Showing 1 - 10 of 11
We investigate the impact of asset purchase programs (APPs) by 14 EME central banks during COVID-19, finding a statistically significant effect in compressing bond spreads vis-à-vis the US. A counterfactual analysis shows that in the absence of APPs, EME bond spreads would have been...
Persistent link: https://www.econbiz.de/10014540399
This paper empirically examines the effect of corporate market power on monetary policy transmission in Asia. Using panel local projections based on a firm-level dataset for 11 advanced and emerging Asian economies, we find that after a monetary policy tightening, the real sales of firms with...
Persistent link: https://www.econbiz.de/10014540456
Using a time-varying parameter SVAR model over the period 1994 to 2021, this paper provides estimates of exchange rate pass-through (ERPT) to both producer and consumer prices for nine emerging Asian economies. We also examine the role of four global shocks as propagation channels to both...
Persistent link: https://www.econbiz.de/10014540497
Focusing on Asian economies over the period 2006 to 2019, we find that while nonbank finance appears to complement rather than substitute credit provision by the traditional banking sector, weaker regulatory quality is an important driving factor. Moreover, while we find that central bank policy...
Persistent link: https://www.econbiz.de/10013359377
This paper examines real and financial spillovers from monetary policy shocks originating in the US and the People’s Republic of China (PRC) to advanced and emerging economies in Asia over the period 2000 to 2020. Using a structural panel vector autoregression approach, we find that Asian...
Persistent link: https://www.econbiz.de/10012807469
This paper examines the effect of institutions on macrofinancial resilience in Asia. Focusing on a panel of 12 Asian economies from 1996Q1 to 2020Q4, we find that institutions for economies with high levels of institutional quality support the resilience of real GDP per capita and net FDI...
Persistent link: https://www.econbiz.de/10013472145
This paper examines real and financial spillovers to safe haven financial flow destinations due to risk-off shocks in global financial markets. Using country-specific structural vector autoregression (VAR) models over the period 1990 to 2021, we show that dynamics for Japan appear to be...
Persistent link: https://www.econbiz.de/10014303059
We examine the effect of institutions on macrofinancial resilience in Asia. Focusing on a panel of 12 Asian economies from the first quarter of 1996 to the fourth quarter of 2020, we find that institutions for economies with high levels of institutional quality support the resilience of real GDP...
Persistent link: https://www.econbiz.de/10013492081
Focusing on Asian economies over the period 2006 to 2019, we find that while nonbank finance appears to complement rather than substitute credit provision by the traditional banking sector, weaker regulatory quality is an important driving factor. Moreover, while we find that central bank policy...
Persistent link: https://www.econbiz.de/10013492206
Using a panel regression approach across 13 developing Asian economies from 1996Q1 to 2019Q4, this paper examines the extent of financial development as a transmission channel for mediating the "allocation puzzle" in capital flows. This puzzle pertains to why capital seems to flow to economies...
Persistent link: https://www.econbiz.de/10015051847