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The quest for global monetary policy coordination
Bruni, Franco; Siaba Serrate, José; Villafranca, Antonio - 2018
This paper puts forward a proposal to help monetary policies confront the challenge of the "normalisation" of money creation and interest rates. The difficult unwinding of years of unorthodox policies put financial stability at risk in major monetary centres and in EMEs. The authors argue that...
Persistent link: https://www.econbiz.de/10011885373
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The quest for global monetary policy coordination
Bruni, Franco; Siaba Serrate, José; Villafranca, Antonio - 2019
This paper puts forward a proposal to help monetary policies confront the challenge of the “normalisation” of money creation and interest rates. The difficult unwinding of years of unorthodox policies put financial stability at risk in major monetary centres and in EMEs. The authors argue...
Persistent link: https://www.econbiz.de/10011955414
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Solving Global Financial Imbalances : A Plan for a World Financial Authority
Mirandola, Carlos Mauricio - 2013
This paper will propose a plan to reform international finance – the World Financial Authority (WFA) Plan. Under such a … effective, regaining traction and preventing contagion. A central instrument to this end is the creation of the World Financial … surrendered to the WFA by member countries. The WFA is being thought as a device to support the financial globalization, as well …
Persistent link: https://www.econbiz.de/10013095450
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Virtual currencies and their potential impact on financial markets and monetary policy
Dąbrowski, Marek; Janikowski, Lukasz - 2018
Virtual currencies are a contemporary form of private money. Thanks to their technological properties, their global transaction networks are relatively safe, transparent, and fast. This gives them good prospects for further development. However, they remain unlikely to challenge the dominant...
Persistent link: https://www.econbiz.de/10011929341
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Monetary Analysis and the Global Financial Cycle : An Asian Central Bank Perspective
Filardo, Andrew J. - 2014
EM Asia has seen a transformation of its monetary policy environment over the past 2 decades. By far, the most relevant change has been the maturing of its financial systems and the growing relevance of the global financial cycle: financial inclusion has spread, financial markets have deepened...
Persistent link: https://www.econbiz.de/10013047524
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The global capital flows cycle : structural drivers and transmission channels
Habib, Maurizio Michael; Venditti, Fabrizio - 2019
In this paper, we study the effects of structural shocks that influence global risk - the main factor behind a "global capital flows cycle" - and how risk, in turn, is transmitted to capital flows. Our results show that not all the risk shocks driving the global financial cycle have the same...
Persistent link: https://www.econbiz.de/10012009141
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The impacts of global risk and US monetary policy on US Dollar exchange rates and excess currency returns
Bernoth, Kerstin; Herwartz, Helmut; Trienens, Lasse - 2023
We examine the causal relationship between US monetary policy shocks, exchange rates and currency excess returns for a sample of eight advanced countries over the period 1980M1 to 2022M11. We find that the dynamics of the US dollar exchange rate is the main driver of currency excess returns. The...
Persistent link: https://www.econbiz.de/10014305726
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Trilemmas and Trade-Offs : Living with Financial Globalisation
Obstfeld, Maurice - 2015
This paper evaluates the capacity of emerging market economies (EMEs) to moderate the domestic impact of global financial and monetary forces through their own monetary policies. Those EMEs that are able to exploit a flexible exchange rate are far better positioned than those that devote...
Persistent link: https://www.econbiz.de/10013029952
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Monetary Policy Strategy in a Global Environment
Moutot, Philippe - 2015
This paper discusses the structural implications of real and financial globalisation, with the aim of drawing lessons for the conduct of monetary policy and, in particular, for the assessment of risks to price stability. The first conclusion of the paper is that globalisation may have played...
Persistent link: https://www.econbiz.de/10012749923
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Financial Globalization and the International Transmission of Interest Rate Shocks : The Federal Reserve and China
Wan, Xiaoli - 2017
This paper evaluates the spillovers from U.S. monetary policy to China's domestic interest rates over 1999-2016, focusing on the impacts of long-term interest rate and exchange rate regimes on the capacity of China to moderate external interest rate shocks. We find that China's central bank owns...
Persistent link: https://www.econbiz.de/10012949609