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Financial crisis, global liquidity and monetary exit strategies

Belke, Ansgar - 2010

We develop a roadmap of how the ECB should further reduce the volume of money (money supply) and roll back credit easing in order to prevent inflation. The exits should be step-by-step rather than one-off . Communicating about the exit strategy must be an integral part of the exit strategy....

Persistent link: https://www.econbiz.de/10003961040

The Role of Macroeconomic Policies in the Global Crisis

Catte, Pietro - 2010

This paper argues that the lack of timely and decisive policy action to correct domestic and external imbalances contributed crucially to the build-up of financial excesses that led to the financial crisis and the Great Recession. We focus on 2002-07 and perform a number of counterfactual...

Persistent link: https://www.econbiz.de/10013135338

Averting Currency Crises : The Pros and Cons of Financial Openness

Garita, Gus - 2011

We identify the benefits and costs of financial openness in terms of currency crises based on a novel quantification of the systemic impact of currency (financial) crises. We find that systemic currency crises mainly exist regionally, and that financial openness helps diminish the probability of...

Persistent link: https://www.econbiz.de/10013127306

Financial fragility in developing countries : an analysis in the context of monetary policy and central bank independence

Tosun, Bengü; Başar, Selim - In: Journal of central banking theory and practice 13 (2024) 1, pp. 89-116

This study aims to examine the effects of monetary policies implemented by developed countries and central bank independence of developing countries on the financial fragility of developing countries. According to the findings, it was seen that the contractionary monetary policies implemented by...

Persistent link: https://www.econbiz.de/10014496289

Business cycle synchronization in Asia : the role of financial and trade linkages

Dai, Yuwen - 2014

In this research project, we attempt to examine the behavior of business cycles in Asia in order to deepen our understanding of and expand research on this topic. Given the importance of the People’s Republic of China, Japan, and the United States in the region economy, we use these three...

Persistent link: https://www.econbiz.de/10011281409

Trilemma or Dilemma : Inspecting the Heterogeneous Response of Local Currency Interest Rates to Foreign Rates

Ricci, Luca A. - 2016

This paper studies the heterogeneous response across countries of local currency interest rates to foreign and domestic factors, thus contributing to the discussion on the policy trilemma in international economics. On average, floaters appear to be less affected by the U.S. in the short run (up...

Persistent link: https://www.econbiz.de/10012982434

Hong Kong output dynamics : an empirical analysis

Cheung, Yin-Wong - 2001

Advanced statistical techniques are used to analyze Hong Kong output dynamics. Hong Kong, Japan and the U.S. are found to share some common long-term and short-term cyclical variations. While the Hong Kong economy is susceptible to external shocks and Granger-caused by the other two economies,...

Persistent link: https://www.econbiz.de/10011398863

Cross-border banking and transmission mechanisms : the case of Europe

Buch, Claudia M. - 2001

International activities of commercial banks are a potential source for the transmission of shocks across countries. In Europe, bank finance plays a relatively important role, and efforts have been made at creating a level playing field for financial institutions. This paper reviews the stylized...

Persistent link: https://www.econbiz.de/10011476387

International Transmission and Monetary Policy Cooperation

Coenen, Günter; Lombardo, Giovanni; Smets, Frank; … - 2021

We use a version of the New Area-Wide Model (NAWM) developed at the ECB in order to quantify the gains from monetary policy cooperation. The model is calibrated in order to match a set of empirical moments. We then derive the cooperative and (open-loop) Nash monetary policies, assuming that the...

Persistent link: https://www.econbiz.de/10013316628

The transmission of external shocks to the Macedonian economic activity

Unevska Andonova, Danica; Petkovska, Marija - Narodna Banka na Republika Makedonija; Narodna Banka na … - 2011

. In a highly integrated and globalized world, the study of co-movement, or integration, is important because the results … Euro area, as main trading partner and world prices and what is the dynamic response of Macedonian GDP to a such shocks. To … statistically significant response to foreign demand shock, while world prices shock has no significant effect. …

Persistent link: https://www.econbiz.de/10011623342