From Lombard Street to Avenida Paulista

Download From Lombard Street to Avenida Paulista PDF Online Free

Author :
Publisher : International Monetary Fund
ISBN 13 : 1451874057
Total Pages : 37 pages
Book Rating : 4.4/5 (518 download)

DOWNLOAD NOW!


Book Synopsis From Lombard Street to Avenida Paulista by : W. Christopher Walker

Download or read book From Lombard Street to Avenida Paulista written by W. Christopher Walker and published by International Monetary Fund. This book was released on 2009-11-01 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: The provision of foreign exchange liquidity by emerging market central banks during the global shock of 2008-09 departs from the domestic liquidity lender of last resort role described by Bagehot in his classic "Lombard Street." This paper documents and analyzes the foreign exchange liquidity providing measures of the Banco Central do Brasil (BCB) in response to varied market stresses. These measures appear to have reduced the relative onshore cost of dollar liquidity on impact and seemed to stabilize market expectations of exchange rate volatility. The results suggest that foreign exchange liquidity easing operations may become a standard central bank tool.

International Liquidity and the Financial Crisis

Download International Liquidity and the Financial Crisis PDF Online Free

Author :
Publisher : Cambridge University Press
ISBN 13 : 1139851993
Total Pages : 271 pages
Book Rating : 4.1/5 (398 download)

DOWNLOAD NOW!


Book Synopsis International Liquidity and the Financial Crisis by : William A. Allen

Download or read book International Liquidity and the Financial Crisis written by William A. Allen and published by Cambridge University Press. This book was released on 2013-01-03 with total page 271 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the ongoing financial crisis, policy makers have for the most part appeared to be reactive, formulating emergency solutions as events unfold. However, in contrast to their performance during the Great Depression, central banks around the world, led by the Federal Reserve, acted decisively following the collapse of Lehman Brothers and provided huge injections of liquidity into the financial markets, thereby preventing a far worse outcome. International Liquidity and the Financial Crisis compares the 2008 crisis with the disaster of 1931 and explores the similarities and differences. It considers the lasting effects of the crisis on international liquidity, the possibilities for an international lender of last resort, and the enlargement of the International Monetary Fund after the crisis. It shows that there is no clear demarcation between monetary and macro-prudential policies, and discusses how central banks need to adapt to a new environment in which global liquidity is much scarcer.

FX Swaps

Download FX Swaps PDF Online Free

Author :
Publisher : International Monetary Fund
ISBN 13 : 145196353X
Total Pages : 47 pages
Book Rating : 4.4/5 (519 download)

DOWNLOAD NOW!


Book Synopsis FX Swaps by : Ms.Li L. Ong

Download or read book FX Swaps written by Ms.Li L. Ong and published by International Monetary Fund. This book was released on 2010-03-01 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: The proliferation of foreign exchange (FX) swaps as a source of funding and as a hedging tool has focused attention on the role of the FX swap market in the recent crisis. The turbulence in international money markets spilled over into the FX swap market in the second-half of 2007 and into 2008, giving rise to concerns over the ability of banks to roll over their funding requirements and manage their liquidity risk. The turmoil also raised questions about banks' ability to continue their supply of credit to the local economy, as well as the external financing gap it could create. In this paper, we examine the channels through which FX swap transactions could affect a country's financial and economic stability, and highlight the strategies central banks can employ to mitigate market pressures. While not offering any judgment on the instrument itself, we show that the use of FX swaps for funding and hedging purposes is not infallible, especially during periods of market stress.

Taming the Tide of Capital Flows

Download Taming the Tide of Capital Flows PDF Online Free

Author :
Publisher : MIT Press
ISBN 13 : 0262343762
Total Pages : 489 pages
Book Rating : 4.2/5 (623 download)

DOWNLOAD NOW!


