Effects Of Emerging Market Asset Purchase Program Announcements On Financial Markets During The Covid 19 Pandemic

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Effects of Emerging Market Asset Purchase Program Announcements on Financial Markets During the COVID-19 Pandemic

Author : Can Sever
Publisher : INTERNATIONAL MONETARY FUND
ISBN 13 : 9781513564661
Total Pages : 21 pages
Book Rating : 4.5/5 (646 download)

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Book Synopsis Effects of Emerging Market Asset Purchase Program Announcements on Financial Markets During the COVID-19 Pandemic by : Can Sever

Download or read book Effects of Emerging Market Asset Purchase Program Announcements on Financial Markets During the COVID-19 Pandemic written by Can Sever and published by INTERNATIONAL MONETARY FUND. This book was released on 2020-12-18 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: The COVID-19 pandemic led many emerging market central banks to adopt, for the first time, unconventional policies in the form of asset purchase programs. In this study, we analyze the effects of these announcements on domestic financial markets using both event studies and local projections methodology. We find that these asset purchase announcements lowered bond yields, did not lead to a depreciation of domestic currencies, and did not have much effect on equities. While the immediate effect of asset purchases appears positive, further consideration of the risks and longer-term effects of unconventional monetary policies is needed. We highlight the trade-offs involved with the implementation of these measures, and discuss their risks. This working paper adds to the debate on how asset purchase programs should be a regular part of the emerging market policy toolkit.

Asset Purchase Programs in European Emerging Markets

Author : Mr. Marco Arena
Publisher : International Monetary Fund
ISBN 13 : 1513593757
Total Pages : 81 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis Asset Purchase Programs in European Emerging Markets by : Mr. Marco Arena

Download or read book Asset Purchase Programs in European Emerging Markets written by Mr. Marco Arena and published by International Monetary Fund. This book was released on 2021-09-24 with total page 81 pages. Available in PDF, EPUB and Kindle. Book excerpt: Several emerging market central banks in Europe deployed asset purchase programs (APPs) amid the 2020 pandemic. The common main goals were to address market dysfunction and impaired monetary transmission, distinct from the quantitative easing conducted by major advanced economy central banks. Likely reflecting the global nature of the crisis, these APPs defied the traditional emerging market concern of destabilizing the exchange rate or inflation expectations and instead alleviated markets successfully. We uncover some evidence that APPs in European emerging markets stabilized government bond markets and boosted equity prices, with no indication of exchange rate pressure. Examining global and domestic factors that could limit the usability of APPs, in the event of renewed market dysfunction we see a potential scope for scaling up APPs in most European emerging markets that used APPs during the pandemic, provided that they remain consistent with the primary objective of monetary policy and keep a safe distance from the risk of fiscal dominance. As central banks in the region move towards monetary policy tightening, the tapering, ending, and unwinding of APPs must also be carefully considered. Clear and transparent communication is critical at each step of the process, from the inception to the closure of APPs, particularly when a large shock hits and triggers a major policy shift.

Asset Purchases and Direct Financing: Guiding Principles for Emerging Markets and Developing Economies During COVID-19 and Beyond

Author : Mr. Tobias Adrian
Publisher : International Monetary Fund
ISBN 13 : 1513594109
Total Pages : 49 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis Asset Purchases and Direct Financing: Guiding Principles for Emerging Markets and Developing Economies During COVID-19 and Beyond by : Mr. Tobias Adrian

Download or read book Asset Purchases and Direct Financing: Guiding Principles for Emerging Markets and Developing Economies During COVID-19 and Beyond written by Mr. Tobias Adrian and published by International Monetary Fund. This book was released on 2021-10-11 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many central banks in emerging market and developing economies have used asset purchases to reduce financial stresses during the COVID crisis, and some are doing so to provide macroeconomic stimulus.

EMDE Central Bank Interventions During COVID-19 to Support Market Functioning

Author : Mr. Kelly Eckhold
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 77 pages
Book Rating : 4.4/5 (2 download)

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Book Synopsis EMDE Central Bank Interventions During COVID-19 to Support Market Functioning by : Mr. Kelly Eckhold

