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Panacea, Curse, or Nonevent? Unconventional Monetary Policy in the United Kingdom
Meier, André - International Monetary Fund (IMF) - 2009
The Bank of England's current "quantitative easing" strategy has given rise to a controversial debate about the effects and risks of unconventional monetary policy. The present paper makes two contributions to this debate. First, it provides a systematic overview of unconventional policy...
Persistent link: https://www.econbiz.de/10008528642
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Monetary Policy Implementation at Different Stages of Market Development
Laurens, Bernard - International Monetary Fund (IMF) - 2005
The most salient trend in monetary policy over the past two decades has been increasing reliance on money market operations, which reflects the belief that allowing market forces to allocate financial resources brings about increased economic efficiency and growth. However, small economies and...
Persistent link: https://www.econbiz.de/10005252522
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Fiscal Implications of the Global Economic and Financial Crisis
International Monetary Fund (IMF); International … - 2009
The economic and financial crisis is affecting the fiscal accounts of virtually every country. Public sector support for the financial system, fiscal stimulus and the automatic stabilizers, as well as the revenue decline from the downturn in commodity and asset prices, are leading to sharp...
Persistent link: https://www.econbiz.de/10010790494
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Understanding Chinese Bond Yields and their Role in Monetary Policy
Porter, Nathan; Cassola, Nuno - International Monetary Fund (IMF) - 2011
interest rates. While bond yields are not fully efficient?reflecting regulation, liquidity, and segmentation?we find they …: changes in PBC rates influence the structure of Treasury, financial, and corporate bond yield curves, which are then … associated with changes in growth and inflation. Coporate spreads are also a leading indicator of growth and inflation. While …
Persistent link: https://www.econbiz.de/10009327875
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Should Unconventional Balance Sheet Policies Be Added to the Central Bank toolkit? a Review of the Experience so Far
Ishi, Kotaro; Fujita, Kenji; Stone, Mark R. - International Monetary Fund (IMF) - 2011
What is the case for adding the unconventional balance sheet policies used by major central banks since 2007 to the standard policy toolkit? The record so far suggests that the new liquidity providing policies in support of financial stability generally warrant inclusion. As the balance sheet...
Persistent link: https://www.econbiz.de/10009151230
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Israel; Staff Report for the 2009 Article IV Consultation
International Monetary Fund (IMF); International … - 2010
This staff report discusses Israel’s 2009 Article IV Consultation on economic developments and policies. The economy has been shielded from the global downturn by the absence of prior housing or bank credit booms, high household savings rates, and the fact that investment goods and...
Persistent link: https://www.econbiz.de/10011245067
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Developing Essential Financial Markets in Smaller Economies; Stylized Facts and Policy Options
International Monetary Fund (IMF); International … - 2008
This paper surveys the foreign exchange markets, money and secondary government security markets, and stock exchanges in 107 smaller economy countries. The underdevelopment of these markets impedes risk transfer, monetary policy, corporate financing, and the capacity to absorb capital inflows....
Persistent link: https://www.econbiz.de/10011245902
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Moving to Greater Exchange Rate Flexibility; Operational Aspects Based on Lessons from Detailed Country Experiences
Ötker, Inci - International Monetary Fund (IMF) - 2007
Many countries have moved towards more flexible exchange rate regimes over the last decade to take advantage of greater monetary policy autonomy and flexibility in responding to external shocks. Some reluctance to let go of pegged exchange rates persists, however, despite the benefits of...
Persistent link: https://www.econbiz.de/10005767365
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Managing Risks in Financial Market Development; The Role of Sequencing
International Monetary Fund (IMF); International … - 2003
This paper proposes an integrated and risk-based approach to the sequencing and coordination of reforms to develop domestic financial markets. The paper argues that there is a hierarchy of financial markets that reflects the complexity of risks in each market and the interlinkages among markets....
Persistent link: https://www.econbiz.de/10005768863
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What Drives China's Interbank Market?
International Monetary Fund (IMF); International … - 2009
Interest rates in China comprise a mix of both market determined interest rates (interbank rates and bond yields), and …
Persistent link: https://www.econbiz.de/10008528670