The characteristics that distinguish most developing countries, compared to large industrialized countries, include: greater exposure to supply shocks in general and trade volatility in particular, procyclicality of both domestic fiscal policy and international finance, lower credibility with...

It is well known that a tightening or easing of the United States' monetary policy affects financial markets in emerging economies. This paper argues that uncertainty about future monetary policy is a separate transmission channel. We focus on the taper tantrum episode in 2013, a period with an...

Motivated by the tension first revealed during the global financial crisis between thedomestic and international financial stability obligations of central bank reserve managers,this paper offers some reflections along four main lines. First, the paper highlights howofficial reserve management...

In this paper, we analyze whether central bank communication can be an additional tool to provide guidance on monetary policy, drive private agents’ inflation expectations and financial asset prices in the main countries of Central and Eastern Europe. By applying natural language processing...

Since 1981, monetary policy in Singapore has been centred on managing the trade-weighted nominal effective exchange rate, which has a powerful and predictable influence on domestic prices in a small, open economy. However, given Singapore’s exchange rate-based monetary policy framework and...

This study uses meta-SWOT analysis to asses the internal strength and weaknesses, as well as the external opportunities and threats, followed by the determination of most optimal CBDC design in emerging economies. In analyzing internal aspects, CBDC allows us to have an efficient payment system,...

This paper examines the emerging challenges to the art of monetary policymaking using the case study of the Reserve Bank of India (RBI) in light of developments in the Indian economy during the last decade (2003-04 to 2013-14). The paper uses Hyman P. Minsky's financial instability hypothesis as...