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Volatility spillovers of Federal Reserve and ECB balance sheet expansions to emerging market economies
Apostolou, Apostolos; Beirne, John - 2017
This paper examines volatility spillovers from changes in the size of the balance sheets of the Federal Reserve (FED) and European Central Bank (ECB) to emerging market economies (EMEs) from 2003 to 2014. We find that EME bond markets are most susceptible to positive volatility spillovers from...
Persistent link: https://www.econbiz.de/10011636172
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Regional and Global Liquidity Arrangements
Volz, Ulrich - 2012
Regional and bilateral liquidity arrangements have gained increasing prominence over the past decades, not least during the recent global financial crisis. This has important consequences for the role of the International Monetary Fund (IMF) as a crisis lender and raises questions regarding the...
Persistent link: https://www.econbiz.de/10013101487
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Economic Stability and Economic Governance in the Euro Area : What the European Crisis Can Teach on the Limits of Economic Integration
Lupo-Pasini, Federico - 2013
of pan-European integration did not make the coordination of economic stability policies seem necessary. However, a much … deeper level of economic integration makes it very difficult to tackle an international economic crisis through national … responses. If EU Member states wish to maintain and deepen economic integration, they must accept an erosion of sovereignty over …
Persistent link: https://www.econbiz.de/10013085690
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Global Imbalances and Policy Wars at the Zero Lower Bound
Caballero, Ricardo J. - 2020
This paper explores the consequences of extremely low real interest rates in a world with integrated but heterogenous capital markets and nominal rigidities. We establish four main results: (i) Liquidity traps spread to the rest of the world through the current account, which we illustrate with...
Persistent link: https://www.econbiz.de/10012842083
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Volatility Spillovers of Federal Reserve and ECB Balance Sheet Expansions to Emerging Market Economies
Apostolou, Apostolos - 2017
This paper examines volatility spillovers from changes in the size of the balance sheets of the Federal Reserve (FED) and European Central Bank (ECB) to emerging market economies (EMEs) from 2003 to 2014. We find that EME bond markets are most susceptible to positive volatility spillovers from...
Persistent link: https://www.econbiz.de/10012958440
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Policy Rules for Capital Controls
Pasricha, Gurnain Kaur - 2017
This paper attempts to borrow the tradition of estimating policy reaction functions in monetary policy literature and apply it to capital controls policy literature. Using a novel weekly dataset on capital controls policy actions in 21 emerging economies over the period 1 January 2001 to 31...
Persistent link: https://www.econbiz.de/10012943804
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The European Public Debt Refinancing Program - Why the ECB Quantitative Easing Should Envisage Euro-Zone Government Bonds
Minenna, Marcello - 2014
improve the Euro architecture, restore the uniqueness of the Euro interest rate term structure, exit from the crisis and …
Persistent link: https://www.econbiz.de/10013047170
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Estimated Policy Rules for Capital Controls
Pasricha, Gurnain - 2020
This paper borrows the tradition of estimating policy reaction functions from monetary policy literature to ask whether capital controls respond to macroprudential or mercantilist motivations. I explore this question using a novel, weekly dataset on capital control actions in 21 emerging...
Persistent link: https://www.econbiz.de/10012829284
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Managing capital flows in the presence of external risks
Reyes-Heroles, Ricardo; Tenorio, Gabriel - 2017
We introduce external risks, in the form of shocks to the level and volatility of world interest rates, into a small open economy model subject to the risk of sudden stops—large recessions together with abrupt reversals in capital inflows| and characterize optimal macroprudential policy in...
Persistent link: https://www.econbiz.de/10011779580