Essays On Monetary Policy In Emerging Economies
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Essays On Monetary Policy In Emerging Economies
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Author : Marc Pourroy
language : en
Publisher:
Release Date : 2013
Essays On Monetary Policy In Emerging Economies written by Marc Pourroy and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
This PhD dissertation is made of four papers on central banking in inflation-targeting emerging economies. The first part of the dissertation is dedicated to two empirical works, based on the experiences of the 19 emerging economies that have adopted an inflation-targeting framework. I examine what exchange rate arrangement these economies are implementing together with the inflation targeting strategy, and what can explain their choice. ln the first chapter, I propose a new method to build up taxonomies of exchange-rate regimes. My approach is based on Gaussian mixture estimates. ln the second chapter, the choices for exchange-rate arrangements are explained though panel econometrics analysis. The second part of the dissertation is about the theory of optimal monetary policy. ln the first chapter, I propose an original dynamic stochastic general equilibrium model to study what should monetary policy do when food price hikes, in a small open emerging economy. ln the last chapter, a similar modeling approach is used to analysis how credit constraints impact monetary policy in financially venerable emerging economies.
Essays On Monetary Policy In Emerging Markets
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Author : Magnus Saxegaard
language : en
Publisher:
Release Date : 2006
Essays On Monetary Policy In Emerging Markets written by Magnus Saxegaard and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Economics categories.
Essays On Monetary Policy In Emerging Market Economies
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Author : Selim Ali Elekdaǧ
language : en
Publisher:
Release Date : 2004
Essays On Monetary Policy In Emerging Market Economies written by Selim Ali Elekdaǧ and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with categories.
Essays On Examining Monetary Policy In Emerging Countries
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Author : Kulakarn Tantitemit
language : en
Publisher:
Release Date : 2008
Essays On Examining Monetary Policy In Emerging Countries written by Kulakarn Tantitemit and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Monetary policy categories.
This dissertation consists of three essays, which provides insights into monetary policy of emerging countries in various aspects. The first essay thoroughly investigates how the central banks in two emerging countries; Korea and Thailand, respond to economic fluctuations and observe whether their monetary policies have comparable effects on the economies. Carefully taken into account of time-series properties and the regression stability, many econometric tests are applied and the fully modified OLS with the block bootstrap is performed on their monetary policy rules to get unbiased estimation. The evidence indicates the differences of monetary policy between pre- and post-crisis and suggests that although both countries have similar economic conditions and announce the same monetary policy, the degree on stabilizing the economy in each country using the interest rate instrument is noticeably different. The second essay examines if New Keynesian type model, which is recently popular in explaining many developed economies, can as well explain an emerging economy such as Thailand in this case. The evidence suggests that simulating a New Keynesian small open economy model can capture some characteristics of Thai monetary data where their volatilities are close to volatilities of actual data, but only when the central bank is assumed to follows the Taylor rule that incorporates interest rate smoothing policy. However, comparing with the structural VAR model, the simulated model may not generate the correct size of impulse responses for Thai economy. Even so, impulse responses from both models support the implementation of explicit inflation targeting in Thailand. The last essay examines if emerging countries that implement inflation targeting are constrained by fiscal policy since these countries adopt inflation targeting recently without verifying the independence of their central banks. We observe that the interest rate setting process in inflation targeting emerging countries are not influenced by fiscal policy, and also find that the interest rate setting process of these countries are clearly different from the process of emerging countries that do not adopt inflation targeting, while it is similar to the process of industrial countries that also adopt inflation targeting.
Essays On Monetary Policy In Emerging Market Economies
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Author : Phakawa Jeasakul
language : en
Publisher:
Release Date : 2011
Essays On Monetary Policy In Emerging Market Economies written by Phakawa Jeasakul and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.
This dissertation addresses a number of important monetary policy issues in emerging markets, which are primarily related to capital flows and exchange rate movements and largely motivated by Thailand's experience. Thus, Chapter 1 reviews background information on Thailand's macroeconomic developments in the context of large and rapid exchange rate appreciation during 2006-2008. Chapter 2 develops a micro-founded macroeconomic model in which sterilized foreign-exchange (FX) interventions are effective in influencing currency movements as well as real allocations. The effectiveness of FX interventions rests on the existence of liquidity benefits from holding financial assets. The analysis shows that such sterilized FX interventions can affect the domestic interest rate relevant for the consumption-saving decision through the change in the financial system's liquidity condition even when the policy interest rate is held constant. Simulation exercises based on the calibration aiming to capture the Thai economy suggest that the reliance on sterilized FX interventions to deal with capital flows can be welfare-improving, mainly due to liquidity benefits. However, the effect of liquidity-based sterilized FX interventions on the exchange rate dynamics is small. Furthermore, an accommodative interest rate policy appears essential for sterilized FX interventions to be fully effective. Chapter 3 examines the viability of capital controls on inflows following Thailand's experience which experienced a stock market crash in consequence of the introduction of the unremunerated reserve requirement measure in December 2006. Both theoretical analysis and empirical evidence suggest that the predominant factor for the stock market crash was the punitive implicit tax rate that made any new foreign investment in the domestic stock market unprofitable. Occurring as a result of limited foreign participation, a revaluation of systematic risks relevant for idiosyncratic risk pricing as well as a reduction in stocks' liquidity led to a sharp increase in the equity premium. Consequently, share prices declined substantially. The importance of these two channels in triggering the stock market crash was largely supported by the findings that difference in covariances and trading frequency appear as the most important explanatory variables for changes in share prices across firms during the stock market collapse and rebound. In short, capital controls should remain a viable policy option provided that they are well-designed. Chapter 4 illustrates how to apply the methodology developed by Obstfeld and Rogoff (2005) and (2007) to estimate the magnitude of exchange rate fluctuations required for absorbing changes in financial flows in addition to facilitating adjustments of the current account towards its medium-term position, with a particular focus on analyzing Thailand's exchange rate fluctuations in the past two decades. The simulation-based analysis points out that the Thai baht has been heavily influenced by the development of capital flows, and also suggests that some exchange rate misalignments were evident over certain time periods. Specifically, the Thai baht seemed relatively weak during 1999-2001, consistent with the export-led growth model propelled by a competitive exchange rate value, but it then appeared justifiably strong in 2006 when the Bank of Thailand seriously concerned about large and rapid currency appreciation. Nevertheless, the dynamics of the Thai baht over the past year has become more aligned with underlying factors that drive exchange rate movements.
