Narrow search
Showing 1 - 10 of 187
Cover Image
Outlook for Interest Rates and Japanese Banks’ Risk Exposures under Abenomics
Arslanalp, Serkan; Lam, Raphael W. - International Monetary Fund (IMF) - 2013
This paper examines how Japan’s long-term interest rates and Japanese banks’ interest rate risk exposures may evolve … yields in Japan are determined to a large extent by growth and inflation outlook, fiscal conditions, demography, and the … increased purchases by the Bank of Japan. At the same time, illustrative scenarios suggest the interest rate risk exposure of …
Persistent link: https://www.econbiz.de/10011142198
Cover Image
Monetary Policy Transmission in the GCC Countries
Prasad, Ananthakrishnan; Espinoza, Raphael A. - International Monetary Fund (IMF) - 2012
The GCC countries maintain a policy of open capital accounts and a pegged (or nearly-pegged) exchange rate, thereby reducing their freedom to run an independent monetary policy. This paper shows, however, that the pass-through of policy rates to retail rates is on the low side, reflecting the...
Persistent link: https://www.econbiz.de/10010878414
Cover Image
Unconventional Monetary Policy and Long-Term Interest Rates
Wu, Tao - International Monetary Fund (IMF) - 2014
This paper examines the transmission mechanism through which unconventional monetary policy affects long-term interest rates. I construct a real-time measure summarizing market projections of the magnitude and duration of the Federal Reserve's Large Scale Asset Purchases (LSAP) program, and...
Persistent link: https://www.econbiz.de/10010959464
Cover Image
Introduction to Applied Stress Testing
Cihák, Martin - International Monetary Fund (IMF) - 2007
Stress testing is a useful and increasingly popular, yet sometimes misunderstood, method of analyzing the resilience of financial systems to adverse events. This paper aims to help demystify stress tests, and illustrate their strengths and weaknesses. Using an Excel-based exercise with...
Persistent link: https://www.econbiz.de/10005248151
Cover Image
Fiscal Policy and Interest Rates; How Sustainable is the "New Economy"?
Kumar, Manmohan S.; Hauner, David - International Monetary Fund (IMF) - 2006
This paper explores the determinants of long-term government bond yields in the Group of Seven (G-7) economies and analyzes the factors that could explain the conundrum of very low rates in the face of a variety of adverse factors in recent years. In particular, the paper focuses on the...
Persistent link: https://www.econbiz.de/10005248260
Cover Image
Retail Bank Interest Rate Pass-Through; Is Chile Atypical?
Rebucci, Alessandro; Espinosa-Vega, Marco A - International Monetary Fund (IMF) - 2003
This paper investigates empirically the pass-through of money market interest rates to retail banking interest rates in Chile, the United States, Canada, Australia, New Zealand, and five European countries. Overall, Chile's pass-through does not appear atypical. Based on a standard...
Persistent link: https://www.econbiz.de/10005248289
Cover Image
Interest Rate Determination in Lebanon
Poddar, Tushar; Goswami, Mangal; Sole, Juan; Icaza, … - International Monetary Fund (IMF) - 2006
This paper seeks to understand how interest rates are formed in Lebanon, by focusing on the pass-through from benchmark rates, prevailing liquidity conditions, and the main characteristics of the Lebanese economy, notably its open capital account, fixed exchange rate, high government borrowing...
Persistent link: https://www.econbiz.de/10005248309
Cover Image
An Oil and Gas Model
Krichene, Noureddine - International Monetary Fund (IMF) - 2007
This paper formulated a short-run model, with an explicit role for monetary policy, for analyzing world oil and gas markets. The model described carefully the parameters of these markets and their vulnerability to business cycles. Estimates showed that short-run demand for oil and gas was price-...
Persistent link: https://www.econbiz.de/10005248317
Cover Image
The Dynamics of Real Interest Rates, Real Exchange Rates and the Balance of Payments in China: 1980-2002
Jin, Zhongxia - International Monetary Fund (IMF) - 2003
Based on China's experience between 1980 and 2002, a cointegrated vector autoregression model was established to explore the relationships among real interest rates, real exchange rates and balance of payments in China. Taking into account institutional changes, the empirical study shows that...
Persistent link: https://www.econbiz.de/10005263720
Cover Image
A VAR Analysis of Kenya's Monetary Policy Transmission Mechanism; How Does the Central Bank's REPO Rate Affect the Economy?
Cheng, Kevin C. - International Monetary Fund (IMF) - 2006
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/10005263733