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Macroeconomic and Financial Volatility and Macroprudential Policies in Chile
Cifuentes, Rodrigo - 2018
This note discusses the elements of prudential financial policies and supervisory practices in Chile that can be considered macroprudential. While showing similar macroeconomic volatility as that of the median of emerging market economies (EMEs), financial volatility, at least in two of the...
Persistent link: https://www.econbiz.de/10012930153
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The Impact of Public Debt on Foreign Exchange Reserves and Central Bank Profitability : The Case of Hungary
Settlements, Bank for International - 2013
exchange liquidity. But the options here are limited: we believe that the most appropriate tool that would enable a central …
Persistent link: https://www.econbiz.de/10013088111
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Some Insights into Monetary and Fiscal Policy Interactions in the Czech Republic
Tomsik, Vladimir - 2013
The global financial and debt crisis highlights the need for a better understanding of how fiscal and monetary policies interact. This article examines three aspects of these interactions, as seen from the perspective of the Czech National Bank. It first looks at the effects of fiscal policy on...
Persistent link: https://www.econbiz.de/10013088115
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Fiscal Policy Considerations in the Design of Monetary Policy in Peru
Rossini, Renzo - 2013
We evaluate the financial and real linkages between fiscal and monetary policy in Peru, and show that during the recent export commodity price boom, public finances supported the implementation of monetary policy. In particular, the reduction of the net public debt has translated into a greater...
Persistent link: https://www.econbiz.de/10013088118
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Fiscal Policy, Public Debt Management and Government Bond Markets in Indonesia
Settlements, Bank for International - 2013
to construct a yield curve. Meanwhile, the global excess of liquidity has driven foreign investors to seek for higher … mixture of monetary and macroprudential policy measures to manage these capital inflows and excess liquidity. From early 2008 …, the Bank has conducted daily operations with government securities to manage liquidity in the market.Full publication …
Persistent link: https://www.econbiz.de/10013088138
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The Effectiveness of the Federal Reserve’s Maturity Extension Program – Operation Twist 2 : The Portfolio Rebalancing Channel and Public Debt Management
Ehlers, Torsten - 2013
This paper provides a first assessment of the Federal Reserve's recent Maturity Extension Program, dubbed Operation Twist 2. Despite the mere exchange of short-term for long-term Treasury securities, the announcement effect is comparable to the second Large Scale Asset Purchase programme...
Persistent link: https://www.econbiz.de/10013090814
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FX Intervention and FX Reserves Management
the Russian Federation, Central Bank of - 2019
Russia introduced its inflation targeting regime in 2015. Subsequently, fiscal policy was changed with a view to reducing the economy's dependence on natural resource prices; these changes are known as “the fiscal rule”. At the same time, a financial stability policy and its instruments were...
Persistent link: https://www.econbiz.de/10012857981
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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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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 and the government built up high debt levels mainly...
Persistent link: https://www.econbiz.de/10012979066