Macro Financial Links And Monetary Policy Management PDF Download
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Author | : Nephil Matangi Maskay |
Publisher | : |
Total Pages | : 328 |
Release | : 2010 |
Genre | : Global Financial Crisis, 2008-2009 |
ISBN | : |
Download Macro-financial Links and Monetary Policy Management Book in PDF, ePub and Kindle
"The macroeconomy is linked with the financial market by the latter performing the important function of allocating resources and risks, which facilitates overall economic growth. Importantly, the macro-financial link is closely intertwined with monetary policy management since it contributes to fine-tuning and making it more effective. However, fundamental changes related to both increasing globalisation and financial development suggest that the nature of this link has changed significantly."- -Executive summary.
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.Olivier J. Blanchard |
Publisher | : International Monetary Fund |
Total Pages | : 26 |
Release | : 2013-04-15 |
Genre | : Business & Economics |
ISBN | : 1484363477 |
Download Rethinking Macro Policy II Book in PDF, ePub and Kindle
This note explores how the economic thinking about macroeconomic management has evolved since the crisis began. It discusses developments in monetary policy, including unconventional measures; the challenges associated with increased public debt; and the policy potential, risks, and institutional challenges associated with new macroprudential measures. Rationale: The note contributes to the ongoing debate on several aspects of macroeconomic policy. It follows up on the earlier “Rethinking” paper, refining the analysis in light of the events of the past two years. Given the relatively fluid state of the debate (e.g., recent challenges to central bank independence), it is useful to highlight that while many of the tenets of the pre-crisis consensus have been challenged, others (such as the desirability of central bank independence) remain valid.
Author | : Pierre-Richard Agenor |
Publisher | : MIT Press |
Total Pages | : 601 |
Release | : 2020-11-10 |
Genre | : Business & Economics |
ISBN | : 0262359421 |
Download Monetary Policy and Macroprudential Regulation with Financial Frictions Book in PDF, ePub and Kindle
An integrated analysis of how financial frictions can be accounted for in macroeconomic models built to study monetary policy and macroprudential regulation. Since the global financial crisis, there has been a renewed effort to emphasize financial frictions in designing closed- and open-economy macroeconomic models for monetary and macroprudential policy analysis. Drawing on the extensive literature of the past decade as well as his own contributions, in this book Pierre-Richard Age&́nor provides a unified set of theoretical and quantitative macroeconomic models with financial frictions to explore issues that have emerged in the wake of the crisis. These include the need to understand better how the financial system amplifies and propagates shocks originating elsewhere in the economy; how it can itself be a source of aggregate fluctuations; the extent to which central banks should account for financial stability considerations in the conduct of monetary policy; whether national central banks and regulators should coordinate their policies to promote macroeconomic and financial stability; and how much countercyclical macroprudential policies should be coordinated at the international level to mitigate financial spillovers across countries.
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.
Author | : Edward S Robinson |
Publisher | : World Scientific |
Total Pages | : 724 |
Release | : 2022-12-28 |
Genre | : Business & Economics |
ISBN | : 9811259445 |
Download Macro-financial Stability Policy In A Globalised World: Lessons From International Experience - Selected Papers From The Asian Monetary Policy Forum 2021 Special Edition And Mas-bis Conference Book in PDF, ePub and Kindle
Since at least the Great Financial Crisis, authorities around the world have increasingly relied on macroprudential policy to help secure financial stability and complement monetary policy as an integral element of a broader macro-financial stability framework. In today's interconnected global financial system, policy actions taken by the major advanced economies can have spillovers on the rest of the world through their impact on capital flows and exchange rates, potentially generating vulnerabilities across borders. Conversely, in emerging market economies, macroprudential policy as well as foreign exchange intervention and/or capital flow management policy can help mitigate the corresponding impact. This can in turn generate spillbacks on advanced economies — spillbacks that have become more sizeable as the emerging market economies' heft in the world has grown. Yet little is known about these interactions.The contents of this book are based on a conference held on 26-28 May 2021 and jointly hosted by the Monetary Authority of Singapore (MAS) and the Bank for International Settlements (BIS). It aims to contribute to existing literature on macro-financial policymaking by providing an overall conceptual framework and documenting the latest global trends and country experiences. In particular, it highlights the role of international spillovers and spillbacks, paying particular attention to emerging market economies. This book is essential reading for academics, graduate students and economic professionals. It can also serve as a handbook for policymakers at central banks, regulatory authorities and other government agencies tasked with designing and implementing macroprudential or more generally macro-financial stability policies. The book will also be of interest to researchers at international organisations.
