The Zero Lower Bound And Market Spillovers PDF Download
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| Author | : Evangelos Kyritsis |
| Publisher | : |
| Total Pages | : 51 |
| Release | : 2017 |
| Genre | : |
| ISBN | : |
Download The Zero Lower Bound and Market Spillovers Book in PDF, ePub and Kindle
This paper investigates mean and volatility spillovers between the crude oil market and three financial markets, namely the debt, stock, and foreign exchange markets, while providing international evidence from each of the seven major advanced economies (G7), and the small open oil-exporting economy of Norway. Using monthly data for the period from May 1987 to March 2016, and a four-variable VARMA-GARCH model with a BEKK variance specification, we find significant spillovers and interactions among the markets, but also absence of a hierarchy of influence from one specific market to the others. We further incorporate a structural break to examine the possible effects of the prolonged episode of zero lower bound in the aftermath of the global financial crisis, and provide evidence of strengthened linkages from all the eight international economies.
| Author | : Edda Claus |
| Publisher | : |
| Total Pages | : |
| Release | : 2016 |
| Genre | : |
| ISBN | : |
Download Monetary Policy Spillovers Across the Pacific when Interest Rates are at the Zero Lower Bound Book in PDF, ePub and Kindle
| Author | : Charles Goodhart |
| Publisher | : Springer Nature |
| Total Pages | : 260 |
| Release | : 2020-08-08 |
| Genre | : Business & Economics |
| ISBN | : 3030426572 |
Download The Great Demographic Reversal Book in PDF, ePub and Kindle
This original and panoramic book proposes that the underlying forces of demography and globalisation will shortly reverse three multi-decade global trends – it will raise inflation and interest rates, but lead to a pullback in inequality. “Whatever the future holds”, the authors argue, “it will be nothing like the past”. Deflationary headwinds over the last three decades have been primarily due to an enormous surge in the world’s available labour supply, owing to very favourable demographic trends and the entry of China and Eastern Europe into the world’s trading system. This book demonstrates how these demographic trends are on the point of reversing sharply, coinciding with a retreat from globalisation. The result? Ageing can be expected to raise inflation and interest rates, bringing a slew of problems for an over-indebted world economy, but is also anticipated to increase the share of labour, so that inequality falls. Covering many social and political factors, as well as those that are more purely macroeconomic, the authors address topics including ageing, dementia, inequality, populism, retirement and debt finance, among others. This book will be of interest and understandable to anyone with an interest on where the world’s economy may be going.
| Author | : International Monetary Fund |
| Publisher | : International Monetary Fund |
| Total Pages | : 107 |
| Release | : 2014-06-25 |
| Genre | : Business & Economics |
| ISBN | : 1498343201 |
Download 2014 Spillover Report Book in PDF, ePub and Kindle
Global spillovers have entered a new phase. With crisis-related spillovers and risks fading, changing growth patterns are the main source of spillovers in the global economy at this juncture. Two key trends are highly relevant here. First, signs of self-sustaining recovery in some advanced economies indicate that the unwinding of exceptional monetary accommodation will proceed and lead to a tightening of global financial conditions in the coming years. An uneven recovery, though, suggests normalization will proceed at different times in different countries, with possible spillover implications. Second, growth in emerging markets is slowing on a broad basis since its precrisis peak and can carry noticeable spillover effects at the global level. Model code and programs used for the spillover simulations can be made available. Data used for the empirical analysis can be made available unless restricted by copyright or confidentiality issues.
