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Policy Responses to the Global Financial Crisis: What Did Emerging Economies Do Differently?

Ceballos, Francisco; Didier, Tatiana; Hevia, Constantino; … - Banco Central de Reserva del Perú - 2013

In contrast to the past, many emerging countries faced the global financial crisis of 2008-2009 with more solid financial positions and the required credibility and capacity to conduct countercyclical policies. This allowed them to better cope with the global downturn and thus behave more...

Persistent link: https://www.econbiz.de/10010612064

Coordination and Crisis in Monetary Unions

Aguiar, Mark; Amador, Manuel; Farhi, Emmanuel; … - Federal Reserve Bank of Minneapolis - 2015

We study fiscal and monetary policy in a monetary union with the potential for rollover crises in sovereign debt markets. Member-country fiscal authorities lack commitment to repay their debt and choose fiscal policy independently. A common monetary authority chooses inflation for the union,...

Persistent link: https://www.econbiz.de/10011277950

Shock Therapy! What Role for Thai Monetary Policy?

Alp, Harun - 2012

Thailand had to endure three major shocks during 2008-2011: the global financial crisis, the Japanese earthquake, and the Thai floods of 2011. Over this period, consistent with its inflation targeting framework, the Bank of Thailand (BOT) let the exchange rate depreciate and cut interest rates...

Persistent link: https://www.econbiz.de/10013096276

Following the Imprint of the ECB's Asset Purchase Programme on Global Bond and Deposit Flows

Avdjiev, Stefan - 2019

We trace the imprint of the ECB's expanded asset purchase programme (APP) on international bond portfolios and euro-denominated deposits. Our analysis suggests that non-bank financial institutions (NBFIs) located outside the euro area sold large volumes of euro area government bonds and kept a...

Persistent link: https://www.econbiz.de/10012891111

Monetary Conformation of the Corporate Governmentality II the Monetary System and the Privatization Process

Rivera Vicencio, Eduardo - 2016

The global governance of large corporations or corporate governmentality changed over time through the penetration of the economy in all aspects of society but which has shaped the monetary system as an integral part of corporate governmentality and which gave it a big push in the last forty...

Persistent link: https://www.econbiz.de/10012992343

Can Countries Manage Their Financial Conditions Amid Globalization?

Arregui, Nicolas - 2018

This paper examines the evolving importance of common global components underlying domestic financial conditions. It develops financial conditions indices (FCIs) that make it possible to compare a large set of advanced and emerging market economies. It finds that a common component, 'global...

Persistent link: https://www.econbiz.de/10012927458

The International Monetary and Financial System : Its Achilles Heel and What to Do About it

Borio, Claudio E. V. - 2015

This essay argues that the Achilles heel of the international monetary and financial system is that it amplifies the "excess financial elasticity" of domestic policy regimes, ie it exacerbates their inability to prevent the build-up of financial imbalances, or outsize financial cycles, that lead...

Persistent link: https://www.econbiz.de/10013032507

Spreads on Emerging-Market Debt: Global vs. Regional Factors

Cifarelli, Giulio; Paladino, Giovanna - In: Economia Internazionale / International Economics 56 (2003) 2, pp. 255-286

spread co-movements, within and across geographical areas, possibly due to cross-market “contagion” phenomena. Latin American … should be aware of the danger of sudden capital outflows due to regional contagion. …

Persistent link: https://www.econbiz.de/10008512538

Measuring Co-Movements Between US and European Stock Markets

Bonfiglioli, Alessandra; Favero, Carlo A. - C.E.P.R. Discussion Papers - 2000

stock market. We conduct our analysis by explicitly considering the distinction between interdependence and contagion. By … equilibrium for US shares? Is there short-term interdependence and contagion between US and European stock markets, i.e. do short …

Persistent link: https://www.econbiz.de/10005067572

Contagion and interdependence: measuring CEE banking sector co-movements

Jokipii, Terhi; Lucey, Brian - Suomen Pankki - 2006

largest Central and Eastern European Countries (CEECs) can be attributed to contagion or to interdependence. Our tests based … on simple unadjusted correlation analysis uncover evidence of conta-gion between all pairs of countries. Adjusting for … market volatility during turmoil, however, produces dif-ferent results. We then find contagion from the Czech Republic to …

Persistent link: https://www.econbiz.de/10005648954

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