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The Effects of Unconventional Monetary Policies on Bank Soundness

Lambert, Frederic; Ueda, Kenichi - International Monetary Fund (IMF) - 2014

Unconventional monetary policy is often assumed to benefit banks. However, we find little supporting evidence. Rather, we find some evidence for heightened medium-term risks. First, in an event study using a novel instrument for monetary policy surprises, we do not detect clear effects of...

Persistent link: https://www.econbiz.de/10011142163

Shock from Graying; Is the Demographic Shift Weakening Monetary Policy Effectiveness

Imam, Patrick A. - International Monetary Fund (IMF) - 2013

Abstract Empirical evidence is mounting that, in advanced economies, changes in monetary policy have a more benign impact on the economy—given better anchored inflation expectations and inflation being less responsive to variation in unemployment—compared to the past. We examine another...

Persistent link: https://www.econbiz.de/10011242214

Risk Exposures and Financial Spillovers in Tranquil and Crisis Times; Bank-Level Evidence

Poirson, Hélène; Schmittmann, Jochen M. - International Monetary Fund (IMF) - 2013

For a sample of 83 financial institutions during 2003–2011, this paper attempts to answer three questions: first, what is the evolution of banks’ stock price exposure to country-level and global risk factors as approximated by equity indices; second, which bank-specific characteristics...

Persistent link: https://www.econbiz.de/10011242342

Global Bonding; Do U.S. Bond and Equity Spillovers Dominate Global Financial Markets?

Bayoumi, Tamim; Bui, Trung - International Monetary Fund (IMF) - 2012

This paper uses a novel variant of identification through hetroscedacity to estimate spillovers across U.S., Euro area, Japanese, and UK government bond and equity markets in a vector autoregression. The results suggest that U.S. financial shocks reverberate around the world much more strongly...

Persistent link: https://www.econbiz.de/10011242378

The Impact of Uncertainty Shocks on the UK Economy

Denis, Stephanie; Kannan, Prakash - International Monetary Fund (IMF) - 2013

This paper quantifies the economic impact of uncertainty shocks in the UK using data that span the recent Great Recession. We find that uncertainty shocks have a significant impact on economic activity in the UK, depressing industrial production and GDP. The peak impact is felt fairly quickly at...

Persistent link: https://www.econbiz.de/10010790244

Aggregate Stability and Balanced-Budget Rules

Ghilardi, Matteo; Rossi, Raffaele - International Monetary Fund (IMF) - 2014

It has been shown that under perfect competition and a Cobb-Douglas production function, a basic real business cycle model may exhibit indeterminacy and sunspot fluctuations when income tax rates are determined by a balanced-budget rule. This paper introduces in an otherwise standard real...

Persistent link: https://www.econbiz.de/10010790380

Macroprudential Solvency Stress Testing of the Insurance Sector

Jobst, Andreas A.; Sugimoto, Nobuyasu; Broszeit, Timo - International Monetary Fund (IMF) - 2014

surveillance work. Recently, more emphasis has also been placed on the role of insurance for financial stability analysis. This … paper reviews the current state of system-wide solvency stress tests for insurance based on a comparative review of national … consistent implementation of such exercises. The paper also offers recommendations on improving the current insurance stress …

Persistent link: https://www.econbiz.de/10011142085

Liquidity Trap and Excessive Leverage

Korinek, Anton; Simsek, Alp - International Monetary Fund (IMF) - 2014

' exante leverage and insurance decisions are associated with aggregate demand externalities. The competitive equilibrium … mandatory insurance requirements. The size of the required intervention depends on the differences in marginal propensity to …

Persistent link: https://www.econbiz.de/10010800974

Islamic Finance in Sub-Saharan Africa: Status and Prospects

Gelbard, E.; Hussain, Mumtaz; Maino, Rodolfo; Mu, Yibin; … - International Monetary Fund (IMF) - 2014

. Ongoing activities include Islamic banking, sukuk issuances (to finance infrastructure projects), Takaful (insurance), and …

Persistent link: https://www.econbiz.de/10010959474

Brazil; Detailed Assessment of Observance of Insurance Core Principles of the International Association of Insurance Supervisors

International Monetary Fund (IMF); International … - 2012

This report is a full assessment of Brazilâ€™s compliance with the Insurance Core Principles (ICPs) of the … International Association of Insurance Supervisors (IAIS) as adopted in October 2011. In the last few years, the Brazilian insurance … industry experienced an explosive growth doubling the premium between 2005 and 2010. Investments by the insurance sector are …

Persistent link: https://www.econbiz.de/10011242544