| Author | : Nicholas Bloom |
| Publisher | : |
| Total Pages | : 0 |
| Release | : 2005 |
| Genre | : High technology industries |
| ISBN | : |
Download Identifying Technology Spillovers and Product Market Rivalry Book in PDF, ePub and Kindle
| Author | : |
| Publisher | : |
| Total Pages | : 15 |
| Release | : 2014 |
| Genre | : |
| ISBN | : |
Download International Spillovers from US Forward Guidance to Equity Markets Book in PDF, ePub and Kindle
| Author | : Ms.Adina Popescu |
| Publisher | : International Monetary Fund |
| Total Pages | : 15 |
| Release | : 2017-10-18 |
| Genre | : Business & Economics |
| ISBN | : 1484320255 |
Download Spillovers from US Government Spending Shocks Book in PDF, ePub and Kindle
This note analyzes the impact of preannounced government spending shocks in the United States on the real effective exchange rate and the trade balance. Using a vector autoregression framework that allows anticipated fiscal shocks to be identified using survey information, we find that preannounced spending shocks lead to a sizable real effective dollar appreciation and a worsening of both the aggregate trade balance and bilateral trade balances in a panel of partner countries. The results are robust to controlling for country-specific variables like the macroeconomic and policy conditions in the recipient countries, are generalized across regions and might have decreased during the zero-interest-lower-bound regime.
| Author | : Naoyuki Yoshino |
| Publisher | : Oxford University Press |
| Total Pages | : 384 |
| Release | : 2019-06-20 |
| Genre | : Business & Economics |
| ISBN | : 019257518X |
Download Macroeconomic Shocks and Unconventional Monetary Policy Book in PDF, ePub and Kindle
Barely two decades after the Asian financial crisis Asia was suddenly confronted with multiple challenges originating outside the region: the 2008 global financial crisis, the European debt crisis, and finally developed economies' implementation of unconventional monetary policies. The implementation of quantitative easing, ultra-low interest rate policies, and negative interest rate policies by a number of large central banks has given rise to concerns over financial stability and international capital flows. Macroeconomic Shocks and Unconventional Monetary Policy: Impacts on Emerging Markets explains how shocks stemming from the global financial crisis have affected macroeconomic and financial stability in emerging Asia. Macroeconomic Shocks and Unconventional Monetary Policy: Impacts on Emerging Markets brings together the most up-to-date knowledge impacts of recent macroeconomic shocks on Asia's real economy; the spillover effects of macroeconomic shocks on financial markets and flows in Asia; and key challenges for monetary, exchange rate, trade and macro prudential policies of developing Asian economies. It is authored by experts in the field of international macroeconomics from leading academic institutions, central banks, and international organizations including the International Monetary Fund, the Bank for International Settlement, and the Asian Development Bank Institute.
| Author | : Filippo Balestrieri |
| Publisher | : International Monetary Fund |
| Total Pages | : 66 |
| Release | : 2018-09-11 |
| Genre | : Business & Economics |
| ISBN | : 1484376730 |
Download An Imperfect Financial Union With Heterogeneous Regions Book in PDF, ePub and Kindle
We analyze a union of financially-integrated yet politically-sovereign countries, where households in the Northern core of the union lend to those in the Southern periphery in a unified debt market subject to a borrowing constraint. This constraint generates sudden stops throughout the South, depresses the intra-union interest rate, and reduces Northern welfare below its unconstrained level, while having ambiguous effects on Southern welfare. During sudden stops, Pareto improvements can be achieved using North-to-South governmental loans if Southern governments have the capacity to commit to repay, or using a combination of Southern debt relief and budget-neutral taxes and subsidies if they do not. From the pre-crisis perspective, it is Pareto-improving to allow loans and debt relief to be negotiated in later sudden-stop periods as long as the regions in the union are sufficiently heterogeneous to begin with. We show that our results are robust to production and to limited financial openness of the union.
| Author | : Allan Dizioli |
| Publisher | : International Monetary Fund |
| Total Pages | : 33 |
| Release | : 2016-11-08 |
| Genre | : Business & Economics |
| ISBN | : 147555222X |
Download Spillovers from the Maturing of China’s Economy Book in PDF, ePub and Kindle
China’s transition to a new growth model continues and the impact has been felt across the globe. Several trends contribute to the ‘maturing’ of China’s economy: i) structural slowing on the convergence path; ii) on-shoring deepening; and iii) demand rebalancing from investment towards consumption. In the short term, financial stress may lead to a cyclical slowdown. This paper discusses and quantifies spillovers to the global economy from these different developments. The analysis is undertaken using the APDMOD and G20MOD, both modules of the IMF’s Flexible System of Global Models. For plausible values of these developments, the overall impact on the global economy is not large. However, the impact on China’s closest trading partners and commodity exporters can be notable.
