Monetary Policy In An Emerging Economy

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Monetary Policy Transmission in Emerging Markets and Developing Economies

Author : Mr.Luis Brandao-Marques
Publisher : International Monetary Fund
ISBN 13 : 1513529730
Total Pages : 54 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis Monetary Policy Transmission in Emerging Markets and Developing Economies by : Mr.Luis Brandao-Marques

Download or read book Monetary Policy Transmission in Emerging Markets and Developing Economies written by Mr.Luis Brandao-Marques and published by International Monetary Fund. This book was released on 2020-02-21 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: Central banks in emerging and developing economies (EMDEs) have been modernizing their monetary policy frameworks, often moving toward inflation targeting (IT). However, questions regarding the strength of monetary policy transmission from interest rates to inflation and output have often stalled progress. We conduct a novel empirical analysis using Jordà’s (2005) approach for 40 EMDEs to shed a light on monetary transmission in these countries. We find that interest rate hikes reduce output growth and inflation, once we explicitly account for the behavior of the exchange rate. Having a modern monetary policy framework—adopting IT and independent and transparent central banks—matters more for monetary transmission than financial development.

Inflation in Emerging and Developing Economies

Author : Jongrim Ha
Publisher : World Bank Publications
ISBN 13 : 1464813760
Total Pages : 513 pages
Book Rating : 4.4/5 (648 download)

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Book Synopsis Inflation in Emerging and Developing Economies by : Jongrim Ha

Download or read book Inflation in Emerging and Developing Economies written by Jongrim Ha and published by World Bank Publications. This book was released on 2019-02-24 with total page 513 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the first comprehensive study in the context of EMDEs that covers, in one consistent framework, the evolution and global and domestic drivers of inflation, the role of expectations, exchange rate pass-through and policy implications. In addition, the report analyzes inflation and monetary policy related challenges in LICs. The report documents three major findings: In First, EMDE disinflation over the past four decades was to a significant degree a result of favorable external developments, pointing to the risk of rising EMDE inflation if global inflation were to increase. In particular, the decline in EMDE inflation has been supported by broad-based global disinflation amid rapid international trade and financial integration and the disruption caused by the global financial crisis. While domestic factors continue to be the main drivers of short-term movements in EMDE inflation, the role of global factors has risen by one-half between the 1970s and the 2000s. On average, global shocks, especially oil price swings and global demand shocks have accounted for more than one-quarter of domestic inflation variatio--and more in countries with stronger global linkages and greater reliance on commodity imports. In LICs, global food and energy price shocks accounted for another 12 percent of core inflation variatio--half more than in advanced economies and one-fifth more than in non-LIC EMDEs. Second, inflation expectations continue to be less well-anchored in EMDEs than in advanced economies, although a move to inflation targeting and better fiscal frameworks has helped strengthen monetary policy credibility. Lower monetary policy credibility and exchange rate flexibility have also been associated with higher pass-through of exchange rate shocks into domestic inflation in the event of global shocks, which have accounted for half of EMDE exchange rate variation. Third, in part because of poorly anchored inflation expectations, the transmission of global commodity price shocks to domestic LIC inflation (combined with unintended consequences of other government policies) can have material implications for poverty: the global food price spikes in 2010-11 tipped roughly 8 million people into poverty.

Financial Policies in Emerging Markets

Author : Mario I. Bléjer
Publisher : MIT Press
ISBN 13 : 9780262025256
Total Pages : 282 pages
Book Rating : 4.0/5 (252 download)

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Book Synopsis Financial Policies in Emerging Markets by : Mario I. Bléjer

Download or read book Financial Policies in Emerging Markets written by Mario I. Bléjer and published by MIT Press. This book was released on 2002 with total page 282 pages. Available in PDF, EPUB and Kindle. Book excerpt: An overview of the financial vulnerability of emerging market economies and how the impact of exchange rate regimes affects this vulnerability.

Monetary Policy Transmission in an Emerging Market Setting

Author : Ila Patnaik
Publisher : International Monetary Fund
ISBN 13 : 1455211834
Total Pages : 27 pages
Book Rating : 4.4/5 (552 download)

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Book Synopsis Monetary Policy Transmission in an Emerging Market Setting by : Ila Patnaik

Download or read book Monetary Policy Transmission in an Emerging Market Setting written by Ila Patnaik and published by International Monetary Fund. This book was released on 2011-01-01 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: Some emerging economies have a relatively ineffective monetary policy transmission owing to weaknesses in the domestic financial system and the presence of a large and segmented informal sector. At the same time, small open economies can have a substantial monetary policy transmission through the exchange rate channel. In order to understand this setting, we explore a unified treatment of monetary policy transmission and exchangerate pass-through. The results for an emerging market, India, suggest that the most effective mechanism through which monetary policy impacts inflation runs through the exchange rate.

