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Effects of US quantitative easing on emerging market economies
Bhattarai, Saroj; Chatterjee, Arpita; Park, Woong-yong - 2018
We estimate international spillover effects of US Quantitative Easing (QE) on emerging market economies (EMEs). Using a Bayesian VAR on monthly US macroeconomic and financial data, we first identify the US QE shock. The identified US QE shock is then used in a monthly Bayesian panel VAR for EMEs...
Persistent link: https://www.econbiz.de/10011786694
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Determinants of the trilemma policy combination
Itō, Hiro; Kawai, Masahiro - 2014
We present a theoretical framework for policy making based on the "impossible trinity" or the "trilemma" hypothesis. A … the joint determination of the triad open macroeconomic policies based on the trilemma hypothesis. Specifically, we … estimate the three policy indexes under the trilemma constraint that they must add up to a constant. By applying the seemingly …
Persistent link: https://www.econbiz.de/10010236385
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The Republic of Korea's economy in the swirl of global crisis
Cho, Dongchul - 2009
This paper argues that the Republic of Korea (hereafter Korea) is not immune to global crises, but that a more than proportional response of gross domestic product to global crises does not seem to be the general case either. Along this line of reasoning, Korea's extreme response to the current...
Persistent link: https://www.econbiz.de/10003901402
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Spillover effects of unconventional monetary policy in Asia and the Pacific
Punzi, Maria Teresa; Pornpinun Chantapacdepong - 2017
We assess the evolution of spillover effects of unconventional monetary policies (UMPs) on Asia and the Pacific region, and evaluate the impact on and implications for the macroeconomy. We develop a Panel Vector Auto Regression model for Asia and the Pacific region for a period covering data...
Persistent link: https://www.econbiz.de/10011578404
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The role and effectiveness of unconventional monetary policy
Morgan, Peter J. - 2009
This paper reviews the effectiveness of unconventional monetary policies and their relevance for emerging markets. Such policies may be useful either when interbank rates fall to zero, or when a credit crunch or rise in risk premium impairs the normal transmission mechanism of monetary policy....
Persistent link: https://www.econbiz.de/10003901570
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International spillovers of monetary policy : US Federal Reserve's quantitative easing and Bank of Japan's quantitative and qualitative qasing
Kawai, Masahiro - 2015
This paper assesses the impact of unconventional United States (US) and Japanese monetary policies on emerging economies, and explores policy coordination issues to promote macroeconomic and financial stability in developed and emerging economies. The paper first considers a theoretical...
Persistent link: https://www.econbiz.de/10010465407
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Liberalization and regulation of capital flows : lessons for emerging market economies
Mohan, Rakesh; Kapur, Muneesh - 2010
Capital flows to emerging market economies (EMEs) have been characterized by high volatility since the 1980s. In recent years (especially since 2003), although gross as well as net capital flows to the EMEs have increased, they could not be absorbed domestically. Overall, savings have flowed...
Persistent link: https://www.econbiz.de/10003928091
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The unfolding turmoil of 2007 - 2008 : lessons and responses
Cohen, Benjamin H.; Remolona, Eli M. - 2008
While the unfolding financial turmoil has involved new elements, more fundamental elements have remained the same. New elements include structured credit, the originate-to-distribute business model and the tri-party repurchase agreement. The recurrence of crises reflects a basic procyclicality...
Persistent link: https://www.econbiz.de/10003855412
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Prevention and resolution of foreign exchange crises in East Asia
Chalongphob Sussangkarn - 2012
This paper discusses mechanisms to prevent and resolve foreign exchange crises in East Asia. Policies and mechanisms at the country level as well as regional and global levels are discussed. Policies at the level of a particular country to prevent foreign exchange crises include the management...
Persistent link: https://www.econbiz.de/10009551417
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Dealing with quantitative easing spillovers in East Asia : the role of institutions and macroprudential policy
Saiki, Ayako; Pornpinun Chantapacdepong; Volz, Ulrich - 2016
This paper explores the impact of advanced countries' quantitative easing on emerging market economies (EMEs) and how macroprudential policy and good governance play a role in preventing potential financial vulnerabilities. We used confidential locational bank statistics data from the Bank for...
Persistent link: https://www.econbiz.de/10011561633