Measuring The Effect Of External Shocks And The Polic Y Response To Them
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Measuring The Effect Of External Shocks And The Polic Y Response To Them
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Author : F. Desmond McCarthy
language : en
Publisher: World Bank Publications
Release Date : 1994
Measuring The Effect Of External Shocks And The Polic Y Response To Them written by F. Desmond McCarthy and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Balance of payments categories.
How can the governments in Eastern Europe and developing countries reduce their vulnerability to such shocks? What are the appropriate policy responses? Here is a method for measuring the effect of external shocks on the current account, applied to the Philippines.
The Transmission Of External Shocks In Asia Country Characteristics And Policy Responses
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Author : Mr.Pragyan Deb
language : en
Publisher: International Monetary Fund
Release Date : 2021-01-08
The Transmission Of External Shocks In Asia Country Characteristics And Policy Responses written by Mr.Pragyan Deb 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 2021-01-08 with Business & Economics categories.
Asian economies are increasingly integrated to the global economy through trade and financial linkages, exposing them to the international financial cycle. This paper explores how external shocks are transmitted to Asian economies and whether the use of policies, such as the monetary policy interest rate, foreign exchange intervention (FXI) and macroprudential measures (MPMs), can mitigate the impact of these external shocks. It uses panel quantile regressions on a sample of 14 Asian advanced and emerging economies (AEs and EMs) to assess the impact of financial and real shocks on investment and GDP growth at the median and 5th percentile tail. It finds that external financial shocks tend to have a larger effect on Asian economies than real shocks, and that the main transmission channels through which shocks are propagated are capital flows (particularly via corporate and bank balance sheets) for EMs, and credit for AEs. It also finds evidence that for Asian EMs, FXI may help dampen the capital flows and real exchange rate channels and mitigate financial shocks in the short run, and monetary policy transmission tends to be relatively weak; meanwhile MPMs can help mitigate the credit channel for both AEs and EMs.
One Shock Many Policy Responses
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Author : Rui Mano
language : en
Publisher: International Monetary Fund
Release Date : 2020-01-17
One Shock Many Policy Responses written by Rui Mano 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 2020-01-17 with Business & Economics categories.
Policymakers have relied on a wide range of policy tools to cope with capital flow shocks. And yet, the effects and interaction of these policies remain under debate, as does the motivation for using them. In this paper, quantile local projections are used to estimate the entire distribution of future policy responses to portfolio flow shocks for 20 emerging markets and understand the variety of policy choices across the sample. To assuage endogeneity concerns, estimates rely on the fact that global capital flows are exogenous from the viewpoint of any one of these countries. The paper finds that: (i) policy responses to capital flow shocks are heterogeneous across countries, fat-tailed—“extreme” responses tend to be more elastic than “typical” responses—and asymmetric—“extreme” responses tend to be more elastic with respect to outflows than to inflows; (ii) country characteristics are linked to policy choices—with cross-country differences in forex intervention relating to the size of balance sheet vulnerabilities and the depth of the forex market; (iii) the use of targeted macroprudential policy and capital flows management measures can help “free the hands” of monetary policy by allowing it to focus more squarely on domestic cyclical developments.
The Balance Of Payments Effects Of External Shocks And Of Policy Responses To These Shocks
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Author : Bela Balassa
language : en
Publisher: Development Centre of the Organisation for Economic Co-operation and Development
Release Date : 1981
The Balance Of Payments Effects Of External Shocks And Of Policy Responses To These Shocks written by Bela Balassa and has been published by Development Centre of the Organisation for Economic Co-operation and Development this book supported file pdf, txt, epub, kindle and other format this book has been release on 1981 with Business & Economics categories.
External Shocks And Performance Responses During Systemic Transition The Case Of Ukraine
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Author : F. Desmond McCarthy
language : en
Publisher: World Bank Publications
Release Date : 1994
External Shocks And Performance Responses During Systemic Transition The Case Of Ukraine written by F. Desmond McCarthy and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Economia de mercado - Ucrania categories.
External Shocks Policy Response And Economic Performance
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Author : J. Peter Neary
language : en
Publisher:
Release Date : 1994
External Shocks Policy Response And Economic Performance written by J. Peter Neary and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Balance of trade categories.
Essays On External Shocks And Monetary Policy In The Sri Lankan Economy
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Author : Yashodha Warunie Senadheera Senadheera Pathirannehelage
language : en
Publisher:
Release Date : 2017
Essays On External Shocks And Monetary Policy In The Sri Lankan Economy written by Yashodha Warunie Senadheera Senadheera Pathirannehelage 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.
