Foreign Exchange Intervention And The Banking System Balance Sheet In Emerging Market Economies
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Foreign Exchange Intervention And The Banking System Balance Sheet In Emerging Market Economies
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Author : Blaise Gadanecz
language : en
Publisher:
Release Date : 2014
Foreign Exchange Intervention And The Banking System Balance Sheet In Emerging Market Economies written by Blaise Gadanecz and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with Foreign exchange categories.
Factors Influencing Emerging Market Central Banks Decision To Intervene In Foreign Exchange Markets
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Author : Mr.Matthew S Malloy
language : en
Publisher: International Monetary Fund
Release Date : 2013-03-15
Factors Influencing Emerging Market Central Banks Decision To Intervene In Foreign Exchange Markets written by Mr.Matthew S Malloy 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 2013-03-15 with Business & Economics categories.
Using panel data for 15 economies from 2001-12, I identify determinants of central bank foreign exchange intervention in emerging markets (“EMs”) with flexible to moderately managed exchange rates. Similar to other studies, I find that central banks tend to “lean against the wind,” buying/selling more foreign exchange in response to greater short-run and medium-run appreciation/depreciation pressures. The panel structure provides a framework to test whether other macroeconomic variables influence the different rates of reserve accumulation between economies. In testing other variables, I find evidence of both precautionary and external competitiveness motives for reserve accumulation.
Debt Related Vulnerabilities And Financial Crises An Application Of The Balance Sheet Approach To Emerging Market Countries
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Author : International Monetary Fund. Policy Development and Review Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2004-01-07
Debt Related Vulnerabilities And Financial Crises An Application Of The Balance Sheet Approach To Emerging Market Countries written by International Monetary Fund. Policy Development and Review Dept. 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 2004-01-07 with Business & Economics categories.
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Two Targets Two Instruments
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Author : Mr.Jonathan David Ostry
language : en
Publisher: International Monetary Fund
Release Date : 2012-02-29
Two Targets Two Instruments written by Mr.Jonathan David Ostry 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 2012-02-29 with Business & Economics categories.
Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief and written in nontechnical language, and so are aimed at a broad audience interested in economic policy issues. This Web-only series replaced Staff Position Notes in January 2011.
Floating With A Load Of Fx Debt
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Author : Tatsiana Kliatskova
language : en
Publisher: International Monetary Fund
Release Date : 2015-12-30
Floating With A Load Of Fx Debt written by Tatsiana Kliatskova 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 2015-12-30 with Business & Economics categories.
Countries with de jure floating exchange rate regimes are often reluctant to allow their currencies to float freely in practice. One reason why countries may wish to limit exchange rate volatility is potential negative balance sheet effects due to currency mismatches on the balance sheets of firms and households. In this paper, we show in a sample of 15 emerging market economies that countries with large foreign exchange (FX) debt in the non-financial private sector tend to react more strongly to exchange rate changes using both FX interventions and monetary policy. Thus, our results support the idea that an important source of “fear of floating” is balance sheet currency mismatches. This effect is asymmetric; that is, countries stem depreciation but not appreciation pressure. Moreover, FX debt financed through the domestic banking system is more important for fear of floating than FX debt obtained directly from external sources.
Central Bank Reserve Management
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Author : Age Bakker
language : en
Publisher: Edward Elgar Publishing
Release Date : 2007-01-01
Central Bank Reserve Management written by Age Bakker 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 2007-01-01 with Business & Economics categories.
This book addresses the welfare gains and costs of accumulating foreign exchange reserves and the implications for the functioning of the global financial system. The tremendous growth of central bank reserves has led to an increased focus on raising returns in addition to the traditional preference central banks have for maintaining liquid portfolios. Issues such as asset and currency diversification, the impact of new accounting rules and the profit distribution agreements with the government are analysed, adding new insights to the current debate on the optimal size of central bank reserves. This book brings together a wide range of experts from central banks, investment banks and the academic community.
Bank Balance Sheets And External Shocks In Asia The Role Of Fxi Mpms And Cfms
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Author : Zefeng Chen
language : en
Publisher: International Monetary Fund
Release Date : 2021-01-15
Bank Balance Sheets And External Shocks In Asia The Role Of Fxi Mpms And Cfms written by Zefeng Chen 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 2021-01-15 with Business & Economics categories.
In emerging Asia, banks constitute the dominant source of financing consumption and investment, and bank balance sheets comprise large gross FX assets and liabilities. This paper extends the DSGE model of Gertler and Karadi (2011) to incorporate these key features and estimates a panel vector autoregression on ten Asian economies to understand the role of the banking sector in transmitting spillovers from the global financial cycle to small open economies. It also evaluates the effectiveness of foreign exchange intervention (FXI) and other macroeconomic policies in responding to external financing shocks. External financial shocks affect net external liabilities of banks and the exchange rate, leading to changes in credit supply by banks and investment. For example, a capital outflow shock leads to a deprecation that reduces the net worth and intermediation capacity of banks exposed to foreign currency liabilities. In such cases, the exchange rate acts as shock amplifier and sterilized FXI, often deployed by Asian economies, can help cushion the economy. By contrast, with real shocks, the exchange rate serves as a shock absorber, and any FXI that weakens that function can be costly. We also explore the effectiveness of the monetary policy interest rate, macroprudential policies (MPMs) and capital flow management measures (CFMs).
Central Bank Balance Sheet Policies And Spillovers To Emerging Markets
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Author : Mr.Manmohan Singh
language : en
Publisher: International Monetary Fund
Release Date : 2017-07-25
Central Bank Balance Sheet Policies And Spillovers To Emerging Markets written by Mr.Manmohan Singh 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 2017-07-25 with Business & Economics categories.
We develop a theoretical model that shows that in the near future, the monetary policies of some key central banks in advanced economies (AEs) will have two dimensions—changes in short-term policy rates and balance sheet adjustments. This will affect emerging market economies (EMs), especially those with a pegged exchange rate, as these EMs primarily use a single monetary policy tool, i.e., the short-term policy rate. We show that changes in policy rates and balance sheet adjustments in AEs may differ in their respective financial spillovers to pegged EMs. Thus, it will be difficult for EMs to mitigate different types of spillovers with a single monetary policy tool. In that context, we use the model to show how EMs might use additional tools—capital controls and/or macro-prudential policy—to complement their monetary policy and financial stability toolkit. We also discuss how balance sheet adjustments that affect long-term interest rates may percolate to influence short-term interest rates via financial plumbing.
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.
Unconventional Central Bank Measures For Emerging Economies
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Author : Mr.Etienne B. Yehoue
language : en
Publisher: International Monetary Fund
Release Date : 2009-10-01
Unconventional Central Bank Measures For Emerging Economies written by Mr.Etienne B. Yehoue 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 2009-10-01 with Business & Economics categories.
Unconventional central bank measures are playing a key policy role for many advanced economies in the 2007-09 global crisis. Are they playing a similar role for emerging economies? Emerging economies have widely used unconventional foreign exchange and domestic short-term liquidity easing measures. Their use of credit easing and quantitative easing measures has been much more limited. Thus, unconventional measures are much less important for emerging economies compared to advanced economies in achieving broader macroeconomic objectives. The difference can be attributed to the relatively limited financial stress in emerging economies, their external vulnerabilities and their limited scope for quasifiscal activities.