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Long Term Interest Rates In Globalised Markets
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Book Synopsis Globalization, Market Power, and the Natural Interest Rate by : Jean-Marc Natal
Download or read book Globalization, Market Power, and the Natural Interest Rate written by Jean-Marc Natal and published by International Monetary Fund. This book was released on 2019-05-06 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: We argue that strong globalization forces have been an important determinant of global real interest rates over the last five decades, as they have been key drivers of changes in the natural real interest rate—i.e. the interest rate consistent with output at its potential and constant inflation. An important implication of our analysis is that increased competition in goods and labor market since the 1970s can help explain both the large increase in real interest rates up to the mid-1980s and—as globalization forces mature and may even go into reverse, leading to incrementally rising market power—its subsequent and protracted decline accompanied by lower inflation. The analysis has important implications for monetary policy and the optimal pace of normalization.
Book Synopsis Long-term Interest Rates in Globalised Markets by : Hans Christiansen
Download or read book Long-term Interest Rates in Globalised Markets written by Hans Christiansen and published by . This book was released on 1997 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: Taux d'intérêt à long terme dans les Pays du Groupe des Dix.
Book Synopsis Long-term Interest Rates in Globalised Markets by :
Download or read book Long-term Interest Rates in Globalised Markets written by and published by . This book was released on 1997 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Long-term Interest Rates in Globalised Markets by : Hans Christiansen
Download or read book Long-term Interest Rates in Globalised Markets written by Hans Christiansen and published by . This book was released on 1997 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Long-term Interest Rates in Globalised Markets by : OECD
Download or read book Long-term Interest Rates in Globalised Markets written by OECD and published by . This book was released on 1997 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Global Factors in the Term Structure of Interest Rates by : Mirko Abbritti
Download or read book Global Factors in the Term Structure of Interest Rates written by Mirko Abbritti and published by International Monetary Fund. This book was released on 2013-11-05 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper introduces global factors within a FAVAR framework in an empirical affine term structure model. We apply our method to a panel of international yield curves and show that global factors account for more than 80 percent of term premia in advanced economies. In particular they tend to explain long-term dynamics in yield curves, as opposed to domestic factors which are instead more relevant to short-run movements. We uncover the key role for global curvature in shaping term premia dynamics. We show that this novel factor precedes global economic and financial instability. In particular, it coincides with immediate expectations of permanent expansionary monetary policy during the recent crisis.
Book Synopsis Dynamic Linkages Among Long-Term Interest Rates by : Nikiforos T. Laopodis
Download or read book Dynamic Linkages Among Long-Term Interest Rates written by Nikiforos T. Laopodis and published by . This book was released on 2002 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the implications from the greater integration of major capital markets using long-term interest rates. The empirical approach is a Vector Autoregression which examines the nature of the monetary spillover mechanism across eight markets namely, Canada, France, Germany, Japan, the Netherlands, Switzerland, the U.K. and the U.S. Proof that globalization has seriously affected the behavior of interest rates and made them more synchronized across countries is provided from the way disturbances in a market transmit to other markets. These are usually fast and persistent and affect the conduct of monetary policy in all involved parties. Further, the empirical results confirm greater convergence among countries in the European Union as Germany still retains its hegemonic status. The implications for monetary policy are that countries may now have to deal with more shocks coming from abroad and these shocks will be diverse, intense and persistent. Thus, global monetary policy, at least among the major capital markets, will have to be played interactively from now on which may suggest that greater financial supervision and regulation might be needed in order to ensure continued world stability and prosperity.
