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Liquidity and Transparency in Bank Risk Management

Ratnovski, Lev - International Monetary Fund (IMF) - 2013

accumulate a buffer of liquid assets, or strengthen transparency to communicate solvency. While a liquidity buffer provides … bank may choose insufficient liquidity buffers and transparency. The regulatory response is constained: while liquidity … buffers can be imposed, transparency is not verifiable. Moreover, liquidity requirements can compromise banks' transparency …

Persistent link: https://www.econbiz.de/10010790317

Externalities and Macroprudential Policy

Nicoló, Gianni De; Favara, Giovanni; Ratnovski, Lev - International Monetary Fund (IMF) - 2012

This note overviews macroprudential policy options that have been proposed to address the systemic risks experienced during the recent financial crisis. It contributes to the policy debate by providing a taxonomy of macroprudential policies in terms of the specific negative externalities in the...

Persistent link: https://www.econbiz.de/10011142226

Shadow Banking; Economics and Policy

Claessens, Stijn; Ratnovski, Lev; Singh, Manmohan - International Monetary Fund (IMF) - 2012

This note outlines the basic economics of the shadow banking system, highlights (systemic) risks related to it, and suggests implications for measurement and regulatory approaches.

Persistent link: https://www.econbiz.de/10011245881

Global Liquidity and Drivers of Cross-Border Bank Flows

Cerutti, Eugenio; Claessens, Stijn; Ratnovski, Lev - International Monetary Fund (IMF) - 2014

This paper provides a definition of global liquidity consistent with its meaning as the â€œease of financingâ€ in … also the cyclical impact of global liquidity, with sensitivities of flows to banks decreasing with stronger macroeconomic …

Persistent link: https://www.econbiz.de/10011142075

Bailouts and Systemic Insurance

Dell'Ariccia, Giovanni; Ratnovski, Lev - International Monetary Fund (IMF) - 2013

We revisit the link between bailouts and bank risk taking. The expectation of government support to failing banks creates moral hazard—increases bank risk taking. However, when a bank’s success depends on both its effort and the overall stability of the banking system, a government’s...

Persistent link: https://www.econbiz.de/10010790390

The Choice of Exchange Rate Regime and Monetary Target in Highly Dollarized Economies

Borensztein, Eduardo; Berg, Andrew - International Monetary Fund (IMF) - 2000

We examine the implications of high degrees of dollarization for the choice of exchange rate regime and the information content of various monetary aggregates in developing countries. We conclude that a high degree of currency substitution argues for a more fixed exchange rate regime, while...

Persistent link: https://www.econbiz.de/10005264031

Re-Establishing Credible Nominal Anchors After a Financial Crisis; A Review of Recent Experience

Zanello, Alessandro; Stone, Mark R.; Jarvis, Christopher J. - International Monetary Fund (IMF) - 2003

This paper studies the question of how to achieve monetary policy credibility and price stability after a financial crisis. We draw stylized facts and conclusions from ten recent cases: Brazil (1999); Bulgaria (1997); Ecuador (2000); Indonesia (1997); Korea (1997); Malaysia (1997); Mexico...

Persistent link: https://www.econbiz.de/10005825883

On the Optimal Adherence to Money Targets in a New-Keynesian Framework; An Application to Low-Income Countries

Berg, Andrew; Unsal, D. Filiz; Portillo, Rafael - International Monetary Fund (IMF) - 2010

Many low-income countries continue to describe their monetary policy framework in terms of targets on monetary aggregates. This contrasts with most modern discussions of monetary policy, and with most practice. We extend the new-Keynesian model to provide a role for â€œMâ€ in the conduct...

Persistent link: https://www.econbiz.de/10008542989

Money Targeting in a Modern Forecasting and Policy Analysis System: an Application to Kenya

Andrle, Michal; Berg, Andrew; Berkes, Enrico; Portillo, … - International Monetary Fund (IMF) - 2013

We extend the framework in Andrle and others (2013) to incorporate an explicit role for money targets and target misses in the analysis of monetary policy in low-income countries (LICs), with an application to Kenya. We provide a general specification that can nest various types of money...

Persistent link: https://www.econbiz.de/10010790361

The Monetary Transmission Mechanism in the Tropics; A Narrative Approach

Berg, Andrew; Charry, Luisa; Portillo, Rafael A; Vlcek, Jan - International Monetary Fund (IMF) - 2013

Many central banks in low-income countries in Sub-Saharan Africa are modernising their monetary policy frameworks. Standard statistical procedures have had limited success in identifying the channels of monetary transmission in such countries. Here we take a narrative approach, following Romer...

Persistent link: https://www.econbiz.de/10011242205