Monetary Policy Transmission In The Ems
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The Anatomy Of Monetary Policy Transmission In An Emerging Market
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Author : Kodjovi M. Eklou
language : en
Publisher: International Monetary Fund
Release Date : 2023-07-07
The Anatomy Of Monetary Policy Transmission In An Emerging Market written by Kodjovi M. Eklou 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 2023-07-07 with Business & Economics categories.
Monetary policy transmission in EMs has been found to be weak historically due to under-developed financial markets and heavy central bank intervention in FX markets that undermine the exchange rate channel. Against this background, this paper investigates the transmission of monetary policy, including the role of external factors, in Malaysia and highlight findings that could be relevant for other EMs. We find an important role for the credit and the exchange rate channels. Further, we also find a complementary role for policy tools including Foreign Exchange Intervention (FXI) and liquidity tools such as Statutory Reserve Requirement in shaping the transmission of monetary policy. We then explore the spillover effects of external global factors including global monetary policy and global commodity prices on monetary policy transmission in a small open economy such as Malaysia. The results show that while global commodity prices do not impair monetary policy transmission, global monetary policy tightening could complement domestic efforts to achieve price stability by inducing a global disinflation. Finally, monetary policy transmission is delayed and weakened in high inflationary environment, with the implication that more aggressive and preemptive policy actions may be needed in such cases.
Monetary Control The Transmission Mechanism Of Monetary Policy And Exchange Rate Pressure
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Author : F. X. Browne
language : en
Publisher:
Release Date : 1982
Monetary Control The Transmission Mechanism Of Monetary Policy And Exchange Rate Pressure written by F. X. Browne and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1982 with Monetary policy categories.
Monetary Policy Transmission In The Ems
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Author : José García Montalvo
language : en
Publisher:
Release Date : 1997
Monetary Policy Transmission In The Ems written by José García Montalvo and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with categories.
Monetary Policy Interaction Within The Ems
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Author : Daniel Gros
language : en
Publisher:
Release Date : 1989
Monetary Policy Interaction Within The Ems written by Daniel Gros and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1989 with Monetary policy categories.
Monetary Control The Transmission Mechanism Of Monetary Policy And Exchange Market Pressure
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Author : Central Bank of Ireland (1943-2003)
language : en
Publisher:
Release Date : 1982
Monetary Control The Transmission Mechanism Of Monetary Policy And Exchange Market Pressure written by Central Bank of Ireland (1943-2003) and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1982 with categories.
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.
Monetary Policy Interaction Within The Ems
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 1989-01-01
Monetary Policy Interaction Within The Ems written by International Monetary Fund 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 1989-01-01 with Business & Economics categories.
A simple two-country stochastic model is used to analyze monetary policy interaction in a system of exchange rate bands such as the EMS, in the context of internationally-integrated financial markets. We consider the widely-acknowledged asymmetry of the system, as it pertains to member countries’ use of monetary policy to offset shocks that impinge on their national incomes. Our results suggest, among other things, that tightening the exchange-rate bands would lead to more intervention by all members, even if formal responsibility for keeping exchange rates within the bands lay only with the peripheral countries.
Global Monetary And Financial Spillovers
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Author : James S. Cloyne
language : en
Publisher:
Release Date : 2022
Global Monetary And Financial Spillovers written by James S. Cloyne 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.
Monetary Policy Delegation And Fixed Exchange Rates
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Author : Jürgen von Hagen
language : en
Publisher:
Release Date : 1989
Monetary Policy Delegation And Fixed Exchange Rates written by Jürgen von Hagen and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1989 with categories.
Monetary Policy Transmission In The Euro Area
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Author : Ignazio Angeloni
language : en
Publisher: Cambridge University Press
Release Date : 2003-12-04
Monetary Policy Transmission In The Euro Area written by Ignazio Angeloni and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-12-04 with Business & Economics categories.
This 2003 book offers the most systematic analysis available of the impact of European Central Bank monetary policy on the national economies of the Eurozone. Analysing macro and micro-economic evidence, with chapters by central bank economists, including a discussion chapter by eminent macroeconomists, it is an essential contribution to research on the subject.