Book Synopsis The Effectiveness of Monetary Policy Transmission Under Capital Inflows by : Ms.Sonali Jain-Chandra
Download or read book The Effectiveness of Monetary Policy Transmission Under Capital Inflows written by Ms.Sonali Jain-Chandra and published by International Monetary Fund. This book was released on 2012-11-02 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis U.S. Monetary Policy Normalization and Global Interest Rates by : Carlos Caceres
Download or read book U.S. Monetary Policy Normalization and Global Interest Rates written by Carlos Caceres and published by International Monetary Fund. This book was released on 2016-09-29 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: As the Federal Reserve continues to normalize its monetary policy, this paper studies the impact of U.S. interest rates on rates in other countries. We find a modest but nontrivial pass-through from U.S. to domestic short-term interest rates on average. We show that, to a large extent, this comovement reflects synchronized business cycles. However, there is important heterogeneity across countries, and we find evidence of limited monetary autonomy in some cases. The co-movement of longer term interest rates is larger and more pervasive. We distinguish between U.S. interest rate movements that surprise markets versus those that are anticipated, and find that most countries receive greater spillovers from the former. We also distinguish between movements in the U.S. term premium and the expected path of risk-free rates, concluding that countries respond differently to these shocks. Finally, we explore the determinants of monetary autonomy and find strong evidence for the role of exchange rate flexibility, capital account openness, but also for other factors, such as dollarization of financial system liabilities, and the credibility of fiscal and monetary policy.
Book Synopsis Interest Rate Spreads & Market Analysis by : Citicorp
Download or read book Interest Rate Spreads & Market Analysis written by Citicorp and published by Irwin Professional Publishing. This book was released on 1996 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This text provides an understanding of key global market rates and prices, providing a 10-year historical database for long-term and short-term indices. It covers money market products, shows historical rate volatilities, and gives the factors affecting sp
Book Synopsis Monetary Policy Implications of Comovements Among Long-Term Interest Rates by : Nikiforos T. Laopodis
Download or read book Monetary Policy Implications of Comovements Among Long-Term Interest Rates written by Nikiforos T. Laopodis and published by . This book was released on 2003 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the monetary policy implications from the greater integration of major capital markets using long-term interest rates. Proof that globalization has affected the behavior of interest rates and made them more synchronized across countries is provided from the way disturbances in a market transmit to other markets thereby affecting the conduct of monetary policy in all involved parties. The results also confirm greater convergence among countries in the European Union as Germany still retains its hegemonic status. The implications for monetary policy are that countries now will have to deal with more outside shocks and these shocks will be more diverse, intense and persistent. Thus, global monetary policy, at least among the major capital markets, henceforth will have to be played interactively, which may necessitate a greater financial supervision in order to ensure continued world stability and prosperity.
Book Synopsis The Global Money Markets by : Frank J. Fabozzi
Download or read book The Global Money Markets written by Frank J. Fabozzi and published by John Wiley & Sons. This book was released on 2003-02-03 with total page 338 pages. Available in PDF, EPUB and Kindle. Book excerpt: An informative look at the world of short-term investing and borrowing The Global Money Markets is the authoritative source on short-term investing and borrowing-from instruments in the U.S. and U.K., to asset-liability management. It also clearly demonstrates the various conventions used for money market calculations and discusses other short-term structured financial products such as asset-backed securities and mortgage-backed securities. Steven V. Mann (Columbia, SC) is Professor of Finance at the Moore School of Business, University of South Carolina. He has coauthored two previous books and numerous articles in the area of investments and works as a consultant to investment/commercial banks throughout the United States. Moorad Choudhry (Surrey, UK) is a Vice President of structured finance services with JPMorganChase in London. Prior to that he worked as a gilt-edged market maker and Treasury trader at ABN Amro Hoare Govett Sterling Bonds Limited, and as a sterling proprietary trader at Hambros Bank Limited. Moorad is a Senior Fellow at the Centre for Mathematical Trading and Finance, City University Business School. John Wiley & Sons, Inc. is proud to be the publisher of the esteemed Frank J. Fabozzi Series. Comprising nearly 100 titles-which include numerous bestsellers—The Frank J. Fabozzi Series is a key resource for finance professionals and academics, strategists and students, and investors. The series is overseen by its eponymous editor, whose expert instruction and presentation of new ideas have been at the forefront of financial publishing for over twenty years. His successful career has provided him with the knowledge, insight, and advice that has led to this comprehensive series. Frank J. Fabozzi, PhD, CFA, CPA, is Editor of the Journal of Portfolio Management, which is read by thousands of institutional investors, as well as editor or author of over 100 books on finance for the professional and academic markets. Currently, Dr. Fabozzi is an adjunct Professor of Finance at Yale University's School of Management and on the board of directors of the Guardian Life family of funds and the Black Rock complex of funds.
