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  • 1
    Online Resource
    Online Resource
    Global financial crisis, financial contagion and emerging markets / (2012)
    Washington, D.C. :International Monetary Fund,
    Details
    UID:
    almafu_9958065656302883
    Format: 1 online resource (59 p.)
    Edition: 1st ed.
    ISBN: 1-4755-7227-1 , 1-4755-1849-8
    Series Statement: IMF working paper ; WP/12/293
    Content: The recent global financial crisis was the first in recent history that was triggered by problems in the financial system of the mature economies. Existing work on financial crisis in emerging market countries, however, almost exclusively focus on the role of financial frictions in the domestic economy. In contrast, we propose a two-country DSGE model to investigate the transmission of a global financial crisis that originates from financial frictions in the rest of the world. We find that the scale of financial spillovers from the global to the domestic economy and trade openness are key determinants of the severity of the financial crisis for the domestic economy. Our results also suggest that the welfare ranking of alternative monetary policy regimes is determined by the degree of financial contagion, the degree of trade openness as well as the scale of foreign currency denominated debt in the domestic economy.
    Note: Description based upon print version of record. , Cover; Contents; 1. Introduction; 2. The Model; 2.1 Households; 2.2 Firms; 2.2.1 Production Firms; 2.2.2 Importing Firms; 2.2.3 Unfinished Capital Producing Firms; 2.3 Entrepreneurs; 2.4 Monetary Policy; 2.5 General Equilibrium and Balance of Payments Dynamics; 3. Solution and Parametrization; 3.1 Consumption, Production and Monetary Policy; 3.2 Entrepreneurs; 4. Financial Crisis and the Domestic Economy; 4.1 Model Dynamics; 4.2 Financial Crisis Originating in the Domestic Economy; 4.3 Financial Crisis in the Global Economy; 4.3.1 The Impact of the financial shock on the foreign economy , 4.3.2 The transmission of the foreign shock onto the domestic economy 4.3.3 The role of trade openness; 4.4 Monetary Policy Options and Welfare Analysis; 5. Conclusions; References; Appendixes; A. Optimal Contracting Problem; B. Model Equations; B.2 Model Equations: Foreign Economy; Tables; 1. Parameter Values for Consumption, Production and Monetary Policy; 2. Parameter Values for the Entrepreneurial Sector; 3. Business Cycles in Emerging Economies: Data vs. Model; 4. Business Cycles in Advanced (Big) Economies: Data vs. Model; 5. Cross-Country Correlations; 6. Welfare Results; Figures , 1. Responses to a Financial Crisis in Domestic Economy 2. Responses to a Financial Crisis in a Foreign Economy; 3. Responses to a Financial Crisis in Foreign Economy with Financial Contagion; 4. Responses to a Financial Crisis in Foreign Economy without Financial Contagion; 5. Responses to a Financial Crisis in Foreign Economy with Financial Contagion: Domestic Economy-The Impact of Openness; 6. Responses to a Financial Crisis in Foreign Economy without Financial Contagion: Domestic Economy-The Impact of Openness , 7. Responses to a Financial Crisis in Foreign Economy with Financial Contagion: Domestic Economy-The Role of Monetary Policy Strategy 8. Responses to a Financial Crisis in Foreign Economy without Financial Contagion: Domestic Economy-The Role of Monetary Policy Strategy , English
    Additional Edition: ISBN 1-4755-8984-0
    Additional Edition: ISBN 1-4755-5116-9
    Language: English
    Keywords: Graue Literatur
    URL: kostenfrei
    URL: kostenfrei
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    Stabi Berlin
    FU Berlin
    Charité
  • 2
    Online Resource
    Online Resource
    Inflation : concepts, evolution, and correlates (2019)
    Washington, DC, USA : World Bank Group, Macroeconomics, Trade and Investment Global Practice
    Details
    UID:
    gbv_1665868465
    Format: 1 Online-Ressource (circa 80 Seiten) , Illustrationen
    Series Statement: Policy research working paper 8738
    Content: In the past four to five decades, inflation has fallen around the world, with median annual global consumer price inflation down from a peak of 16.6 percent in 1974 to 2.6 percent in 2017. This decline began in advanced economies in the mid-1980s and in emerging market and developing economies in the mid-1990s. By 2000, global inflation had stabilized at historically low levels. Lower inflation has been accompanied by reduced inflation volatility, especially in advanced economies. This improvement in inflation outcomes has stemmed in large part from structural economic changes, including improved monetary and fiscal policy frameworks as well as international trade and financial liberalization. Lower and more stable inflation has often been associated with better growth and development outcomes, partly by reducing uncertainty, fostering a more efficient allocation of resources, and helping preserve financial stability
    Additional Edition: Erscheint auch als Druck-Ausgabe Ha, Jongrim Inflation: Concepts, Evolution, and Correlates Washington, D.C : The World Bank, 2019
    Language: English
    Keywords: Graue Literatur
    DOI: 10.1596/1813-9450-8738
    URL: Volltext  (lizenzpflichtig)
    URL: Deutschlandweit zugänglich
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    Online Access
    Open Access Request
    UB Potsdam
    MPI Bildungsforschung
  • 3
    Online Resource
    Online Resource
    On the optimal adherence to money targets in a new-Keynesian framework : an application to low-income countries (2010)
    [Washington, D.C.] :International Monetary Fund,
    Details
    UID:
    edoccha_9958120569902883
    Format: 1 online resource (54 p.)