Book Synopsis Taming the Tide of Capital Flows by : Atish R. Ghosh

Download or read book Taming the Tide of Capital Flows written by Atish R. Ghosh and published by MIT Press. This book was released on 2018-01-12 with total page 489 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive examination of policy measures intended to help emerging markets contend with large and volatile capital flows. While always episodic in nature, capital flows to emerging market economies have been especially volatile since the global financial crisis. After peaking at $680 billion in 2007, flows to emerging markets turned negative at the onset of crisis in 2008, then rebounded only to recede again during the U.S. sovereign debt downgrade in 2011. Since then, flows have continued to swing wildly, leaving emerging market policy makers wondering whether they can put in place policies during the inflow phase that will soften the blow when flows subsequently recede. This book offers the first comprehensive treatment of policy measures intended to help emerging markets contend with large and volatile capital flows. The authors, all IMF experts, explain that, in the spirit of liberalization and deregulation in the 1980s and 1990s, many emerging market governments eliminated capital inflow controls along with outflow controls. By 2012, however, capital inflow controls were again acknowledged as legitimate policy tools. Focusing on the macroeconomic and financial-stability risks associated with capital flows, the authors combine theoretical and empirical analysis to consider the interaction between monetary, exchange rate, macroprudential, and capital control policies to mitigate these risks. They examine the effectiveness of various policy tools, discuss the practical considerations and multilateral implications of their use, and provide concrete policy advice for dealing with capital inflows.

Contemporary Issues in Macroeconomics

Download Contemporary Issues in Macroeconomics PDF Online Free

Author :
Publisher : Springer
ISBN 13 : 113752958X
Total Pages : 212 pages
Book Rating : 4.1/5 (375 download)

DOWNLOAD NOW!


Book Synopsis Contemporary Issues in Macroeconomics by : Joseph E. Stiglitz

Download or read book Contemporary Issues in Macroeconomics written by Joseph E. Stiglitz and published by Springer. This book was released on 2016-04-29 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this edited collection, Joseph Stiglitz and Martin Guzman present a series of studies on contemporary macroeconomic issues. The book discusses a set of key lessons for macroeconomic theory following the recent global financial crisis and explores unconventional monetary policy in a post-crisis world. This volume is divided into five parts. The introduction includes keynote speeches by the Governors of the Bank of Japan and Central Bank of Jordan. Part one focuses on macroeconomic theory for understanding macroeconomic fluctuations and crises. Part two addresses the issue of the measurement of wealth. Part three discusses macroeconomic policies in times of crises. Finally, part four focuses on central banking and monetary policy.

Regional Economic Outlook, October 2010, Western Hemisphere

Download Regional Economic Outlook, October 2010, Western Hemisphere PDF Online Free

Author :
Publisher : International Monetary Fund
ISBN 13 : 1589069536
Total Pages : 106 pages
Book Rating : 4.5/5 (89 download)

DOWNLOAD NOW!


Book Synopsis Regional Economic Outlook, October 2010, Western Hemisphere by : International Monetary Fund. Western Hemisphere Dept.

Download or read book Regional Economic Outlook, October 2010, Western Hemisphere written by International Monetary Fund. Western Hemisphere Dept. and published by International Monetary Fund. This book was released on 2010-10-19 with total page 106 pages. Available in PDF, EPUB and Kindle. Book excerpt: Heating Up in the South, Cooler in the North broadly describes the economic scene for the Western Hemisphere. The report emphasizes how a mixed environment--with slow recovery in the United States and other advanced economies, but strength in Asia--differently shapes the outlooks for the diverse economies of Latin America and the Caribbean. This issue also focuses on financial issues in Latin America, with a chapter on the challenges of allowing credit to expand safely, without creating excessive risks, and a chapter that looks at macroprudential financial policies--topics especially important in today's context of low global interest rates and capital flows to emerging economies. The final chapter turns to Caribbean economies, exploring the drivers, and obstacles, that affect their growth.

Foreign Exchange Intervention in Inflation Targeters in Latin America

Download Foreign Exchange Intervention in Inflation Targeters in Latin America PDF Online Free

Author :
Publisher : International Monetary Fund
ISBN 13 : 1484393023
Total Pages : 320 pages
Book Rating : 4.4/5 (843 download)

DOWNLOAD NOW!


