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Author | : Mr.Magnus Saxegaard |
Publisher | : International Monetary Fund |
Total Pages | : 46 |
Release | : 2010-01-01 |
Genre | : Business & Economics |
ISBN | : 1451962320 |
Download An Estimated Model with Macrofinancial Linkages for India Book in PDF, ePub and Kindle
This paper develops a small open economy dynamic stochastic general-equilibrium model with macrofinancial linkages. The model includes a financial accelerator--entrepreneurs are assumed to partially finance investment using domestic and foreign currency debt--to assess the importance of financial frictions in the amplification and propagation of the effects of transitory shocks. We use Bayesian estimation techniques to estimate the model using India data. The model is used to assess the importance of the financial accelerator in India and the optimality of monetary policy.
Author | : International Monetary Fund |
Publisher | : International Monetary Fund |
Total Pages | : 74 |
Release | : 2010-03-23 |
Genre | : Business & Economics |
ISBN | : 1451982321 |
Download India Book in PDF, ePub and Kindle
This 2009 Article IV Consultation highlights that India’s medium-term growth prospects remain bright. Prompt fiscal and monetary easing, combined with the fiscal stimulus already in the pipeline and the return of risk appetite in financial markets, have brought growth close to pre-crisis levels. Risks to a favorable outlook stem primarily from difficulties in implementing productivity-enhancing reforms and continued supply bottlenecks. Executive Directors have congratulated the authorities on their strong record of sound macroeconomic policies and decisive actions leading to India’s early and vigorous recovery from the global crisis.
Author | : Matteo Ghilardi |
Publisher | : International Monetary Fund |
Total Pages | : 31 |
Release | : 2014-08-21 |
Genre | : Business & Economics |
ISBN | : 1498356915 |
Download Capital Flows, Financial Intermediation and Macroprudential Policies Book in PDF, ePub and Kindle
This paper develops an open-economy DSGE model with an optimizing banking sector to assess the role of capital flows, macro-financial linkages, and macroprudential policies in emerging Asia. The key result is that macro-prudential measures can usefully complement monetary policy. Countercyclical macroprudential polices can help reduce macroeconomic volatility and enhance welfare. The results also demonstrate the importance of capital flows and financial stability for business cycle fluctuations as well as the role of supply side financial accelerator effects in the amplification and propagation of shocks.
Author | : Asian Development Bank |
Publisher | : Asian Development Bank |
Total Pages | : 120 |
Release | : 2020-10-01 |
Genre | : Business & Economics |
ISBN | : 9292624199 |
Download Financial Integration and Macrofinancial Linkages in Asia Book in PDF, ePub and Kindle
The Asian financial landscape has grown more interconnected over the past 2 decades. Previous financial crises have shown how financial volatility can transmit rapidly across an interconnected financial network. Empirical analyses have shown, moreover, how financial volatility can reverberate across the macroeconomy. This report summarizes the lessons from past crises, reviews the evidence of the macrofinancial linkages and feedback effects of financial distress, and proposes policy considerations and coordinated responses to enhance financial stability and resilience.
Author | : Francis Vitek |
Publisher | : International Monetary Fund |
Total Pages | : 77 |
Release | : 2012-06-01 |
Genre | : Business & Economics |
ISBN | : 1475504187 |
Download Policy Analysis and Forecasting in the World Economy Book in PDF, ePub and Kindle
This paper develops a structural macroeconometric model of the world economy, disaggregated into thirty five national economies. This panel unobserved components model features a monetary transmission mechanism, a fiscal transmission mechanism, and extensive macrofinancial linkages, both within and across economies. A variety of monetary policy analysis, fiscal policy analysis, spillover analysis, and forecasting applications of the estimated model are demonstrated, based on a Bayesian framework for conditioning on judgment.
Author | : Otaviano Canuto |
Publisher | : World Bank Publications |
Total Pages | : 307 |
Release | : 2013-10-29 |
Genre | : Business & Economics |
ISBN | : 1464800030 |
Download Dealing with the Challenges of Macro Financial Linkages in Emerging Markets Book in PDF, ePub and Kindle
This book deals with the challenges of macro financial linkages in the emerging markets.