The past few decades have been marked with episodes of global economic turbulence that have created macroeconomic instability in both developed and developing economies. With its gradual economic integration with global markets, Sri Lanka is increasingly exposed to unanticipated shocks emanating from foreign economies. This dissertation, comprising of three independent essays, aims to deepen the knowledge on the effects of external shocks, their cross-border transmission channels and appropriate monetary policy responses for the Sri Lankan economy. External shocks transmitted through trade and financial market linkages have a considerable welfare effect on small open economies such as Sri Lanka. The monetary policy regime of a country plays a vital role in minimizing the social welfare losses arising from external shocks. The first essay of this thesis (Chapter 2) investigates the welfare implications of six alternative monetary policy rules for the Sri Lankan economy using a calibrated DSGE model with nominal rigidities, delayed exchange rate pass-through and financial frictions. The model is solved numerically by taking second-order approximation of the full set of model equations. Domestic goods inflation targeting rule minimizes the welfare losses caused by foreign interest rate and foreign output shocks. Social welfare is lowest under the strict exchange rate targeting rule when the economy is affected by external shocks. This essay demonstrates the importance of taking second-order approximations of the full set of model equations in welfare analysis. The second essay of this dissertation (Chapter 3) empirically investigates the effects of external shocks on the Sri Lankan economy using a Structural Vector Auto-Regression (SVAR) model with a block exogeneity assumption and long-run and short-run restrictions. This essay examines the impact of foreign monetary policy shocks on the domestic economy using alternative measures: the effective federal funds rate and the US shadow short rate. Although domestic shocks are the primary source of macroeconomic fluctuations in Sri Lanka, foreign shocks also play a considerable role in explaining the variability in output growth and domestic inflation. Shocks to foreign output growth and oil price inflation have a notable effect on the growth of domestic output. Shocks to the effective federal funds rate explain the variance of Sri Lanka's output growth better than the shocks to the US shadow short rate. Further, the impacts of oil price inflation and the effective federal funds rate shocks on domestic inflation are noteworthy. The foreign shocks are transmitted to the domestic economy through the trade channel as well as through the financial market channel. The deteriorating terms of trade in the past two decades has been a concern for the policy-makers of Sri Lanka. The recent literature has argued that the effect of the terms of trade shocks on an economy depends on the characteristics of the underlying shock. Using a sign restricted VAR model, the third essay (Chapter 4) examines the effect on the Sri Lankan economy of external shocks that cause terms of trade fluctuations. Three external shocks, viz., world demand shocks, world supply shocks and globalization shocks are considered in this study. The world demand shocks do not have a significant long-term effect on Sri Lanka's real output, but the negative world supply shocks are contractionary. Conversely, positive globalization shocks increase domestic output permanently. Both positive world demand shocks and globalization shocks are inflationary while negative world supply shocks increase domestic prices initially but reduce the prices after two quarters. World demand shocks have largely contributed to the fluctuations in trade balance in Sri Lanka since 2007, whereas the importance of globalization shocks on the imports, exports and trade balance has increased since 2010. Contribution from globalization shocks to the variance in domestic output and price levels has increased since 2007.
External Shocks Policy Responses And External Debt Of Asian Developing Countries
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Author : Seiji Naya
language : en
Publisher:
Release Date : 1984
External Shocks Policy Responses And External Debt Of Asian Developing Countries written by Seiji Naya and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1984 with Asia categories.
Effects Of External Shocks On The Balance Of Payments Policy Responses And Debt Problems Of Asian Developing Countries
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Author : Seiji Naya
language : en
Publisher:
Release Date : 1983
Effects Of External Shocks On The Balance Of Payments Policy Responses And Debt Problems Of Asian Developing Countries written by Seiji Naya and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1983 with Asia categories.
The Effects Of Monetary Policy Shocks On Inequality
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Author : Davide Furceri
language : en
Publisher: International Monetary Fund
Release Date : 2017-01-18
The Effects Of Monetary Policy Shocks On Inequality written by Davide Furceri 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 2017-01-18 with Business & Economics categories.
This paper provides new evidence of the effect of monetary policy shocks on income inequality. Using a measure of unanticipated changes in policy rates for a panel of 32 advanced and emerging market countries over the period 1990-2013, the paper finds that contractionary (expansionary) monetary actions increase (reduce) income inequality. The effect, however, varies over time, depending on the type of the shocks (tightening versus expansionary monetary policy) and the state of the business cycle, and across countries depending on the share of labor income and redistribution policies. In particular, we find that the effect is larger for positive monetary policy shocks, especially during expansions. Looking across countries, we find that the effect is larger in countries with higher labor share of income and smaller redistribution policies. Finally, while an unexpected increase in policy rates increases inequality, changes in policy rates driven by an increase in growth are associated with lower inequality.