Evaluating The Effectiveness Of The Monetary Transmission Mechanism In Malaysia
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Evaluating The Effectiveness Of The Monetary Transmission Mechanism In Malaysia
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Author : Shariman M. N. Alwani
language : en
Publisher:
Release Date : 2006
Evaluating The Effectiveness Of The Monetary Transmission Mechanism In Malaysia written by Shariman M. N. Alwani and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Transmission mechanism (Monetary policy) categories.
The Effectiveness Of Monetary Policy Transmission Under Capital Inflows
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Author : Ms.Sonali Jain-Chandra
language : en
Publisher: International Monetary Fund
Release Date : 2012-11-02
The Effectiveness Of Monetary Policy Transmission Under Capital Inflows written by Ms.Sonali Jain-Chandra 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 2012-11-02 with Business & Economics categories.
The effectiveness of the monetary policy transmission mechanism in open economies could be impaired if interest rates are driven primarily by global factors, especially during periods of large capital inflows. The main objective of this paper is to assess whether this is true for emerging Asia’s economies. Using a dynamic factor model and a structural vector auto-regression model, we show that long-term interest rates in Asia are indeed predominantly driven by global factors. However, monetary policy transmission mechanism remains effective in the region, as it operates predominantly through short-term interest rates. Nevertheless, the monetary transmission mechanism, though effective, is somewhat weaker in Asia during the periods of surges in capital inflows.
Monetary Policy Transmission In Emerging Markets And Developing Economies
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Author : Mr.Luis Brandao-Marques
language : en
Publisher: International Monetary Fund
Release Date : 2020-02-21
Monetary Policy Transmission In Emerging Markets And Developing Economies written by Mr.Luis Brandao-Marques 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 2020-02-21 with Business & Economics categories.
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.
Monetary Policy In The Presence Of Islamic Banking
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Author : Mariam El Hamiani Khatat
language : en
Publisher: International Monetary Fund
Release Date : 2016-03-21
Monetary Policy In The Presence Of Islamic Banking written by Mariam El Hamiani Khatat 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 2016-03-21 with Business & Economics categories.
This paper discusses key issues related to the conduct of monetary policy in countries that have Islamic banks. It describes the macrofinancial background and monetary policy frameworks where Islamic banks typically operate, and discusses the monetary transmission mechanism in economies where Islamic and conventional banking coexist. Most economies with Islamic banks also have conventional banks and this calls for a comprehensive approach to monetary policy. At the same time, a dual approach to monetary policy should be considered whenever the Islamic segment of the financial system is not as developed as the conventional one. The paper tries to shed light on potential spillovers between conventional and Islamic financial systems, and proposes specific recommendations on the design of Islamic monetary policy operations and for facilitating monetary transmission through the Islamic financial system.
Monetary And Currency Policy Management In Asia
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Author : Masahiro Kawai
language : en
Publisher: Edward Elgar Publishing
Release Date : 2012-01-01
Monetary And Currency Policy Management In Asia written by Masahiro Kawai and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-01-01 with Business & Economics categories.
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.
Conditionality In Evolving Monetary Policy Regimes
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2014-05-03
Conditionality In Evolving Monetary Policy Regimes 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 2014-05-03 with Business & Economics categories.
With single-digit inflation and substantial financial deepening, developing countries are adopting more flexible and forward-looking monetary policy frameworks and ascribing a greater role to policy interest rates and inflation objectives. While some countries have adopted formal inflation targeting regimes, others have developed frameworks with greater target flexibility to accommodate changing money demand, use of policy rates to signal the monetary policy stance, and implicit inflation targets.
Effectiveness Of Central Banks And Their Role In The Global Financial Crisis
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Author : Shamshad Akhtar
language : en
Publisher: Asian Development Bank
Release Date : 2009-12-01
Effectiveness Of Central Banks And Their Role In The Global Financial Crisis written by Shamshad Akhtar and has been published by Asian Development Bank this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-12-01 with Business & Economics categories.
This study examines the role and performance of central banks in low-income countries that have faced a range of domestic and external fragilities, aggravated by the global financial crisis that started in the United States and other advanced economies. It focuses on a select group of developing member countries of the Asian Development Bank in the Caucasus, Central Asia, and South Asia that have been and will continue to be vulnerable to adverse external developments.
Macro Financial Links And Monetary Policy Management
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Author : Nephil Matangi Maskay
language : en
Publisher:
Release Date : 2010
Macro Financial Links And Monetary Policy Management written by Nephil Matangi Maskay and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with Global Financial Crisis, 2008-2009 categories.
"The macroeconomy is linked with the financial market by the latter performing the important function of allocating resources and risks, which facilitates overall economic growth. Importantly, the macro-financial link is closely intertwined with monetary policy management since it contributes to fine-tuning and making it more effective. However, fundamental changes related to both increasing globalisation and financial development suggest that the nature of this link has changed significantly."- -Executive summary.
Fiscal Multipliers And The State Of The Economy
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Author : Ms.Anja Baum
language : en
Publisher: International Monetary Fund
Release Date : 2012-12-05
Fiscal Multipliers And The State Of The Economy written by Ms.Anja Baum 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 2012-12-05 with Business & Economics categories.
Only a few empirical studies have analyzed the relationship between fiscal multipliers and the underlying state of the economy. This paper investigates this link on a country-by-country basis for the G7 economies (excluding Italy). Our results show that fiscal multipliers differ across countries, calling for a tailored use of fiscal policy. Moreover, the position in the business cycle affects the impact of fiscal policy on output: on average, government spending, and revenue multipliers tend to be larger in downturns than in expansions. This asymmetry has implications for the choice between an upfront fiscal adjustment versus a more gradual approach.
Evaluating The Net Benefits Of Macroprudential Policy
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Author : Mr.Nicolas Arregui
language : en
Publisher: International Monetary Fund
Release Date : 2013-07-17
Evaluating The Net Benefits Of Macroprudential Policy written by Mr.Nicolas Arregui 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 2013-07-17 with Business & Economics categories.
The paper proposes a simple, new, analytical framework for assessing the cost and benefits of macroprudential policies. It proposes a measure of net benefits in terms of parameters that can be estimated: the probability of crisis, the loss in output given crisis, policy effectiveness in bringing down both the probability and damage during crisis, and the output-cost of a policy decision. It discusses three types of policy leakages and identifies instruments that could best minimize the leakages. Some rules of thumb for policymakers are provided.