Showing 1 - 10 of 25
We analyze business cycle implications of oil price uncertainty in an oil-importing small open economy, where oil is used for both consumption and production. In our framework, higher volatility in oil prices works through two main channels. On the one hand, it makes the marginal product of...
Persistent link: https://www.econbiz.de/10010941497
Exploring the determinants and dynamics of the current account balance is one of the priorities of academic literature and policy circles. Although the effects of structural variables are deeply analyzed, a lesser attention has been paid to the impact of financial variables. Drawing on standard...
Persistent link: https://www.econbiz.de/10010941498
We analyze the global imbalances and the required adjustments for rebalancing in current accounts and real exchange rates. We set up a two-country two-sector model for the US-China with two asymmetries. First, we assume that the size of China initially is one third of the US but its size becomes...
Persistent link: https://www.econbiz.de/10009398272
This paper investigates the effectiveness of macroprudential policies introduced by Turkey in late 2010. The unprecedented quantitative easing policies of advanced countries after the global financial crisis have presented serious financial stability concerns for most emerging countries...
Persistent link: https://www.econbiz.de/10010941439
This paper explores the sectoral dimension of emerging market business cycles by building a two-sector small open economy real business cycle model featuring a working capital requirement, variable capital utilization and imported inputs in production. The primary finding is that the price of...
Persistent link: https://www.econbiz.de/10010941453
The recent episodes of capital flows to emerging market economies in the aftermath of the global financial crisis once again highlighted the importance of appropriate policy design to cope with strong and volatile capital flows, that are effective not only during surges but also during...
Persistent link: https://www.econbiz.de/10010941469
Heightened volatility in cross-border capital flows has increased exchange rate volatility across emerging markets as well as in advanced economies, setting the stage for more active management of currencies. Traditionally, foreign exchange rate intervention has been the primary tool to address...
Persistent link: https://www.econbiz.de/10010941481
Turkiye’de son yillarda cari islemler aciginin yuksek seviyelerde dalgali bir seyir izlemesi ve buna paralel olarak gundeme gelen kirilganliklar, dis dengeyi makroekonomik istikrari saglamaya yonelik politikalarin merkezine oturtmaktadir. Cari islemler dengesine dair politika tasariminin...
Persistent link: https://www.econbiz.de/10010941485
Rezerv opsiyonu mekanizmasi son dönemde TCMB tarafindan aktif bir politika araci olarak kullanilmaktadir. Rezerv opsiyonu mekanizmasi ile Turk lirasinin oynakligi dusurulebilir ve kredilerin sermaye hareketlerine duyarliligi azaltilabilir. Ayrica rezerv opsiyonu kredi buyumesi uzerinde de TCMB...
Persistent link: https://www.econbiz.de/10010941510
The extent of interaction between international capital flows and macro-financial stability is an important and unsettled topic of debate. We contribute to this discussion by providing empirical evidence on the relationship between capital flows and domestic credit growth using a large...
Persistent link: https://www.econbiz.de/10010941526