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Excess Liquidity and the Effectiveness of Monetary Policy; Evidence From Sub-Saharan Africa

Saxegaard, Magnus - International Monetary Fund (IMF) - 2006

This paper examines the pattern of excess liquidity in sub-Saharan Africa and its consequences for the effectiveness of … monetary policy. The paper argues that understanding the consequences of excess liquidity requires quantifying the extent to … which commercial bank holdings of excess liquidity exceed levels required for precautionary purposes. It proposes a …

Persistent link: https://www.econbiz.de/10005826003

The Federal Reserve System Balance Sheet-What Happened and Why it Matters

Stella, Peter - International Monetary Fund (IMF) - 2009

The recent expansion of the balance sheet of the consolidated Federal Reserve Banks (FRB) is analyzed in an historical context. The analysis reveals that the nature of Fed involvement in U.S. financial markets has changed dramatically and its expansion is several orders of magnitude beyond what...

Persistent link: https://www.econbiz.de/10008528678

Macroprudential Policy; What Instruments and How to Use them? Lessons From Country Experiences

International Monetary Fund (IMF); International … - 2011

This paper provides the most comprehensive empirical study of the effectiveness of macroprudential instruments to date. Using data from 49 countries, the paper evaluates the effectiveness of macroprudential instruments in reducing systemic risk over time and across institutions and markets. The...

Persistent link: https://www.econbiz.de/10009369434

What Drives China's Interbank Market?

International Monetary Fund (IMF); International … - 2009

Interest rates in China comprise a mix of both market determined interest rates (interbank rates and bond yields), and regulated interest rates (lending and deposit rates), reflecting China's gradual process of interest rate liberalization. We argue, using a theoretical model and empirical...

Persistent link: https://www.econbiz.de/10008528670

The Liquidity and Liquidity Distribution Effects in Emerging Markets; The Case of Jordan

Vandenbussche, Jérôme; Watt, Stanley; Blazsek, Szabolcs - International Monetary Fund (IMF) - 2009

quantifies the classic liquidity effect, but also uncovers a liquidity distribution effect on both sides of the market, and shows … liquidity effect. …

Persistent link: https://www.econbiz.de/10008540932

Systemic Liquidity Management in the U.A.E.; Issues and Options

Chailloux, Alexandre; Hakura, Dalia - International Monetary Fund (IMF) - 2009

The paper analyzes the U.A.E.'s liquidity management framework in the context of the 2008 global financial crisis and … the measures taken by the Central Bank of the U.A.E. to ease liquidity pressures in the second half of 2008. Drawing also … available to banks additional instruments to manage their liquidity as well as to strengthen the monitoring of a more …

Persistent link: https://www.econbiz.de/10008497608

Does Good Financial Performance Mean Good Financial Intermediation in China?

Feyzioglu, Tarhan - International Monetary Fund (IMF) - 2009

Chinese banks generate large profits and have relatively low nonperforming loans. However, good financial performance does not, in itself, guarantee that banks efficiently intermediate the economy's financial resources. This paper first examines how efficient Chinese banks are in financial...

Persistent link: https://www.econbiz.de/10008528607

Interest Rate Liberalization in China

International Monetary Fund (IMF); International … - 2009

What might interest rate liberalization do to intermediation and the cost of capital in China? China's most binding interest rate control is a ceiling on the deposit rate, although lending rates are also regulated. Through case studies and model-based simulations, we find that liberalization...

Persistent link: https://www.econbiz.de/10008528666

Assessing and Managing Rapid Credit Growth and the Role of Supervisory and Prudential Policies

Pazarbasioglu, Ceyla; Johnsen, Gudrun; Hilbers, Paul … - International Monetary Fund (IMF) - 2005

This paper reviews trends in bank lending to the private sector, with a particular focus on Central and Eastern European countries, and finds that rapid growth of private sector credit continues to be a key challenge for most of these countries. The paper discusses possible implications for...

Persistent link: https://www.econbiz.de/10005263910

The Gambia; Demand for Broad Money and Implications for Monetary Policy Conduct

Sriram, Subramanian S. - International Monetary Fund (IMF) - 2009

This paper evaluates the demand for broad money (M2) in The Gambia for January 1988-June 2007. There appears to be a long-run relationship for demand for real M2, but the relationship is not stable. Exogenous output shocks, financial innovation, changes in income velocity, and inadequate data...

Persistent link: https://www.econbiz.de/10008528631