Global Liquidity Transmission To Emerging Market Economies And Their Policy Responses
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Global Liquidity Transmission to Emerging Market Economies and Their Policy Responses
Author | : Woon Gyu Choi,Taesu Kang,Geun-Young Kim,Byongju Lee |
Publsiher | : International Monetary Fund |
Total Pages | : 31 |
Release | : 2017-10-30 |
Genre | : Business & Economics |
ISBN | : 9781484325216 |
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This paper distills and identifies global liquidity (GL) momenta from the macro-financial data of advanced economies through a factor model with sign restrictions as policy-driven, market-driven, and risk averseness factors. Using a panel factor-augmented VAR, we investigate responses of emerging market economies (EMEs) to GL shocks. A policy-driven liquidity increase boosts growth in EMEs, elevating stock prices and currency values, while a risk averseness rise has an opposite effect. A market-driven GL expansion boosts stock markets and lowers funding costs, promoting competitiveness and current account. Inflation targeting EMEs fare better than EMEs under alternative regimes with respect to macrofinancial volatility.
Global Liquidity Transmission to Emerging Market Economies and Their Policy Responses
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Author | : Woon Gyu Choi |
Publsiher | : Unknown |
Total Pages | : 38 |
Release | : 2015 |
Genre | : Electronic Book |
ISBN | : OCLC:1306634341 |
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This paper analyzes the transmission of global liquidity from advanced economies to EMEs. We distill global liquidity (GL) momenta from the macro-financial data of advanced economies through a factor model. Using a panel factor-augmented VAR analysis, we then delve into EMEs' responses to shocks to each of three types of global liquidity momenta policy-driven liquidity, market-driven liquidity, and risk averseness. Each GL shock significantly affects EMEs on the real and external fronts. Counterfactual analyses suggest that policy rates are effective in stabilizing the real front, whereas appropriate adjustments in foreign reserves could be conducive to stabilizing the external front.
Global Liquidity
Author | : Mr.Akito Matsumoto |
Publsiher | : International Monetary Fund |
Total Pages | : 38 |
Release | : 2011-06-01 |
Genre | : Business & Economics |
ISBN | : 9781455264452 |
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What is global liquidity and how does it affect an economy? The paper addresses that question by looking at liquidity from two different perspectives: global liquidity as availability of funds in safe and risky asset markets. This distinction between safe and risky asset markets is important due to market segmentation, which called for unconventional monetary policy to restore a function of risky asset markets. To analyze the effect of global liquidity, I construct proxy variables and then asses how they affect an emerging economy whose interest rate is affected by a world risk-free rate and a risk premium. Using the data from four major Latin American countries, I find that these two aspects of global liquidity have similar effects on economic performance in emerging market economies except for their effect on inflation.
Monetary Policy Transmission in an Emerging Market Setting
Author | : Ila Patnaik,Ajay Shah,Rudrani Bhattacharya |
Publsiher | : International Monetary Fund |
Total Pages | : 27 |
Release | : 2011-01-01 |
Genre | : Business & Economics |
ISBN | : 9781455211838 |
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Some emerging economies have a relatively ineffective monetary policy transmission owing to weaknesses in the domestic financial system and the presence of a large and segmented informal sector. At the same time, small open economies can have a substantial monetary policy transmission through the exchange rate channel. In order to understand this setting, we explore a unified treatment of monetary policy transmission and exchangerate pass-through. The results for an emerging market, India, suggest that the most effective mechanism through which monetary policy impacts inflation runs through the exchange rate.
Capital Inflows and Balance of Payments Pressures
Author | : Mr.Juan Zalduendo,Ms.Manuela Goretti,Mr.Bikas Joshi,Mr.Atish R. Ghosh,Ms.Uma Ramakrishnan,Mr.Alun H. Thomas |
Publsiher | : International Monetary Fund |
Total Pages | : 21 |
Release | : 2008-06-01 |
Genre | : Business & Economics |
ISBN | : 9781451945997 |
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Although capital inflows are generally beneficial to recipient countries, they also pose a challenge for the conduct of economic policy. This paper proposes a conceptual taxonomy to guide the design of policy responses in the face of capital flows. We explore how responses to capital surges should be differentiated based on the source of balance of payments pressures. We also examine whether the policy choices in emerging market countries conform to the taxonomy's predictions and find some correspondence, especially during periods of high global liquidity.
Managing Elevated Risk
Author | : Iwan J. Azis,Hyun Song Shin |
Publsiher | : Springer |
Total Pages | : 124 |
Release | : 2014-12-11 |
Genre | : Business & Economics |
ISBN | : 9789812872845 |
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This book discusses the risks and opportunities that arise in Emerging Asia given the context of a new environment in global liquidity and capital flows. It elaborates on the need to ensure financial and overall economic stability in the region through improved financial regulation and other policy measures to minimize the emergent risks. "Managing Elevated Risk: Global Liquidity, Capital Flows, and Macroprudential Policy—An Asian Perspective" also explores the range of policy options that may be deployed to address the impact of global liquidity on domestic financial and socio-economic conditions including income inequality. The book is primarily aimed at policy makers, financial market regulators and supervisory agencies to help them improve national regulatory systems and to promote harmonization of national regulations and practices in line with global standards. Scholars and researchers will also gain important information and knowledge about the overall impacts of changing global liquidity from the book.
Global Liquidity House Prices and the Macroeconomy
Author | : Ambrogio Cesa-Bianchi,Luis Felipe Cespedes,Mr.Alessandro Rebucci |
Publsiher | : International Monetary Fund |
Total Pages | : 43 |
Release | : 2015-01-29 |
Genre | : Business & Economics |
ISBN | : 9781475550931 |
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In this paper we first compare house price cycles in advanced and emerging economies using a new quarterly house price data set covering the period 1990-2012. We find that house prices in emerging economies grow faster, are more volatile, less persistent and less synchronized across countries than in advanced economies. We also find that they correlate with capital flows more closely than in advanced economies. We then condition the analysis on an exogenous change to a particular component of capital flows. We find that a global liquidity shock, identified by aggregating bank-to-bank cross border flows and by using the external instrumental variable approach of Stock and Watson (2012) and Mertens and Ravn (2013), has a much stronger impact on house prices and consumption in emerging markets than in advanced economies. In our empirical model, holding house prices or the exchange rate constant in response to this shock tends to dampen its effects on consumption in emerging economies.
Understanding Global Liquidity
Author | : Sandra Eickmeier,Leonardo Gambacorta,Boris Hofmann |
Publsiher | : Unknown |
Total Pages | : 42 |
Release | : 2013 |
Genre | : International finance |
ISBN | : IND:30000147219442 |
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