Download or read book EMDE Central Bank Interventions During COVID-19 to Support Market Functioning written by Mr. Kelly Eckhold and published by International Monetary Fund. This book was released on 2024-05-17 with total page 77 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines emerging market and developing economy (EMDE) central bank interventions to maintain financial stability during the COVID-19 pandemic. Through empirical analysis and case study reviews, it identifies lessons for designing future programs to address challenges faced in EMDEs, including less-developed financial markets and lower levels of institutional credibility. The focus is on the functioning of the financial markets that are key to maintaining financial stability—money, securities, and FX funding markets. Several lessons emerge, including: (i) objectives should be well-specified and communicated to facilitate eventual exit; (ii) intervention triggers should prioritize liquidity metrics over prices; (iii) actions should be sufficiently large to address market dysfunction; (iv) the risks of fiscal dominance and moral hazard should be minimized; and (v) program design should incentivize self-liquidation by appropriate pricing or through short-term operations that quickly liquidate. While interventions may increase risks to central bank balance sheets, potentially challenging policy solvency and operational independence, a well-designed framework can significantly mitigate these risks.

Financial Systems, Central Banking and Monetary Policy During COVID-19 Pandemic and After

Author : Çagatay Basarir
Publisher : Rowman & Littlefield
ISBN 13 : 1793645566
Total Pages : 227 pages
Book Rating : 4.7/5 (936 download)

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Book Synopsis Financial Systems, Central Banking and Monetary Policy During COVID-19 Pandemic and After by : Çagatay Basarir

Download or read book Financial Systems, Central Banking and Monetary Policy During COVID-19 Pandemic and After written by Çagatay Basarir and published by Rowman & Littlefield. This book was released on 2021-10-11 with total page 227 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book makes an effort in investigating the present and future developments in the financial system, after the COVID-19 Pandemic. The effects of health issues and epidemic diseases influencing the country economies and expected to influence to effect in the future in terms of banking sector especially Central Banking will be discussed. People who take this work will be able to look at events from different windows about money, banking, Central Banks, historical transformation of the banking sector and the relations among the entire financial system and policy makers and also their current issues.

Unconventional Monetary Policies in Emerging Markets and Frontier Countries

Author : Chiara Fratto
Publisher : International Monetary Fund
ISBN 13 : 1513567217
Total Pages : 71 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis Unconventional Monetary Policies in Emerging Markets and Frontier Countries by : Chiara Fratto

Download or read book Unconventional Monetary Policies in Emerging Markets and Frontier Countries written by Chiara Fratto and published by International Monetary Fund. This book was released on 2021-01-22 with total page 71 pages. Available in PDF, EPUB and Kindle. Book excerpt: The COVID-19 crisis induced an unprecedented launch of unconventional monetary policy through asset purchase programs (APPs) by emerging market and developing economies. This paper presents a new dataset of APP announcements and implementation from March until August 2020 for 27 emerging markets and 8 small advanced economies. APPs’ effects on bond yields, exchange rates, equities, and debt spreads are estimated using different methodologies. The results confirm that APPs were successful in significantly reducing bond yields in EMDEs, and these effects were stronger than those of policy rate cuts, suggesting that such UMP could be important tools for EMDEs during financial market stress.

Drivers of Emerging Market Bond Flows and Prices

Author : Mr. Evan Papageorgiou
Publisher : International Monetary Fund
ISBN 13 : 1616357592
Total Pages : 14 pages
Book Rating : 4.6/5 (163 download)

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Book Synopsis Drivers of Emerging Market Bond Flows and Prices by : Mr. Evan Papageorgiou

Download or read book Drivers of Emerging Market Bond Flows and Prices written by Mr. Evan Papageorgiou and published by International Monetary Fund. This book was released on 2021-12-16 with total page 14 pages. Available in PDF, EPUB and Kindle. Book excerpt: An interesting disconnect has taken shape between local currency- and hard currency-denominated bonds in emerging markets with respect to their portfolio flows and prices since the start of the recovery from the COVID-19 pandemic. Emerging market assets have recovered sharply from the COVID-19 sell-off in 2020, but the post-pandemic recovery in 2021 has been highly uneven. This note seeks to answer why. Yields of local currency-denominated bonds have risen faster and are approaching their pandemic highs, while hard currency bond yields are still near their post-pandemic lows. Portfolio flows to local currency debt have similarly lagged flows to hard currency bonds. This disconnect is closely linked to the external environment and fiscal and inflationary pressures. Its evolution remains a key consideration for policymakers and investors, since local markets are the main source of funding for emerging markets. This note draws from the methodology developed in earlier Global Financial Stability Reports on fundamentals-based asset valuation models for funding costs and forecasting models for capital flows (using the at-risk framework). The results are consistent across models, indicating that local currency assets are significantly more sensitive to domestic fundamentals while hard currency assets are dependent on the external risk sentiment to a greater extent. This suggests that the post-pandemic, stressed domestic fundamentals have weighed on local currency bonds, partially offsetting the boost from supportive global risk sentiment. The analysis also highlights the risks emerging markets face from an asynchronous recovery and weak domestic fundamentals.

