readers understand the nature of policy measures and their socio-economic implications. The authors outline their predictions for the future of financial systems, focusing on the structural changes and legacy of the COVID-19 crisis and global financial interlinkages. The book adopts both theoretical and practical approaches to explore the key issues and, as such, will appeal to academics and students of financial economics and international finance, as well as policymakers and financial regulators.