Monetary Policy in the New Normal

Author : Mr.Tamim Bayoumi
Publisher : International Monetary Fund
ISBN 13 : 1475561784
Total Pages : 49 pages
Book Rating : 4.4/5 (755 download)

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Book Synopsis Monetary Policy in the New Normal by : Mr.Tamim Bayoumi

Download or read book Monetary Policy in the New Normal written by Mr.Tamim Bayoumi and published by International Monetary Fund. This book was released on 2014-04-04 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: The proposed SDN would take stock of the current debate on the shape that monetary policy should take after the crisis. It revisits the pros and cons of expanding the objectives of monetary policy, the merits of turning unconventional policies into conventional ones, how to make monetary policy frameworks more resilient to the risk of being constrained by the zero-lower bound going forward, and the institutional challenges to preserve central bank independence with regards to monetary policy, while allowing adequate government oversight over central banks’ new responsibilities. It will draw policy conclusions where consensus has been reached, and highlight the areas where more work is needed to get more granular policy advice.

Central Banking and Monetary Policy in Emerging-Markets Nations

Author : David F. DeRosa
Publisher : Research Foundation of the Institute of Chartered Financial Analysts
ISBN 13 : 9781934667231
Total Pages : 167 pages
Book Rating : 4.6/5 (672 download)

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Book Synopsis Central Banking and Monetary Policy in Emerging-Markets Nations by : David F. DeRosa

Download or read book Central Banking and Monetary Policy in Emerging-Markets Nations written by David F. DeRosa and published by Research Foundation of the Institute of Chartered Financial Analysts. This book was released on 2009 with total page 167 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The New Monetary Policy

Author : Philip Arestis
Publisher : Edward Elgar Publishing
ISBN 13 : 1845427939
Total Pages : 261 pages
Book Rating : 4.8/5 (454 download)

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Book Synopsis The New Monetary Policy by : Philip Arestis

Download or read book The New Monetary Policy written by Philip Arestis and published by Edward Elgar Publishing. This book was released on 2006-01-01 with total page 261 pages. Available in PDF, EPUB and Kindle. Book excerpt: . . . this book provides a useful overview of the challenges facing the IT policy framework, both by pointing to the limitations of the underlying theory and, more importantly, by outlining the importance of a transparent policy framework for anchoring expectations. . . the book should be of interest to all central bankers and students of monetary policy. Colin Rogers, Economic Record Recent developments in macroeconomic and monetary thinking have given a new impetus to the management of the economy. The use of monetary policy by way of manipulating the rate of interest to affect inflation is now well accepted by both academic economists and central bank practitioners. Beginning with an assessment of new thinking in macroeconomics and monetary theory, this book suggests that many countries have adopted the New Consensus Monetary Policy since the early 1990s in an attempt to reduce inflation to low levels. It goes on to illustrate that the explicit control of the money supply, which was fashionable in the 1970s and 1980s in the UK, US, Europe and elsewhere, was abandoned in favour of monetary rules that focus on interest rate manipulation by the central bank. The objective of these rules is to achieve specific, or a range of, inflation targets. Bringing together a distinguished cast of international contributors, this book presents a collection of papers, which discuss the following issues amongst others: the stability of the macroeconomic equilibrium monetary policy divergences in the Euro area stock market prices the US post- new economy bubble the information economy inflation targeting. This useful analysis of New Consensus Monetary Policy will be of great interest to financial economists and international monetary economists, as well as students and scholars of macroeconomics and finance.

Monetary Policy, Inflation, and the Business Cycle

Author : Jordi Galí
Publisher : Princeton University Press
ISBN 13 : 1400866278
Total Pages : 295 pages
Book Rating : 4.4/5 (8 download)

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Book Synopsis Monetary Policy, Inflation, and the Business Cycle by : Jordi Galí

Download or read book Monetary Policy, Inflation, and the Business Cycle written by Jordi Galí and published by Princeton University Press. This book was released on 2015-06-09 with total page 295 pages. Available in PDF, EPUB and Kindle. Book excerpt: The classic introduction to the New Keynesian economic model This revised second edition of Monetary Policy, Inflation, and the Business Cycle provides a rigorous graduate-level introduction to the New Keynesian framework and its applications to monetary policy. The New Keynesian framework is the workhorse for the analysis of monetary policy and its implications for inflation, economic fluctuations, and welfare. A backbone of the new generation of medium-scale models under development at major central banks and international policy institutions, the framework provides the theoretical underpinnings for the price stability–oriented strategies adopted by most central banks in the industrialized world. Using a canonical version of the New Keynesian model as a reference, Jordi Galí explores various issues pertaining to monetary policy's design, including optimal monetary policy and the desirability of simple policy rules. He analyzes several extensions of the baseline model, allowing for cost-push shocks, nominal wage rigidities, and open economy factors. In each case, the effects on monetary policy are addressed, with emphasis on the desirability of inflation-targeting policies. New material includes the zero lower bound on nominal interest rates and an analysis of unemployment’s significance for monetary policy. The most up-to-date introduction to the New Keynesian framework available A single benchmark model used throughout New materials and exercises included An ideal resource for graduate students, researchers, and market analysts