Book Synopsis Foreign Exchange Intervention in Inflation Targeters in Latin America by : Mr.Marcos d Chamon

Download or read book Foreign Exchange Intervention in Inflation Targeters in Latin America written by Mr.Marcos d Chamon and published by International Monetary Fund. This book was released on 2019-03-01 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: Foreign exchange intervention is widely used as a policy tool, particularly in emerging markets, but many facets of this tool remain limited, especially in the context of flexible exchange rate regimes. The Latin American experience can be informative because some of its largest countries adopted floating exchange rate regimes and inflation targeting while continuing to intervene in foreign exchange markets. This edited volume reviews detailed accounts from several Latin American countries’ central banks, and it provides insight into how and with what aim many interventions were decided and implemented. This book documents the effectiveness of intervention and pays special attention to the role of foreign exchange intervention policy within inflation-targeting monetary frameworks. The main lesson from Latin America’s foreign exchange interventions, in the context of inflation targeting, is that the region has had a considerable degree of success. Transparency and a clear communication policy have been key. For economies that are not highly dollarized, rules-based intervention helped contain financial instability and build international reserves while preserving inflation targets. The Latin American experience can help other countries in the design and implementation of their policies.

Emerging Economy Responses to the Global Financial Crisis of 2007–09 - An Empirical Analysis of the Liquidity Easing Measures

Download Emerging Economy Responses to the Global Financial Crisis of 2007–09 - An Empirical Analysis of the Liquidity Easing Measures PDF Online Free

Author :
Publisher : International Monetary Fund
ISBN 13 : 1451874103
Total Pages : 36 pages
Book Rating : 4.4/5 (518 download)

DOWNLOAD NOW!


Book Synopsis Emerging Economy Responses to the Global Financial Crisis of 2007–09 - An Empirical Analysis of the Liquidity Easing Measures by : Mr.Etienne B. Yehoue

Download or read book Emerging Economy Responses to the Global Financial Crisis of 2007–09 - An Empirical Analysis of the Liquidity Easing Measures written by Mr.Etienne B. Yehoue and published by International Monetary Fund. This book was released on 2009-12-01 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper draws on a unique data set on the nontraditional systemic liquidity easing measures recently undertaken by many emerging market economies. It offers an empirical analysis of the key determinants affecting the decision to undertake these measures over the period September 2008-March 2009. The paper finds that economy size, access to international credit markets, CDS spreads, currency depreciation, and current account balances are among the key factors influencing the adoption of these measures. It provides a rationale for the differences in central bank policy responses, which reflect differences in economic structures rather than conflicting views on fundamental principles. The paper also provides a preliminary assessment of the effectiveness of these measures and points out that despite their positive impacts, they have not fully shielded the real economy from the recent financial meltdown.

Russian Federation

Download Russian Federation PDF Online Free

Author :
Publisher : International Monetary Fund
ISBN 13 : 1484343476
Total Pages : 77 pages
Book Rating : 4.4/5 (843 download)

DOWNLOAD NOW!


Book Synopsis Russian Federation by : International Monetary Fund. European Dept.

Download or read book Russian Federation written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2013-10-21 with total page 77 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Selected Issues paper analyzes the impact of the adoption of inflation targeting (IT) on exchange rate volatility in Russian Federation. Russia has seen an increase in exchange rate volatility during the past few years compared with the period before the global financial crisis, as the authorities have chosen to allow a higher degree of ruble exchange rate flexibility in preparation for the adoption of IT. The average of the 12-month coefficient of variation of the ruble/dollar exchange rate has also increased from 2.2 percent in December 2005–September 2008 to about 3.7 percent in March 2010–June 2013.

Unveiling the Effects of Foreign Exchange Intervention

Download Unveiling the Effects of Foreign Exchange Intervention PDF Online Free

Author :
Publisher : International Monetary Fund
ISBN 13 : 1513534602
Total Pages : 42 pages
Book Rating : 4.5/5 (135 download)

DOWNLOAD NOW!


