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Monetary Policy Transmission Mechanisms In Pacific Island Countries
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Book Synopsis Monetary Policy Transmission Mechanisms in Pacific Island Countries by : Mr.Jonathan C. Dunn
Download or read book Monetary Policy Transmission Mechanisms in Pacific Island Countries written by Mr.Jonathan C. Dunn and published by International Monetary Fund. This book was released on 2011-04-01 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: During the global financial crisis, central banks in Pacific island countries eased monetary policy to stimulate economic activity. Judging by the ensuing movements in commercial bank interest rates and private sector credit, monetary policy transmission appears to be weak. This is confirmed by an empirical examination of interest rate pass-through and credit growth. Weak credit demand and underdeveloped financial markets seem to have limited the effectiveness of monetary policy, but the inflexibility of exchange rates and rising real interest rates have also served to frustrate the central banks’ efforts despite a supporting fiscal policy. While highlighting the importance of developing domestic financial markets in the long run, this experience also points to the need to coordinate macroeconomic policies and to use all macroeconomic tools available in conducting countercyclical policies, including exchange rate flexibility.
Book Synopsis Global Commodity Prices, Monetary Transmission, and Exchange Rate Pass-Through in the Pacific Islands by : Mr.Shanaka J. Peiris
Download or read book Global Commodity Prices, Monetary Transmission, and Exchange Rate Pass-Through in the Pacific Islands written by Mr.Shanaka J. Peiris and published by International Monetary Fund. This book was released on 2012-07-01 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: Pacific Islands countries are vulnerable to commodity price shocks, and this poses challenges to monetary policy. The high degree of exchange rate pass-through to headline inflation and the weak monetary transmission mechanism in PICs suggest a greater efficacy of exchange rate changes in affecting inflation rather than monetary policy. To assess the tradeoff between the use of the exchange rate and monetary policy in macroeconomic stabilization, we employ a model-based approach to examine the optimal policy in response to the historical distribution of exogenous shocks in a Pacific Island (Tonga). The empirical evidence and model simulations tilt in the favor of exchange rate policy given the close relationship between exchange rate changes and headline inflation and the low interest rate sensitivity of aggregate demand.
Book Synopsis Channels of Monetary Policy Transmission Mechanism in Pacific Island Countries by : T. K. Jayaraman
Download or read book Channels of Monetary Policy Transmission Mechanism in Pacific Island Countries written by T. K. Jayaraman and published by . This book was released on 2007 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Monetary Policy Transmission Mechanism in the Pacific Islands by :
Download or read book Monetary Policy Transmission Mechanism in the Pacific Islands written by and published by . This book was released on 2007 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Does Money Matter in the South Pacific Island Countries? by : T. K. Jayaraman
Download or read book Does Money Matter in the South Pacific Island Countries? written by T. K. Jayaraman and published by . This book was released on 2000 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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.
Book Synopsis Issues in Monetary and Fiscal Policy in Small Developing States by : T. K. Jayaraman
Download or read book Issues in Monetary and Fiscal Policy in Small Developing States written by T. K. Jayaraman and published by . This book was released on 2011 with total page 160 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines how monetary and fiscal policies are implemented in Pacific small states and suggests policy options that can be used by these countries.
Book Synopsis Monetary Policies in the South Pacific Island Countries by : T. K. Jayaraman
Download or read book Monetary Policies in the South Pacific Island Countries written by T. K. Jayaraman and published by . This book was released on 2000 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Pacific Island Countries by : Christopher Browne
Download or read book Pacific Island Countries written by Christopher Browne and published by International Monetary Fund. This book was released on 2006-10 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the potential advantages and disadvantages of adopting a common currency arrangement among the six IMF member Pacific island countries that have their own national currency. These countries are Fiji, Papua New Guinea, Samoa, Solomon Islands, Tonga, and Vanuatu. The study explains that the present exchange rate regimes-comprising pegging to a basket of currencies for five countries and the floating arrangement for Papua New Guinea-have generally succeeded in avoiding inflationary, balance of payments, external debt, and financial system problems. The study concludes that adopting a common currency in the Pacific would require greater convergence of domestic policies and substantial strengthening of regional policies, which would take time to achieve.
Book Synopsis Readings in Monetary Economics of the Pacific Island Countries by : T. K. Jayaraman
Download or read book Readings in Monetary Economics of the Pacific Island Countries written by T. K. Jayaraman and published by . This book was released on 2012 with total page 366 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Unraveling the Monetary Policy Transmission Mechanism in Sri Lanka by : Mr.Manuk Ghazanchyan
Download or read book Unraveling the Monetary Policy Transmission Mechanism in Sri Lanka written by Mr.Manuk Ghazanchyan and published by International Monetary Fund. This book was released on 2014-10-22 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we examine the channels through which innovations to policy variables— policy rates or monetary aggregates—affect such macroeconomic variables as output and inflation in Sri Lanka. The effectiveness of monetary policy instruments is judged through the prism of conventional policy channels (money/interest rate, bank lending, exchange rate and asset price channels) in VAR models. The timing and magnitude of these effects are assessed using impulse response functions, and through the pass-through coefficients from policy to money market and lending rates. Our results show that (i) the interest rate channel (money view) has the strongest Granger effect (helps predict) on output with a 0.6 percent decrease in output after the second quarter and a cumulative 0.5 percent decline within a three-year period in response to innovations in the policy rate; (ii) the contribution from the bank lending channel is statistically significant (adding 0.2 percentage point to the baseline effect of policy rates) in affecting both output and prices but with a lag of about five quarters for output and longer for prices; and (iii) the exchange rate and asset price channels are ineffective and do not have Granger effects on either output or prices.
