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Macroprudential Policy and Bank Systemic Risk: Does Inflation Targeting Matter?
Belkhir, Mohamed - 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/10015059389
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Excess Liquidity and the Effectiveness of Monetary Policy : Evidence from Sub-Saharan Africa
Saxegaard, Magnus - 2006
Intro -- Contents -- I. INTRODUCTION -- II. SOME STYLIZED FACTS ON RESERVE REQUIREMENTS AND EXCESS LIQUIDITY IN AFRICAN … COUNTRIES -- III. MEASUREMENT OF EXCESS LIQUIDITY -- IV. EXCESS BANK LIQUIDITY AND MONETARY POLICY TRANSMISSION MECHANISM -- V …
Persistent link: https://www.econbiz.de/10012691164
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ECB Euro Liquidity Lines
Albrizio, Silvia - 2023
Central bank liquidity lines have gained momentum since the global financial crisis as a crosscurrency liquidity … management tool. We provide a complete timeline of the ECB liquidity line announcements and study their signalling and spillback … effects. The announcement of an ECB euro liquidity line decreases the premium paid by foreign agents to borrow euros in FX …
Persistent link: https://www.econbiz.de/10015059508
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Credible Commitment to Optimal Escape from a Liquidity Trap; The Role of the Balance Sheet of an Independent Central Bank
Jeanne, Olivier; Svensson, Lars E. O. - International Monetary Fund (IMF) - 2004
its currency and an exchange rate peg. This way, the central bank can implement the optimal escape from a liquidity trap … to escape from a liquidity trap. …
Persistent link: https://www.econbiz.de/10005826442
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The Gambia; Demand for Broad Money and Implications for Monetary Policy Conduct
Sriram, Subramanian S. - International Monetary Fund (IMF) - 2009
This paper evaluates the demand for broad money (M2) in The Gambia for January 1988-June 2007. There appears to be a long-run relationship for demand for real M2, but the relationship is not stable. Exogenous output shocks, financial innovation, changes in income velocity, and inadequate data...
Persistent link: https://www.econbiz.de/10008528631
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A New Taxonomy of Monetary Regimes
Bhundia, Ashok; Stone, Mark R. - International Monetary Fund (IMF) - 2004
This paper proposes a new taxonomy of monetary regimes defined by the choice and clarity of the nominal anchor. The regimes are as follows: (i) monetary nonautonomy, (ii) weak anchor, (iii) money anchor, (iv) exchange rate peg, (v) full-fledged inflation targeting, (vi) implicit price stability...
Persistent link: https://www.econbiz.de/10005248145
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Monetary Policy in an Equilibrium Portfolio Balance Model
Kumhof, Michael; Nieuwerburgh, Stijn van - International Monetary Fund (IMF) - 2007
Standard theory shows that sterilized foreign exchange interventions do not affect equilibrium prices and quantities, and that domestic and foreign currency denominated bonds are perfect substitutes. This paper shows that when fiscal policy is not sufficiently flexible in response to spending...
Persistent link: https://www.econbiz.de/10005248240
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Explicit and Implicit Targets in Open Economies
Sgherri, Silvia - International Monetary Fund (IMF) - 2005
Under a flexible inflation targeting regime, should policymakers avoid any reaction to movements in the foreign exchange market? Using data for six advanced open economies explicitly targeting inflation, the paper examines empirically whether real exchange rate disequilibria systematically...
Persistent link: https://www.econbiz.de/10005248252
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Monetary Transmission in an Emerging Targeter; The Case of Brazil
Pagan, A. R.; Laxton, Douglas; Catão, Luis - International Monetary Fund (IMF) - 2008
This paper lays out a structural model that incorporates key features of monetary transmission in typical emerging-market economies, including a bank-credit channel and the role of external debt accumulation on country risk premia and exchange rate dynamics. We use an SVAR representation of the...
Persistent link: https://www.econbiz.de/10005263748
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Is Brazil Different? Risk, Dollarization, and Interest Rates in Emerging Markets
Holland, Márcio; Bacha, Edmar L.; Gonçalves, Fernando M. - International Monetary Fund (IMF) - 2007
We investigate the role of financial dollarization in the determination of real interest rates in emerging economies. In a simple analytical model, we show that a strategy of "dedollarizing" the economy, if it fails to address fundamental macroeconomic risks, leads to higher domestic real...
Persistent link: https://www.econbiz.de/10005263759