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August 9, 2007 is often regarded as the starting date of the global financial crisis. BNP Paribas stopped trading in three of its investment funds exposed to the U.S. sub-prime mortgage markets as the liquidity in these markets had all but dried up. Liquidity considerations are a symptom of the...
Persistent link: https://www.econbiz.de/10015257843
As monetary policy tools exert increasing impacts on the longer end of the yield curve, this paper considers a long-term real rate as an alternative policy indicator in a structural VAR framework. Based on an event study of FOMC announcements, we advance a measure of the unexpected policy...
Persistent link: https://www.econbiz.de/10015260217
Johansen cointegration approach was used to analyse monthly data from January 2000 to December 2014. The results show that the …
Persistent link: https://www.econbiz.de/10015260314
Using both aggregate and disaggregate data, the purpose of this study was to examine the effects of VND/CNY exchange rate (including exchange rate level and volatility) on trade flows between Vietnam and China. For this analysis, Autoregressive Distributed Lag (ARDL) model is applied. In the...
Persistent link: https://www.econbiz.de/10015260709
Using both aggregate and disaggregate data, the purpose of this study was to examine the effects of VND/CNY exchange rate (including exchange rate level and volatility) on trade flows between Vietnam and China. For this analysis, Autoregressive Distributed Lag (ARDL) model is applied. In the...
Persistent link: https://www.econbiz.de/10015260845
Active asset managers face asymmetric risks from a paradigm shift in monetary policy regimes and inflation trends, as some active funds increased risk-taking to compete with passive funds - the primary beneficiaries of prolonged low volatility. A decade of volatility and term premium suppression...
Persistent link: https://www.econbiz.de/10015262006
Conversion is a term often used for exchanging one currency into another. This can be done on basis of daily exchange rates: the spot rates, but also on basis of future needs: the forward rates. There is a second type of conversion, which in economic terms may be much more relevant than the...
Persistent link: https://www.econbiz.de/10015262131
Global monetary authorities remained steadfast in policy normalization to pare unconventional easing programs, as Federal Reserve’s balance sheet run-off and China’s BRI loans created a perfect storm in dollar liquidity tightening. There are signs that risk-parity funds are in the grip of a...
Persistent link: https://www.econbiz.de/10015262513
Is the Philips Curve Still Applicable in Today’s Financial Environment? The relationship between wage inflation and unemployment, is not only considered by Gali and Gambetti (2018:2) to be a “a key link of the relation between prices and economic activity” but also regarded as the focus of...
Persistent link: https://www.econbiz.de/10015264647
The federal funds rate became uninformative about the stance of monetary policy from December 2008 to November 2015. During the same period, unconventional monetary policy actions, like large-scale asset purchases, show the Federal Reserve’s intention to depress longer-term interest rates....
Persistent link: https://www.econbiz.de/10015265323