Author | : Stijn Claessens |
Publisher | : |
Total Pages | : 191 |
Release | : 2018 |
Genre | : |
ISBN | : 9789292591236 |
Download Frontiers of Macrofinancial Linkages Book in PDF, ePub and Kindle
The Great Financial Crisis of 2007-09 confirmed the vital importance of advancing our understanding of macrofinancial linkages, the two-way interactions between the real economy and the financial sector. The crisis was a bitter reminder of how sharp fluctuations in asset prices, credit and capital flows can have dramatic impact on the financial positions of households, corporations and sovereign nations. As fluctuations were amplified, the global financial system was brought to the brink of collapse and the deepest contraction in world output in more than half a century followed. Moreover, unprecedented challenges for fiscal, monetary and financial regulatory policies resulted.The crisis revived an old debate in the economics profession about the importance of macrofinancial linkages. Some argue that the crisis was a painful reminder of our limited knowledge of these linkages. Others claim that the profession had already made substantial progress in understanding them but that there was too much emphasis on narrow approaches and modelling choices. Yet, most also recognise that the absence of a unifying framework to study these two-way interactions has limited the practical applications of existing knowledge and impeded the formulation of policies.With these observations in mind, this paper presents a systematic review of the rapidly expanding literature on macrofinancial linkages. It first surveys the literature on the linkages between asset prices and macroeconomic outcomes. It then reviews the literature on the macroeconomic implications of financial imperfections. It also examines the global dimensions of macrofinancial linkages and documents the main stylized facts about the linkages between the real economy and the financial sector. The topic of macrofinancial linkages promises to remain an exciting area of research, given the many open questions and significant policy interest. The paper concludes with a discussion of possible directions for future research, stressing the need for richer theoretical models, more robust empirical work and better quality data so as to advance knowledge and help guide policymakers going forward.
Author | : International Monetary Fund. African Dept. |
Publisher | : International Monetary Fund |
Total Pages | : 53 |
Release | : 2018-07-23 |
Genre | : Business & Economics |
ISBN | : 1484361490 |
Download Macro-Financial Linkages in Shallow Markets Book in PDF, ePub and Kindle
This paper assesses and disseminates experiences and lessons from low-income countries (LICs) in Sub-Saharan Africa that were selected by the Africa Department in 2015-16 as pilots for enhanced analysis of macro-financial linkages in Article IV staff reports. The paper focuses on the common characteristics across the pilot countries and highlights the tools used in the analysis, the challenges encountered, and the solutions deployed in overcoming them.
Author | : Mr.Bas B. Bakker |
Publisher | : International Monetary Fund |
Total Pages | : 46 |
Release | : 2012-06-07 |
Genre | : Business & Economics |
ISBN | : 1475572689 |
Download Policies for Macrofinancial Stability Book in PDF, ePub and Kindle
This note explores the costs and benefits of different policy options to reduce the risks associated with credit booms, drawing upon several country experiences and the findings from econometric analysis.
Author | : Mr.Stijn Claessens |
Publisher | : International Monetary Fund |
Total Pages | : 36 |
Release | : 2014-08-19 |
Genre | : Business & Economics |
ISBN | : 1498357601 |
Download Macro-Prudential Policies to Mitigate Financial System Vulnerabilities Book in PDF, ePub and Kindle
Macro-prudential policies aimed at mitigating systemic financial risks have become part of the policy toolkit in many emerging markets and some advanced countries. Their effectiveness and efficacy are not well-known, however. Using panel data regressions, we analyze how changes in balance sheets of some 2,800 banks in 48 countries over 2000–2010 respond to specific macro-prudential policies. Controlling for endogeneity, we find that measures aimed at borrowers––caps on debt-to-income and loan-to-value ratios––and at financial institutions––limits on credit growth and foreign currency lending––are effective in reducing asset growth. Countercyclical buffers are little effective through the cycle, and some measures are even counterproductive during downswings, serving to aggravate declines, consistent with the ex-ante nature of macro-prudential tools.