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Unconventional Monetary Policies In Emerging Markets And Frontier Countries
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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.
Book Synopsis Spillovers from United States Monetary Policy on Emerging Markets: Different This Time? by : Mr. Jiaqian Chen
Download or read book Spillovers from United States Monetary Policy on Emerging Markets: Different This Time? written by Mr. Jiaqian Chen and published by International Monetary Fund. This book was released on 2014-12-24 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: The impact of monetary policy in large advanced countries on emerging market economies—dubbed spillovers—is hotly debated in global and national policy circles. When the U.S. resorted to unconventional monetary policy, spillovers on asset prices and capital flows were significant, though remained smaller in countries with better fundamentals. This was not because monetary policy shocks changed (in size, sign or impact on stance). In fact, the traditional signaling channel of monetary policy continued to play the leading role in transmitting shocks, relative to other channels, affecting longer-term bond yields. Instead, we find that larger spillovers stem more from structural factors, such as the use of new instruments (asset purchases). We obtain these results by developing a new methodology to extract, separate, and interpret U.S. monetary policy shocks.
Author :International Monetary Fund. Strategy, Policy, & Review Department Publisher :International Monetary Fund ISBN 13 :1498341349 Total Pages :59 pages Book Rating :4.4/5 (983 download)
Book Synopsis Global Impact and Challenges of Unconventional Monetary Policies - Background Paper by : International Monetary Fund. Strategy, Policy, & Review Department
Download or read book Global Impact and Challenges of Unconventional Monetary Policies - Background Paper written by International Monetary Fund. Strategy, Policy, & Review Department and published by International Monetary Fund. This book was released on 2013-03-09 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides case studies of 13 of the largest non-UMP countries. The case studies begin with an overview of recent macro-economic developments as well as capital flow patterns during the crisis up to the first U.S. tapering announcement in May 2013. Country experiences with capital inflows are judged along five dimensions: (i) the size of capital inflows, (ii) policies used to manage inflows, (iii) external stability, measured by exchange rate overvaluation and current account deficits relative to fundamentals,2 (iv) asset price and credit market reactions, and (v) financial sector stability. Case studies mostly draw on published IMF Staff Reports for each country, as well as the 2013 Pilot External Stability Report (IMF 2013d).
Book Synopsis The Transmission of Unconventional Monetary Policy to the Emerging Markets by :
Download or read book The Transmission of Unconventional Monetary Policy to the Emerging Markets written by and published by . This book was released on 2014 with total page 401 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Effects of U.S. Unconventional Monetary Policy on Asia Frontier Developing Economies by : Mr. Sohrab Rafiq
Download or read book The Effects of U.S. Unconventional Monetary Policy on Asia Frontier Developing Economies written by Mr. Sohrab Rafiq and published by International Monetary Fund. This book was released on 2015-01-23 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper explores the effect of U.S. unconventional monetary policy (QE2) on a group of frontier developing economies (FDEs) in Asia. This paper finds that spillovers emanating from the U.S. on FDEs in Asia have been small. The relative insulation of emerging Asia from the global financial cycle can likely be attributed to the presence of managed capital accounts coupled with shallow financial markets. Should U.S. monetary policy begin to normalize the direct first-round impact on developing Asia is likely to be small.
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.
Book Synopsis Unconventional Monetary Policies - Recent Experiences and Prospects - Background Paper by : International Monetary Fund. Fiscal Affairs Dept.
Download or read book Unconventional Monetary Policies - Recent Experiences and Prospects - Background Paper written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2013-04-18 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides background information to the main Board paper, “The Role and Limits of Unconventional Monetary Policy.” This paper is divided in five distinct sections, each focused on a different topic covered in the main paper, though most relate to bond purchase programs. As a result, this paper centers on the experience of the United States Federal Reserve (Fed), the Bank of England (BOE) and the Bank of Japan (BOJ), mostly leaving the European Central Bank (ECB) aside given its focus on restoring the functioning of financial markets and intermediation. Section A explores whether bond purchase programs were effective at decreasing bond yields and, if so, through which channels. Section B goes one step further in evaluating whether bond purchase programs had—or can be expected to have—significant effects on real growth and inflation. Section C studies the spillover effects of bond purchases on both advanced and emerging market economies, using very similar methods as introduced in the first section. Section D breaks from the immediate focus on bond purchases to discuss how inflation might decrease the debt burden in advanced economies, in light of possible pressures that could fall (or be perceived to fall) on central banks. Finally, Section E discusses the possible risks of exiting given the very large central bank balance sheets.
Book Synopsis Excerpt: Frontier and Developing Asia by : Mr.Alfred Schipke
Download or read book Excerpt: Frontier and Developing Asia written by Mr.Alfred Schipke and published by International Monetary Fund. This book was released on 2015-01-30 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is an excerpt from Frontier and Developing Asia: the Next Generation of Emerging Markets. Frontier and developing Asia, which includes countries such as Vietnam, Cambodia, and Bangladesh, is located in the world’s fastest-growing region and has favorable demographics. Despite their heterogeneity, the countries share a number of common macroeconomic, financial, and structural challenges. The book addresses issues related to economic growth and structural transformation, as well as the risk of a poverty trap and rising income inequality. The book also analyses a number of financial sector and monetary policy framework issues.
