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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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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 Policy Credibility and the Unemployment-Inflation Tradeoff; Some Evidence From 17 Industrial Countries
Papa M'B. P. N'Diaye; Laxton, Douglas - International Monetary Fund (IMF) - 2002
Using data on long-term interest rates for 17 industrial countries, this paper develops some simple measures of monetary policy credibility and then tests if such measures improve the out-of-sample forecasts of conventional models of the inflation-unemployment process. The results provide some...
Persistent link: https://www.econbiz.de/10005263831
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Deconstructing the Art of Central Banking
Bayoumi, Tamim; Sgherri, Silvia - International Monetary Fund (IMF) - 2004
This paper proposes a markedly different transmission mechanism from monetary policy to the macroeconomy, focusing on how policy changes nominal inertia in the Phillips curve. Using recent theoretical developments, we examine the properties of a small, estimated U.S. monetary model...
Persistent link: https://www.econbiz.de/10005263913
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Inflation Pressures and Monetary Policy Options in Emerging and Developing Countries-A Cross Regional Perspective
Ötker, Inci; Vávra, David; Vázquez, Francisco F.; … - International Monetary Fund (IMF) - 2009
This paper analyzes the monetary policy response to rising inflation in emerging and developing countries associated with the food and oil price shocks in 2007 and the first half of 2008. It reviews inflation developments in a sample of countries covering all regions and a broad range of...
Persistent link: https://www.econbiz.de/10005264056