Global Liquidity Spillovers To Emerging Markets And Policy Responses
DOWNLOAD
Download Global Liquidity Spillovers To Emerging Markets And Policy Responses PDF/ePub or read online books in Mobi eBooks. Click Download or Read Online button to get Global Liquidity Spillovers To Emerging Markets And Policy Responses book now. This website allows unlimited access to, at the time of writing, more than 1.5 million titles, including hundreds of thousands of titles in various foreign languages. If the content not found or just blank you must refresh this page
Global Liquidity Spillovers To Emerging Markets And Policy Responses
DOWNLOAD
Author : Claudio E. Raddatz
language : en
Publisher:
Release Date : 2015
Global Liquidity Spillovers To Emerging Markets And Policy Responses written by Claudio E. Raddatz and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
Global Liquidity Transmission To Emerging Market Economies And Their Policy Responses
DOWNLOAD
Author : Woon Gyu Choi
language : en
Publisher: International Monetary Fund
Release Date : 2017-10-30
Global Liquidity Transmission To Emerging Market Economies And Their Policy Responses written by Woon Gyu Choi 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 2017-10-30 with Business & Economics categories.
This paper distills and identifies global liquidity (GL) momenta from the macro-financial data of advanced economies through a factor model with sign restrictions as policy-driven, market-driven, and risk averseness factors. Using a panel factor-augmented VAR, we investigate responses of emerging market economies (EMEs) to GL shocks. A policy-driven liquidity increase boosts growth in EMEs, elevating stock prices and currency values, while a risk averseness rise has an opposite effect. A market-driven GL expansion boosts stock markets and lowers funding costs, promoting competitiveness and current account. Inflation targeting EMEs fare better than EMEs under alternative regimes with respect to macrofinancial volatility.
Global Liquidity House Prices And The Macroeconomy
DOWNLOAD
Author : Ambrogio Cesa-Bianchi
language : en
Publisher: International Monetary Fund
Release Date : 2015-01-29
Global Liquidity House Prices And The Macroeconomy written by Ambrogio Cesa-Bianchi 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 2015-01-29 with Business & Economics categories.
In this paper we first compare house price cycles in advanced and emerging economies using a new quarterly house price data set covering the period 1990-2012. We find that house prices in emerging economies grow faster, are more volatile, less persistent and less synchronized across countries than in advanced economies. We also find that they correlate with capital flows more closely than in advanced economies. We then condition the analysis on an exogenous change to a particular component of capital flows. We find that a global liquidity shock, identified by aggregating bank-to-bank cross border flows and by using the external instrumental variable approach of Stock and Watson (2012) and Mertens and Ravn (2013), has a much stronger impact on house prices and consumption in emerging markets than in advanced economies. In our empirical model, holding house prices or the exchange rate constant in response to this shock tends to dampen its effects on consumption in emerging economies.
Global Liquidity
DOWNLOAD
Author : Mr.Akito Matsumoto
language : en
Publisher: International Monetary Fund
Release Date : 2011-06-01
Global Liquidity written by Mr.Akito Matsumoto 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 2011-06-01 with Business & Economics categories.
What is global liquidity and how does it affect an economy? The paper addresses that question by looking at liquidity from two different perspectives: global liquidity as availability of funds in safe and risky asset markets. This distinction between safe and risky asset markets is important due to market segmentation, which called for unconventional monetary policy to restore a function of risky asset markets. To analyze the effect of global liquidity, I construct proxy variables and then asses how they affect an emerging economy whose interest rate is affected by a world risk-free rate and a risk premium. Using the data from four major Latin American countries, I find that these two aspects of global liquidity have similar effects on economic performance in emerging market economies except for their effect on inflation.
Global Liquidity Transmission To Emerging Market Economies And Their Policy Responses
DOWNLOAD
Author : Woon Gyu Choi
language : en
Publisher:
Release Date : 2015
Global Liquidity Transmission To Emerging Market Economies And Their Policy Responses written by Woon Gyu Choi and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
This paper analyzes the transmission of global liquidity from advanced economies to EMEs. We distill global liquidity (GL) momenta from the macro-financial data of advanced economies through a factor model. Using a panel factor-augmented VAR analysis, we then delve into EMEs' responses to shocks to each of three types of global liquidity momenta policy-driven liquidity, market-driven liquidity, and risk averseness. Each GL shock significantly affects EMEs on the real and external fronts. Counterfactual analyses suggest that policy rates are effective in stabilizing the real front, whereas appropriate adjustments in foreign reserves could be conducive to stabilizing the external front.
Managing Elevated Risk
DOWNLOAD
Author : Iwan J. Azis
language : en
Publisher: Springer
Release Date : 2014-12-11
Managing Elevated Risk written by Iwan J. Azis and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-12-11 with Business & Economics categories.