Book Synopsis Unveiling the Effects of Foreign Exchange Intervention by : Gustavo Adler

Download or read book Unveiling the Effects of Foreign Exchange Intervention written by Gustavo Adler and published by International Monetary Fund. This book was released on 2015-06-23 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the effect of foreign exchange intervention on the exchange rate relying on an instrumental-variables panel approach. We find robust evidence that intervention affects the level of the exchange rate in an economically meaningful way. A purchase of foreign currency of 1 percentage point of GDP causes a depreciation of the nominal and real exchange rates in the ranges of [1.7-2.0] percent and [1.4-1.7] percent respectively. The effects are found to be quite persistent. The paper also explores possible asymmetric effects, and whether effectiveness depends on the depth of domestic financial markets.

Central Banking Lessons from the Crisis

Download Central Banking Lessons from the Crisis PDF Online Free

Author :
Publisher : International Monetary Fund
ISBN 13 : 1498337325
Total Pages : 43 pages
Book Rating : 4.4/5 (983 download)

DOWNLOAD NOW!


Book Synopsis Central Banking Lessons from the Crisis by : International Monetary Fund. Strategy, Policy, & Review Department

Download or read book Central Banking Lessons from the Crisis written by International Monetary Fund. Strategy, Policy, & Review Department and published by International Monetary Fund. This book was released on 2010-07-07 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: The broader governance reform debate—which goes beyond quotas to issues such as engagement by high-level policymakers, Fund management selection, Board structure, rules and accountability—has not got very far in garnering a consensus at the Executive Board. This is the case even though, in political circles, including the IMFC, and in civil society, expectations are high that the institution will tackle reforms key to its long-term effectiveness and legitimacy. The impasse reflects many factors. Partly it is a matter of not being convinced that governance is nearly as important as quota shares, partly of disagreement over the specifics of various proposals, and partly of concern that the conflation of quotas with governance—the “package approach”—risks delaying the pivotal quota rebalancing exercise, scheduled to be completed before January 2011. This paper lays out the main governance issues, while putting forward variants of reform proposals that might command broader support. It takes as given that, even if quota reform has its own logic and deadline, this does not preclude parallel consideration of—and possibly decisions on—governance reforms, which can help make the case to domestic and international audiences that a broader reform of the Fund is underway.

Two Targets, Two Instruments

Download Two Targets, Two Instruments PDF Online Free

Author :
Publisher : International Monetary Fund
ISBN 13 : 1475503628
Total Pages : 25 pages
Book Rating : 4.4/5 (755 download)

DOWNLOAD NOW!


Book Synopsis Two Targets, Two Instruments by : Mr.Jonathan David Ostry

Download or read book Two Targets, Two Instruments written by Mr.Jonathan David Ostry and published by International Monetary Fund. This book was released on 2012-02-29 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief and written in nontechnical language, and so are aimed at a broad audience interested in economic policy issues. This Web-only series replaced Staff Position Notes in January 2011.

Advancing Regional Monetary Cooperation

Download Advancing Regional Monetary Cooperation PDF Online Free

Author :
Publisher : Springer
ISBN 13 : 1137427213
Total Pages : 307 pages
Book Rating : 4.1/5 (374 download)

DOWNLOAD NOW!


Book Synopsis Advancing Regional Monetary Cooperation by : L. Mühlich

Download or read book Advancing Regional Monetary Cooperation written by L. Mühlich and published by Springer. This book was released on 2014-08-29 with total page 307 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines regional monetary cooperation as a strategy to enhance macroeconomic stability in developing countries and emerging markets. Interdisciplinary case studies on Southern Africa, Southeast Asia and South America provide a cross-regional perspective on the viability of such strategy.

Should Unconventional Balance Sheet Policies Be Added to the Central Bank toolkit? a Review of the Experience so Far

Download Should Unconventional Balance Sheet Policies Be Added to the Central Bank toolkit? a Review of the Experience so Far PDF Online Free

Author :
Publisher : International Monetary Fund
ISBN 13 : 1455268461
Total Pages : 72 pages
Book Rating : 4.4/5 (552 download)

DOWNLOAD NOW!


