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Monetary Ease: A Factor behind Financial Crises? Some Evidence from OECD Countries
Ahrend, Rudiger - 2008
This paper addresses the question of whether and how easy monetary policy may lead to excesses in financial and real asset markets and ultimately result in financial dislocation. It presents evidence suggesting that periods when short-term interest rates have been persistently and significantly...
Persistent link: https://www.econbiz.de/10010298580
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Monetary policy under sudden stops
Cúrdia, Vasco - 2007
This paper proposes a model to investigate the effects of monetary policy in an emerging market economy that experiences a sudden stop of capital inflows. The model features credit frictions, debt denominated in foreign currency, imported inputs, and households that have access to the...
Persistent link: https://www.econbiz.de/10010283418
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Establishing credibility: Evolving perceptions of the European Central Bank
Goldberg, Linda S.; Klein, Michael W. - 2005
The perceptions of a central bank’s inflation aversion may reflect institutional structure or, more dynamically, the history of its policy decisions. In this paper, we present a novel empirical framework that uses high-frequency data to test for persistent variation in market perceptions of...
Persistent link: https://www.econbiz.de/10010283437
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Distribution, domestic politics, and monetary cooperation in East Asia
Hamilton-Hart, Natasha - 2011
Since the financial crises of 1997, East Asia has made modest but nonetheless significant steps towards greater regional integration and cooperation in the areas of finance and trade, accompanied by progress on institution-building at the regional level. Monetary cooperation, however, has not...
Persistent link: https://www.econbiz.de/10010286129
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Monetary ease: A factor behind financial crises? Some evidence from OECD countries
Ahrend, Rudiger - In: Economics: The Open-Access, Open-Assessment E-Journal 4 (2010) 2010-12, pp. 1-30
This paper addresses the question of whether and how easy monetary policy may lead to excesses in financial and real asset markets and ultimately result in financial dislocation. It presents evidence suggesting that periods when short-term interest rates were persistently and significantly below...
Persistent link: https://www.econbiz.de/10010300027
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Hedger of Last Resort: Evidence from Brazil on FX Interventions, Local Credit and Global Financial Cycles
Barbone Gonzalez, Rodrigo; Khametshin, Dmitry; Peydró, … - 2022
We show that FX interventions attenuate global financial cycle (GFC)’s spillovers. We exploit GFC shocks and Brazilian central bank interventions in FX derivatives using three matched administrative registers: credit, foreign credit to banks, and employer-employee. After U.S. Taper Tantrum...
Persistent link: https://www.econbiz.de/10014279950
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Understanding global liquidity
Eickmeier, Sandra; Gambacorta, Leonardo; Hofmann, Boris - 2013
We explore the concept of global liquidity based on a factor model estimated using a large set of financial and macroeconomic variables from 24 advanced and emerging market economies. We measure global liquidity conditions based on the common global factors in the dynamics of liquidity...
Persistent link: https://www.econbiz.de/10010311766
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Why EMU is irrelevant for the German economy
Posen, Adam - 1998
No one seems to be neutral about the effects of EMU on the German economy. Roughly speaking, there are two camps: those who see the euro as the advent of a newly open, large, and efficient regime which will lead to improvements in European and in particular in German competitiveness; those who...
Persistent link: https://www.econbiz.de/10010317396
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India's trilemma: Financial liberalization, exchange rates and monetary policy
Hutchison, Michael M.; Sengupta, Rajeswari; Singh, Nirvikar - 2010
A key challenge for macroeconomic policy in open economies is how to simultaneously manage exchange rates, interest rates and capital account openness - the trilemma. This paper calculates a trilemma index for India and investigates its evolution over time. We find that financial integration has...
Persistent link: https://www.econbiz.de/10010287753
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The financial trilemma in China and a comparative analysis with India
Aizenman, Joshua; Sengupta, Rajeswari - 2011
globalization. In this paper we study the Trilemma choices of the two key drivers of global growth, China and India. We overview and … contrast the policy choices of the two, and test their Trilemma choices and tradeoffs. China's Trilemma configurations are … that the segmentation of the domestic capital market in China, its array of capital controls and the large hoarding of …
Persistent link: https://www.econbiz.de/10010288142