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Does Central Bank Capital Matter for Monetary Policy?
Adler, Gustavo - 2012
Heavy foreign exchange intervention by central banks of emerging markets have lead to sizeable expansions of their balance sheets in recent years?accumulating foreign assets and non-money domestic liabilities (the latter due to sterilization operations). With domestic liabilities being mostly of...
Persistent link: https://www.econbiz.de/10013108623
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Digital Money and Central Banks Balance Sheet
Singh, Manmohan; Armas, Adrian - 2022
Digital money is a logical step in a process of continuous technological advancement in payment systems. In response, central banks are reviewing their conduct of monetary operations in light of the new shape of financial markets and systems. The impact of digital money will depend on the type...
Persistent link: https://www.econbiz.de/10014236308
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Central Banks Quasi-Fiscal Policies and Inflation
Park, Seok Gil - 2012
Although central banks have recently taken unconventional policy actions to try to shore up macroeconomic and financial stability, little theory is available to assess the consequences of such measures. This paper offers a theoretical model with which such policies can be analyzed. In...
Persistent link: https://www.econbiz.de/10013111404
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A VAR Analysis of Kenya's Monetary Policy Transmission Mechanism : How Does the Central Bank's Repo Rate Affect the Economy?
Cheng, Kevin C. - 2007
This paper examines the impact of a monetary policy shock on output, prices, and the nominal effective exchange rate for Kenya using data during 1997-2005. Based on techniques commonly used in the vector autoregression literature, the main results suggest that an exogenous increase in the...
Persistent link: https://www.econbiz.de/10012777936
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Managing the Fed's Liftoff and Transmission of Monetary Policy
Singh, Manmohan - 2015
In recent years, many money and repo rates in the United States have been between zero and 25 basis points. As Fed's liftoff approaches, the question of the level of these rates (and the markets that determine them) becomes increasingly important. The paper discusses (i) whether the Fed can...
Persistent link: https://www.econbiz.de/10013013811
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Cross-Country Linkages in Europe : A Global VAR Analysis
Sun, Yan - 2014
countries with the advanced Europe countries. The results show strong co-movements in output growth and interest rates but … weaker linkages bewteen inflation and real credit growth within Europe. While the euro area is the dominant source of … small but notable impact of CESEE countries on the rest of the Europe …
Persistent link: https://www.econbiz.de/10013057317
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The Effectiveness of Monetary Policy Transmission Under Capital Inflows : Evidence from Asia
Jain-Chandra, Sonali - 2012
The effectiveness of the monetary policy transmission mechanism in open economies could be impaired if interest rates are driven primarily by global factors, especially during periods of large capital inflows. The main objective of this paper is to assess whether this is true for emerging Asia's...
Persistent link: https://www.econbiz.de/10013097282
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Lost in Transmission? The Effectiveness of Monetary Policy Transmission Channels in the GCC Countries
Cevik, Serhan - 2012
This paper empirically investigates the effectiveness of monetary policy transmission in the Gulf Cooperation Council (GCC) countries using a structural vector autoregressive model. The results indicate that the interest rate and bank lending channels are relatively effective in influencing...
Persistent link: https://www.econbiz.de/10013098603
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Global Commodity Prices, Monetary Transmission, and Exchange Rate Pass-Through in the Pacific Islands
Peiris, Shanaka J. - 2012
Pacific Islands countries are vulnerable to commodity price shocks, and this poses challenges to monetary policy. The high degree of exchange rate pass-through to headline inflation and the weak monetary transmission mechanism in PICs suggest a greater efficacy of exchange rate changes in...
Persistent link: https://www.econbiz.de/10013098628
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How Effective is Monetary Transmission in Low-Income Countries? A Survey of the Empirical Evidence
Mishra, Prachi - 2012
This paper surveys the evidence on the effectiveness of monetary transmission in low-income countries. It is hard to come away from this review with much confidence in the strength of monetary transmission in such countries. We distinguish between the "facts on the ground" and "methodological...
Persistent link: https://www.econbiz.de/10013102261