Essays On Monetary Policy In Developing Countries
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Author : Zhandos Ybrayev
language : en
Publisher:
Release Date : 2019
Essays On Monetary Policy In Developing Countries written by Zhandos Ybrayev and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
This dissertation explores the effects of monetary policy on economic inequality, asset prices and unemployment in developing countries. Emerging market economies are structurally different from advanced economies as they are generally associated with greater financial frictions, underdeveloped financial markets, as well as both a high average level and unequal access to dollarized assets, among others. Thus, the study on the impact of monetary policy in emerging economies requires additional specifications. The first essay investigates the distributional consequences of monetary policy in the context of a small open economy framework. I show that wealthy households (represented by the top ten percent of the income distribution), who are more able to save in foreign currencies, gain in purchasing power of their incomes by hedging against domestic inflation. At the same time, since the poor (represented by the bottom fifty percent of the income distribution) retain larger share of liquid assets denominated in domestic currency, consequently leading them to bear a greater burden of local currency inflation. I also show that contractionary monetary policy is associated with periods of higher income inequality in emerging markets. The second essay presents a comprehensive practical analysis of Kazakhstani city-level housing prices. The key focus is to test whether there is a single, integrated Kazakhstani housing market, and hence to examine potential long-run relationships among the seven city housing prices series for which we have monthly data during the period 2014-2017. We also explore how monetary policy shifts and subsequent exchange rate shocks could affect the system of relative prices. The results obtained suggest that city-level house prices are weakly related across cities in the long run, and the interest rate channel of monetary policy currently is surprisingly weak in Kazakhstan. The third essay discusses a relatively new take on Inflation Targeting as a single-mandate monetary policy, which effectively exposes its many disadvantages. Our discussion first introduces the issues of coordination and conflict between fiscal and monetary policies. Our empirical exercise directly addresses the unemployment outcome of inflation targeting policy compared to other monetary policy settings. Our results show that while IT actually reduced the average inflation rate prior 2008 financial crisis, it has a negative effect on the unemployment rate in the longer term. The paper argues that the aggregate unemployment rate is an optimal social welfare-maximizing goal for central banks and should be used as a natural second target in a typical emerging market economy case.
Essays On Financial Intermediation And Monetary Policy In Emerging Market Economies
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Author : Yunsang Kim
language : en
Publisher:
Release Date : 2020
Essays On Financial Intermediation And Monetary Policy In Emerging Market Economies written by Yunsang Kim and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with Economics categories.
In the second chapter, we offer an evaluation of claims by policymakers in the EMEs regarding adverse effects of the capital inflows that resulted from US monetary policy during the Great Recession. Our two-country model with financial frictions allows us to consider the welfare effects of contractionary shocks to capital quality under a passive US monetary policy. We compare these effects to the effects of the same shocks when US monetary policy responds with quantitative easing. We find that emerging-market complaints regarding the real exchange rate and current account are mostly due to the shock itself, and not to the US monetary policy. US monetary policy reacting to the shock brings welfare gains for both the US and the EMEs. The gains for the US are an order of magnitude larger than the welfare gains of the EMEs, reflecting the fact that a capital quality shock that originated in the US damages the US the most.
Essays On Business Cycles And Monetary Policy In Emerging Economies
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Author : Ruy Eduardo Lama
language : en
Publisher:
Release Date : 2005
Essays On Business Cycles And Monetary Policy In Emerging Economies written by Ruy Eduardo Lama and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Business cycles categories.
Essays On Labor Dynamics And Monetary Policy In Emerging Economies
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Author : Umidjon Abdullaev
language : en
Publisher:
Release Date : 2013
Essays On Labor Dynamics And Monetary Policy In Emerging Economies written by Umidjon Abdullaev and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
Economic Policies In Developing And Emerging Market Economies
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Author : Shengzu Wang
language : en
Publisher:
Release Date : 2008
Economic Policies In Developing And Emerging Market Economies written by Shengzu Wang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Developing countries categories.