The Effectiveness Of Monetary Policy Transmission Under Capital Inflows
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The Effectiveness Of Monetary Policy Transmission Under Capital Inflows
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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.
Lost In Transmission The Effectiveness Of Monetary Policy Transmission Channels In The Gcc Countries
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Author : Mr.Serhan Cevik
language : en
Publisher: International Monetary Fund
Release Date : 2012-07-01
Lost In Transmission The Effectiveness Of Monetary Policy Transmission Channels In The Gcc Countries written by Mr.Serhan Cevik 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.
This paper empirically investigates the effectiveness of monetary policy transmission in the Gulf Cooperation Council (GCC) countries using a structural vector autoregressive model. The results indicate that the interest rate and bank lending channels are relatively effective in influencing non-hydrocarbon output and consumer prices, while the exchange rate channel does not appear to play an important role as a monetary transmission mechanism because of the pegged exchange rate regimes. The empirical analysis suggests that policy measures and structural reforms - strengthening financial intermediation and facilitating the development of liquid domestic capital markets - would advance the effectiveness of monetary transmission mechanisms in the GCC countries.
Monetary Transmission In Developing Countries
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Author : Ms.Prachi Mishra
language : en
Publisher: International Monetary Fund
Release Date : 2016-09-07
Monetary Transmission In Developing Countries written by Ms.Prachi Mishra 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 2016-09-07 with Business & Economics categories.
We examine the strength of monetary transmission in India, using a conventional structural VAR methodology. We find that a tightening of monetary policy is associated with a significant increase in bank lending rates and conventional effects on the exchange rate, though pass-through to lending rates is only partial and exchange rate effects are weak. We could find no significant effects on real output or the inflation rate. Though the message for the effectiveness of monetary transmission in India is therefore mixed, our results for India are more favorable than is often found for other developing countries.
Effectiveness Of Central Banks And Their Role In The Global Financial Crisis
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Author : Shamshad Akhtar
language : en
Publisher: Asian Development Bank
Release Date : 2009-12-01
Effectiveness Of Central Banks And Their Role In The Global Financial Crisis written by Shamshad Akhtar and has been published by Asian Development Bank this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-12-01 with Business & Economics categories.
This study examines the role and performance of central banks in low-income countries that have faced a range of domestic and external fragilities, aggravated by the global financial crisis that started in the United States and other advanced economies. It focuses on a select group of developing member countries of the Asian Development Bank in the Caucasus, Central Asia, and South Asia that have been and will continue to be vulnerable to adverse external developments.
International Bank Lending Channel Of Monetary Policy
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Author : Silvia Albrizio
language : en
Publisher: International Monetary Fund
Release Date : 2019-11-01
International Bank Lending Channel Of Monetary Policy written by Silvia Albrizio 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 2019-11-01 with Business & Economics categories.
How does domestic monetary policy in systemic countries spillover to the rest of the world? This paper examines the transmission channel of domestic monetary policy in the cross-border context. We use exogenous shocks to monetary policy in systemically important economies, including the U.S., and local projections to estimate the dynamic effect of monetary policy shocks on bilateral cross-border bank lending. We find robust evidence that an increase in funding costs following an exogenous monetary tightening leads to a statistically and economically significant decline in cross-border bank lending. The effect is weakened during periods of high uncertainty. In contrast, the effect is found to not vary according to the degree of borrower country riskiness, further weakening support for the international portfolio rebalancing channel.
How Effective Is Monetary Transmission In Low Income Countries A Survey Of The Empirical Evidence
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Author : Ms.Prachi Mishra
language : en
Publisher: International Monetary Fund
Release Date : 2012-06-01
How Effective Is Monetary Transmission In Low Income Countries A Survey Of The Empirical Evidence written by Ms.Prachi Mishra 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 2012-06-01 with Business & Economics categories.
