Inflation Markets
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Inflation Markets
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Author : Paul Canty
language : en
Publisher:
Release Date : 2012
Inflation Markets written by Paul Canty and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with Inflation (Finance) categories.
At a time when unconventional monetary policy has caused uncertainty about the global inflation outlook to rise considerably, Inflation Markets provides a complete and cohesive guide to fast-growing inflation markets and products, encompassing supply and demand dynamics, economics, financial modelling and trading aspects of inflation markets.
Capital Markets Under Inflation
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Author : Nicholas K. Bruck
language : en
Publisher: Johns Hopkins University Press
Release Date : 1982
Capital Markets Under Inflation written by Nicholas K. Bruck and has been published by Johns Hopkins University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1982 with Business & Economics categories.
Studies prepared for the International Seminar on Capital Markets under Inflationary Conditions, held in Buenos Aires in November 1981.
Trading The Fixed Income Inflation And Credit Markets
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Author : Neil C. Schofield
language : en
Publisher: John Wiley & Sons
Release Date : 2011-10-03
Trading The Fixed Income Inflation And Credit Markets written by Neil C. Schofield and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-10-03 with Business & Economics categories.
Trading the Fixed Income, Inflation and Credit Markets is a comprehensive guide to the most popular strategies that are used in the wholesale financial markets, answering the question: what is the optimal way to express a view on expected market movements? This relatively unique approach to relative value highlights the pricing links between the different products and how these relationships can be used as the basis for a number of trading strategies. The book begins by looking at the main derivative products and their pricing interrelationships. It shows that within any asset class there are mathematical relationships that tie together four key building blocks: cash products, forwards/futures, swaps and options. The nature of these interrelationships means that there may be a variety of different ways in which a particular strategy can be expressed. It then moves on to relative value within a fixed income context and looks at strategies that build on the pricing relationships between products as well as those that focus on how to identify the optimal way to express a view on the movement of the yield curve. It concludes by taking the main themes of relative value and showing how they can be applied within other asset classes. Although the main focus is fixed income the book does cover multiple asset classes including credit and inflation. Written from a practitioner's perspective, the book illustrates how the products are used by including many worked examples and a number of screenshots to ensure that the content is as practical and applied as possible.
Trading Inflation
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Author : Dariush Mirfendereski
language : en
Publisher: Palgrave Macmillan
Release Date : 2016-02-12
Trading Inflation written by Dariush Mirfendereski and has been published by Palgrave Macmillan this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-02-12 with Business & Economics categories.
Trading Inflation takes a practical, hands-on approach to the subject, with numerous examples to go beyond the 'what' and focus on the 'how' for trading and investing in inflation-indexed products. Written in an accessible style by experienced practitioners, this book provides a consistent and comprehensive framework for understanding and applying the building blocks of this important asset class. Where appropriate, industry-standard Bloomberg-based screenshots are included to show the reader the use of these practical tools. Numerous worked examples are complemented with a set of problems at the end of each chapter with the aim of enhancing understanding. Many of the examples are targeted at using one or both of MS Excel and Bloomberg Professional. Section I covers markets and products and consists of succinct chapters, each a standalone module, covering the essential building blocks in this market. The design of the book allows the reader to pick and choose what are most appropriate modules for their particular uses. Section II focuses on trading and hedging strategies, illustrating various risk measures, models, market peculiarities such as seasonality and relative value analysis. Chapters are included on strategies to express various market views and also how to hedge flows as a market maker. Section III is dedicated to end users of inflation-indexed securities, i.e. the issuers and investors. These in-depth chapters cover detailed examples and case-studies applied to issuer and investor solutions, including the increasingly important area of liability driven investments or LDI.
Stock Returns And Inflation Redux An Explanation From Monetary Policy In Advanced And Emerging Markets
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Author : Mr. Zhongxia Zhang
language : en
Publisher: International Monetary Fund
Release Date : 2021-08-20
Stock Returns And Inflation Redux An Explanation From Monetary Policy In Advanced And Emerging Markets written by Mr. Zhongxia Zhang 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 2021-08-20 with Business & Economics categories.
