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A fistful of dollars : transmission of global funding shocks to EMs
Kumar, Shekhar Hari; Mathur, Aakriti - 2020
In this paper, we study transmission of global funding shocks to emerging economies (EMs) from the perspective of … liquidity shocks to EMs as compared to benchmark short-term bond yields. Next, we disentangle the transmission into its various … wholesale funding and share of foreign banks. Our results indicate that money market rates in EMs react to global shocks, and …
Persistent link: https://www.econbiz.de/10012171269
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Uncertainty Shocks and Monetary Policy Rules in a Small Open Economy
Gupta, Sargam - 2020
Post great financial crisis (GFC) of 2008-2009, there has been a surge in the macroeconomics literature on aggregate uncertainty. Although the recent literature has recognized adverse real effects of global uncertainty shocks in EMEs, the role of monetary policy in mitigating these effects is...
Persistent link: https://www.econbiz.de/10012827002
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An estimated model of a commodity-exporting economy for the integrated policy framework : evidence from Mongolia
Doojav, Gan-Ochir; Gantumur, Munkhbayar - 2023
This paper develops an estimated New Keynesian model of a commodity-exporting economy for an integrated policy framework, integrating the full range of policies used in practice and featuring a range of nominal and real rigidities, macro-financial linkages, and transmission channels of external...
Persistent link: https://www.econbiz.de/10014249617
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A no-arbitrage analysis of macroeconomic determinants of term structures and the exchange rate
Chabi-Yo, Fousseni; Yang, Jun - 2007
We study the joint dynamics of macroeconomic variables, bond yields, and the exchange rate in an empirical two-country New-Keynesian model complemented with a no-arbitrage term structure model. With Canadian and US data, we are able to study the impact of macroeconomic shocks from both countries...
Persistent link: https://www.econbiz.de/10010279943
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A no-arbitrage analysis of macroeconomic determinants of term structures and the exchange rate
Chabi-Yo, Fousseni (contributor); Yang, Jun (contributor) - 2007
We study the joint dynamics of macroeconomic variables, bond yields, and the exchange rate in an empirical two-country New-Keynesian model complemented with a no-arbitrage term structure model. With Canadian and US data, we are able to study the impact of macroeconomic shocks from both countries...
Persistent link: https://www.econbiz.de/10003462987
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Wage Contracts, Capital Mobility, and Macroeconomic Policy
Agenor, Pierre-Richard - 2006
This paper examines the long-run effects of macroeconomic policy shocks on the behavior of output, inflation, real wages and the real exchange rate in a small open economy. The analysis is based on a two-sector, three-good optimizing model with imperfect capital mobility, nominal wage contracts...
Persistent link: https://www.econbiz.de/10012781937
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The Transmission of External Shocks in Asia : Country Characteristics and Policy Responses
Deb, Pragyan; Nadeem, Sanaa; Peiris, Shanaka - 2021
14 Asian advanced and emerging economies (AEs and EMs) to assess the impact of financial and real shocks on investment … capital flows (particularly via corporate and bank balance sheets) for EMs, and credit for AEs. It also finds evidence that … for Asian EMs, FXI may help dampen the capital flows and real exchange rate channels and mitigate financial shocks in the …
Persistent link: https://www.econbiz.de/10013238139
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An Apocalypse Foretold : Climate Shocks and Sovereign Defaults
Cevik, Serhan; Jalles, João Tovar - 2021
Climate change poses an existential threat to the global economy. While there is a growing body of literature on the economic consequences of climate change, research on the link between climate change and sovereign default risk is nonexistent. We aim to fill this gap in the literature by...
Persistent link: https://www.econbiz.de/10013252051
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This Changes Everything : Climate Shocks and Sovereign Bonds
Cevik, Serhan - 2020
Climate change is already a systemic risk to the global economy. While there is a large body of literature documenting potential economic consequences, there is scarce research on the link between climate change and sovereign risk. This paper therefore investigates the impact of climate change...
Persistent link: https://www.econbiz.de/10012828232
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Preemptive Policies and Risk-Off Shocks in Emerging Markets
Das, Mitali; Gopinath, Gita; Kalemli-Ozcan, Sebnem - 2022
We show that “preemptive” capital flow management measures (CFM) can reduce emerging markets and developing countries’ (EMDE) external finance premia during risk-off shocks, especially for vulnerable countries. Using a panel dataset of 56 EMDEs during 1996–2020 at monthly frequency, we...
Persistent link: https://www.econbiz.de/10013295150