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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

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

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

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

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

Global Financial Crisis, Financial Contagion, and Emerging Markets

Ozkan, F. Gulcin - 2013

The recent global financial crisis was the first in recent history that was triggered by problems in the financial system of the mature economies. Existing work on financial crisis in emerging market countries, however, almost exclusively focus on the role of financial frictions in the domestic...

Persistent link: https://www.econbiz.de/10013088405

Real Effects of Capital Inflows in Emerging Markets

Igan, Deniz - 2017

We examine the association between capital inflows and industry growth in a sample of 22 emerging market economies from 1998 to 2010. We expect more external finance dependent industries in countries that host more capital inflows to grow disproportionately faster. This is indeed the case in the...

Persistent link: https://www.econbiz.de/10012962170

A Hybrid Approach to Estimating the Efficiency of Public Spending on Education in Emerging and Developing Economies

Grigoli, Francesco - 2014

The measurement of the efficiency of public education expenditure using parametric and non-parametric methods has proven challenging. This paper seeks to overcome the difficulties of earlier studies by using a hybrid approach to measure the efficiency of secondary education spending in emerging...

Persistent link: https://www.econbiz.de/10013058432