Classical theories of monetary economics predict that real stock returns are negatively correlated with inflation when monetary policy is countercyclical. Previous empirical studies mostly focus on a small group of developed countries or a few countries with hyperinflation. In this paper, I examine the stock return-inflation relation under different monetary policy regimes and conditions using an expanded dataset of 71 economies. Empirical evidence suggests that the stock return-inflation relation is partially driven by monetary policy. If a country’s monetary authority conducts a more countercyclical monetary policy, the stock return-inflation relation becomes more negative. In addition, the results differ by monetary policy framework. In exchange rate anchor countries, stock markets do not respond to monetary policy cyclicality. In inflation targeting countries, stock markets react more strongly to inflation. A key contribution of this paper is to classify inflation targeters by their behaviors, and illustrate that behavior matters in shaping market perceptions: markets react to inflation and monetary policy cyclicality when central banks are able to control inflation within their target bands. In this case markets are sensitive to inflation dynamics when inflation is above the announced target bands. Finally, when monetary policy is constrained by the Zero Lower Bound (ZLB), a structural break is introduced and real stock returns no longer respond to inflation and monetary policy cyclicality.
Is Inflation Domestic Or Global Evidence From Emerging Markets
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Author : Mr.Rudolfs Bems
language : en
Publisher: International Monetary Fund
Release Date : 2018-11-08
Is Inflation Domestic Or Global Evidence From Emerging Markets written by Mr.Rudolfs Bems 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 2018-11-08 with Business & Economics categories.
Following a period of disinflation during the 1990s and early 2000s, inflation in emerging markets has remained remarkably low and stable. Was this related to a global disinflation environment triggered by China's integration into world trade and the broader globalization in these economies, or to better domestic policies? In this paper, we review the inflation performance in a sample of 19 large emerging markets in the past couple of decades and quantify the impact of domestic and global factors in determining inflation. We document that the level, volatility, and persistence of inflation declined significantly, albeit not uniformly. Our results suggest that longer-term inflation expectations, linked to domestic factors, were the main determinant of inflation. External factors played a considerably smaller role. The results are a useful piece of evidence as emerging markets craft their monetary policies to navigate the future shift in global financial conditions.
The New Inflation
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Author : W. David Slawson
language : en
Publisher: Princeton University Press
Release Date : 2014-07-14
The New Inflation written by W. David Slawson and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-07-14 with Business & Economics categories.
In this lively but profound study, W. David Slawson contends that balancing the government budget will not stop current inflation short of a disastrous depression. Originally published in 1982. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.
Inflation Targeting And Exchange Rate Regimes In Emerging Markets
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Author : Mr. Christian Ebeke
language : en
Publisher: International Monetary Fund
Release Date : 2015-10-28
Inflation Targeting And Exchange Rate Regimes In Emerging Markets written by Mr. Christian Ebeke 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 2015-10-28 with Business & Economics categories.
This paper investigates the effects of the adoption of inflation targeting (IT) on the choice of exchange rate regime in emerging markets (EMs), conditional on certain macroeconomic conditions. Using a large sample of EMs and after controlling for the selection bias associated with the adoption of IT, we find that IT countries on average have a relatively more flexible exchange rate regime than other EMs. However, the flexibility of the exchange rate regime shows strong heterogeneity among IT countries depending on their degree of openness and exposure to FX risks. Moreover, we find that the marginal effect of IT adoption on the exchange rate flexibility increases with the duration of the IT regime in place, and with the propensity scores to adopt it.
Does The Clarity Of Inflation Reports Affect Volatility In Financial Markets
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Author : Mr.Ales Bulir
language : en
Publisher: International Monetary Fund
Release Date : 2014-09-24
Does The Clarity Of Inflation Reports Affect Volatility In Financial Markets written by Mr.Ales Bulir 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 2014-09-24 with Business & Economics categories.
We study whether clarity of central bank inflation reports affects return volatility in financial markets. We measure clarity of reports by the Czech National Bank, the European Central Bank, the Bank of England, and Sveriges Riksbank using the Flesch-Kincaid grade level, a standard readability measure. We find some evidence, mainly for the euro area, of a negative relationship between clarity and market volatility prior to and during the early stage of the global financial crisis. As the crisis unfolded, there is no longer robust evidence of a negative connection. We conclude that reducing noise using clear reports is possible but not without challenges, especially in times of crisis.
Policy Conflicts And Inflation Targeting The Role Of Credit Markets
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Author : Woon Gyu Choi
language : en
Publisher: International Monetary Fund
Release Date : 2018-04-06
Policy Conflicts And Inflation Targeting The Role Of Credit Markets 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 2018-04-06 with Business & Economics categories.
This paper shows that stabilizing volatility in credit growth often conflicts with price stability: unusual credit expansions often occur when inflation is low relative to goals, and credit slumps often appear when inflation is overshooting. We find that central banks with inflation targeting (IT) are responsive to credit conditions in both advanced economies and emerging-market economies (EMEs). However, EMEs are more sensitive to inflation conditions, responding to credit growth only when consistent with IT. Macroprudential measures are also deployed to address credit growth volatility when orthodox policy moves would be inconsistent with IT, complementing monetary policy.