    ISBN: 1-4623-7995-8 , 1-4552-9898-0 , 1-282-84609-4 , 9786612846090 , 1-4552-0117-0
    Series Statement: IMF working paper ; WP/10/134
    Content: Many low-income countries continue to describe their monetary policy framework in terms of targets on monetary aggregates. This contrasts with most modern discussions of monetary policy, and with most practice. We extend the new-Keynesian model to provide a role for “M” in the conduct of monetary policy, and examine the conditions under which some adherence to money targets is optimal. In the spirit of Poole (1970), this role is based on the incompleteness of information available to the central bank, a pervasive issues in these countries. Ex-ante announcements/forecasts for money growth are consistent with a Taylor rule for the relevant short-term interest rate. Ex-post, the policy maker must choose his relative adherence to interest rate and money growth targets. Drawing on the method in Svensson and Woodford (2004), we show that the optimal adherence to ex-ante targets is equivalent to a signal extraction problem where the central bank uses the money market information to update its estimate of the state of the economy. We estimate the model, using Bayesian methods, for Tanzania, Uganda (both de jure money targeters), and Ghana (a de jure inflation targeter), and compare the de facto adherence to targets with the optimal use of money market information in each country.
    Note: "June 2010". , Cover Page; Title Page; Copyright Page; Contents; I. Introduction; II. The Model; A. Monetary Policy Under Complete Information; B. Monetary Policy Under Incomplete Information; III. Estimating the Model; A. Bayesian Estimation Strategy; Table 1. Calibrated Parameters; Table 2. Prior and Posterior Distributions for Parameters and Volatilities: Ghana; Table 3. Prior and Posterior Distributions for Parameters and Volatilities: Uganda; Table 4. Prior and Posterior Distributions for Parameters and Volatilities: Tanzania; Table 5. Estimated and Optimal lambda (λ); B. Results , IV. Deriving the Optimal LambdaA. Optimal λ Results for Ghana, Tanzania and Uganda; Figure 1. Uganda, Sensitivity Analysis for the Optimal Lambda; Table 6. Inflation and Output Gap Volatility; V. Alternative Rationalizations for the Role of Money in Policy Frameworks in LICs; VI. Conclusion; References; Footnotes
    Language: English
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    FU Berlin
    Charité
  • 4
    Online Resource
    Online Resource
    External finance, sudden stops, and financial crisis : what is different this time? (2010)
    [Washington, D.C.] :International Monetary Fund,
    Details
    UID:
    edoccha_9958120564502883
    Format: 1 online resource (52 p.)
    ISBN: 1-4623-3455-5 , 1-4552-3642-X , 1-282-84630-2 , 9786612846304 , 1-4552-0141-3
    Series Statement: IMF working paper ; WP/10/158
    Content: This paper develops a two-country DSGE model to investigate the transmission of a global financial crisis to a small open economy. We find that economies hit by a sudden stop arising from financial distress in the global economy are likely to face a more prolonged crisis than sudden stop episodes of domestic origin. Moreover, in contrast to the existing literature, our results suggest that the greater a country's trade integration with the rest of the world, the greater the response of its macroeconomic aggregates to a sudden stop of capital flows.