COVID-19 and Emerging Markets

Author : Cem Çakmaklı
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (117 download)

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Book Synopsis COVID-19 and Emerging Markets by : Cem Çakmaklı

Download or read book COVID-19 and Emerging Markets written by Cem Çakmaklı and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: We quantify the macroeconomic effects of COVID-19 for a small open economy by calibrating a SIR-multi-sector-macro model to Turkey. Sectoral supply shocks are based on the proximity requirements in each sector and the ability to work from home. Physical proximity determines the supply shock through its effect on infection rates. Sectoral demand shocks incorporate domestic and foreign demand, both of which adjust with infection rates. We calibrate demand shocks during COVID-19 using real-time credit card purchase data. Our results show that the optimal policy, which yields the lowest economic cost and saves the maximum number of lives, can be achieved under a full lockdown of 39 days. Economic costs are much larger for an open economy as the shocks are amplified through the international production network. A decline in foreign demand leads to losses in domestic sectors through international input-output linkages, accounting for a third of the total output loss. In addition, the reduction in capital flows deprives the network from its trade financing needs, where sectors with larger external finance needs experience larger losses. The policy options are limited given sparse fiscal resources to fight the pandemic domestically, while serving the external debt. We present historical evidence from 2001 crisis of Turkey, when fiscal, monetary and exchange rate policies were employed altogether to deal with a triple crisis of balance of payments, banking, and sovereign debt

The Role of Crises in Shaping Financial Systems

Author : Małgorzata Iwanicz-Drozdowska
Publisher : Taylor & Francis
ISBN 13 : 1000738892
Total Pages : 173 pages
Book Rating : 4.0/5 (7 download)

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Book Synopsis The Role of Crises in Shaping Financial Systems by : Małgorzata Iwanicz-Drozdowska

Download or read book The Role of Crises in Shaping Financial Systems written by Małgorzata Iwanicz-Drozdowska and published by Taylor & Francis. This book was released on 2022-10-18 with total page 173 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Role of Crises in Shaping Financial Systems: From the Global Financial Crisis to COVID-19 underscores the role of crises as turning points for the financial sector and its interactions with the real economy. It sheds new light on the financial industry through the lens of three recent crises – the global financial crisis, the sovereign debt crisis, and the COVID-19 pandemic. The book provides in-depth insight into the financial systems in European Economic Area countries, accentuating the role of crises in shaping the condition and development of the financial arena. The authors pay special attention to the differences between “old” and “new” Europe, i.e. countries that joined the EU in 2004 or later. It explores the implications of recent turbulences for financial institutions, financial markets, and public finance, and their relationship with the economy. The book examines low or negative interest rates, non-standard monetary policy, fiscal stimulus, dense safety nets, regulatory inflation, weak profitability of the financial sector, and the sovereign-bank nexus. Post-crisis developments are assessed, comprehensively and empirically, from both macro- and microeconomic perspectives to help readers understand the nature of policy measures and their socio-economic implications. The authors outline their predictions for the future of financial systems, focusing on the structural changes and legacy of the COVID-19 crisis and global financial interlinkages. The book adopts both theoretical and practical approaches to explore the key issues and, as such, will appeal to academics and students of financial economics and international finance, as well as policymakers and financial regulators.

India’s Financial System

Author : Mr. Alfred Schipke
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 290 pages
Book Rating : 4.4/5 (2 download)

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Book Synopsis India’s Financial System by : Mr. Alfred Schipke

Download or read book India’s Financial System written by Mr. Alfred Schipke and published by International Monetary Fund. This book was released on 2023-07-06 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt: India has experienced a prolonged period of strong economic growth since it embarked on major structural reforms and economic liberalization in 1991, with real GDP growth averaging about 6.6 percent during 1991–2019. Millions have been lifted out of poverty. With a population of 1.4 billion and about 7 percent of the world economic output (in purchasing power parity terms), India is the third largest economy—after the US and China. As such, developments in India have significant global and regional implications, including via spillovers through international trade and global supply chains. At the same time, India’s economic development has not been linear and has been impacted by external and domestic shocks, some directly related to the financial sector. Indeed, India was not spared from external regional and global shocks, such as the Asian financial crisis (1997), the global financial crisis (2008), and more recently, the devastating impact of the COVID-19 pandemic (from 2020) and the war in Ukraine (2022). The economy has also been hit by domestic shocks. The book covers how to strengthen the financial system to support growth and reduce vulnerabilities by discussing the linkages between the financial sector and growth, improvements in bank lending to foster productivity, and measures to further develop India’s corporate bond market. The book reflects on India’s success in leveraging digitalization to foster financial inclusion and highlights how the financial system can help to address climate issues. This book digs deeper into the various facets of India’s financial sector to understand its strengths and opportunities and to elicit policy actions that could help the financial sector better support India’s growth potential.

