Excess Liquidity And Effectiveness Of Monetary Policy
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Excess Liquidity And Effectiveness Of Monetary Policy
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Author : Magnus Saxegaard
language : en
Publisher: International Monetary Fund
Release Date : 2006-05
Excess Liquidity And Effectiveness Of Monetary Policy written by Magnus Saxegaard 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 2006-05 with Business & Economics categories.
This paper examines the pattern of excess liquidity in sub-Saharan Africa and its consequences for the effectiveness of monetary policy. The paper argues that understanding the consequences of excess liquidity requires quantifying the extent to which commercial bank holdings of excess liquidity exceed levels required for precautionary purposes. It proposes a methodology for measuring this quantity and uses it to estimate a nonlinear structural VAR model for the CEMAC region, Nigeria and Uganda. The study suggests that excess liquidity weakens the monetary policy transmission mechanism and thus the ability of monetary authorities to influence demand conditions in the economy.
The Effectiveness Of Monetary Policy In Small Open Economies
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Author : Keyra Primus
language : en
Publisher: International Monetary Fund
Release Date : 2016-09-16
The Effectiveness Of Monetary Policy In Small Open Economies written by Keyra Primus 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 2016-09-16 with Business & Economics categories.
This paper examines the relative effectiveness of the use of indirect and direct monetary policy instruments in Barbados, Jamaica and Trinidad and Tobago, by estimating a restricted Vector Autoregressive model with Exogenous Variables (VARX). The study assumes that the central bank conducts monetary policy using a Taylor-type rule and it evaluates the effects of a reserve requirement policy. The results show that although a positive shock to the policy interest rate has a direct effect on commercial banks' interest rates, there is a weak transmission to the real variables. Furthermore, an increase in the required reserve ratio is successful in reducing private sector credit and excess reserves, while at the same time alleviating pressures on the exchange rate. The findings therefore indicate that central banks in small open economies should consider using reserve requirements as a complement to interest rate policy, to achieve their macroeconomic objectives.
Money As A Global Phenomenon
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Author : Andreas Rees
language : en
Publisher: BoD – Books on Demand
Release Date : 2011
Money As A Global Phenomenon written by Andreas Rees and has been published by BoD – Books on Demand this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.
Does Global Liquidity Matter For Monetary Policy In The Euro Area
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Author : Mr.Helge Berger
language : en
Publisher: INTERNATIONAL MONETARY FUND
Release Date : 2009-01-01
Does Global Liquidity Matter For Monetary Policy In The Euro Area written by Mr.Helge Berger 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 2009-01-01 with Business & Economics categories.
Global excess liquidity is sometimes believed to limit sovereign monetary policy even in large economies, including the euro area. There is much discussion about what constitutes global excess liquidity and our approach adjusts liquidity for longer-term interest rate and output effects. We find that especially excess liquidity in the U.S. leads developments in euro area liquidity. U.S. excess liquidity also enters consistently positive as a determinant of euro area inflation. There is some evidence that this result may be related to a weakening of the effectiveness of monetary policy in the euro area during times of excessive U.S. liquidity.
Treasury Bills And Or Central Bank Bills For Absorbing Surplus Liquidity
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Author : Mr.Obert Nyawata
language : en
Publisher: International Monetary Fund
Release Date : 2012-01-01
Treasury Bills And Or Central Bank Bills For Absorbing Surplus Liquidity written by Mr.Obert Nyawata 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 2012-01-01 with Business & Economics categories.
This paper discusses the challenging question of whether central banks should use treasury bills or central bank bills for draining excess liquidity in the banking system. While recognizing that there are practical reasons for using central bank bills, the paper argues that treasury bills are the first best option especially because positive externalities for the financial sector and the rest of the economy. However, the main considerations in the choice should be: (i) operational independence for the central bank; (ii) market development; and (iii) the strengthening of the transmission of monetary policy impulses.
