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Financial Globalisation and Monetary Independence
Disyatat, Piti - 2016
Has financial globalisation compromised central banks' ability to manage domestic financial conditions? This paper summarises the results from our recent research, which tackles this question from the bond market perspective for both advanced and emerging market economies. Using an asset pricing...
Persistent link: https://www.econbiz.de/10012980219
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Changing Financial Intermediation : Implications for Monetary Policy Transmission
Kohlscheen, Emanuel - 2015
We show that despite heterogeneous financial intermediation structures in EMEs, bank credit remains a powerful channel of policy transmission in these countries. Credit conditions have been affected by global factors. In particular, our empirical results suggest that exchange rate appreciation...
Persistent link: https://www.econbiz.de/10013011767
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The Global Impact of Risk-Off Shocks
Caballero, Ricardo J. - 2019
Global risk-off shocks can be highly destabilising for financial markets and, absent an adequate policy response, may trigger severe recessions. In Caballero and Kamber (2019), we document that the unconventional policies adopted by the main central banks were effective in containing asset price...
Persistent link: https://www.econbiz.de/10012870096
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Macroprudential Frameworks, Implementation and Relationships with Other Policies
(SARB), South African Reserve Bank - 2018
This note outlines the South African Reserve Bank's proposed framework for achieving its new financial stability mandate. It sets out the institutional structure, the focus and objectives of macroprudential policy and the decision-making process to be applied. It identifies and describes three...
Persistent link: https://www.econbiz.de/10012929616
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The Macroprudential Policy Framework in Russia
Morozov, Maxim - 2018
The note discusses the main features of Russia's current macroprudential policy framework. In particular, it describes the Central Bank of the Russian Federation's legal mandate to ensure the stable functioning of the financial markets, explains the interagency coordination between Russian...
Persistent link: https://www.econbiz.de/10012929652
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Macroprudential Frameworks : Objectives, Decisions and Policy Interactions
Villar, Agustin - 2018
This note discusses macroprudential frameworks in emerging market economies (EMEs) and the role that central banks play. It reviews how central banks organise themselves to promote financial stability. Much of the discussion is based on the replies to a questionnaire sent in late 2016 a group of...
Persistent link: https://www.econbiz.de/10012930426
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Fixing an Impaired Monetary Transmission Mechanism : The Hungarian Experience
Gábriel, Péter - 2016
In the 2000s, after the introduction of inflation targeting, most monetary transmission channels were weak in Hungary …, making monetary policy less effective. Inflation expectations were unanchored and fiscal policy was unsustainable. Households …://ssrn.com/abstract=2870167' Inflation Mechanisms, Expectations and Monetary Policy> …
Persistent link: https://www.econbiz.de/10012979066
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On the Use of Sterilisation Bonds in Emerging Asia
Mehrotra, Aaron N. - 2013
We document recent developments in the use of sterilization bonds by six central banks in emerging Asia, and discuss the implications for monetary policy and the financial sector. An important development in the sterilization of foreign exchange interventions in past years has been the frequent...
Persistent link: https://www.econbiz.de/10013089506
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The Future of Central Banking Under Post-Crisis Mandates
Cecchetti, Stephen G. - 2013
On 24-25 June 2010, the BIS held its Ninth Annual Conference, on "The future of central banking under post-crisis mandates" in Lucerne, Switzerland. The event brought together senior representatives of central banks and academic institutions who exchanged views on this topic. This volume...
Persistent link: https://www.econbiz.de/10013092148
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Financial Market Developments and Their Implications for Monetary Policy
Settlements, Bank for International - 2013
This volume features eight papers written for the conference quot;Financial market developments and their implications for monetary policyquot;. The event was jointly organised by the BIS Representative Office for Asia and the Pacific and Bank Negara Malaysia in Kuala Lumpur on 13 August 2007....
Persistent link: https://www.econbiz.de/10012753509