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Author :
Publisher :
ISBN 13 :
Total Pages : 30 pages
Book Rating : 4.:/5 (222 download)
Download or read book Credit availability channel of monetary policy in a small open economy written by and published by . This book was released on 1995 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Ying Wu
Publisher :
ISBN 13 :
Total Pages : 30 pages
Book Rating : 4.:/5 (833 download)
Download or read book Credit Availability Channel of Monetary Policy in a Small Open Economy written by Ying Wu and published by . This book was released on 1995 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Credit Channel of Monetary Policy and Exchange Rate Flexibility in a Small Open Economy written by and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Issouf Samaké
Publisher : International Monetary Fund
ISBN 13 : 1455202258
Total Pages : 28 pages
Book Rating : 4.4/5 (552 download)
Download or read book A Macro Model of the Credit Channel in a Currency Union Member written by Issouf Samaké and published by International Monetary Fund. This book was released on 2010-08-01 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper applies and extends a theoretical model built by Agénor and Montiel (2007) by exploring the effectiveness of government bonds and monetary policy in a small, open, credit-based economy with a fixed exchange rate. The model is applied to Benin, a member of a currency union, using a general equilibrium model with stochastic simulation. Model calibration replicates the historical pattern for 1996–2009. Policy experiments simulated an increase in government securities in Benin’s regional market and a cut in the reserve requirement. Simulations produced mixed results. It appears that, among other factors, excess bank liquidity lowers the effectiveness of monetary policy instruments through the credit channel and that government bonds can help mop up excess bank liquidity.
Author : Mr.Jorge A. Chan-Lau
Publisher : International Monetary Fund
ISBN 13 : 1451922442
Total Pages : 20 pages
Book Rating : 4.4/5 (519 download)
Download or read book Monetary Policy in a Small Open Economy with Credit Goods Production written by Mr.Jorge A. Chan-Lau and published by International Monetary Fund. This book was released on 1998-10-01 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper analyzes the effects of monetary policy in a dynamic model of a small open economy with cash and credit goods production, where government consumption is financed by seignorage. It shows that the interrelationships between the growth rate of the monetary aggregate and the technological properties of the economy have an important bearing on the existence and uniqueness of equilibrium, the optimal inflation rate, and the occurrence of explosive hyperinflations. In consequence, the paper concludes that monetary policy does matter in the long run.
Author :
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (642 download)
Download or read book More on Monetary Policy in a Small Open Economy with Imperfect International Capital Mobility: A Credit View written by and published by . This book was released on with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: A considerable body of theoretical and empirical literature has evaluated the credit channel of monetary transmission. This paper sets up an open-economy model under floating exchange rates with imperfect international capital mobility based on the Bernanke and Blinder model (1988). Employing our model, we show that a change in money supply has different impacts on the economy in many cases compared to the previous literature. The exchange rate puzzle may occur and when the exchange rate puzzle appears, the Fleming proposition is violated. Besides, by means of a cointegration analysis, we empirically verify the particular case of the exchange rate puzzle with the monthly data from May 1984 to January 2005 in Taiwan. Therefore, our empirical evidences can be matched with our theoretical derivations successfully.
Author : Mr.Luis Brandao-Marques
Publisher : International Monetary Fund
ISBN 13 : 1513529730
Total Pages : 54 pages
Book Rating : 4.5/5 (135 download)
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.
Author : 王書盛
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (948 download)
Download or read book Monetary Policy and the Credit Channel written by 王書盛 and published by . This book was released on 2007 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Thorvardur T. Olafsson
Publisher : International Monetary Fund
ISBN 13 : 1484376625
Total Pages : 50 pages
Book Rating : 4.4/5 (843 download)
Download or read book Cross-Border Credit Intermediation and Domestic Liquidity Provision in a Small Open Economy written by Thorvardur T. Olafsson and published by International Monetary Fund. This book was released on 2018-09-11 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops a small open economy model where global and domestic liquidity is intermediated to the corporate sector through two financial processes. Investment banks intermediate cross-border credit through interlinked debt contracts to entrepreneurs and commercial banks intermediate domestic savings to liquidity constrained final good producers. Both processes are needed to facilitate development of key production inputs. The model captures procyclical investment bank leverage dynamics, global liquidity spillovers, domestic money market pressures, and macrofinancial linkages through which shocks propagate across the two processes, affecting spreads and balance sheets, as well as the real economy through investment and working capital channels.
Author : Kodjovi M. Eklou
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 29 pages
Book Rating : 4.4/5 (2 download)
Download or read book The Anatomy of Monetary Policy Transmission in an Emerging Market written by Kodjovi M. Eklou and published by International Monetary Fund. This book was released on 2023-07-07 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: Monetary policy transmission in EMs has been found to be weak historically due to under-developed financial markets and heavy central bank intervention in FX markets that undermine the exchange rate channel. Against this background, this paper investigates the transmission of monetary policy, including the role of external factors, in Malaysia and highlight findings that could be relevant for other EMs. We find an important role for the credit and the exchange rate channels. Further, we also find a complementary role for policy tools including Foreign Exchange Intervention (FXI) and liquidity tools such as Statutory Reserve Requirement in shaping the transmission of monetary policy. We then explore the spillover effects of external global factors including global monetary policy and global commodity prices on monetary policy transmission in a small open economy such as Malaysia. The results show that while global commodity prices do not impair monetary policy transmission, global monetary policy tightening could complement domestic efforts to achieve price stability by inducing a global disinflation. Finally, monetary policy transmission is delayed and weakened in high inflationary environment, with the implication that more aggressive and preemptive policy actions may be needed in such cases.