Dealing with the Challenges of Macro Financial Linkages in Emerging Markets

Author : Otaviano Canuto
Publisher : World Bank Publications
ISBN 13 : 1464800030
Total Pages : 307 pages
Book Rating : 4.4/5 (648 download)

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Book Synopsis Dealing with the Challenges of Macro Financial Linkages in Emerging Markets by : Otaviano Canuto

Download or read book Dealing with the Challenges of Macro Financial Linkages in Emerging Markets written by Otaviano Canuto and published by World Bank Publications. This book was released on 2013-10-29 with total page 307 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book deals with the challenges of macro financial linkages in the emerging markets.

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.

International Dimensions of Monetary Policy

Author : Jordi Galí
Publisher : University of Chicago Press
ISBN 13 : 0226278875
Total Pages : 663 pages
Book Rating : 4.2/5 (262 download)

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Book Synopsis International Dimensions of Monetary Policy by : Jordi Galí

Download or read book International Dimensions of Monetary Policy written by Jordi Galí and published by University of Chicago Press. This book was released on 2010-03-15 with total page 663 pages. Available in PDF, EPUB and Kindle. Book excerpt: United States monetary policy has traditionally been modeled under the assumption that the domestic economy is immune to international factors and exogenous shocks. Such an assumption is increasingly unrealistic in the age of integrated capital markets, tightened links between national economies, and reduced trading costs. International Dimensions of Monetary Policy brings together fresh research to address the repercussions of the continuing evolution toward globalization for the conduct of monetary policy. In this comprehensive book, the authors examine the real and potential effects of increased openness and exposure to international economic dynamics from a variety of perspectives. Their findings reveal that central banks continue to influence decisively domestic economic outcomes—even inflation—suggesting that international factors may have a limited role in national performance. International Dimensions of Monetary Policy will lead the way in analyzing monetary policy measures in complex economies.

Monetary Policy in Emerging Markets

Author : Mr.Donal McGettigan
Publisher : International Monetary Fund
ISBN 13 : 148438184X
Total Pages : 30 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Monetary Policy in Emerging Markets by : Mr.Donal McGettigan

Download or read book Monetary Policy in Emerging Markets written by Mr.Donal McGettigan and published by International Monetary Fund. This book was released on 2013-05-03 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: In contrast to advanced markets (AMs), procyclical monetary policy has been a problem for emerging markets (EMs), with macroeconomic policies amplifying economic upswings and deepening downturns. The stark difference in policy has not been subject to extensive study and this paper attempts to address the gap. Key findings, using a large sample of EMs over the past 50 years, are: (i) EMs have adopted increasingly countercyclical monetary policy over time, although large differences remain among EMs and policies became more procyclical during the recent crisis. (ii) Inflation targeting and better institutions have been key factors behind the move to countercyclicality. (iii) Only deep financial markets allow EMs with flexible exchange rate regimes turn countercyclical. (iv) More countercyclical policy is associated with far less volatile output. The economically meaningful impact of IT on monetary policy countercyclicality and output variability is another reason in its favor, over and above better inflation outcomes.

The Impacts of Monetary Policy in the 21st Century

Author : Ramesh Chandra Das
Publisher : Emerald Group Publishing
ISBN 13 : 1789733197
Total Pages : 432 pages
Book Rating : 4.7/5 (897 download)

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Book Synopsis The Impacts of Monetary Policy in the 21st Century by : Ramesh Chandra Das

Download or read book The Impacts of Monetary Policy in the 21st Century written by Ramesh Chandra Das and published by Emerald Group Publishing. This book was released on 2019-09-02 with total page 432 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Impacts of Monetary Policy in the 21st Century illustrates the effect of financial policies upon global economic indicators, with special reference made to issues effecting East Asian nations generally and with a particular focus on Indian economic development since 2000.