    Note: "July 2010." , Cover Page; Title Page; Copyright Page; Contents; I. Introduction; II. The Model; A. Households; B. Firms; C. Entrepreneurs.; D. Monetary Policy; E. General Equilibrium and Balance of Payments Dynamics; III. Solution and Model Parametrization; A. Consumption, Production, and Monetary Policy; B. Entrepreneurs; 1. Parameter Values for Consumption, Production Sectors and Monetary Policy; 2. Parameter Values for Entrepreneurial Sector; IV. Impulse Response to Financial Shocks; A. Financial Crisis in the Domestic Economy , 1. Dynamic Responses to a Financial Crisis in Domestic Economy: Domestic EconomyB. Financial Crisis in the ROW; 2. Dynamic Responses to a Financial Crisis in ROW: Domestic Economy; 3. Dynamic Responses to a Financial Crisis in ROW: ROW; 4. Dynamic Responses to a Financial Crisis in ROW: Domestic Economy; 5. Dynamic Responses to a Financial Crisis in ROW: Domestic Economy; V. Conclusions; Optimal Contracting Problem; References; Footnotes
    Language: English
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    FU Berlin
    Charité
  • 5
    Online Resource
    Online Resource
    On the sources of oil price fluctuations / (2009)
    [Washington, D.C.] :International Monetary Fund,
    Details
    UID:
    edocfu_9958068441102883
    Format: 28 p. : , ill.
    Edition: 1st ed.
    ISBN: 1-4623-2447-9 , 1-4518-7430-8 , 1-4527-4097-6 , 1-282-84472-5 , 9786612844720
    Series Statement: IMF working paper ; WP/09/285
    Content: Analyzing macroeconomic impacts of oil price changes requires first to investigate different sources of these changes and their distinct effects. Kilian (2009) analyzes the effects of an oil supply shock, an aggregate demand shock, and a precautionary oil demand shock. The paper's aim is to model macroeconomic consequences of these shocks within a new Keynesian DSGE framework. It models a small open economy and the rest of the world together to discover both accompanying effects of oil price changes and their international transmission mechanisms. Our results indicate that different sources of oil price fluctuations bring remarkably diverse outcomes for both economies.
    Note: Bibliographic Level Mode of Issuance: Monograph , Intro -- Contents -- I. Introduction -- II. The Small Open Economy Model -- A. Households -- B. Firms -- C. Monetary and Fiscal Policy -- D. Equilibrium -- III. Rest of the World and the Oil Market -- A. Equilibrium in the Rest of the World -- B. Oil Market Equilibrium -- IV. Impulse Response Analysis -- A. Aggregate Demand Shocks -- B. Oil Supply Shock -- C. Precautionary Demand Shock -- V. Conclusions -- References -- Tables -- 1. Model in Log- Linearized Form: Behavioral Equations for SOE -- 2. Model in Log-Linearized Form: Behavioral Equations for the ROW and the Oil Market -- 3. Model in Log-Linearized Form: Parameters -- 4. Model in Log-Linearized Form: Exogenous Processes -- 5. Parameters Values Used in Calibration -- Appendix: Equilibrium Conditions -- A. Households and Goods Market Equilibrium in SOE -- B. Marginal Cost and Inflation Dynamics -- C. Rest of the World and Oil Market Equilibrium -- Appendix Figures -- 1. Impulse Responses to 1 Percent Labor Productivity Shock -- 2. Impulse Responses to 1 Percent Government Spending Shock -- 3. Impulse Responses to 10 Percent Negative Oil Supply Shock -- 4. Impulse Responses to 10 Percent Expected Negative Oil Supply Shock. , English
    Additional Edition: ISBN 1-4519-1846-1
    Language: English
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    FU Berlin
    Charité
  • 6
    Online Resource
    Online Resource
    Sovereign Spreads and Contagion Risks in Asia (2011)
    Washington, D.C : International Monetary Fund
    Details
    UID:
    gbv_845860429
    Format: Online-Ressource (25 p)
    Edition: Online-Ausg.