Author | : Mr. Alfred Schipke |
Publisher | : International Monetary Fund |
Total Pages | : 290 |
Release | : 2023-07-06 |
Genre | : Business & Economics |
ISBN | : |
Download India’s Financial System Book in PDF, ePub and Kindle
India has experienced a prolonged period of strong economic growth since it embarked on major structural reforms and economic liberalization in 1991, with real GDP growth averaging about 6.6 percent during 1991–2019. Millions have been lifted out of poverty. With a population of 1.4 billion and about 7 percent of the world economic output (in purchasing power parity terms), India is the third largest economy—after the US and China. As such, developments in India have significant global and regional implications, including via spillovers through international trade and global supply chains. At the same time, India’s economic development has not been linear and has been impacted by external and domestic shocks, some directly related to the financial sector. Indeed, India was not spared from external regional and global shocks, such as the Asian financial crisis (1997), the global financial crisis (2008), and more recently, the devastating impact of the COVID-19 pandemic (from 2020) and the war in Ukraine (2022). The economy has also been hit by domestic shocks. The book covers how to strengthen the financial system to support growth and reduce vulnerabilities by discussing the linkages between the financial sector and growth, improvements in bank lending to foster productivity, and measures to further develop India’s corporate bond market. The book reflects on India’s success in leveraging digitalization to foster financial inclusion and highlights how the financial system can help to address climate issues. This book digs deeper into the various facets of India’s financial sector to understand its strengths and opportunities and to elicit policy actions that could help the financial sector better support India’s growth potential.
Author | : Daniel Lukui Jia |
Publisher | : Springer Nature |
Total Pages | : 286 |
Release | : 2020-08-26 |
Genre | : Business & Economics |
ISBN | : 981154588X |
Download Dynamic Macroeconomic Models in Emerging Market Economies Book in PDF, ePub and Kindle
This book summarizes the evolution of modern macroeconomics (New Consensus Macroeconomics, NCM) and proposes a new approach to theoretical and empirical analysis, which is based on a recently developed dynamic stochastic general equilibrium (DSGE) model. Dynamic macroeconomic analysis in emerging market economies is challenging, and of growing importance in the global economy, where emerging markets are becoming more and more influential. Clearly, a deeper understanding of the inner workings of emerging economies, particularly with respect to their socioeconomic structure and the urbanization process, is needed. The book’s extends the NCM/DSGE model to better account for significant economic and social features in emerging market economies. In particular, household heterogeneities and social stratification are explicitly incorporated into the framework proposed here, substantially enhancing the comprehensiveness of the model economy, and allowing it to better account for underlying social structure in emerging economies. Furthermore, financial and housing markets have not been considered sufficiently in either the advanced or emerging economy literature, an oversight this book remedies. As such, it makes an original and valuable contribution to the field, and a direction for future research.
Author | : International Monetary Fund. Asia and Pacific Dept |
Publisher | : International Monetary Fund |
Total Pages | : 45 |
Release | : 2014-02-20 |
Genre | : Business & Economics |
ISBN | : 1475532830 |
Download India Book in PDF, ePub and Kindle
This Selected Issues paper analyzes the factors behind the unprecedented widening of India’s current account deficit in terms of the sectoral savings-investment balance. Persistently high inflation is found to have depressed real returns, prompting a surge in gold imports and a marked deterioration in household financial savings. The paper investigates inward and outward spillovers to and from India. The results show that output shocks emanating in globally systemic countries have important global effects, but their impact on India is limited. It is found that shocks originating in India have relatively small global implications, but are very important for several South Asian economies.
Author | : Mr.Christopher W. Crowe |
Publisher | : International Monetary Fund |
Total Pages | : 617 |
Release | : 2010-08-25 |
Genre | : Business & Economics |
ISBN | : 1589069390 |
Download Macrofinancial Linkages Book in PDF, ePub and Kindle
Macrofinancial linkages have long been at the core of the IMF's mandate to oversee the stability of the global financial system. With the advent of the economic crisis, the Fund has drawn on this research in order to contribute to critical debates on the nature of appropriate policy responses at both the national and multilateral levels. The current juncture offers a good opportunity to take stock of this body of research by IMF staff and to share it with a wider audience, particularly since few collections have been published in this area. This volume brings together some of the best writing by IMF economists on macrofinancial issues, and highlights the issues and approaches that have guided IMF thinking in an area that makes up an increasingly important component of the IMF's overall remit. The chapters in the volume fit into three broad themes: financial crises and boom-bust cycles; financial integration, financial liberalization, and economic performance; and policy issues relating to macroeconomic policy and the corporate and financial sectors-including domestic and external financial liberalization.