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Facing the global financial cycle : what role for policy responses?
Batini, Nicoletta; Durand, Luigi - 2021
Abstract In this paper we ask whether countries can influence their exposure to changes in global financial conditions. Specifically, we show that even though we can model cross-country capital flows via a global factor that closely tracks changes in global financial conditions, there is a large...
Persistent link: https://www.econbiz.de/10012518283
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Booms, crises, and recoveries : a new paradigm of the business cycle and its policy implications
Cerra, Valerie; Saxena, Sweta Chaman - 2017
All types of recessions, on average, not just those associated with financial and political crises (as in Cerra and Saxena, AER 2008), lead to permanent output losses. These findings have far-reaching conceptual and policy implications. A new paradigm of the business cycle needs to account for...
Persistent link: https://www.econbiz.de/10011763625
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Crossing the credit channel : credit spreads and firm heterogeneity
Anderson, Gareth; Cesa-Bianchi, Ambrogio - 2020
Credit spreads rise after a monetary policy tightening, yet spread reactions are heterogeneous across firms. Exploiting … with high leverage experience a more pronounced increase in credit spreads than firms with low leverage. A large fraction … of this increase is due to a component of credit spreads that is in excess of firms' expected default. Our results …
Persistent link: https://www.econbiz.de/10012485947
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Monetary policy transmission mechanisms in Pacific Island countries
Yang, Yongzheng; Davies, Matt; Wang, Shengzu; Dunn, … - 2011
Persistent link: https://www.econbiz.de/10009486305
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Credit growth and the effectiveness of reserve requirements and other macroprudential instruments in Latin America
Tovar, Camilo Ernesto; Garcia-Escribano, Mercedes; … - 2012
Persistent link: https://www.econbiz.de/10009618590
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What's different about monetary policy transmission in remittance-dependent countries?
Barajas, Adolfo; Chami, Ralph; Ebeke, Christian; … - 2016
Despite welfare and poverty-reducing benefits for recipient households, remittance inflows have been shown to entail macroeconomic challenges; producing Dutch Disease-type effects through their upward (appreciation) pressure on real exchange rates, reducing the quality of institutions, delaying...
Persistent link: https://www.econbiz.de/10011445365
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Monetary Policy Transmission Mechanisms in Pacific Island Countries
Dunn, Jonathan C. - 2011
economic activity. Judging by the ensuing movements in commercial bank interest rates and private sector credit, monetary … credit growth. Weak credit demand and underdeveloped financial markets seem to have limited the effectiveness of monetary …
Persistent link: https://www.econbiz.de/10014401200
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Credit Growth and the Effectiveness of Reserve Requirements and Other Macroprudential Instruments in Latin America
International Monetary Fund - 2012
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 …
Persistent link: https://www.econbiz.de/10014396432
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An extended quarterly projection model : credit cycle, macrofinancial linkages and macroprudential measures : the case of the Philippines
Karam, Philippe; Pranovich, Mikhail; Vlček, Jan - 2021
We extend a modern practical Quarterly Projection Model to study credit cycle dynamics and risks, focusing on …
Persistent link: https://www.econbiz.de/10012796309
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What do we talk about when we talk about output gaps?
Barkema, Jelle; Gudmundsson, Tryggvi; Mrkaic, Mico - 2020
Estimates of output gaps continue to play a key role in assessments of the stance of business cycles. This paper uses three approaches to examine the historical record of output gap measurements and their use in surveillance within the IMF. Firstly, the historical record of global output gap...
Persistent link: https://www.econbiz.de/10012392643