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What Can (Macro-) Prudential Policy do to Support Monetary Policy?

Borio, Claudio E. V. - 2013

In the economic environment that has been emerging over the last couple of decades, it is more likely that the occasional build-up of financial imbalances, typically in the form of unsustainable credit and asset price booms, will occur against the background of low and stable inflation, posing a...

Persistent link: https://www.econbiz.de/10012711145

Towards a macroprudential surveillance and remedial policy formulation system for monitoring financial crisis

Bhattacharyay, Biswanath - 2009

Several developing economies witnessed a large number of systemic financial and currency crises since the 1980s which resulted in severe economic, social, and political problems. The devastating impact of the 1982 and 1994-95 Mexican crises, the 1997-98 Asian financial crisis, the 1998 Russian...

Persistent link: https://www.econbiz.de/10003887495

Early warning system for economic and financial risks in Kazakhstan

Bhattacharyay, Biswanath; Dlugosch, Dennis; Kolb, Benedikt - 2009

This paper proposes a macro-prudential financial soundness analysis that can be used by most developing and transformation countries with or without crisis experience as well as by developed countries with limited data. The objective is to detect economic and financial sector vulnerability,...

Persistent link: https://www.econbiz.de/10003897420

Evaluating the Costs of Government Credit Support Programs During COVID-19 : International Evidence

Hong, Gee Hee; Lucas, Deborah - 2023

Advanced economies made available more than 5 trillion USD through government-supported credit guarantee and direct loan programs to provide lifelines to firms in the face of the COVID-19 pandemic. Notwithstanding the unprecedented scale of credit made available, an in-depth analysis of the...

Persistent link: https://www.econbiz.de/10014254704

Economic Policy Response to the COVID-19 Crisis : The Case of Poland

Sobanski, Konrad - 2021

-crisis measures results in a significant increase in the public debt ratio, from 44% in 2019 to 51.5% in 2020, and a state budget … deficit of 7.6% of GDP in 2020. Although the projected debt ratio is still below the 55% alert threshold prescribed by Polish … than initially estimated. Second, if the polish currency depreciates due to external pressures, the debt ratio increases …

Persistent link: https://www.econbiz.de/10013226640

Policy Mandates for Macro-Prudential and Monetary Policies in a New Keynesian Framework

Levine, Paul - 2015

In the aftermath of the financial crisis, the role of monetary policy and macro-prudential regulation in promoting financial stability is under discussion. The old debate concerning whether monetary policy should respond to credit and asset price bubbles was revived, whereas macro-prudential...

Persistent link: https://www.econbiz.de/10013020791

Financial and Macroeconomic Implications : Stock Market Liberalizations

Funke, Norbert - 2021

Using a panel of 27 countries, we analyze the effects of stock market liberalization on financial and macroeconomic development. We find that liberalization is associated with a short-term increase in real private investment growth of about 14 percentage points cumulatively in the four years...

Persistent link: https://www.econbiz.de/10013211945

The Impact of Sovereign Shocks

Manzo, Gerardo - 2018

This paper studies the dynamic propagation mechanisms of systemic risk shocks within and across macro-systems of governments and financial institutions. We propose a novel approach to identify relevant systemic shocks and to classify them into sovereign or banking categories. We find that...

Persistent link: https://www.econbiz.de/10012937673

Exchange Rates and Domestic Credit-Can Macroprudential Policy Reduce the Link?

Nier, Erlend; Olafsson, Thorvardur Tjoervi; Rollinson, … - 2021

This paper examines empirically the role of macroprudential policy in addressing the effects of external shocks on financial stability. In a sample of 62 economies over the period of 2000: Q1-2016: Q4, our dynamic panel regressions show that an appreciation of the local exchange rate is...

Persistent link: https://www.econbiz.de/10013315105

The natural rate of interest and the financial cycle

Krustev, Georgi - 2018

I extend the model of Laubach and Williams (2003) by introducing an explicit role for the financial cycle in the joint estimation of the natural rates of interest, unemployment and output, and the sustainable growth rate of the US economy. By incorporating the financial cycle - arguably an...

Persistent link: https://www.econbiz.de/10011871950

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