Monetary Policy and Food Inflation in Emerging and Developing Economies

Author : Abdul-Aziz Iddrisu
Publisher : Routledge
ISBN 13 : 1000528421
Total Pages : 120 pages
Book Rating : 4.0/5 (5 download)

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Book Synopsis Monetary Policy and Food Inflation in Emerging and Developing Economies by : Abdul-Aziz Iddrisu

Download or read book Monetary Policy and Food Inflation in Emerging and Developing Economies written by Abdul-Aziz Iddrisu and published by Routledge. This book was released on 2021-11-23 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book focuses on the impact of monetary policy and food price volatility and inflation in emerging and developing economies. The tendency for food price volatility to blot inflation forecasting accuracy, engender tail dynamics in the overall inflation trajectory and derail economic welfare is well known in the literature. The ability of monetary policy to exact stability in food prices, theoretically, has also been well espoused. The empirical evidence, however, is not only in short supply, but also the studies available have dwelt on approaches that underplay the volatile behaviour of food prices. This book focuses on inflation targeting in emerging economies such as Chile, Mexico, Turkey, Brazil, Hungary, Russia, Colombia, South Africa, Indonesia and Ghana, as these are economies with considerable proportion of the consumption basket occupied by food. The book provides the means to understand at first hand the correct way to model food inflation, account for the related policy responses to deviations either in the short or medium to long term, and in market conditions that are subject to excessive variability. Strong evidence is presented that captures deviations of food prices from their trend and the accompanying monetary policy effect in stabilizing such variabilities across distinct frequencies. The novel approach in this book addresses the burgeoning puzzles of asymmetry in monetary policy effect on food prices at high, medium and low episodes of food inflation. In doing so, this book presents a powerful tool for researchers interested in understanding not just the transmission mechanism, but also the magnitudes involved, and to policymakers whose existing tools have failed them. Future studies will do well to deepen the evidence and seek new grounds to which the phenomenon manifests beyond and below emerging markets. This book will be of great interest to students, scholars and policymakers involved in agricultural economics, financial economics, food security and sustainable development.

Inflation Targeting and Monetary Policy Transmission Mechanisms in Emerging Market Economies

Author : Ms.Sanchita Mukherjee
Publisher : International Monetary Fund
ISBN 13 : 1463921292
Total Pages : 29 pages
Book Rating : 4.4/5 (639 download)

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Book Synopsis Inflation Targeting and Monetary Policy Transmission Mechanisms in Emerging Market Economies by : Ms.Sanchita Mukherjee

Download or read book Inflation Targeting and Monetary Policy Transmission Mechanisms in Emerging Market Economies written by Ms.Sanchita Mukherjee and published by International Monetary Fund. This book was released on 2011-10-01 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we empirically examine the operation of the traditional Keynesian interest rate channel of the monetary policy transmission mechanism in five potential inflation targeting economies in the MENA region and compare it with fourteen inflation targeting (IT) emerging market economies (EMEs) using panel data analysis. Contrary to some existing studies, our empirical results suggest that private consumption and investment in both groups of countries are sensitive to movements in real interest rates. Moreover, we find that the adoption of IT did not significantly alter the operation of the interest rate channel in IT EMEs. Also, the interest rate elasticities of private consumption and private investment vary with the level of development of the domestic financial market. Finally, capital account liberalization have opposite effects on private consumption and private investment in the two groups of countries.

Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries

Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1498344062
Total Pages : 74 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries by : International Monetary Fund

Download or read book Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries written by International Monetary Fund and published by International Monetary Fund. This book was released on 2015-10-23 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past two decades, many low- and lower-middle income countries (LLMICs) have improved control over fiscal policy, liberalized and deepened financial markets, and stabilized inflation at moderate levels. Monetary policy frameworks that have helped achieve these ends are being challenged by continued financial development and increased exposure to global capital markets. Many policymakers aspire to move beyond the basics of stability to implement monetary policy frameworks that better anchor inflation and promote macroeconomic stability and growth. Many of these LLMICs are thus considering and implementing improvements to their monetary policy frameworks. The recent successes of some LLMICs and the experiences of emerging and advanced economies, both early in their policy modernization process and following the global financial crisis, are valuable in identifying desirable features of such frameworks. This paper draws on those lessons to provide guidance on key elements of effective monetary policy frameworks for LLMICs.

Macroeconomic Policy

Author : Farrokh K. Langdana
Publisher : Springer Science & Business Media
ISBN 13 : 1475736460
Total Pages : 299 pages
Book Rating : 4.4/5 (757 download)

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Book Synopsis Macroeconomic Policy by : Farrokh K. Langdana

Download or read book Macroeconomic Policy written by Farrokh K. Langdana and published by Springer Science & Business Media. This book was released on 2013-03-09 with total page 299 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is an applications-oriented text that demystifies the linkages between monetary and fiscal policies and key macroeconomic variables such as income, unemployment, inflation and interest rates. Specially written "newspaper" articles simulate current macroeconomic news on asset-price bubbles, exchange rates, hyperinflation and more. Exercises and diagrams, and a global perspective – incorporating both developed and emerging economies - make this a broadly useful, real-world oriented text on a complex and shifting subject.