International Transmission Of Us Monetary Policy Shocks To Asia
DOWNLOAD
Download International Transmission Of Us Monetary Policy Shocks To Asia PDF/ePub or read online books in Mobi eBooks. Click Download or Read Online button to get International Transmission Of Us Monetary Policy Shocks To Asia 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
International Transmission Of Us Monetary Policy Shocks To Asia
DOWNLOAD
Author : Renato E. Reside
language : en
Publisher:
Release Date : 2004
International Transmission Of Us Monetary Policy Shocks To Asia written by Renato E. Reside and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Asia categories.
Monetary And Currency Policy Management In Asia
DOWNLOAD
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.
The Effectiveness Of Monetary Policy Transmission Under Capital Inflows
DOWNLOAD
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.
Three Essays On International Transmission And Monetary Policy In Emerging Countries
DOWNLOAD
Author : Martha Cruz Zuniga
language : en
Publisher:
Release Date : 2006
Three Essays On International Transmission And Monetary Policy In Emerging Countries written by Martha Cruz Zuniga and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Emigrant remittances categories.
This dissertation investigates two aspects of foreign shocks that affect emerging countries: U.S. monetary shocks and workers' remittances. My attention in particular centers on the macroeconomic impact of these foreign shocks. More specifically, in the first essay (Chapter 2) I analyze the international transmission of U.S. monetary policy to emerging economies distinguishing between a direct transmission process and an augmented international transmission. In the augmented transmission mechanism, U.S. shocks may impact leading countries in different regions, and those countries' reactions then affect smaller countries. In the second essay (Chapter 3) I investigate the effects of monetary policy on stock market returns of emerging countries, distinguishing between the impact of domestic monetary policy and the impact of U.S. monetary actions, the latter is designed to capture the international transmission to stock markets. Finally, in the last essay (Chapter 4), I evaluate the impact of workers' remittances on money in developing countries under a framework where the monetary approach to the balance of payments and currency substitution are used. The empirical analysis in Chapters 2 and 3 is conducted using a sample of countries from Asia and Latin America. Results are extracted from impulse responses derived from vector error correction (VEC) models. The estimation in Chapter 4 relies on panel data and three-stage least squares regressions for a sample of Latin American countries with strong remittance presence. The results presented in this dissertation indicate that emerging economies are impacted by U.S. monetary actions and by workers' remittances. Emerging economies seem to benefit from contractionary monetary policy actions originated in the United States because output in emerging economies shows a positive response. In addition, some evidence of the significance of U.S. monetary actions on stock markets in emerging economies is found. In these countries, stock markets receive a significant influence from domestic and foreign monetary policy actions. In particular, increases in interest rates, which correspond to contractionary monetary policy, reduce stock market returns. With respect to workers' remittances, they exert a negative impact on the money demand in developing economies, which suggests that remittances can be a factor that may accelerate the currency substitution process in these countries.
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.
What Are The International Channels Through Which A Us Policy Shock Is Transmitted To The World Economies Evidence From A Time Varying Favar
DOWNLOAD
Author : Anastasios Evgenidis
language : en
Publisher:
Release Date : 2022
What Are The International Channels Through Which A Us Policy Shock Is Transmitted To The World Economies Evidence From A Time Varying Favar written by Anastasios Evgenidis and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022 with categories.
In this paper, we examine the international transmission of US monetary policy shocks across euro area and Asian countries by using a FAVAR model. We first examine all possible channels through which a policy shock is transmitted to each country. In general the transmission of the shock hides considerable heterogeneity across the countries. We find that the trade balance is important in explaining GDP spillover effects in the case of Singapore. Wealth effects along with the world interest rate channel explain the negative propagation of the US shock to the GDP of Hong Kong, the Philippines and Singapore. The exchange rate channel can explain the positive spillover effects on GDP in Korea and Japan. For the euro area, an endogenous response of the euro area monetary authority is observed. The wealth effect through the role of effective exchange rates seems adequate to describe the transmission of the shock to European countries. For Germany and Italy the decline in lending and spending reveal the importance of the balance sheet channel in the shock transmission. Second, we investigate to what extent the transmission mechanism has changed over time. For the 2007 financial crisis, our results indicate that the majority of the countries in both regions witness an increase in the size of the shock to real activity, inflation and credit variables in the post crisis period.
Financial Globalization And The International Transmission Of Interest Rate Shocks
DOWNLOAD
Author : Xiaoli Wan
language : en
Publisher:
Release Date : 2017
Financial Globalization And The International Transmission Of Interest Rate Shocks written by Xiaoli Wan and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.
This paper evaluates the spillovers from U.S. monetary policy to China's domestic interest rates over 1999-2016, focusing on the impacts of long-term interest rate and exchange rate regimes on the capacity of China to moderate external interest rate shocks. We find that China's central bank owns some extent of autonomy as it has a significant preference to control inflation and stimulate the economy even beyond the potential growth. However, China's interest rates are significantly impacted by U.S. monetary policy especially after the crisis. The transmission from U.S. interest rates to China at the long-end even exists before the crisis, but only for the positive change of U.S. interest rates. The comparison with New Zealand's experience provides some evidence that central banks are more likely facing a "monetary dilemma" and China's fixed exchange rate regime with capital controls might help to mitigate the spillovers of external monetary shocks in a turmoil period.
Monetary Policy Transmission In Emerging Markets And Developing Economies
DOWNLOAD
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.
Global Banks And International Shock Transmission
DOWNLOAD
Author : Nicola Cetorelli
language : en
Publisher: DIANE Publishing
Release Date : 2010-11
Global Banks And International Shock Transmission written by Nicola Cetorelli and has been published by DIANE Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-11 with Business & Economics categories.
Global banks played a significant role in transmitting the 2007-09 financial crisis to emerging-market (EM) economies. The authors examine adverse liquidity shocks on main developed-country banking systems and their relationships to EM across Europe, Asia, and Latin Amer., isolating loan supply from loan demand effects. Loan supply in EM across Europe, Asia, and Latin Amer. was affected significantly through three separate channels: (1) a contraction in direct, cross-border lending by foreign banks; (2) a contraction in local lending by foreign banks¿ affiliates in EM; and (3) a contraction in loan supply by domestic banks, resulting from the funding shock to their balance sheets induced by the decline in interbank, cross-border lending. Charts and tables.
International Monetary Transmission And Exchange Rate Regimes
DOWNLOAD
Author : So-yŏng Kim
language : en
Publisher:
Release Date : 2009
International Monetary Transmission And Exchange Rate Regimes written by So-yŏng Kim and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.
This paper analyzed the impact of United States (US) monetary shocks on the economies of selected East Asian countries using a structural vector autoregression model. We found that the impacts of the US monetary shocks on domestic interest rates and exchange rates contradict conventional wisdom. The conventional exchange rate channel is unlikely to play much role in the transmission of US monetary policy shocks to floating exchange rate regimes in East Asian countries, excluding Japan. In these countries, the domestic interest rate responds strongly to US interest rate changes, largely by authorities giving up monetary autonomy due to fear of floating. On the other hand, the domestic interest rate does not respond much to changes in US rates in the countries with a fixed exchange rate regime and capital account restrictions, such as the People's Republic of China and Malaysia. This may suggest that the countries with a fixed exchange rate regime enjoy a higher degree of monetary autonomy, probably with the help of capital account restrictions.