    ISBN: 145525939X , 9781455259397
    Series Statement: IMF Working Papers Working Paper No. 11/134
    Content: This paper explores how much of the movements in the sovereign spreads of Asian economies over the course of the global financial crisis has reflected shifts in (i) global risk aversion; (ii) country-specific risks, directly from worsening fundamentals, and indirectly from spillovers originating in other sovereigns and the uncertainty surrounding exchange rates. Earlier in the crisis, the increase in market-implied contagion led to higher Asian sovereign bond yield spreads over swaps. But, after the crisis, Asia’s sovereign spreads normalized, despite the debt crisis in the euro area, reflecting a fall in both exchange rate and spillover risks
    Additional Edition: Erscheint auch als Druck-Ausgabe Unsal, Filiz Sovereign Spreads and Contagion Risks in Asia Washington, D.C. : International Monetary Fund, 2011 ISBN 9781455259397
    Language: English
    DOI: 10.5089/9781455259397.001
    URL: kostenfrei
    URL: kostenfrei
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    Open Access Request
    Stabi Berlin
  • 7
    Online Resource
    Online Resource
    Capital Flows and Financial Stability : Monetary Policy and Macroprudential Responses (2011)
    Washington, D.C : International Monetary Fund
    Details
    UID:
    gbv_845852108
    Format: Online-Ressource (27 p)
    Edition: Online-Ausg.
    ISBN: 1462307272 , 9781462307272
    Series Statement: IMF Working Papers Working Paper No. 11/189
    Content: The resumption of capital flows to emerging market economies since mid 2009 has posed two sets of interrelated challenges for policymakers: (i) to prevent capital flows from exacerbating overheating pressures and consequent inflation, and (ii) to minimize the risk that prolonged periods of easy financing conditions will undermine financial stability. While conventional monetary policy maintains its role in counteracting the former, there are doubts that it is sufficient to guard against the risks of financial instability. In this context, there have been increased calls for the development of macroprudential measures, with an explicit focus on systemwide financial risks. Against this background, this paper analyses the interplay between monetary policy and macroprudential regulations in an open economy DSGE model with nominal and real frictions. The key result is that macroprudential measures can usefully complement monetary policy. Even under the ""optimal policy,"" which calls for a rather aggressive monetary policy reaction to inflation, introducing macroprudential measures is found to be welfare improving. Broad macroprudential measures are shown to be more effective than those that discriminate against foreign liabilities (prudential capital controls). However, these measures are not a substitute for an appropriate moneraty policy reaction. Moreover, macroprudential measures are less useful in helping economic stability under a technology shock
    Additional Edition: Erscheint auch als Druck-Ausgabe Unsal, Filiz Capital Flows and Financial Stability: Monetary Policy and Macroprudential Responses Washington, D.C. : International Monetary Fund, 2011 ISBN 9781462307272
    Language: English
    DOI: 10.5089/9781462307272.001
    URL: kostenfrei
    URL: kostenfrei
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    Open Access Request
    Stabi Berlin
  • 8
    Online Resource
    Online Resource
    Global financial crisis, financial contagion and emerging markets (2012)
    Washington, D.C. :International Monetary Fund,
    Details
    UID:
    almahu_9948319526902882
    Format: 57 p. : , ill.
    Edition: Electronic reproduction. Ann Arbor, MI : ProQuest, 2015. Available via World Wide Web. Access may be limited to ProQuest affiliated libraries.
    Series Statement: IMF working paper ; WP/12/293
    Language: English
    Keywords: Electronic books.
    URL: Click to View
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    Online Resource
    HU Berlin
  • 9
    Online Resource
    Online Resource
    On the sources and consequences of oil price shocks : the role of storage (2012)
    Washington, D.C. :International Monetary Fund,
    Details
    UID:
    almahu_9948319528902882
    Format: 38 p. : , ill.
    Edition: Electronic reproduction. Ann Arbor, MI : ProQuest, 2015. Available via World Wide Web. Access may be limited to ProQuest affiliated libraries.
    Series Statement: IMF working paper ;
    Note: At head of title: Research Department -- verso of t.p. , "November 2012"-- verso of t.p.
    Language: English
    Keywords: Electronic books.
    URL: Click to View
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    HU Berlin
  • 10
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    Online Resource
    The effectiveness of monetary policy transmission under capital inflows : evidence from Asia (2012)
    Washington, D.C. :International Monetary Fund,
    Details
    UID:
    almahu_9948319529202882
    Format: 18 p. : , ill.
    Edition: Electronic reproduction. Ann Arbor, MI : ProQuest, 2015. Available via World Wide Web. Access may be limited to ProQuest affiliated libraries.
    Series Statement: IMF working paper ;
    Language: English
    Keywords: Electronic books.
    URL: Click to View
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    HU Berlin
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