Author : Ms.Inci Ötker
Publisher : International Monetary Fund
ISBN 13 : 1451872704
Total Pages : 36 pages
Book Rating : 4.4/5 (518 download)
Download or read book Modeling with Macro-Financial Linkages written by Ms.Inci Ötker and published by International Monetary Fund. This book was released on 2009-06-01 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops a stylized, small, open economy macro model that incorporates an explicit and non-trivial role for financial intermediation. It illustrates how such a model could be used for policy analysis in an emerging market economy where policymakers are concerned about risks associated with rapid credit growth, financial dollarization, and foreign borrowing, while lacking traditional tools to effect monetary policy transmission, and hence could resort to more direct instruments, such as foreign exchange market intervention and regulatory and administrative measures. Calibrating the model to a stylized emerging European economy, the paper simulates real and financial sector implications of various external and policy-related shocks that could be used as input for monetary policy making.
Download or read book The Effects of Credit Channel in a Small Open Economy with Perfect Capital Mobility written by and published by . This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The credit channel literature has made great strides in recent years, however, much of the literature to date has focused largely on the closed economy. Even some of the literatures are in a framework of an open economy, they only concentrate on the fixed or a quasi-fixed exchange rate regime. Therefore, the aim of this paper is to complete the theoretical framework by extending the Bernanke and Blinder model to the case of an open economy under a floating exchange rate regime. We find that the exchange rates puzzle takes place in our model when the influence from credit channels is very significant. We further to compare the credit channel effects under different models. Moreover, we adopt a cointegration analysis to study the credit channel effect, and the empirical evidences show that the credit channels exist in Taiwan for the sample period during November 1991 to January 2005.
Author : R. Glenn Hubbard
Publisher :
ISBN 13 :
Total Pages : 64 pages
Book Rating : 4.3/5 ( download)
Download or read book Is There a "credit Channel" for Monetary Policy? written by R. Glenn Hubbard and published by . This book was released on 1994 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper argues that the terms `money view' and `credit view' are not always well defined in theoretical and empirical debates over the transmission mechanism of monetary policy. Recent models of information and incentive problems in financial markets suggest the usefulness of decomposing the transmission mechanism into two parts: one related to effects of policy-induced changes on the overall level of real costs of funds, and one related to `financial accelerator' effects stemming from impacts of policy actions on the financial positions of borrowers or intermediaries. The results presented here support the idea that the spending decisions of a significant group of borrowers are influenced by their balance sheet condition. Whether a bank-lending channel is operative is less clear, however. More micro evidence at the level of individual borrower-lender transactions is needed to resolve this question.
Author : Fiorella De Fiore
Publisher : International Monetary Fund
ISBN 13 : 1451943504
Total Pages : 46 pages
Book Rating : 4.4/5 (519 download)
Download or read book The Transmission of Monetary Policy in Israel written by Fiorella De Fiore and published by International Monetary Fund. This book was released on 1998-08-01 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the transmission of Israeli monetary policy since 1990. Two issues are addressed: the extent to which monetary policy exerts real effects, and the relative importance of different transmission channels. The impact of monetary restraints on aggregate industrial production is found to be small, although industrial sectors open to trade appear to suffer to a larger extent than closed sectors. Three transmission channels are analyzed by comparing the empirical evidence to that predicted by theory. While the credit and exchange rate channels may be important mechanisms of transmission, the interest rate channel finds weak support in the data.
Author : Rossana Merola
Publisher :
ISBN 13 : 9783865585943
Total Pages : pages
Book Rating : 4.5/5 (859 download)
Download or read book Optimal Monetary Policy in a Small Open Economy with Financial Frictions written by Rossana Merola and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Jordi Galí
Publisher :
ISBN 13 :
Total Pages : 64 pages
Book Rating : 4.:/5 (318 download)
Download or read book Monetary Policy and Exchange Rate Volatility in a Small Open Economy written by Jordi Galí and published by . This book was released on 2002 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: We lay out a small open economy version of the Calvo sticky price model, and show how the equilibrium dynamics can be reduced to a tractable canonical system in domestic inflation and the output gap. We employ this framework to analyze the macroeconomic implications of three alternative monetary policy regimes for the small open economy: domestic inflation targeting, CPI targeting and an exchange rate peg. We show that a key difference among these regimes lies in the relative amount of exchange rate volatility that they entail. We also discuss a special case for which domestic inflation targeting constitutes the optimal policy, and where a simple second order approximation to the utility of the representative consumer can be derived and used to evaluate the welfare losses associated with suboptimal regimes.
Author : Cheng-Few Lee
Publisher : Springer Nature
ISBN 13 : 3030912310
Total Pages : 2746 pages
Book Rating : 4.0/5 (39 download)
Download or read book Encyclopedia of Finance written by Cheng-Few Lee and published by Springer Nature. This book was released on 2022-09-12 with total page 2746 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Encyclopedia of Finance comprehensively covers the broad spectrum of terms and topics relating finance from asset pricing models to option pricing models to risk management and beyond. This third edition is comprised of over 1,300 individual definitions, chapters, appendices and is the most comprehensive and up-to-date resource in the field, integrating the most current terminology, research, theory, and practical applications. It includes 200 new terms and essays; 25 new chapters and four new appendices. Showcasing contributions from an international array of experts, the revised edition of this major reference work is unparalleled in the breadth and depth of its coverage.
