procyclicality of bank credit dynamics to the private sector and contain systemic risk. Reserve requirements, in particular, have … new cross-country evidence on how they influence real private bank credit growth. Our results show that these instruments …

This paper attempts to explain short- and long-term dynamics of-and forecast-inflation in Tajikistan using the Vector … demonstrates that the exchange rate and international inflation have a strong impact on local prices. Available monetary …

We find that inflation, output and the stance of monetary policy do not typically display unusual behavior ahead of … asset price busts. By contrast, credit, shares of investment in GDP, current account deficits, and asset prices typically … inflation typically under control, central banks effectively accommodated these growing imbalances, raising the risk of damaging …

This paper examines the impact of interest rates and inflation on bank loans and investment within a framework that …

This paper outlines important lessons for monetary policy. In particular, the role of inflation targeting, which was … financial stability. Finally, this paper makes a case against increasing the central banks’ inflation target. …