Book Synopsis Should Unconventional Balance Sheet Policies Be Added to the Central Bank toolkit? a Review of the Experience so Far by : Mr.Mark R. Stone

Download or read book Should Unconventional Balance Sheet Policies Be Added to the Central Bank toolkit? a Review of the Experience so Far written by Mr.Mark R. Stone and published by International Monetary Fund. This book was released on 2011-06-01 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: What is the case for adding the unconventional balance sheet policies used by major central banks since 2007 to the standard policy toolkit? The record so far suggests that the new liquidity providing policies in support of financial stability generally warrant inclusion. As the balance sheet policies aimed at macroeconomic stability were used only by a small number of highly credible central banks facing a lower bound constraint on conventional interest rate policy, they are not relevant for most central banks or states of the world. Best practices of these policies are documented in this paper.

Unconventional Central Bank Measures for Emerging Economies

Download Unconventional Central Bank Measures for Emerging Economies PDF Online Free

Author :
Publisher : International Monetary Fund
ISBN 13 : 1451873735
Total Pages : 44 pages
Book Rating : 4.4/5 (518 download)

DOWNLOAD NOW!


Book Synopsis Unconventional Central Bank Measures for Emerging Economies by : Mr.Etienne B. Yehoue

Download or read book Unconventional Central Bank Measures for Emerging Economies written by Mr.Etienne B. Yehoue and published by International Monetary Fund. This book was released on 2009-10-01 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Unconventional central bank measures are playing a key policy role for many advanced economies in the 2007-09 global crisis. Are they playing a similar role for emerging economies? Emerging economies have widely used unconventional foreign exchange and domestic short-term liquidity easing measures. Their use of credit easing and quantitative easing measures has been much more limited. Thus, unconventional measures are much less important for emerging economies compared to advanced economies in achieving broader macroeconomic objectives. The difference can be attributed to the relatively limited financial stress in emerging economies, their external vulnerabilities and their limited scope for quasifiscal activities.

Weathering the Global Storm

Download Weathering the Global Storm PDF Online Free

Author :
Publisher : International Monetary Fund
ISBN 13 : 1455211737
Total Pages : 58 pages
Book Rating : 4.4/5 (552 download)

DOWNLOAD NOW!


Book Synopsis Weathering the Global Storm by : International Monetary Fund

Download or read book Weathering the Global Storm written by International Monetary Fund and published by International Monetary Fund. This book was released on 2010-12-01 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper highlights that central banks from Brazil, Chile, Colombia, Mexico, and Peru (the LA5 countries) reaped the benefits of what they sowed in successfully weathering the global crisis. The adoption of far-reaching institutional, policy, and operational reforms during the last two decades enabled central banks to build credibility about their commitment with the objective of price stability. Thus, when the 2007 - 08 supply shock and the financial crisis hit the world, the LA5 central banks reacted swiftly and effectively based on a flexible policy framework and with the support of strong macroeconomic and financial foundations. Building on the experience of the LA5 central banks and complementing with recommendations from the IMF’s technical advice, the paper provides several suggestions for countries seeking to strengthen the effectiveness of monetary policy.

Can Foreign Exchange Intervention Stem Exchange Rate Pressures from Global Capital Flow Shocks?

Download Can Foreign Exchange Intervention Stem Exchange Rate Pressures from Global Capital Flow Shocks? PDF Online Free

Author :
Publisher : International Monetary Fund
ISBN 13 : 1513585843
Total Pages : 30 pages
Book Rating : 4.5/5 (135 download)

DOWNLOAD NOW!


Book Synopsis Can Foreign Exchange Intervention Stem Exchange Rate Pressures from Global Capital Flow Shocks? by : Mr.Olivier J. Blanchard

Download or read book Can Foreign Exchange Intervention Stem Exchange Rate Pressures from Global Capital Flow Shocks? written by Mr.Olivier J. Blanchard and published by International Monetary Fund. This book was released on 2015-07-16 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many emerging market economies have relied on foreign exchange intervention (FXI) in response to gross capital inflows. In this paper, we study whether FXI has been an effective tool to dampen the effects of these inflows on the exchange rate. To deal with endogeneity issues, we look at the response of different countries to plausibly exogenous gross inflows, and explore the cross country variation of FXI and exchange rate responses. Consistent with the portfolio balance channel, we find that larger FXI leads to less exchange rate appreciation in response to gross inflows.