Real and Financial Sectors in Post-Pandemic Central and Eastern Europe

Author : Bojana Olgić Draženović
Publisher : Springer Nature
ISBN 13 : 3030998509
Total Pages : 194 pages
Book Rating : 4.0/5 (39 download)

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Book Synopsis Real and Financial Sectors in Post-Pandemic Central and Eastern Europe by : Bojana Olgić Draženović

Download or read book Real and Financial Sectors in Post-Pandemic Central and Eastern Europe written by Bojana Olgić Draženović and published by Springer Nature. This book was released on 2022-05-11 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book offers new insights into the real and financial sectors in the post-pandemic European Union, with a specific focus on the countries of Central and Eastern Europe and a special reference to Croatia. The contributors examine the timeliness, justification, and appropriateness of the measures taken in response to the deteriorating economic conditions and the associated outcomes. They further discuss various aspects of economic, financial, and energy policy. While doing so, they focus on two important issues. The first is an analysis and assessment of the financial development and performance of the real sector. The second is an insight into the institutional dimensions of the COVID-19 pandemic, including the discussion of obstacles and opportunities for recovery in the near future. The topics covered in this book include, but are not limited to, unconventional monetary policy, financial cycles, fiscal incentives, institutional development and institutional quality, the banking system, real estate markets, competitiveness, pension systems, financial regulation, energy markets, environmental, social, and governance (ESG) factors, as well as agricultural policy. Therefore, this volume will appeal to researchers, students, and scholars of finance and economics, as well as policy-makers interested in a better understanding of real and financial sectors, economic policy, and post-pandemic economic development in Central and Eastern Europe.

Handle with Care: Regulatory Easing in Times of COVID-19

Author : Mr.Fabian Valencia
Publisher : International Monetary Fund
ISBN 13 : 1513570633
Total Pages : 30 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis Handle with Care: Regulatory Easing in Times of COVID-19 by : Mr.Fabian Valencia

Download or read book Handle with Care: Regulatory Easing in Times of COVID-19 written by Mr.Fabian Valencia and published by International Monetary Fund. This book was released on 2021-02-26 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: The policy response to the COVID-19 shock included regulatory easing across many jurisdictions to facilitate the flow of credit to the economy and mitigate a further ampli-fication of the shock through tighter financial conditions. Using an intraday event study,this paper examines how stock prices—a key driver in financial conditions—reacted to regulatory easing announcements in a sample of 18 advanced economies and 8 emerging markets. The paper finds that overall, regulatory easing announcements contributed to looser financial conditions, but effects varied across sectors and tools. Financial regulatory easing led to lower valuations for financial sector stocks, and higher valuations for non-financial sector stocks, particularly for industries that are more dependent on bank financing. Furthermore, valuations declined and financial conditions tightened following announcements related to easier bank capital regulation while equity valuation rose and financial conditions loosened after those about liquidity regulation. Effects from non-regulatory financial measures appear to be generally more muted.

Monetary Finance: Do Not Touch, Or Handle with Care?

Author : Mr. Itai Agur
Publisher : International Monetary Fund
ISBN 13 : 1513592548
Total Pages : 47 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis Monetary Finance: Do Not Touch, Or Handle with Care? by : Mr. Itai Agur

Download or read book Monetary Finance: Do Not Touch, Or Handle with Care? written by Mr. Itai Agur and published by International Monetary Fund. This book was released on 2022-01-13 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews the theoretical arguments in favor and against MF and presents an empirical assessment of the risks that it may pose for inflation.

Essays in Honor of M. Hashem Pesaran

Author : Alexander Chudik
Publisher : Emerald Group Publishing
ISBN 13 : 1802620613
Total Pages : 360 pages
Book Rating : 4.8/5 (26 download)

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Book Synopsis Essays in Honor of M. Hashem Pesaran by : Alexander Chudik

Download or read book Essays in Honor of M. Hashem Pesaran written by Alexander Chudik and published by Emerald Group Publishing. This book was released on 2022-01-18 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt: The collection of chapters in Volume 43 Part A of Advances in Econometrics serves as a tribute to one of the most innovative, influential, and productive econometricians of his generation, Professor M. Hashem Pesaran.

