Emerging Economy Responses To The Global Financial Crisis Of 2007 09 An Empirical Analysis Of The Liquidity Easing Measures

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Emerging Economy Responses to the Global Financial Crisis of 2007–09 - An Empirical Analysis of the Liquidity Easing Measures

Author : Mr.Etienne B. Yehoue
Publisher : International Monetary Fund
ISBN 13 : 1451874103
Total Pages : 36 pages
Book Rating : 4.4/5 (518 download)

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Book Synopsis Emerging Economy Responses to the Global Financial Crisis of 2007–09 - An Empirical Analysis of the Liquidity Easing Measures by : Mr.Etienne B. Yehoue

Download or read book Emerging Economy Responses to the Global Financial Crisis of 2007–09 - An Empirical Analysis of the Liquidity Easing Measures written by Mr.Etienne B. Yehoue and published by International Monetary Fund. This book was released on 2009-12-01 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper draws on a unique data set on the nontraditional systemic liquidity easing measures recently undertaken by many emerging market economies. It offers an empirical analysis of the key determinants affecting the decision to undertake these measures over the period September 2008-March 2009. The paper finds that economy size, access to international credit markets, CDS spreads, currency depreciation, and current account balances are among the key factors influencing the adoption of these measures. It provides a rationale for the differences in central bank policy responses, which reflect differences in economic structures rather than conflicting views on fundamental principles. The paper also provides a preliminary assessment of the effectiveness of these measures and points out that despite their positive impacts, they have not fully shielded the real economy from the recent financial meltdown.

Emerging Economy Responses to the Global Financial Crisis of 2007-09

Author : Etienne B. Yehoue
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (642 download)

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Book Synopsis Emerging Economy Responses to the Global Financial Crisis of 2007-09 by : Etienne B. Yehoue

Download or read book Emerging Economy Responses to the Global Financial Crisis of 2007-09 written by Etienne B. Yehoue and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Emerging Economy Responses to the Global Financial Crisis of 2007-20+L427209

Author : Mr. Etienne B. Yehoue
Publisher : International Monetary Fund
ISBN 13 : 1451918267
Total Pages : 37 pages
Book Rating : 4.4/5 (519 download)

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Book Synopsis Emerging Economy Responses to the Global Financial Crisis of 2007-20+L427209 by : Mr. Etienne B. Yehoue

Download or read book Emerging Economy Responses to the Global Financial Crisis of 2007-20+L427209 written by Mr. Etienne B. Yehoue and published by International Monetary Fund. This book was released on 2009-12-01 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper draws on a unique data set on the nontraditional systemic liquidity easing measures recently undertaken by many emerging market economies. It offers an empirical analysis of the key determinants affecting the decision to undertake these measures over the period September 2008-March 2009. The paper finds that economy size, access to international credit markets, CDS spreads, currency depreciation, and current account balances are among the key factors influencing the adoption of these measures. It provides a rationale for the differences in central bank policy responses, which reflect differences in economic structures rather than conflicting views on fundamental principles. The paper also provides a preliminary assessment of the effectiveness of these measures and points out that despite their positive impacts, they have not fully shielded the real economy from the recent financial meltdown.

Emerging Economy Responses to the Global Financial Crisis of 2007-2009

Author : Etienne B. Yehoue
Publisher :
ISBN 13 :
Total Pages : 34 pages
Book Rating : 4.:/5 (883 download)

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Book Synopsis Emerging Economy Responses to the Global Financial Crisis of 2007-2009 by : Etienne B. Yehoue

Download or read book Emerging Economy Responses to the Global Financial Crisis of 2007-2009 written by Etienne B. Yehoue and published by . This book was released on 2009 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper draws on a unique data set on the nontraditional systemic liquidity easing measures recently undertaken by many emerging market economies. It offers an empirical analysis of the key determinants affecting the decision to undertake these measures over the period September 2008-March 2009. The paper finds that economy size, access to international credit markets, CDS spreads, currency depreciation, and current account balances are among the key factors influencing the adoption of these measures. It provides a rationale for the differences in central bank policy responses, which reflect differences in economic structures rather than conflicting views on fundamental principles. The paper also provides a preliminary assessment of the effectiveness of these measures and points out that despite their positive impacts, they have not fully shielded the real economy from the recent financial meltdown.