This paper surveys the evidence on the effectiveness of monetary transmission in low-income countries. It is hard to come away from this review with much confidence in the strength of monetary transmission in such countries. We distinguish between the "facts on the ground" and "methodological deficiencies" interpretations of the absence of evidence for strong monetary transmission. We suspect that "facts on the ground" are an important part of the story. If this conjecture is correct, the stabilization challenge in developing countries is acute indeed, and identifying the means of enhancing the effectiveness of monetary policy in such countries is an important challenge.
Lost In Transmission The Effectiveness Of Monetary Policy Transmission Channels In The Gcc Countries
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Author : Serhan Cevik
language : en
Publisher:
Release Date : 2017
Lost In Transmission The Effectiveness Of Monetary Policy Transmission Channels In The Gcc Countries written by Serhan Cevik 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 empirically investigates the effectiveness of monetary policy transmission in the Gulf Cooperation Council (GCC) countries using a structural vector autoregressive model. The originality and significance of the paper are in constructing and analyzing "synthetic" aggregate variables for the GCC as a whole. The results indicate that the interest rate and bank lending channels are relatively effective in influencing non-hydrocarbon output and consumer prices, while the exchange rate channel does not appear to play an important role as a monetary transmission mechanism because of the pegged exchange rate regimes. The empirical analysis suggests that policy measures and structural reforms -- strengthening financial intermediation and facilitating the development of liquid domestic capital markets -- would advance the effectiveness of monetary transmission mechanisms in the GCC countries.
The Multilateral Aspects Of Policies Affecting Capital Flows
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Author : International Monetary Fund. Monetary and Capital Markets Department
language : en
Publisher: International Monetary Fund
Release Date : 2011-10-13
The Multilateral Aspects Of Policies Affecting Capital Flows written by International Monetary Fund. Monetary and Capital Markets Department 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 2011-10-13 with Business & Economics categories.
The crisis is prompting a reconsideration of capital flows and the policies that affect them. A breakdown in the domestic stability of a large country can spill over into stress in other countries and even to the global system as a whole. The activities of global institutions and markets—some regulated and some not—can bear on the riskiness of flows. Thus, national policies affecting capital flows can transmit multilaterally. This transmission has not been fully appreciated by national policymakers. Further, they may not have incentives to take full account of the cross-border effects of their policies. Looking ahead, the upward trend in the volume of capital flows can be expected to continue, making it ever more important to address the associated cross-border risks. This paper aims to draw greater attention to the multilateral aspects of policies affecting capital flows. Previous work by the Fund has focused on the policies of recipient countries, mainly emerging market economies (EMEs), and addressed the circumstances in which capital flow management measures (CFMs) would be appropriate. This paper provides a complementary assessment of regulatory and supervisory policies of advanced economies, as well as large advanced economy monetary policy. Moreover, it addresses the multilateral transmission of CFMs.
Derivatives Effect On Monetary Policy Transmission
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Author : Coenraad Vrolijk
language : en
Publisher: International Monetary Fund
Release Date : 1997-09-01
Derivatives Effect On Monetary Policy Transmission written by Coenraad Vrolijk 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 1997-09-01 with Business & Economics categories.
This paper examines changes in the monetary policy transmission mechanism in the presence of derivatives markets. The effect of adding derivatives markets is analyzed independently for each of the main channels of monetary policy transmission: interest rates, credit, and exchange rates. Theoretically, derivatives trading speeds up transmission to financial asset prices, but changes in the transmission to the real economy are ambiguous. Using the structural vector autoregression methodology, an empirical study of the United Kingdom is used to assess the impulse responses of output and inflation, controlling for the size of the U.K. derivative markets. No definitive empirical support for a change in the transmission process is found.
The Transmission Of Monetary Policy In Emerging Market Economies
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Author :
language : en
Publisher:
Release Date : 1998
The Transmission Of Monetary Policy In Emerging Market Economies written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with Banks and banking, Central categories.