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Real Interest Rates and Real Returns of Agricultural Commodities : Does Quantitative Easing Matter?
Yao, Wei; Alexiou, Constantinos - 2022
By adopting wavelet coherence analysis, we follow Frankel’s (1986) commodity price overshooting model to study the dynamic covariation between the expected real interest rates and six agricultural commodities’ real returns over the period from 2000:1 to 2018:7. We find that US unconventional...
Persistent link: https://www.econbiz.de/10013289565
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A general equilibrium analysis of inflation and microfinance in developing countries
Müller, Daniel - 2013
This paper analyses the welfare effects of microfinance and inflation in developing countries. Therefore, we introduce … microfinance institution induces peer monitoring, which in turn enables entrepreneurship. Our main result is that there exists an … inflation threshold beyond which entrepreneurship collapses. We show that inflation affects the impact of microfinance on social …
Persistent link: https://www.econbiz.de/10009772193
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Inflation, investment and growth : a banking approach
Gillman, Max (contributor); Kejak, Michal (contributor) - 2008
Output growth, investment and the real interest rate are all found empirically to be negatively affected by inflation. But a seeming puzzle arises of opposite Tobin-like inflation effects because theory indicates a negative Tobin effect when investment falls and a positive Tobin effect when the...
Persistent link: https://www.econbiz.de/10003739611
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Monetary Policy in India : Transmission to Bank Interest Rates
Das, Sonali - 2015
This paper provides new evidence on the credit channel of monetary policy transmission in India. Using stepwise estimation of vector error correction models, the analysis finds significant, albeit slow, pass-through of policy rate changes to bank interest rates in India. There is evidence of...
Persistent link: https://www.econbiz.de/10013019014
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Does Foreign Bank Entry Affect Monetary Policy Effectiveness? : Exploring the Interest Rate Pass-Through Channel
Gopalan, Sasidaran - 2015
This paper explores the impact of foreign bank entry on interest-rate pass-through for a panel of 57 emerging and developing economies over 1995-2009. The paper tests for possible thresholds in terms of foreign bank presence that differentially impact interest-rate pass-through. The empirical...
Persistent link: https://www.econbiz.de/10013022570
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The dynamics of government bond yields in the Eurozone
Akram, Tanweer; Das, Anupam - 2017
This paper investigates the determinants of nominal yields of government bonds in the eurozone. The pooled mean group (PMG) technique of cointegration is applied on both monthly and quarterly datasets to examine the major drivers of nominal yields of long-term government bonds in a set of 11...
Persistent link: https://www.econbiz.de/10011695520
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The long-run determinants of Indian government bond yields
Akram, Tanweer; Das, Anupam - 2017
This paper investigates the long-term determinants of Indian government bonds' (IGB) nominal yields. It examines whether John Maynard Keynes's supposition that short-term interest rates are the key driver of long-term government bond yields holds over the long-run horizon, after controlling for...
Persistent link: https://www.econbiz.de/10011591493
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Australian government bonds' nominal yields : an empirical analysis
Akram, Tanweer; Das, Anupam - 2018
The short-term interest rate is the main driver of the Commonwealth of Australia government bonds' nominal yields. This paper empirically models the dynamics of government bonds' nominal yields using the autoregressive distributed lag (ARDL) approach. Keynes held that the central bank exerts...
Persistent link: https://www.econbiz.de/10011890462
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How effective is monetary transmission in low-income countries? A survey of the empirical evidence
Mishra, Prachi; Montiel, Peter - In: Economic Systems 37 (2013) 2, pp. 187-216
This paper surveys the evidence on the effectiveness of monetary transmission in low-income countries. It is hard to come away from this review with much confidence in the strength of monetary transmission in such countries. We distinguish between the “facts on the ground” and...
Persistent link: https://www.econbiz.de/10011040284
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Monetary transmission in low income countries
Mishra, Prachi; Montiel, Peter J; Spilimbergo, Antonio - C.E.P.R. Discussion Papers - 2010
This paper reviews the monetary transmission mechanism in low income countries (LICs). We use monetary transmission in advanced and emerging markets as a benchmark to identify aspects of the transmission mechanism that may operate differently in LICs. In particular, we focus on the effects of...
Persistent link: https://www.econbiz.de/10008466328