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.
Book Synopsis Resilience and Growth in the Small States of the Pacific by : Hoe Ee Khor
Download or read book Resilience and Growth in the Small States of the Pacific written by Hoe Ee Khor and published by International Monetary Fund. This book was released on 2016-08-10 with total page 462 pages. Available in PDF, EPUB and Kindle. Book excerpt: Pacific island countries face unique challenges to realizing their growth potential and raising living standards. This book discusses ongoing challenges facing Pacific island countries and policy options to address them. Regional cooperation and solutions tailored to their unique challenges, as well as further integration with the Asia and Pacific region will each play a role. With concerted efforts, Pacific island countries can boost potential growth, increase resilience, and improve the welfare of their citizens.
Book Synopsis Monetary and Currency Policy Management in Asia by : Masahiro Kawai
Download or read book Monetary and Currency Policy Management in Asia written by Masahiro Kawai and published by Edward Elgar Publishing. This book was released on 2012-01-01 with total page 321 pages. Available in PDF, EPUB and Kindle. Book excerpt: Asian economies strengthened their monetary and currency management after the Asian financial crisis of 19971998, and came through the global financial crisis of 20072009 relatively well. Nevertheless, the recent global crisis has presented new challenges. This book develops recommendations for monetary and currency policy in Asian economies aimed at promoting macroeconomic and financial stability in an environment of global economic shocks and volatile capital flows. Monetary and Currency Policy Management in Asia draws lessons from crises and makes concrete macroeconomic policy recommendations aimed at minimizing the impacts of an economic and financial downturn, and setting the stage for an early return to sustainable growth. The focus is on short-term measures related to the cycle. The three main areas addressed are: monetary policy measures, both conventional and unconventional, to achieve both macroeconomic and financial stability; exchange rate policy and foreign exchange reserve management, including the potential for regional cooperation to stabilize currency movements; and ways to ease the constraints on policy resulting from the so-called 'impossible trinity' of fixed exchange rates, open capital accounts and independent monetary policy. This is one of the first books since the global financial crisis to specifically and comprehensively address the implications of the crisis for monetary and currency policy in emerging market economies, especially in Asia. Presenting a broad menu of policy options for financial reform and regulation, the book will be of great interest to finance experts and policymakers in the region as well as academics and researchers of financial and Asian economics as well as economic development.
Book Synopsis Unlocking Access to Climate Finance for Pacific Island Countries by : Ms. Manal Fouad
Download or read book Unlocking Access to Climate Finance for Pacific Island Countries written by Ms. Manal Fouad and published by International Monetary Fund. This book was released on 2021-09-24 with total page 103 pages. Available in PDF, EPUB and Kindle. Book excerpt: This departmental paper provides an in-depth overview of access to climate finance for Pacific Island Countries, evaluating successes and challenges faced by countries and proposes a way forward to unlock access to climate funds.
Book Synopsis Are the Asia and Pacific Small States Different from Other Small States? by : Ms.Patrizia Tumbarello
Download or read book Are the Asia and Pacific Small States Different from Other Small States? written by Ms.Patrizia Tumbarello and published by International Monetary Fund. This book was released on 2013-05-22 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: The small states of the Asia and Pacific region face unique challenges in raising their growth potential and living standards relative to other small states due to their small populations, geographical isolation and dispersion, narrow export and production bases, exposure to shocks, and heavy reliance on aid. Higher fixed government costs, low access to credit by the private sector, and capacity constraints are also key challenges. The econometric analysis confirms that the Pacific Island Countries (PICs) have underperformed relative to their peers over the last 20 years. Although these countries often face more limited policy tools, policies do matter and can further help build resilience and raise potential growth, as evidenced in the recent business cycle. The Asia and Pacific small states should continue rebuilding buffers and improve the composition of public spending in order to foster inclusive growth. Regional solutions should also continue to be pursued.
Book Synopsis The Pacific Speed of Growth by : Yongzheng Yang
Download or read book The Pacific Speed of Growth written by Yongzheng Yang and published by International Monetary Fund. This book was released on 2013-05-09 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study aims to test within a relatively homogeneous group of small states what differentiates the growth performance of Pacific island countries (PICs) from their peers. We find that PICs are disadvantaged by distance and hampered by lower investment and exports compared with other small island states, but greater political stability, catch-up effects from lower initial incomes, and slower population growth have helped offset some of these disadvantages. On balance, policy-related factors, together with geography-related disadvantages, have led to growth rates in PICs that are much lower than in other small states. We also examine how real exchange rate appreciation, unfavorable developments in the external trade environment, and rising international transport costs may have contributed to PICs’ slower growth over the past decade.
