Policy Instruments To Lean Against The Wind In Latin America
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Policy Instruments To Lean Against The Wind In Latin America
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Author : Mr.G. Terrier
language : en
Publisher: International Monetary Fund
Release Date : 2011-07-01
Policy Instruments To Lean Against The Wind In Latin America written by Mr.G. Terrier 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 2011-07-01 with Business & Economics categories.
This paper reviews policy tools that have been used and/or are available for policy makers in the region to lean against the wind and review relevant country experiences using them. The instruments examined include: (i) capital requirements, dynamic provisioning, and leverage ratios; (ii) liquidity requirements; (iii) debt-to-income ratios; (iv) loan-to-value ratios; (v) reserve requirements on bank liabilities (deposits and nondeposits); (vi) instruments to manage and limit systemic foreign exchange risk; and, finally, (vii) reserve requirements or taxes on capital inflows. Although the instruments analyzed are mainly microprudential in nature, appropriately calibrated over the financial cycle they may serve for macroprudential purposes.
Leaning Against The Wind
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Author : Ms.Longmei Zhang
language : en
Publisher: International Monetary Fund
Release Date : 2014-02-06
Leaning Against The Wind written by Ms.Longmei 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 2014-02-06 with Business & Economics categories.
In recent years, macroprudential policy has become an increasingly active policy area. Many countries have adopted it as a tool to safeguard financial stability, in particular to deal with the credit and asset price cycles driven by global capital flows. This paper reviews the use of key macroprudential instruments and capital flow measures in 13 Asian economies and 33 economies in other regions since 2000, and constructs various macroprudential policy indices, aggregating sub-indices on key instruments. Asian economies appear to have made greater use of macroprudential tools, especially housing-related measures, than their counterparts in other regions. The effects of macroprudential policy are then assessed through an event study, cross-country macro panel regressions and bank-level micro panel regressions. The analysis suggests that macroprudential policy and capital flow measures have helped curb housing price growth, equity flows, credit growth, and bank leverage. The instruments that have been particularly effective in this regard include loan-to-value ratio caps, housing tax measures, and foreign currency-related measures.
Building Blocks For Effective Macroprudential Policies In Latin America
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Author : Patrick A. Imam
language : en
Publisher: International Monetary Fund
Release Date : 2012-07-01
Building Blocks For Effective Macroprudential Policies In Latin America written by Patrick A. Imam 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 2012-07-01 with Business & Economics categories.
An increasing number of countries - including in Latin America - are reforming their financial stability frameworks in the aftermath of the financial crisis, in order to establish a stronger macroprudential policy function. This paper analyzes existing arrangements for financial stability in Latin America and examines key issues to consider when designing the institutional foundations for effective macroprudential policies. The paper focuses primarily on eight Latin American countries, where the institutional arrangements for monetary and financial policies can be classified in two distinct groups: the "Pacific" model that includes Chile, Colombia, Peru, Costa Rica, and Mexico, and the "Atlantic" model, comprising Argentina, Brazil, and Uruguay.
Central America Panama And The Dominican Republic
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Author : Mr.Marco Pinon
language : en
Publisher: International Monetary Fund
Release Date : 2012-07-16
Central America Panama And The Dominican Republic written by Mr.Marco Pinon 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 2012-07-16 with Business & Economics categories.
Central America, Panama, and the Dominican Republic coped well with the global financial crisis of 2008-09. The impact was generally less severe and shorter lived than in previous episodes, the balance of payments adjustment was orderly, and the stability of the financial system was not compromised. This resilience can be attributed to a large extent to the strengthening of the fiscal frameworks, monetary management, and financial reforms conducted in the years preceding the global crisis. Nevertheless, the region faces considerable challenges for the period ahead, including the need to raise medium term growth above historical levels and protect macroeconomic and financial stability. This book argues that meeting these challenges will have to come from within, in light of the anticipated modest demand growth from trade partners. Raising growth in the region will depend on the adoption of structural reforms that generate substantial productivity gains. Rebuilding fiscal space and securing debt sustainability will hinge on efforts to increase tax revenue and reorienting spending to social and investment priorities. In the non-officially dollarized economies, it will also be essential to strengthen the monetary policy frameworks to keep inflation low and increase exchange rate flexibility, and improve financial regulation and supervision.
Financial Development In Latin America And The Caribbean
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Author : Augusto de la Torre
language : en
Publisher: World Bank Publications
Release Date : 2011-11-30
Financial Development In Latin America And The Caribbean written by Augusto de la Torre 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 2011-11-30 with Business & Economics categories.