Spillovers to Emerging Markets from US Economic News and Monetary Policy

Author : Philipp Engler
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.4/5 (2 download)

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Book Synopsis Spillovers to Emerging Markets from US Economic News and Monetary Policy by : Philipp Engler

Download or read book Spillovers to Emerging Markets from US Economic News and Monetary Policy written by Philipp Engler and published by International Monetary Fund. This book was released on 2023-05-19 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: When the U.S. economy sneezes, do emerging markets catch a cold? We show that economic news, and not just monetary policy, in the United States affects financial conditions in emerging markets. News about U.S. employment has the strongest effects, followed by news about economic activity and about vaccines during the COVID-19 pandemic. News about inflation has instead limited effects on average. A key channel of international transmission of U.S. economic news appears to be the risk perceptions or risk aversion of international investors. We also show that some of the transmission of U.S. economic news occurs independently of the U.S. monetary policy reaction. Finally, we expand on evidence that financial conditions in the U.S. and emerging markets respond differently to U.S. monetary policy surprises, depending on the reaction of US stock prices.

Impact of Fed Tapering Announcements on Emerging Markets

Author : Prachi Mishra
Publisher : International Monetary Fund
ISBN 13 : 1498384544
Total Pages : 34 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis Impact of Fed Tapering Announcements on Emerging Markets by : Prachi Mishra

Download or read book Impact of Fed Tapering Announcements on Emerging Markets written by Prachi Mishra and published by International Monetary Fund. This book was released on 2014-06-17 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes market reactions to the 2013–14 Fed announcements relating to tapering of asset purchases and their relationship to macroeconomic fundamentals and country economic and financial structures. The study uses daily data on exchange rates, government bond yields, and stock prices for 21 emerging markets. It finds evidence of markets differentiating across countries around volatile episodes. Countries with stronger macroeconomic fundamentals, deeper financial markets, and a tighter macroprudential policy stance in the run-up to the tapering announcements experienced smaller currency depreciations and smaller increases in government bond yields. At the same time, there was less differentiation in the behavior of stock prices based on fundamentals.

Urban Health, Sustainability, and Peace in the Day the World Stopped

Author : Ali Cheshmehzangi
Publisher : Springer Nature
ISBN 13 : 9811648883
Total Pages : 202 pages
Book Rating : 4.8/5 (116 download)

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Book Synopsis Urban Health, Sustainability, and Peace in the Day the World Stopped by : Ali Cheshmehzangi

Download or read book Urban Health, Sustainability, and Peace in the Day the World Stopped written by Ali Cheshmehzangi and published by Springer Nature. This book was released on 2021-08-30 with total page 202 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book covers the nexus between urban health, sustainability, and peace. 'Urban Health, Sustainability, and Peace' is the first book that attempts to put these three critical areas together. This novelty approaches the subject matter by delving into evaluating what works, what does not work, and what should be done to achieve healthy cities. We believe this book will be beneficial to a wide range of stakeholders, particularly policymakers, planners, and developers, who continuously shape and reshape the structure and environments of our cities and communities. Unfortunately, in most cases, the healthiness of the cities may not be of their immediate concern. Nevertheless, it is the concern of the end-users, citizens, or simply those who live and work in cities and communities worldwide. To safeguard peace in cities, one has to consider sustaining urban health; and that is the main aim of this book. The ongoing pandemic gives us an excellent reason to study cities' health. During such a disruptive time, we detect many flaws in cities and communities around the world. We primarily identify the negative impacts on sustainability and peace in cities. In order to sustain a healthy city, this book evaluates six sustainability dimensions of physical, environmental, economic, social, institutional, and technical. It then utilizes eight primary dimensions of positive peace, evaluating critical areas for future considerations in urbanism. These considerations include making cities smarter, more resilient, and more sustainable. The book's ultimate goal is to highlight how we should progress to maintain and sustain urban health. As a continuation to 'The City in Need,', this book covers the nexus between urban health, sustainability, and peace. Furthermore, by reflecting on the ongoing pandemic crisis, metaphorically labelled as 'The Day the World Stopped,', we delve into some key areas beyond the usual planning and policy guidelines. Lastly, the book intends to highlight what has not been studied before, i.e., the relationship between urban health, sustainability, and peace.