Download or read book Three Essays on Monetary Policy and Inflation in Developing Countries written by Imran Hussain Shah and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The principal objective of this thesis is to evaluate appropriate measures of inflation which are to be applicable for implementing monetary policy in developing countries. The first essay attempts to assess real effects of high inflation episodes for Indonesia, Malaysia and Pakistan. In order to investigate the real effects of high inflation episodes, the study adopts an indicator for the inflationary real effect, named inflationary real response (IRR), which is the difference between the expected and output-neutral inflation. Both the expected and output-neutral inflation are computed as the decomposition of shocks induced in the vector autoregressive (VAR) model. The main finding of this chapter is that there is a positive real effect in economic growth in the period after high inflation. The second essay investigates the responses of real output and inflation to oil price, aggregate supply and demand shocks in the four Asian developing countries; Indonesia, Malaysia, Pakistan, and Thailand. The structural VAR model is used to identify the different shocks and to explore the relative contributions of these shocks in explaining macroeconomic fluctuations. It is found that oil price shocks have negligible effects on economic activities for all the examined countries. However, aggregate supply and demand shocks are key sources of variation in output and inflation. The final essay examines whether the central bank should target a broader measure of the price index that incorporates stock prices alongside the prices of current goods and services. The primary contribution of this chapter is the estimation of a price index that can be efficiently utilised by central banks aiming to minimise output volatility. The results suggest that the central bank should use a price index that gives a sizeable weight to the fundamental component of stock prices to minimise output gap variance.
Download or read book Essays in Monetary Economics Collected Works of Harry Johnson written by Harry Johnson and published by Routledge. This book was released on 2013-07-18 with total page 341 pages. Available in PDF, EPUB and Kindle. Book excerpt: Reprinting the second edition (which included a new introduction explaining developments which had emerged since first publication) this book discusses explorations in the fundamental theory of a monetary economy, a theoretical critique of the ‘Phillips Curve’ approach to the theory of inflation and the theory of the term structure of interest rates in terms of the theory of forward markets pioneered by David Meiselman.
Download or read book Essays on Monetary Policy in Developing Countries written by Zhandos Ybrayev and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation explores the effects of monetary policy on economic inequality, asset prices and unemployment in developing countries. Emerging market economies are structurally different from advanced economies as they are generally associated with greater financial frictions, underdeveloped financial markets, as well as both a high average level and unequal access to dollarized assets, among others. Thus, the study on the impact of monetary policy in emerging economies requires additional specifications. The first essay investigates the distributional consequences of monetary policy in the context of a small open economy framework. I show that wealthy households (represented by the top ten percent of the income distribution), who are more able to save in foreign currencies, gain in purchasing power of their incomes by hedging against domestic inflation. At the same time, since the poor (represented by the bottom fifty percent of the income distribution) retain larger share of liquid assets denominated in domestic currency, consequently leading them to bear a greater burden of local currency inflation. I also show that contractionary monetary policy is associated with periods of higher income inequality in emerging markets. The second essay presents a comprehensive practical analysis of Kazakhstani city-level housing prices. The key focus is to test whether there is a single, integrated Kazakhstani housing market, and hence to examine potential long-run relationships among the seven city housing prices series for which we have monthly data during the period 2014-2017. We also explore how monetary policy shifts and subsequent exchange rate shocks could affect the system of relative prices. The results obtained suggest that city-level house prices are weakly related across cities in the long run, and the interest rate channel of monetary policy currently is surprisingly weak in Kazakhstan. The third essay discusses a relatively new take on Inflation Targeting as a single-mandate monetary policy, which effectively exposes its many disadvantages. Our discussion first introduces the issues of coordination and conflict between fiscal and monetary policies. Our empirical exercise directly addresses the unemployment outcome of inflation targeting policy compared to other monetary policy settings. Our results show that while IT actually reduced the average inflation rate prior 2008 financial crisis, it has a negative effect on the unemployment rate in the longer term. The paper argues that the aggregate unemployment rate is an optimal social welfare-maximizing goal for central banks and should be used as a natural second target in a typical emerging market economy case.