During the 1980s and 1990s, financial sectors were the Achilles heel of economic development in Latin America and the Caribbean (LAC). Since then, these sectors have grown and deepened, becoming more integrated and competitive, with new actors, markets, and instruments springing up and financial inclusion broadening. To crown these achievements, the region s financial systems were left largely unscathed by the global financial crisis of 2008 09. Now that the successes of LAC s macrofinancial stability are widely recognized and tested, it is high time for an in-depth stocktaking of what remains to be done. Financial Development in Latin America and the Caribbean: The Road Ahead provides both a stocktaking and a forward-looking assessment of the region s financial development. Rather than going into detail about sector-specific issues, the report focuses on the main architectural issues, overall perspectives, and interconnections. The report s value added thus hinges on its holistic view of the development process, its broad coverage of the financial services industry beyond banking, its emphasis on benchmarking, its systemic perspective, and its explicit effort to incorporate the lessons from the recent global financial crisis. Financial Development in Latin America and the Caribbean: The Road Ahead builds on and complements several overview studies on financial development in both LAC countries and the developing world that were published in the past decade. It will be of interest to policy makers and financial analysts interested in improving the financial sector in the LAC region.
Science Technology And Innovation In Latin America And The Caribbean
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Author : Juan Carlos Navarro
language : en
Publisher: Inter-American Development Bank
Release Date : 2010-09-01
Science Technology And Innovation In Latin America And The Caribbean written by Juan Carlos Navarro and has been published by Inter-American Development Bank this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-09-01 with Technology & Engineering categories.
The advent of the knowledge society has highlighted the growing importance of innovation and intellectual assets as sources of competitiveness and long-term economic growth. This book examines human capital and financial inputs into innovation systems, scientific and innovation outputs, innovative behavior by firms, the links between changes in economic structure, technological intensity, and growth, institutional development and public policy, and the status of one key crosscutting and enabling technological revolution: information and communication technology.
Central Banking In Latin America
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Author : Mr.Luis Ignacio Jácome
language : en
Publisher: International Monetary Fund
Release Date : 2015-03-17
Central Banking In Latin America written by Mr.Luis Ignacio Jácome 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 2015-03-17 with Business & Economics categories.
This paper provides a brief historical journey of central banking in Latin America to shed light on the debate about monetary policy in the post-global financial crisis period. The paper distinguishes three periods in Latin America’s central bank history: the early years, when central banks endorsed the gold standard and coped with the collapse of this monetary system; a second period, in which central banks turned into development banks under the aegis of governments at the expense of increasing inflation; and the “golden years,” when central banks succeeded in preserving price stability in an environment of political independence. The paper concludes by cautioning against overburdening central banks in Latin America with multiple mandates as this could end up undermining their hard-won monetary policy credibility.
Macroprudential Policies And Housing Price
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Author : Mr.Jerome Vandenbussche
language : en
Publisher: International Monetary Fund
Release Date : 2012-12-27
Macroprudential Policies And Housing Price written by Mr.Jerome Vandenbussche 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 2012-12-27 with Business & Economics categories.
Several countries in Central, Eastern and Southeastern Europe used a rich set of prudential instruments in response to last decade’s credit and housing boom and bust cycles. We collect detailed information on these policy measures in a comprehensive database covering 16 countries at a quarterly frequency. We use this database to investigate whether the policy measures had an impact on housing price inflation. Our evidence suggests that some—but not all—measures did have an impact. These measures were changes in the minimum CAR and non-standard liquidity measures (marginal reserve requirements on foreign funding, marginal reserve requirements linked to credit growth).
The Global South After The Crisis
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Author : Hasan Cömert
language : en
Publisher: Edward Elgar Publishing
Release Date : 2016-07-27
The Global South After The Crisis written by Hasan Cömert 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 2016-07-27 with Business & Economics categories.
This volume is split into two accessible sections. The first part concentrates on the impact of the crisis on growth, inequality, policy responses and policy shifts in key areas such as central banking. The second part comprises individual country case studies and includes an exploration of the vulnerabilities related to the integration of developing economies into the world economy. The effect of the crisis on trade, and the ways in which some developing countries have entered into a prolonged period of stagnant growth following the global crisis are all considered.
Dealing With The Challenges Of Macro Financial Linkages In Emerging Markets
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Author : Otaviano Canuto
language : en
Publisher: World Bank Publications
Release Date : 2013-10-29
Dealing With The Challenges Of Macro Financial Linkages In Emerging Markets written by Otaviano Canuto 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 2013-10-29 with Business & Economics categories.
This book deals with the challenges of macro financial linkages in the emerging markets.