Macroprudential Policy And Labor Market Dynamics In Emerging Economies
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Macroprudential Policy and Labor Market Dynamics in Emerging Economies
Author | : Alan Finkelstein Shapiro,Andres Gonzalez |
Publsiher | : International Monetary Fund |
Total Pages | : 48 |
Release | : 2015-04-03 |
Genre | : Business & Economics |
ISBN | : 9781475563641 |
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Emerging economies have high shares of self-employed individuals running owner-only firms who, in contrast to many salaried firms, have little access to formal financing and therefore rely on informal financing (input credit) from other firms. We build a small open economy real business cycle model with labor and financial market frictions where formal credit markets, informal credit, and the structure of the labor market interact. The model successfully replicates the cyclical behavior of sectoral employment, formal credit, and the main macroeconomic aggregates in emerging economies. We show that a countercyclical macroprudential policy that reduces formal credit fluctuations has positive though quantitatively limited effects on consumption and output volatility, but generates larger unemployment fluctuations in response to productivity shocks; the same policy increases labor market and aggregate volatility in response to net worth shocks. The link between input credit and the labor market structure---key for capturing the cyclical dynamics of labor and credit markets in the data---plays a crucial role for these results.
Key Aspects of Macroprudential Policy Background Paper
Author | : International Monetary Fund. Fiscal Affairs Dept.,International Monetary Fund. Monetary and Capital Markets Department |
Publsiher | : International Monetary Fund |
Total Pages | : 64 |
Release | : 2013-10-06 |
Genre | : Business & Economics |
ISBN | : 9781498341714 |
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The countercyclical capital buffer (CCB) was proposed by the Basel committee to increase the resilience of the banking sector to negative shocks. The interactions between banking sector losses and the real economy highlight the importance of building a capital buffer in periods when systemic risks are rising. Basel III introduces a framework for a time-varying capital buffer on top of the minimum capital requirement and another time-invariant buffer (the conservation buffer). The CCB aims to make banks more resilient against imbalances in credit markets and thereby enhance medium-term prospects of the economy—in good times when system-wide risks are growing, the regulators could impose the CCB which would help the banks to withstand losses in bad times.
Optimal Macroprudential Policy and Asset Price Bubbles
Author | : Nina Biljanovska,Lucyna Gornicka,Alexandros Vardoulakis |
Publsiher | : International Monetary Fund |
Total Pages | : 51 |
Release | : 2019-08-30 |
Genre | : Business & Economics |
ISBN | : 9781513512662 |
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An asset bubble relaxes collateral constraints and increases borrowing by credit-constrained agents. At the same time, as the bubble deflates when constraints start binding, it amplifies downturns. We show analytically and quantitatively that the macroprudential policy should optimally respond to building asset price bubbles non-monotonically depending on the underlying level of indebtedness. If the level of debt is moderate, policy should accommodate the bubble to reduce the incidence of a binding collateral constraint. If debt is elevated, policy should lean against the bubble more aggressively to mitigate the pecuniary externalities from a deflating bubble when constraints bind.
Informality Frictions and Macroprudential Policy
Author | : Moez Ben Hassine,Mr.Nooman Rebei |
Publsiher | : International Monetary Fund |
Total Pages | : 37 |
Release | : 2019-11-27 |
Genre | : Business & Economics |
ISBN | : 9781498320856 |
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We analyze the effects of macroprudential policies through the lens of an estimated dynamic stochastic general equilibrium (DSGE) model tailored to developing markets. In particular, we explicitly introduce informality in the labor and goods markets within a small open economy embedding financial frictions, nominal and real rigidities, labor search and matching, and an explicit banking sector. We use the estimated version of the model to run welfare analysis under optimized monetary and macroprudential rules. Results show that although informality reduces the efficiency of macroprudential policies following a convex fashion, combining the latter with an inflation targeting objective could be beneficial.
Macroprudential Policy An Organizing Framework Background Paper
Author | : International Monetary Fund. Monetary and Capital Markets Department |
Publsiher | : International Monetary Fund |
Total Pages | : 33 |
Release | : 2011-03-14 |
Genre | : Business & Economics |
ISBN | : 9781498339179 |
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MCM conducted a survey in December 2010 to take stock of international experiences with financial stability and the evolving macroprudential policy framework. The survey was designed to seek information in three broad areas: the institutional setup for macroprudential policy, the analytical approach to systemic risk monitoring, and the macroprudential policy toolkit. The survey was sent to 63 countries and the European Central Bank (ECB), including all countries in the G-20 and those subject to mandatory Financial Sector Assessment Programs (FSAPs). The target list is designed to cover a broad range of jurisdictions in all regions, but more weight is given to economies that are systemically important (see Annex for details). The response rate is 80 percent. This note provides a summary of the survey’s main findings.
IMF Research Bulletin June 2015
Author | : International Monetary Fund. Research Dept. |
Publsiher | : International Monetary Fund |
Total Pages | : 15 |
Release | : 2015-06-18 |
Genre | : Business & Economics |
ISBN | : 9781513503974 |
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In the June 2015 issue, the Research Summaries review "Migration: An Attractive Insurance Option in African Countries" (Ahmat Jidoud) and "Investment in Emerging Markets" (Nicolas E. Magud and Sebastian Sosa). The Q&A looks at "Seven Questions on Islamic Finance” (Inutu Lukonga). The Bulletin also includes its regular listings of recent IMF Working Papers and Staff Discussion Notes, as well as information on the "IMF Economic Review." A new IMF eLibrary discussion site on energy and climate change is highlighted, along with new recommendations from IMF Publications.
Dealing with the Challenges of Macro Financial Linkages in Emerging Markets
Author | : Otaviano Canuto,Swati Ghosh |
Publsiher | : World Bank Publications |
Total Pages | : 307 |
Release | : 2013-10-29 |
Genre | : Business & Economics |
ISBN | : 9781464800030 |
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This book deals with the challenges of macro financial linkages in the emerging markets.
The Fundamental Principles of Financial Regulation
Author | : Charles Albert Eric Goodhart,Avinash Persaud,Andrew Crockett,International Center for Monetary and Banking Studies,Hyun Shin |
Publsiher | : Geneva Reports on the World Ec |
Total Pages | : 144 |
Release | : 2009 |
Genre | : Business & Economics |
ISBN | : UCSD:31822037473311 |
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Analytical background -- Nature of systemic risk -- Who should be regulated (by whom) -- Counter-cyclical regulation -- Regulation of liquidity and maturity mismatches -- Other regulatory issues -- The structure of regulation -- Conclusions -- Appendix : the boundary problem in financial regulation -- Discussion and roundtables.