Book Synopsis Trilemma or Dilemma by : Mr.Luca Antonio Ricci
Download or read book Trilemma or Dilemma written by Mr.Luca Antonio Ricci and published by International Monetary Fund. This book was released on 2016-03-23 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the heterogeneous response across countries of local currency interest rates to foreign and domestic factors, thus contributing to the discussion on the policy trilemma in international economics. On average, floaters appear to be less affected by the U.S. in the short run (up to about one year). However, there is large cross-country heterogeneity in the response: floaters that care less about domestic objectives, exhibit stronger fear of floating, or show higher co-cyclicality with the U.S., respond more to foreign rates. This suggests that floating does not necessarily imply a lack of response of local policy rates to foreign ones, but seems to allow independence when needed. Moreover, the effect of foreign rates on the short end of the local interest rate curve seems to operate mainly via the foreign influence on local policy rates, thus suggesting that central banks may be themselves the source of conduit of the “global credit cycle” discussed by Rey (2014). At the same time, most countries face the equivalent of a “Greenspan conundrum” as their long term rates are mainly influenced by foreign factors.
Book Synopsis Interest Rate Analysis and Forecasting by : David Kern
Download or read book Interest Rate Analysis and Forecasting written by David Kern and published by . This book was released on 1992 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt: The focus of this book is on interest rate forecasting, and the interaction between analytical factors, political and economic developments and changes in the financial markets. The book takes an international approach with the emphasis on the USA, Germany, Japan and the UK.
Book Synopsis Long Term Interest Rates by : Daryl Watkins
Download or read book Long Term Interest Rates written by Daryl Watkins and published by Nova Science Publishers. This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The long-term interest rate is a central variable in the macroeconomy. It matters to borrowers looking to start a business or purchase a home; to lenders weighing the risks and rewards of extending credit; to savers preparing for college or retirement; and to policymakers gauging the state of the economy and financing government expenditure. The global financial crisis and the aggressive policy response pushed long-term interest rates in the United States and in many advanced economies to historically low levels. But today's low-rate environment is not just a cyclical story. Interest rates had been falling worldwide for nearly twenty years before the crisis. Despite the magnitude and persistence of the secular downtrend, the explanation for the decline is one of the most vexing questions faced by macroeconomists today. The future path of interest rates is even less clear. This book surveys the recent thinking on the many drivers of long-term interest rates in recent decades and going forward. In addition, this book provides a speech by Federal Reserve Board Governor Bernanke at the Sandridge Lecture which discusses the global saving glut and the U.S. current deficit.
Book Synopsis Does Fiscal Policy Affect Interest Rates? Evidence from a Factor-Augmented Panel by : Mr.Salvatore Dell'Erba
Download or read book Does Fiscal Policy Affect Interest Rates? Evidence from a Factor-Augmented Panel written by Mr.Salvatore Dell'Erba and published by International Monetary Fund. This book was released on 2013-07-03 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reconsiders the effects of fiscal policy on long-term interest rates employing a Factor Augmented Panel (FAP) to control for the presence of common unobservable factors. We construct a real-time dataset of macroeconomic and fiscal variables for a panel of OECD countries for the period 1989-2012. We find that two global factors—the global monetary and fiscal policy stances—explain more than 60 percent of the variance in the long-term interest rates. Compared to the estimates from models which do not account for global factors, we find that the importance of domestic variables in explaining long-term interest rates is weakened. Moreover, the propagation of global fiscal shocks is larger in economies characterized by macroeconomic and institutional weaknesses.
Book Synopsis Monetary Economics in Globalised Financial Markets by : Ansgar Belke
Download or read book Monetary Economics in Globalised Financial Markets written by Ansgar Belke and published by Springer Science & Business Media. This book was released on 2010-03-14 with total page 834 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book integrates the fundamentals of monetary theory, monetary policy theory and financial market theory, providing an accessible introduction to the workings and interactions of globalised financial markets. Includes examples and extensive data analyses.
