On The Use Of Monetary And Macroprudential Policies For Small Open Economies
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On The Use Of Monetary And Macroprudential Policies For Small Open Economies
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Author : Mr.F. Gulcin Ozkan
language : en
Publisher: International Monetary Fund
Release Date : 2014-06-24
On The Use Of Monetary And Macroprudential Policies For Small Open Economies written by Mr.F. Gulcin Ozkan 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 2014-06-24 with Business & Economics categories.
We explore optimal monetary and macroprudential policy rules for a small open economy. Delegating 'lean against the wind' squarely to macroprudential policy provides a more robust policy mix to shock uncertainty—(i) if macroprudential measures exist, there are no significant welfare gains from monetary policy reacting to credit growth under a financial shock; and (ii) monetary responses to financial markets could generate bigger welfare losses than macroprudential responses under different shocks. The source of outstanding liabilities also plays a role in the choice of policy instrument— macroprudential policies are particularly effective for emerging markets where foreign borrowing is sizeable.
On The Use Of Monetary And Macroprudential Policies For Small Open Economies
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Author : Mr.F. Gulcin Ozkan
language : en
Publisher: International Monetary Fund
Release Date : 2014-06-24
On The Use Of Monetary And Macroprudential Policies For Small Open Economies written by Mr.F. Gulcin Ozkan 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 2014-06-24 with Business & Economics categories.
We explore optimal monetary and macroprudential policy rules for a small open economy. Delegating 'lean against the wind' squarely to macroprudential policy provides a more robust policy mix to shock uncertainty—(i) if macroprudential measures exist, there are no significant welfare gains from monetary policy reacting to credit growth under a financial shock; and (ii) monetary responses to financial markets could generate bigger welfare losses than macroprudential responses under different shocks. The source of outstanding liabilities also plays a role in the choice of policy instrument— macroprudential policies are particularly effective for emerging markets where foreign borrowing is sizeable.
Staff Guidance Note On Macroprudential Policy
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2014-06-11
Staff Guidance Note On Macroprudential Policy 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 2014-06-11 with Business & Economics categories.
This note provides guidance to facilitate the staff’s advice on macroprudential policy in Fund surveillance. It elaborates on the principles set out in the “Key Aspects of Macroprudential Policy,” taking into account the work of international standard setters as well as the evolving country experience with macroprudential policy. The main note is accompanied by supplements offering Detailed Guidance on Instruments and Considerations for Low Income Countries
Macroprudential Policy Framework
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Author : Damodaran Krishnamurti
language : en
Publisher: World Bank Publications
Release Date : 2014-05-14
Macroprudential Policy Framework written by Damodaran Krishnamurti 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 2014-05-14 with Business & Economics categories.
This publication aims to provide policy makers in emerging market and developing economies with inputs to better understand, envision, and implement a macroprudential policy framework. It presents the basic concepts, issues, and challenges, and encourages them to ask the right questions to design an optimal institutional framework,
Externalities And Macroprudential Policy
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Author : Mr.Gianni De Nicolo
language : en
Publisher: International Monetary Fund
Release Date : 2012-06-07
Externalities And Macroprudential Policy written by Mr.Gianni De Nicolo 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 2012-06-07 with Business & Economics categories.
This note overviews macroprudential policy options that have been proposed to address the systemic risks experienced during the recent financial crisis. It contributes to the policy debate by providing a taxonomy of macroprudential policies in terms of the specific negative externalities in the financial system that these policies are meant to address, and discusses their interrelations and some key implementation issues.
Monetary And Macroprudential Policies To Manage Capital Flows
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Author : Juan Pablo Medina Guzman
language : en
Publisher: International Monetary Fund
Release Date : 2014-02-12
Monetary And Macroprudential Policies To Manage Capital Flows written by Juan Pablo Medina Guzman 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 2014-02-12 with Business & Economics categories.
We study interactions between monetary and macroprudential policies in a model with nominal and financial frictions. The latter derive from a financial sector that provides credit and liquidity services that lead to a financial accelerator-cum-fire-sales amplification mechanism. In response to fluctuations in world interest rates, inflation targeting dominates standard Taylor rules, but leads to increased volatility in credit and asset prices. The use of a countercyclical macroprudential instrument in addition to the policy rate improves welfare and has important implications for the conduct of monetary policy. “Leaning against the wind” or augmenting a standard Taylor rule with an argument on credit growth may not be an effective policy response.
Macroprudential Policy And Practice
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Author : Paul Mizen
language : en
Publisher: Cambridge University Press
Release Date : 2018-08-23
Macroprudential Policy And Practice written by Paul Mizen 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 2018-08-23 with Business & Economics categories.
A guide to the latest theoretical developments in macroprudential policy, the newest tool in central banking policymaking circles.
Integrated Monetary And Financial Policies For Small Open Economies
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Author : Mr. Suman S Basu
language : en
Publisher: International Monetary Fund
Release Date : 2023-08-04
Integrated Monetary And Financial Policies For Small Open Economies written by Mr. Suman S Basu 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 2023-08-04 with Business & Economics categories.
We develop a tractable small-open-economy framework to characterize the constrained efficient use of the policy rate, foreign exchange (FX) intervention, capital controls, and domestic macroprudential measures. The model features dominant currency pricing, shallow FX markets, and occasionally-binding external and domestic borrowing constraints. We characterize the conditions for the “traditional prescription”—relying on the policy rate and exchange rate flexibility—to be sufficient, even if externalities persist. The conditions are satisfied for world interest rate shocks if FX markets are deep. By contrast, we show that to manage non-fundamental inflow surges and taper tantrums related to local currency debt, capital inflow taxes and FX intervention should be used instead of the policy rate and exchange rate flexibility. In the realistic case where countries face both shallow FX markets and external borrowing constraints, we establish that some kinds of FX mismatch regulations may reduce the external debt limit friction but worsen FX market depth. Finally, we show that capital controls and domestic macroprudential measures cease to be perfect substitutes if there is a risk that the domestic borrowing constraint binds as a result of the transmission of the global financial cycle.
Advancing The Frontiers Of Monetary Policy
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Author : Tobias Adrian
language : en
Publisher: International Monetary Fund
Release Date : 2018-04-13
Advancing The Frontiers Of Monetary Policy written by Tobias Adrian 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 2018-04-13 with Business & Economics categories.
Inflation-forecast targeting is state of the art for monetary policy. This book explores first principles, including managing short-term policy trade-offs. The book also outlines efficient operational procedures and reviews the experiences of Canada, the Czech Republic, and India. The analysis highlights the need for assertive policies and maximum transparency.
An Integrated Policy Framework Ipf Diagram For International Economics
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Author : Mr. Suman S Basu
language : en
Publisher: International Monetary Fund
Release Date : 2024-02-23
An Integrated Policy Framework Ipf Diagram For International Economics written by Mr. Suman S Basu 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 2024-02-23 with Business & Economics categories.
The Mundell-Fleming IS-LM approach has guided generations of economists over the past 60 years. But countries have experienced new problems, the international finance literature has advanced, and the composition of the global economy has changed, so the scene is set for an updated approach. We propose an Integrated Policy Framework (IPF) diagram to analyze the use of multiple policy tools as a function of shocks and country characteristics. The underlying model features dominant currency pricing, shallow foreign exchange (FX) markets, and occasionally-binding external and domestic borrowing constraints. Our diagram includes the use of monetary policy, FX intervention, capital controls, and domestic macroprudential measures. It has four panels to explore four key trade-offs related to import consumption, home goods consumption, the housing market, and monetary policy. Our extended diagram adds fiscal policy into the mix.