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Safe-Haven Korea? - Spillover Effects from UMPs
Ree, Jack; Choi, Seoeun - International Monetary Fund (IMF) - 2014
States and the quantitative and qualitative easing (QQME) of Japan. Korea is an intriguing case due to its borderline … position between advanced and emerging market country groups, and the common perception that Korea competes fiercely with Japan …
Persistent link: https://www.econbiz.de/10011142093
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Outlook for Interest Rates and Japanese Banks’ Risk Exposures under Abenomics
Arslanalp, Serkan; Lam, Raphael W. - International Monetary Fund (IMF) - 2013
This paper examines how Japan’s long-term interest rates and Japanese banks’ interest rate risk exposures may evolve … yields in Japan are determined to a large extent by growth and inflation outlook, fiscal conditions, demography, and the … increased purchases by the Bank of Japan. At the same time, illustrative scenarios suggest the interest rate risk exposure of …
Persistent link: https://www.econbiz.de/10011142198
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Unconventional Monetary Policy and Long-Term Interest Rates
Wu, Tao - International Monetary Fund (IMF) - 2014
This paper examines the transmission mechanism through which unconventional monetary policy affects long-term interest rates. I construct a real-time measure summarizing market projections of the magnitude and duration of the Federal Reserve's Large Scale Asset Purchases (LSAP) program, and...
Persistent link: https://www.econbiz.de/10010959464
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Emerging Market Volatility: Lessons from The Taper Tantrum
Sahay, Ratna; Arora, Vivek B.; Arvanitis, Athanasios V; … - International Monetary Fund (IMF) - 2014
Accommodative monetary policies in advanced economies have spurred increased capital inflows into emerging markets since the global financial crisis. Starting in May 2013, when the Federal Reserve publicly discussed its plans for tapering unconventional monetary policies, these emerging markets...
Persistent link: https://www.econbiz.de/10010959484
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Monetary Policy Coordination and the Role of Central Banks
Mohan, Rakesh; Kapur, Muneesh - International Monetary Fund (IMF) - 2014
The unconventional monetary policies (UMPs) pursued by the advanced economies (AEs) have posed macroeconomic challenges for the emerging market economies (EMEs) through volatile capital flows and exchange rates. AE central banks need to acknowledge and appreciate the spillovers resulting from...
Persistent link: https://www.econbiz.de/10010790334
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The Effects of U.S. Unconventional Monetary Policy on Asia Frontier Developing Economies
Rafiq, Sohrab - International Monetary Fund (IMF) - 2015
This paper explores the effect of U.S. unconventional monetary policy (QE2) on a group of frontier developing economies (FDEs) in Asia. This paper finds that spillovers emanating from the U.S. on FDEs in Asia have been small. The relative insulation of emerging Asia from the global financial...
Persistent link: https://www.econbiz.de/10011163125
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Global Monetary Tightening: Emerging Markets Debt Dynamics and Fiscal Crises
Escolano, Julio; Kolerus, Christina; Ngouana, Constant … - International Monetary Fund (IMF) - 2014
This paper finds that tightening global financial conditions can worsen emerging economies’ public debt dynamics through an increasing interest rate-growth differential, particularly if coupled with high global risk aversion. Latin America and emerging Europe are the regions most likely...
Persistent link: https://www.econbiz.de/10011142034
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Taxing Financial Transactions; An Assessment of Administrative Feasibility
Brondolo, John - International Monetary Fund (IMF) - 2011
This paper considers how a tax on financial transactions could be applied to three broad and partially overlapping categories of financial instruments: (1) exchange-traded instruments; (2) over-the-counter instruments; and, (3) foreign exchange instruments. For each category, the paper examines...
Persistent link: https://www.econbiz.de/10009203525
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Financing Infrastructure in India; Macroeconomic Lessons and Emerging Market Case Studies
Walsh, James P; Yu, Jiangyan; Park, Chanho - International Monetary Fund (IMF) - 2011
Driving infrastructure development, notably mobilizing financial resources for infrastructure projects, has been challenging in many countries. This study includes two parts: an empirical analysis of macroeconomic risks associated with infrastructure booms, and a case study of four emerging...
Persistent link: https://www.econbiz.de/10009203552
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The Great Rebalancing Act; Can Investment Be a Lever in Asia?
International Monetary Fund (IMF); International … - 2011
Ensuring stable growth in the postcrisis world economy will require a rebalancing of economic activity in several countries. In Asia’s export-dependent economies, this entails relying more on private domestic demand as a driver of growth. While some countries need to raise consumption,...
Persistent link: https://www.econbiz.de/10008839325