Prudential Liquidity Regulation In Developing Countries
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Author : Sarah Sanya
language : en
Publisher: International Monetary Fund
Release Date : 2012-01-01
Prudential Liquidity Regulation In Developing Countries written by Sarah Sanya 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 2012-01-01 with Business & Economics categories.
This paper analyses the prudential liquidity management framework, in particular the quantitative indicators employed by the central bank of Rwanda in response to the domestic liquidity crisis in 2008/09. It emphasises that the quantitative methods used in the monitoring and assessment of systemic liquidity risk are inadequate because they did not signal the liquidity crises ex-post. There are quick gains to be made from augumenting the liquidity risk indicators with more dynamic liquidity stress tests so that compliance will be achieved through lengthening the maturities of both assets and liabilities on the balance sheet as opposed to simply holding more liquid assets. The paper recommends that policy emphasis shift toward reforms that strengthen systemic liquidity risk assesment, monetary policy implementation as well as improve the efficiency of Rwanda's financial system.
Liquidity Management In Nigeria
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Author : Ademola Ariyo
language : en
Publisher:
Release Date : 2005
Liquidity Management In Nigeria written by Ademola Ariyo 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 & Economics categories.
A solid and stable financial sector is essential to any functioning national economy and to ensuring balanced liquidity within the economy. Appropriate liquidity management is a de facto condition of price and foreign exchange control, stability, and economic growth. Despite establishing regulatory agencies and monetary policies, Nigeria has actually been suffering excess liquidity for a period of some time. There is a basic knowledge gap in the causes and nature of this feature of the economy, and the likely institutional deficiencies. Most seriously, there is severe lack of reliable national economic data and statistics, a problem that is hampering all aspects of economic planning and growth. This book aims to fill these gaps.
The Adoption Of Indirect Instruments Of Monetary Policy
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Author : Mr.William E. Alexander
language : en
Publisher: International Monetary Fund
Release Date : 1995-07-06
The Adoption Of Indirect Instruments Of Monetary Policy written by Mr.William E. Alexander 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 1995-07-06 with Business & Economics categories.
This paper examines the experience of implementing indirect instruments of monetary policy. The experiences of country studies illustrate the variety of circumstances under which indirect instruments of monetary policy have been introduced. Case Studies are presented for Chile, Egypt, Ghana, Indonesia, Mexico, New Zealand, and Poland.
Liquidity Ratios As Monetary Policy Tools Some Historical Lessons For Macroprudential Policy
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Author : Eric Monnet
language : en
Publisher: International Monetary Fund
Release Date : 2019-08-16
Liquidity Ratios As Monetary Policy Tools Some Historical Lessons For Macroprudential Policy written by Eric Monnet 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 2019-08-16 with Business & Economics categories.
This paper explores what history can tell us about the interactions between macroprudential and monetary policy. Based on numerous historical documents, we show that liquidity ratios similar to the Liquidity Coverage Ratio (LCR) were commonly used as monetary policy tools by central banks between the 1930s and 1980s. We build a model that rationalizes the mechanisms described by contemporary central bankers, in which an increase in the liquidity ratio has contractionary effects, because it reduces the quantity of assets banks can pledge as collateral. This effect, akin to quantity rationing, is more pronounced when excess reserves are scarce.
Liquidity Ratios As Monetary Policy Tools Some Historical Lessons For Macroprudential Policy
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Author : Eric Monnet
language : en
Publisher: International Monetary Fund
Release Date : 2019-08-16
Liquidity Ratios As Monetary Policy Tools Some Historical Lessons For Macroprudential Policy written by Eric Monnet 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 2019-08-16 with Business & Economics categories.
This paper explores what history can tell us about the interactions between macroprudential and monetary policy. Based on numerous historical documents, we show that liquidity ratios similar to the Liquidity Coverage Ratio (LCR) were commonly used as monetary policy tools by central banks between the 1930s and 1980s. We build a model that rationalizes the mechanisms described by contemporary central bankers, in which an increase in the liquidity ratio has contractionary effects, because it reduces the quantity of assets banks can pledge as collateral. This effect, akin to quantity rationing, is more pronounced when excess reserves are scarce.