Book Synopsis Summary of Informal Discussions with Central Bankers and Other Officials on Unconventional Monetary Policies by : International Monetary Fund
Download or read book Summary of Informal Discussions with Central Bankers and Other Officials on Unconventional Monetary Policies written by International Monetary Fund and published by International Monetary Fund. This book was released on 2013-04-29 with total page 6 pages. Available in PDF, EPUB and Kindle. Book excerpt: A series of conference calls was held in March 2013 with selected representatives of central banks and other official agencies in advanced and emerging market economies to seek views on unconventional monetary policies (UMP). The key points raised during the discussions are summarized below. No views have been attributed to individual participants, and Fund staff is ultimately responsible for the contents of this summary.
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.
Book Synopsis The Impact of Unconventional Monetary Policy Measures by the Systemic Four on Global Liquidity and Monetary Conditions by : Ms.Yevgeniya Korniyenko
Download or read book The Impact of Unconventional Monetary Policy Measures by the Systemic Four on Global Liquidity and Monetary Conditions written by Ms.Yevgeniya Korniyenko and published by International Monetary Fund. This book was released on 2015-12-30 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper examines the impact of unconventional monetary policy measures (UMPMs) implemented since 2008 in the United States, the United Kingdom, Euro area and Japan— the Systemic Four—on global monetary and liquidity conditions. Overall, the results show positive significant relationships. However, there are differences in the impact of the UMPMs of individual S4 countries on these conditions in other countries. UMPMs of the Bank of Japan have positive association with global liquidity but negative association with securities issuance. The quantitative easing (QE) of the Bank of England has the opposite association. Results for the quantitative easing measures of the United States Federal Reserve System (U.S. Fed) and the ECB UMPMs are more mixed.
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.
Book Synopsis Excerpt: Frontier and Developing Asia by :
Download or read book Excerpt: Frontier and Developing Asia written by and published by . This book was released on 2015 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :International Monetary Fund. Communications Department Publisher :International Monetary Fund ISBN 13 :1513577794 Total Pages :68 pages Book Rating :4.5/5 (135 download)
Book Synopsis Finance and Development, June 2021 by : International Monetary Fund. Communications Department
Download or read book Finance and Development, June 2021 written by International Monetary Fund. Communications Department and published by International Monetary Fund. This book was released on 2021-06-02 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: Amid a multispeed economic recovery—including within countries and across sectors, age groups, genders, and skill levels—this issue explores several cross-cutting themes for emerging markets.
Download or read book The ASEAN Way written by Ms.Ana Corbacho and published by International Monetary Fund. This book was released on 2018-10-02 with total page 311 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first part of the book examines the evolution of monetary policy and prudential frameworks of the ASEAN5, with particular focus on changes since the Asian financial crisis and the more recent period of unconventional monetary policy in advanced economies. The second part of the book looks at policy responses to global financial spillovers. The third and last part of the book elaborates on the challenges ahead for monetary policy, financial stability frameworks, and the deepening of financial markets.
Book Synopsis Emerging Market Economies and Financial Globalization by : Leonardo E. Stanley
Download or read book Emerging Market Economies and Financial Globalization written by Leonardo E. Stanley and published by Anthem Press. This book was released on 2018-03-15 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the past, foreign shocks arrived to national economies mainly through trade channels, and transmissions of such shocks took time to come into effect. However, after capital globalization, shocks spread to markets almost immediately. Despite the increasing macroeconomic dangers that the situation generated at emerging markets in the South, nobody at the North was ready to acknowledge the pro-cyclicality of the financial system and the inner weakness of “decontrolled” financial innovations because they were enjoying from the “great moderation.” Monetary policy was primarily centered on price stability objectives, without considering the mounting credit and asset price booms being generated by market liquidity and the problems generated by this glut. Mainstream economists, in turn, were not majorly attracted in integrating financial factors in their models. External pressures on emerging market economies (EMEs) were not eliminated after 2008, but even increased as international capital flows augmented in relevance thereafter. Initially economic authorities accurately responded to the challenge, but unconventional monetary policies in the US began to create important spillovers in EMEs. Furthermore, in contrast to a previous surge in liquidity, funds were now transmitted to EMEs throughout the bond market. The perspective of an increase in US interest rates by the FED is generating a reversal of expectations and a sudden flight to quality. Emerging countries’ currencies began to experience higher volatility levels, and depreciation movements against a newly strong US dollar are also increasingly observed. Consequently, there are increasing doubts that the “unexpected” favorable outcome observed in most EMEs at the aftermath of the Global Financial Crisis (GFC) would remain.
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.
