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Financial crisis risk, ECB “non-standard” measures, and the external value of the euro

Eichler, Stefan - In: The Quarterly Review of Economics and Finance 52 (2012) 3, pp. 257-265

I study the impact of banking and sovereign debt crisis risk of EMU member states on the external value of the euro. Using a regime switching model, I find that the external value of the euro has significantly responded to financial crisis risk during the period of November 2008–November 2011,...

Persistent link: https://www.econbiz.de/10011040164

Does the ECB act as a lender of last resort during the subprime lending crisis?: Evidence from monetary policy reaction models

Eichler, Stefan; Hielscher, Kai - In: Journal of International Money and Finance 31 (2012) 3, pp. 552-568

We investigate whether the ECB aligns its monetary policy with financial crisis risk in EMU member countries. We find that since the outbreak of the subprime crisis the ECB has significantly increased net lending and reduced interest rates when banking and sovereign debt crisis risk in...

Persistent link: https://www.econbiz.de/10010573196

Capital inflows and asset prices: Evidence from emerging Asia

Tillmann, Peter - In: Journal of Banking & Finance 37 (2013) 3, pp. 717-729

The withdrawal of foreign capital from emerging countries at the height of the recent financial crisis and its quick return sparked a debate about the impact of capital flow surges on asset markets. This paper addresses the response of property prices to an inflow of foreign capital. For that...

Persistent link: https://www.econbiz.de/10010608669

Orderly exits from adjustable pegs and exchange rate bands

Agenor, Pierre-Richard - In: Journal of Economic Policy Reform 7 (2004) 2, pp. 83-108

This paper examines the exit process from adjustable pegs and exchange rate bands, and the role of capital flows in these exits. It dwells on the experience of various countries, including Chile, Colombia, Egypt, Israel, India, Poland, and Yemen. It begins by identifying conditions under which...

Persistent link: https://www.econbiz.de/10005495358

The benefits and costs of highly expansionary monetary policy

Rawdanowicz, Łukasz; Bouis, Romain; Watanabe, Shingo - 2013

How far to go – and to remain – in the direction of highly expansionary monetary policy hinges on the balance of marginal benefits and costs of additional monetary easing and its expected evolution over time. This paper sketches a framework for assessing this balance and applies it to four...

Persistent link: https://www.econbiz.de/10010231107

The Importance of Sound Monetary Policy : Some Lessons for Today from Canada's Experience with Floating Exchange Rates Since 1950

Bordo, Michael D.; Siklos, Pierre L. - National Bureau of Economic Research - 2023

In this paper we revisit the Canadian experience with floating exchange rates since 1950. Canada was a pioneer in successfully adopting a floating exchange rate during the Bretton Woods pegged exchange rate regime. Since then, most advanced countries have followed the Canadian example

Persistent link: https://www.econbiz.de/10014372411

Stagflation and Topsy-Turvy Capital Flows

Bengui, Julien; Coulibaly, Louphou - National Bureau of Economic Research - 2022

Are unregulated capital flows excessive during a stagflation episode? We argue that they likely are, owing to a macroeconomic externality operating through the economy's supply side. Inflows raise domestic wages through a wealth effect on labor supply and cause unwelcome upward pressure on...

Persistent link: https://www.econbiz.de/10013462700

On the Effectiveness of Foreign Exchange Reserves During the 2021-22 U.S. Monetary Tightening Cycle

Ahmed, Rashad; Aizenman, Joshua; Saadaoui, Jamel; … - National Bureau of Economic Research - 2023

This paper examines the role of foreign exchange (FX) reserves and other fundamental factors in explaining cross-country differences in foreign currency depreciation observed over the 2021-22 Federal Reserve monetary policy tightening cycle that led to a sharp appreciation of the US dollar....

Persistent link: https://www.econbiz.de/10014226132

The Performance of Emerging Markets During The Fed's Easing and Tightening Cycles : A Cross-Country Resilience Analysis

Aizenman, Joshua; Park, Donghyun; Aleem, Irfan; Uddin, … - National Bureau of Economic Research - 2024

We investigate the determinants of emerging markets performance during five U.S. Federal Reserve monetary tightening and easing cycles during 2004-2023. We study how macroeconomic and institutional conditions of an Emerging Market (EM) at the beginning of a cycle explain EM resilience during...

Persistent link: https://www.econbiz.de/10014528343

Heterogeneous Consumers and Fiscal Policy Shocks

Anderson, Emily; Inoue, Atsushi; Rossi, Barbara - C.E.P.R. Discussion Papers - 2013

Consumption Expenditure Survey (CEX) to estimate individual-level impulse responses as well as multipliers for government spending … tend to decrease consumption inequality, whereas tax policy shocks most negatively affect the lives of the poor, more so … than the rich, thus increasing consumption inequality. …

Persistent link: https://www.econbiz.de/10011083875