Liquidity Lost

Author : Paul Langley
Publisher :
ISBN 13 : 0199683786
Total Pages : 235 pages
Book Rating : 4.1/5 (996 download)

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Book Synopsis Liquidity Lost by : Paul Langley

Download or read book Liquidity Lost written by Paul Langley and published by . This book was released on 2015 with total page 235 pages. Available in PDF, EPUB and Kindle. Book excerpt: The interventions of crisis management during the 2007 to 2011 financial crisis were not simply responses to a set of given developments in markets, banking or neo-liberal capitalism. Nor can those interventions be adequately explained as the actions of sovereign state officials and institutions. Instead, Langley argues, processes of crisis governance are shown to have established six principal technical problems to be acted upon: liquidity, toxicity, solvency, risk, regulation, and debt and that the governance of these technical problems, is shown to have been strategically assembled in order to secure the continuation of a particular, financialized way of life that depends upon global financial circulations. Contributing to interdisciplinary debates in cultural economy and the social studies of finance, and grounded in extensive empirical research, this book offers an innovative analysis of how the contemporary global financial crisis was governed. Through an exploration of the interventions made by central banks, treasuries, and regulatory authorities in the Anglo-American heartland of the crisis between 2007 and 2011, experimental and strategic apparatuses of crisis governance are shown to have emerged. These discrete apparatuses established the six technical problems to be acted upon, but also shared certain proclivities and preferences. Crisis governance assembled discourses and devices of economy in relation with sovereign monetary, fiscal, and regulatory techniques, and elicited an affective atmosphere of confidence. It also sought to secure the financialized way of life which turns on the opportunities ostensibly afforded by uncertain financial circulations, and gave rise to post-crisis technical fixes designed to advance the resilience of banking and the macro-prudential regulation of financial stability. Thus, the consensus that prevails across economics, political economy, and beyond - wherein sovereign state institutions are cast as coming to the rescue of the markets, banking, or neo-liberal capitalism - conceals a great deal more than it reveals about the governance of the global financial crisis.

Unconventional Central Bank Measures for Emerging Economies

Author : Mr.Etienne B. Yehoue
Publisher : International Monetary Fund
ISBN 13 : 1451873735
Total Pages : 44 pages
Book Rating : 4.4/5 (518 download)

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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.

Unexpected Outcomes

Author : Carol Wise
Publisher : Brookings Institution Press
ISBN 13 : 0815724772
Total Pages : 258 pages
Book Rating : 4.8/5 (157 download)

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Book Synopsis Unexpected Outcomes by : Carol Wise

Download or read book Unexpected Outcomes written by Carol Wise and published by Brookings Institution Press. This book was released on 2015-03-10 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume documents and explains the remarkable resilience of emerging market nations in East Asia and Latin America when faced with the global financial crisis in 2008-2009. Their quick bounceback from the crisis marked a radical departure from the past, such as when the 1982 debt shocks produced a decade-long recession in Latin America or when the Asian financial crisis dramatically slowed those economies in the late 1990s. Why? This volume suggests that these countries' resistance to the initial financial contagion is a tribute to financial-sector reforms undertaken over the past two decades. The rebound itself was a trade-led phenomenon, favoring the countries that had gone the farthest with macroeconomic restructuring and trade reform. Old labels used to describe "neoliberal versus developmentalist" strategies do not accurately capture the foundations of this recovery. These authors argue that policy learning and institutional reforms adopted in response to previous crises prompted policymakers to combine state and market approaches in effectively coping with the global financial crisis. The nations studied include Korea, China, India, Mexico, Argentina, and Brazil, accompanied by Latin American and Asian regional analyses that bring other emerging markets such as Chile and Peru into the picture. The substantial differences among the nations make their shared success even more remarkable and worthy of investigation. And although 2012 saw slowed growth in some emerging market nations, the authors argue this selective slowing suggests the need for deeper structural reforms in some countries, China and India in particular.

The Composition Matters

Author : Hui Tong
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 48 pages
Book Rating : 4.3/5 ( download)

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Book Synopsis The Composition Matters by : Hui Tong

Download or read book The Composition Matters written by Hui Tong and published by International Monetary Fund. This book was released on 2009-08 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: International capital flows, while potentially beneficial, are said to increase a country's vulnerability to crisis â?? especially if they are skewed to non-FDI types. This paper studies whether the volume and composition of capital flows affect the degree of credit crunch faced by a country's manufacturing firms during the 2007-09 crisis. Using data on 3823 firms in 24 emerging countries, we find that, on average, the decline in stock prices was more severe for firms that are intrinsically more dependent on external finance for working capital. The volume of capital flows per se has no significant effect on the severity of the credit crunch. However, the composition of capital flows matters a great deal: pre-crisis exposure to non-FDI capital inflows worsens the credit crunch, while exposure to FDI alleviates the liquidity constraint. Similar results also hold when we perform an event study surrounding the Lehman Brothers bankruptcy

International Macroeconomics in the Wake of the Global Financial Crisis

Author : Laurent Ferrara
Publisher : Springer
ISBN 13 : 3319790757
Total Pages : 298 pages
Book Rating : 4.3/5 (197 download)

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Book Synopsis International Macroeconomics in the Wake of the Global Financial Crisis by : Laurent Ferrara

