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Monetary Policy in a Financial Crisis
Christiano, Lawrence J.; Gust, Christopher; Roldos, Jorge E. - 2021
What are the economic effects of an interest rate cut when an economy is in the midst of a financial crisis? Under what conditions will a cut stimulate output and employment, and raise welfare? Under what conditions will a cut have the opposite e ffects? We answer these questions in a general...
Persistent link: https://www.econbiz.de/10013248087
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The Yen and its East Asian Neighbors, 1980-1995 : Cooperation or Competition?
Takagi, Shinji - 2021
By looking at how an East Asian currency moves when the yen fluctuates sharply against the US dollar, we sometimes find that the reaction has been much more significant than would be suggested by the econometric estimates of the weight of the yen in nominal exchange rate determination. Moreover,...
Persistent link: https://www.econbiz.de/10013246656
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Recovery and Sustainability in East Asia
Park, Yung Chul; Lee, Jong-Wha - 2021
This paper analyzes the macroeconomic adjustment from the crisis in East Asia in a broad international prospective. The stylized pattern from the previous 160 currency crisis episodes over the period from 1970 to 1995 shows a V-type adjustment of real GDP growth in the years prior to and...
Persistent link: https://www.econbiz.de/10013227193
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Did the Malaysian Capital Controls Work?
Kaplan, Ethan; Rodrik, Dani - 2021
Malaysia recovered from the Asian financial crisis swiftly after the imposition of capital controls in September 1998 …. The fact that Korea and Thailand recovered in parallel has been interpreted as suggesting that capital controls did not … play a significant role in facilitating Malaysia's rebound. However, the financial crisis was deepening in Malaysia in the …
Persistent link: https://www.econbiz.de/10013235866
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Understanding Financial Crises : A Developing Country Perspective
Mishkin, Frederic S. - 2000
This paper explains the puzzle of how a developing economy can shift from a path of reasonable growth before a financial crisis, as in Mexico in 1994, to a sharp decline in economic activity after a crisis occurs. It does so by outlining an asymmetric information framework for analyzing banking...
Persistent link: https://www.econbiz.de/10012789112
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An Historical Perspective on the Quest for Financial Stability and the Monetary Policy Regime
Bordo, Michael D. - 2018
This paper surveys the co-evolution of monetary policy and financial stability for a number of countries across four exchange rate regimes from 1880 to the present. I present historical evidence on the incidence, costs and determinants of financial crises, combined with narratives on some famous...
Persistent link: https://www.econbiz.de/10012931233
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External Constraints on Monetary Policy and the Financial Accelerator
Gertler, Mark; Gilchrist, Simon; Natalucci, Fabio M. - 2021
lending rates and the large drop in output, investment and productivity during the 1997-1998 episode. We then perform some …
Persistent link: https://www.econbiz.de/10013243644
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Causes of the Korean Financial Crisis : Lessons for Policy
Hahm, Joon-Ho; Mishkin, Frederic S. - 2022
This paper uses an asymmetric information framework to understand the causes of the recent financial crisis in Korea. It shows that the Korean data is consistent with this explanation of the crisis. It then draws on this analysis to discuss several lessons that can help guide Korean policymakers...
Persistent link: https://www.econbiz.de/10013311629
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Central Banks and the Financial System
Giavazzi, Francesco - 2010
Financial systems are inherently fragile because of the very function which makes them valuable: liquidity transformation. Regulatory reforms can strengthen the financial system and decrease the risk of liquidity crises, but they cannot eliminate it completely. This leaves monetary policy with a...
Persistent link: https://www.econbiz.de/10013139754
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Effects of Unconventional Monetary Policy on Financial Institutions
Chodorow-Reich, Gabriel - 2014
Monetary policy affects the real economy in part through its effects on financial institutions. High frequency event studies show the introduction of unconventional monetary policy in the winter of 2008-09 had a strong, beneficial impact on banks and especially on life insurance companies. I...
Persistent link: https://www.econbiz.de/10013052118