This book discusses the risks and opportunities that arise in Emerging Asia given the context of a new environment in global liquidity and capital flows. It elaborates on the need to ensure financial and overall economic stability in the region through improved financial regulation and other policy measures to minimize the emergent risks. "Managing Elevated Risk: Global Liquidity, Capital Flows, and Macroprudential Policy—An Asian Perspective" also explores the range of policy options that may be deployed to address the impact of global liquidity on domestic financial and socio-economic conditions including income inequality. The book is primarily aimed at policy makers, financial market regulators and supervisory agencies to help them improve national regulatory systems and to promote harmonization of national regulations and practices in line with global standards. Scholars and researchers will also gain important information and knowledge about the overall impacts of changing global liquidity from the book.
Spillovers To Emerging Markets From Us Economic News And Monetary Policy
DOWNLOAD
Author : Philipp Engler
language : en
Publisher: International Monetary Fund
Release Date : 2023-05-19
Spillovers To Emerging Markets From Us Economic News And Monetary Policy written by Philipp Engler 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 2023-05-19 with Business & Economics categories.
When the U.S. economy sneezes, do emerging markets catch a cold? We show that economic news, and not just monetary policy, in the United States affects financial conditions in emerging markets. News about U.S. employment has the strongest effects, followed by news about economic activity and about vaccines during the COVID-19 pandemic. News about inflation has instead limited effects on average. A key channel of international transmission of U.S. economic news appears to be the risk perceptions or risk aversion of international investors. We also show that some of the transmission of U.S. economic news occurs independently of the U.S. monetary policy reaction. Finally, we expand on evidence that financial conditions in the U.S. and emerging markets respond differently to U.S. monetary policy surprises, depending on the reaction of US stock prices.
Spillovers From United States Monetary Policy On Emerging Markets
DOWNLOAD
Author : Mr.Jiaqian Chen
language : en
Publisher: International Monetary Fund
Release Date : 2014-12-24
Spillovers From United States Monetary Policy On Emerging Markets written by Mr.Jiaqian 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 2014-12-24 with Business & Economics categories.
The impact of monetary policy in large advanced countries on emerging market economies—dubbed spillovers—is hotly debated in global and national policy circles. When the U.S. resorted to unconventional monetary policy, spillovers on asset prices and capital flows were significant, though remained smaller in countries with better fundamentals. This was not because monetary policy shocks changed (in size, sign or impact on stance). In fact, the traditional signaling channel of monetary policy continued to play the leading role in transmitting shocks, relative to other channels, affecting longer-term bond yields. Instead, we find that larger spillovers stem more from structural factors, such as the use of new instruments (asset purchases). We obtain these results by developing a new methodology to extract, separate, and interpret U.S. monetary policy shocks.
Capital Inflows And Balance Of Payments Pressures
DOWNLOAD
Author : Mr.Juan Zalduendo
language : en
Publisher: International Monetary Fund
Release Date : 2008-06-01
Capital Inflows And Balance Of Payments Pressures written by Mr.Juan Zalduendo 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 2008-06-01 with Business & Economics categories.
Although capital inflows are generally beneficial to recipient countries, they also pose a challenge for the conduct of economic policy. This paper proposes a conceptual taxonomy to guide the design of policy responses in the face of capital flows. We explore how responses to capital surges should be differentiated based on the source of balance of payments pressures. We also examine whether the policy choices in emerging market countries conform to the taxonomy's predictions and find some correspondence, especially during periods of high global liquidity.
Macroeconomic Shocks And Unconventional Monetary Policy
DOWNLOAD
Author : Naoyuki Yoshino
language : en
Publisher: Oxford University Press, USA
Release Date : 2019
Macroeconomic Shocks And Unconventional Monetary Policy written by Naoyuki Yoshino and has been published by Oxford University Press, USA this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with Business & Economics categories.
Barely two decades after the Asian financial crisis Asia was suddenly confronted with multiple challenges originating outside the region: the 2008 global financial crisis, the European debt crisis, and finally developed economies' implementation of unconventional monetary policies. The implementation of quantitative easing, ultra-low interest rate policies, and negative interest rate policies by a number of large central banks has given rise to concerns over financial stability and international capital flows. Macroeconomic Shocks and Unconventional Monetary Policy: Impacts on Emerging Markets explains how shocks stemming from the global financial crisis have affected macroeconomic and financial stability in emerging Asia. Macroeconomic Shocks and Unconventional Monetary Policy: Impacts on Emerging Markets brings together the most up-to-date knowledge impacts of recent macroeconomic shocks on Asia's real economy; the spillover effects of macroeconomic shocks on financial markets and flows in Asia; and key challenges for monetary, exchange rate, trade and macro prudential policies of developing Asian economies. It is authored by experts in the field of international macroeconomics from leading academic institutions, central banks, and international organizations including the International Monetary Fund, the Bank for International Settlement, and the Asian Development Bank Institute.