Download or read book International Macroeconomics in the Wake of the Global Financial Crisis written by Laurent Ferrara and published by Springer. This book was released on 2018-06-13 with total page 298 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book collects selected articles addressing several currently debated issues in the field of international macroeconomics. They focus on the role of the central banks in the debate on how to come to terms with the long-term decline in productivity growth, insufficient aggregate demand, high economic uncertainty and growing inequalities following the global financial crisis. Central banks are of considerable importance in this debate since understanding the sluggishness of the recovery process as well as its implications for the natural interest rate are key to assessing output gaps and the monetary policy stance. The authors argue that a more dynamic domestic and external aggregate demand helps to raise the inflation rate, easing the constraint deriving from the zero lower bound and allowing monetary policy to depart from its current ultra-accommodative position. Beyond macroeconomic factors, the book also discusses a supportive financial environment as a precondition for the rebound of global economic activity, stressing that understanding capital flows is a prerequisite for economic-policy decisions.

The Global Economic System

Author : George Chacko
Publisher : Ft Press
ISBN 13 : 9780137050123
Total Pages : 269 pages
Book Rating : 4.0/5 (51 download)

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Book Synopsis The Global Economic System by : George Chacko

Download or read book The Global Economic System written by George Chacko and published by Ft Press. This book was released on 2011 with total page 269 pages. Available in PDF, EPUB and Kindle. Book excerpt: A sophisticated, higher-level look at financial institutions in the new global economy, how they are interconnected, and why they fail. • •Explains the interconnected, interdependent global financial world in the context of recent market crises and other events. •Includes a thorough discussion of the core cause of most major market and economic crashes: failures of liquidity. •Not a beginner's book: designed for readers who already understand the basics of finance, including working professionals and advanced students. This is the first professional-level authoritative guide to today's global financial system: how it works, how its elements fit together, and the vulnerabilities that can cause it to fail. Writing for working financial professionals and other sophisticated readers, the authors thoroughly explain the modern global credit system; the roles of banks, hedge funds, insurers, central banks, mortgage markets, and other participants; and the credit-related instruments they rely on. In particular, the authors illuminate the crucial importance of liquidity, and show why liquidity failures have been the key cause of all major market crashes for the past several decades. The Global Financial System thoroughly examines economic environments in which slow de-leveraging leads to prolonged sluggish growth, and compares today's environment to other periods of deleveraging, such as the Great Depression and the Japanese economic meltdown of the '90s and '00s. It predicts potential pathways for the current crisis, and offers essential guidance to both policymakers and investment decision-makers.

Global Liquidity, Spillovers to Emerging Markets and Policy Responses

Author : Claudio E. Raddatz
Publisher :
ISBN 13 :
Total Pages : 341 pages
Book Rating : 4.:/5 (957 download)

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Book Synopsis Global Liquidity, Spillovers to Emerging Markets and Policy Responses by : Claudio E. Raddatz

Download or read book Global Liquidity, Spillovers to Emerging Markets and Policy Responses written by Claudio E. Raddatz and published by . This book was released on 2015 with total page 341 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Federal Reserve System Purposes and Functions

Author : Board of Governors of the Federal Reserve System
Publisher :
ISBN 13 : 9780894991967
Total Pages : 0 pages
Book Rating : 4.9/5 (919 download)

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Book Synopsis The Federal Reserve System Purposes and Functions by : Board of Governors of the Federal Reserve System

Download or read book The Federal Reserve System Purposes and Functions written by Board of Governors of the Federal Reserve System and published by . This book was released on 2002 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides an in-depth overview of the Federal Reserve System, including information about monetary policy and the economy, the Federal Reserve in the international sphere, supervision and regulation, consumer and community affairs and services offered by Reserve Banks. Contains several appendixes, including a brief explanation of Federal Reserve regulations, a glossary of terms, and a list of additional publications.

Changing Nature of Financial Intermediation and the Financial Crisis of 2007-09

Author : Tobias Adrian
Publisher : DIANE Publishing
ISBN 13 : 1437930905
Total Pages : 35 pages
Book Rating : 4.4/5 (379 download)

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Book Synopsis Changing Nature of Financial Intermediation and the Financial Crisis of 2007-09 by : Tobias Adrian

Download or read book Changing Nature of Financial Intermediation and the Financial Crisis of 2007-09 written by Tobias Adrian and published by DIANE Publishing. This book was released on 2011 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a print on demand edition of a hard to find publication. The financial crisis of 2007-09 highlighted the changing role of financial institutions and the growing importance of the ¿shadow banking system,¿ which grew out of the securitization of assets and the integration of banking with capital market developments. In a market-based financial system, banking and capital market developments are inseparable, and funding conditions are tied closely to fluctuations in the leverage of market-based financial intermediaries. This report describes the changing nature of financial intermediation in the market-based financial system, charts the course of the recent financial crisis, and outlines the policy responses that have been implemented by the Fed. Reserve and other central banks. Charts and tables.

