Similar Search Results

Macroprudential Policy and Bank Systemic Risk : Does Inflation Targeting Matter?

Belkhir, Mohamed; Ben Naceur, Sami; Candelon, Bertrand; … - 2023

This paper investigates macroprudential policy effects on bank systemic risk and the role of inflation targeting in such effects. Using bank-level data for 45 countries comprising various monetary and exchange rate regimes, our regime-dependent dynamic panel regression results point to...

Persistent link: https://www.econbiz.de/10014354108

The Costs of Macroprudential Deleveraging in a Liquidity Trap

Chen, Jiaqian - 2020

We examine the effects of various borrower-based macroprudential tools in a New Keynesian environment where both real and nominal interest rates are low. Our model features long-term debt, housing transaction costs and a zero-lower bound constraint on policy rates. We find that the long-term...

Persistent link: https://www.econbiz.de/10012828224

Monetary Policy in Emerging Markets : Taming the Cycle

McGettigan, Donal - 2013

In contrast to advanced markets (AMs), procyclical monetary policy has been a problem for emerging markets (EMs), with macroeconomic policies amplifying economic upswings and deepening downturns. The stark difference in policy has not been subject to extensive study and this paper attempts to...

Persistent link: https://www.econbiz.de/10013080848

Inflation Targeting and Exchange Rate Regimes in Emerging Markets

Ebeke, Christian - 2016

This paper investigates the effects of the adoption of inflation targeting (IT) on the choice of exchange rate regime in emerging markets (EMs), conditional on certain macroeconomic conditions. Using a large sample of EMs and after controlling for the selection bias associated with the adoption...

Persistent link: https://www.econbiz.de/10013002150

Global Liquidity Transmission to Emerging Market Economies, and Their Policy Responses

Choi, Woon Gyu - 2017

This paper distills and identifies global liquidity (GL) momenta from the macro-financial data of advanced economies … factor-augmented VAR, we investigate responses of emerging market economies (EMEs) to GL shocks. A policy-driven liquidity …

Persistent link: https://www.econbiz.de/10012942347

Capital Markets, COVID-19 and Policy Measures

ElFayoumi, Khalid; Hengge, Martina - 2021

The COVID-19 pandemic and associated policy responses triggered a historically large wave of capital reallocation between markets and asset classes. Using high-frequency country-level data, this paper examines if and how the number of COVID cases, the stringency of the lockdown, and the fiscal...

Persistent link: https://www.econbiz.de/10013234704

Unintended Consequences of U. S. Monetary Policy Shocks : Dutch Disease and Capital Flow Measures in Emerging Markets and Developing Economies

Yépez, Juan F. - 2022

Dutch disease is often referred as a situation in which large and sustained foreign currency inflows lead to a contraction of the tradable sector by giving rise to a real appreciation of the home currency. This paper documents that this syndrome has been witnessed by many emerging markets and...

Persistent link: https://www.econbiz.de/10013306761

Who Drains Bond Market Liquidity in an Emerging Market?

Hoyos, Ricardo; Liu, Yang; Miao, Hui; Saborowski, Christian - 2021

This paper examines the drivers of liquidity shortages in the Mexican government bond market. We use unique transaction …- and quote level data with information on end-investors to construct an index of bond market liquidity. We find that … liquidity remained stable in recent years, although temporary shortages arose amid domestic and global market stress. The …

Persistent link: https://www.econbiz.de/10013315130

Default Premium

Catão, Luis - 2015

We re-assess the view that sovereigns with a history of default are charged only a small and/or short-lived premium on the interest rate warranted by observed fundamentals. Our reassessment uses a metric of such a “default premium” (DP) that is consistent with asymmetric information models...

Persistent link: https://www.econbiz.de/10013016580

Effects of Emerging Market Asset Purchase Program Announcements on Financial Markets During the COVID-19 Pandemic

Sever, Can; Goel, Rohit; Drakopoulos, Dimitrios; … - 2021

The COVID-19 pandemic led many emerging market central banks to adopt, for the first time, unconventional policies in the form of asset purchase programs. In this study, we analyze the effects of these announcements on domestic financial markets using both event studies and local projections...

Persistent link: https://www.econbiz.de/10013250070