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| Author | : |
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| Total Pages | : 401 |
| Release | : 2014 |
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| ISBN | : 9789291315666 |
| Author | : Madhusudan S. Mohanty |
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| Total Pages | : 24 |
| Release | : 2014 |
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Highly accommodative monetary policies in the major advanced economies and the questions bout the exit from such policies have created major challenges for policymakers in emerging market economies (EMEs). Quite a few of EMEs that experienced rapid capital inflows and strong currency appreciation pressures during 2010-12 saw a sharp reversal in episodes of market volatility from May 2013 to February 2014. This meeting of Deputy Governors focused on three main questions: (i) How can external monetary conditions become a source of risks to monetary and financial stability in EMEs? (ii) How should central banks respond to such shocks? (iii) And, can there be a greater international role for emerging market currencies? A key conclusion from the discussion is that asset prices and interest rates have become more correlated globally during the period of unprecedented monetary easing by advanced economies. One major worry was the risk of an abrupt reversal of capital inflows to EMEs. Central banks face difficult policy dilemmas in preserving financial stability while pursuing their monetary policy goals. It is hard for EME monetary authorities to counter a prolonged period of very low long-term interest rates and increased risk-taking in global financial markets.Full publication: "http://ssrn.com/abstract=2498104" target="_blank" The Transmission of Unconventional Monetary Policy to the Emerging Markets.
| Author | : Banco de Pagos Internacionales (Basilea, Suiza). Departamento Monetario y Económico |
| Publisher | : |
| Total Pages | : 401 |
| Release | : 2014 |
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| Author | : Chiara Fratto |
| Publisher | : International Monetary Fund |
| Total Pages | : 71 |
| Release | : 2021-01-22 |
| Genre | : Business & Economics |
| ISBN | : 1513567217 |
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.
| Author | : Bank for International Settlements |
| Publisher | : |
| Total Pages | : 367 |
| Release | : 2014 |
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| ISBN | : |
Papers in this volume wer ...
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| Total Pages | : 0 |
| Release | : 2014 |
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| Author | : Mr.Etienne B. Yehoue |
| Publisher | : International Monetary Fund |
| Total Pages | : 44 |
| Release | : 2009-10-01 |
| Genre | : Business & Economics |
| ISBN | : 1451873735 |
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.
| Author | : Ila Patnaik |
| Publisher | : International Monetary Fund |
| Total Pages | : 27 |
| Release | : 2011-01-01 |
| Genre | : Business & Economics |
| ISBN | : 1455211834 |
Some emerging economies have a relatively ineffective monetary policy transmission owing to weaknesses in the domestic financial system and the presence of a large and segmented informal sector. At the same time, small open economies can have a substantial monetary policy transmission through the exchange rate channel. In order to understand this setting, we explore a unified treatment of monetary policy transmission and exchangerate pass-through. The results for an emerging market, India, suggest that the most effective mechanism through which monetary policy impacts inflation runs through the exchange rate.
| Author | : Diwa C. Guinigundo |
| Publisher | : |
| Total Pages | : 20 |
| Release | : 2014 |
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An understanding of the transmission mechanism is essential to the appropriate design and implementation of monetary policy. Central banks must be alert to changes in the structure of the economy because they tend to alter the way in which a monetary policy change is transmitted to the economy. This concern applies as well to the international transmission of policy changes.This study considers the mechanisms by which changes in policy rates in advanced economies are transmitted to the Philippine economy and finds that the exchange rate, risk-taking in global financial markets and inflation expectations have been significant channels of transmission. Moreover, changes in policy rates abroad have had an indirect influence on the Philippine policy rate, thereby affecting the outlook for Philippine inflation and growth.Full publication: "http://ssrn.com/abstract=2498104" target="_blank" The Transmission of Unconventional Monetary Policy to the Emerging Markets.
| Author | : Don Nakornthab |
| Publisher | : |
| Total Pages | : 14 |
| Release | : 2014 |
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| ISBN | : |
Owing to the extraordinarily accommodative monetary policy of advanced economy central banks, those of emerging market economies have entered uncharted territory. This note reviews the experience of Thailand, a small economy highly exposed to international trade and capital flows, in dealing with monetary policy spillovers during the various phases of the US Fed's QE programmes. The Monetary Policy Committee's policy responses and their rationale highlight the difficult trade-offs faced by monetary policymakers as they seek to maintain economic and financial stability.Full publication: "http://ssrn.com/abstract=2498104" target="_blank" The Transmission of Unconventional Monetary Policy to the Emerging Markets.