The Regulatory Responses to the Global Financial Crisis

Author : Mr.Stijn Claessens
Publisher : International Monetary Fund
ISBN 13 : 1484336658
Total Pages : 39 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis The Regulatory Responses to the Global Financial Crisis by : Mr.Stijn Claessens

Download or read book The Regulatory Responses to the Global Financial Crisis written by Mr.Stijn Claessens and published by International Monetary Fund. This book was released on 2014-03-14 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: We identify current challenges for creating stable, yet efficient financial systems using lessons from recent and past crises. Reforms need to start from three tenets: adopting a system-wide perspective explicitly aimed at addressing market failures; understanding and incorporating into regulations agents’ incentives so as to align them better with societies’ goals; and acknowledging that risks of crises will always remain, in part due to (unknown) unknowns – be they tipping points, fault lines, or spillovers. Corresponding to these three tenets, specific areas for further reforms are identified. Policy makers need to resist, however, fine-tuning regulations: a “do not harm” approach is often preferable. And as risks will remain, crisis management needs to be made an integral part of system design, not relegated to improvisation after the fact.

What Caused the Global Financial Crisis

Author : Erlend Nier
Publisher : International Monetary Fund
ISBN 13 : 1455210722
Total Pages : 64 pages
Book Rating : 4.4/5 (552 download)

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Book Synopsis What Caused the Global Financial Crisis by : Erlend Nier

Download or read book What Caused the Global Financial Crisis written by Erlend Nier and published by International Monetary Fund. This book was released on 2010-11-01 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates empirically the drivers of financial imbalances ahead of the global financial crisis. Three factors may have contributed to the build-up of financial imbalances: (i) rising global imbalances (capital flows), (ii) monetary policy that might have been too loose, (iii) inadequate supervision and regulation. Panel data regressions are performed for OECD countries from 1999 to 2007, so as to shed light on the relative importance of these factors, as well as the extent to which these factors might have interacted in fuelling the build-up. We find that the build-up of financial imbalances was driven by capital inflows and an associated compression of the spread between long and short rates. The effect of capital inflows on the build-up is amplified where the supervisory and regulatory environment was relatively weak. We find that, by contrast, differences in monetary policy cannot account for differences across countries in the build-up of financial imbalances ahead of the crisis.

Managing Elevated Risk

Author : Iwan J. Azis
Publisher : Springer
ISBN 13 : 9812872841
Total Pages : 129 pages
Book Rating : 4.8/5 (128 download)

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Book Synopsis Managing Elevated Risk by : Iwan J. Azis

Download or read book Managing Elevated Risk written by Iwan J. Azis and published by Springer. This book was released on 2014-12-11 with total page 129 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book discusses the risks and opportunities that arise in Emerging Asia given the context of a new environment in global liquidity and capital flows. It elaborates on the need to ensure financial and overall economic stability in the region through improved financial regulation and other policy measures to minimize the emergent risks. "Managing Elevated Risk: Global Liquidity, Capital Flows, and Macroprudential Policy—An Asian Perspective" also explores the range of policy options that may be deployed to address the impact of global liquidity on domestic financial and socio-economic conditions including income inequality. The book is primarily aimed at policy makers, financial market regulators and supervisory agencies to help them improve national regulatory systems and to promote harmonization of national regulations and practices in line with global standards. Scholars and researchers will also gain important information and knowledge about the overall impacts of changing global liquidity from the book.

Emerging Market Volatility

Author : Ms.Ratna Sahay
Publisher : International Monetary Fund
ISBN 13 : 1484356004
Total Pages : 61 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Emerging Market Volatility by : Ms.Ratna Sahay

Download or read book Emerging Market Volatility written by Ms.Ratna Sahay and published by International Monetary Fund. This book was released on 2014-10-02 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: Accommodative monetary policies in advanced economies have spurred increased capital inflows into emerging markets since the global financial crisis. Starting in May 2013, when the Federal Reserve publicly discussed its plans for tapering unconventional monetary policies, these emerging markets have experienced financial turbulence at the same that their domestic economic activity has slowed. This paper examines their experiences and policy responses and draws broad policy lessons. For emerging markets, good macroeconomic fundamentals matter, and early and decisive measures to strengthen macroeconomic policies and reduce vulnerabilities help dampen market reactions to external shocks. For advanced economies, clear and effective communication about the exit from unconventional monetary policy can and did help later to reduce the risk of excessive market volatility. And for the global community, enhanced global cooperation, including a strong global financial safety net, offers emerging markets effective protection against excessive volatility.