Download or read book Three Essays on Monetary Policy and Financial Development written by Xiaodai Xin and published by . This book was released on 2004 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: Both economic growth and stabilization require a well-functioning financial system, which includes the central bank and private financial institutions. This dissertation is comprised of three essays on monetary policy and financial development which are related to the roles of the central bank and private financial institutions. To better stabilize the economy, a central bank needs to formulate an optimal strategy for monetary policy and pursues an appropriate objective (targeting regime). In a forward-looking New Keynesian model with persistent output and inflation, the first essay (chapter 2) evaluates a broad hybrid targeting regime when the central bank operates under discretionary monetary policy. By employing the numerical analysis and comparing the performance of different targeting regimes, I find that the hybrid targeting regime yields a social loss closest to that under the optimal committed policy, generating a better outcome than other policy regimes. The second essay (chapter 3) provides new micro-level evidence for the positive relationship between financial development and economic growth based on a large sample of cross-country firm-level data. By examining an important micro channel through which financial development reduces the costs of external finance to firms, I find that firms that are more externally dependent grow faster in countries with more developed financial systems. The third essay (chapter 4) investigates the impact of external debt on long-term investment and its interaction with domestic financial intermediation in emerging markets. Extending the Ramsey-Cass-Koopmans model to a small open economy with the role of financial intermediation, I find that the overall effect of a high level of external debt on investment depends heavily on the degree of domestic financial intermediation. Using a large sample of panel data on 76 developing countries over the last three decades, the empirical results indicate that when a country's domestic banking sector develops to a certain degree, the high level of external debt facilitates investment.
Download or read book Essays in Monetary Economics written by Harry Gordon Johnson and published by . This book was released on 1969 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays in Macroeconomic Policy written by Miranda S. Goeltom and published by Gramedia Pustaka Utama. This book was released on 2007 with total page 624 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Economic Policies in Developing and Emerging Market Economies written by Shengzu Wang and published by . This book was released on 2008 with total page 118 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Selected Essays in Monetary Economics Collected Works of Harry Johnson written by Harry Johnson and published by Routledge. This book was released on 2013-07-18 with total page 277 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume consists of selected previously published key essays which have proved most useful for teaching advanced monetary economics. A short introduction was added which places the selection of essays and the issues they cover in the contemporaneous context of simultaneous high inflation and high unemployment. As relevant today as they were when they were first written, they enable the reader to anticipate intelligently what is likely to happen and why.
Download or read book Essays in Monetary Economics written by Harry G. Johnson and published by Ashgate Publishing. This book was released on 1993-11 with total page 332 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume brings together the late Harry Johnson's essays and articles in monetary economics. It is specifically designed for teaching purposes. Part 1 deals with pure monetary theory. Part 2 looks at monetary and fiscal policy issues in North America. Part 3 looks at developing countries.
Download or read book Essays on Remittance Inflows and Monetary Policy in Developing Countries written by Immaculate Machasio and published by . This book was released on 2018 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Money and Finance in Economic Growth and Development written by Ronald I. McKinnon and published by Marcel Dekker. This book was released on 1976 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt: Textbook tracing the role of the monetary system and financial system in economic growth and development - covers financial policy in developing countries, the cost of inflation and approaches to deflation, the effects of economic integration and the international monetary system on local finance and monetary policy, and includes perspectives for coordination within the EC. References.
Download or read book Three Essays on International Transmission and Monetary Policy in Emerging Countries written by Martha Cruz Zuniga and published by . This book was released on 2006 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation investigates two aspects of foreign shocks that affect emerging countries: U.S. monetary shocks and workers' remittances. My attention in particular centers on the macroeconomic impact of these foreign shocks. More specifically, in the first essay (Chapter 2) I analyze the international transmission of U.S. monetary policy to emerging economies distinguishing between a direct transmission process and an augmented international transmission. In the augmented transmission mechanism, U.S. shocks may impact leading countries in different regions, and those countries' reactions then affect smaller countries. In the second essay (Chapter 3) I investigate the effects of monetary policy on stock market returns of emerging countries, distinguishing between the impact of domestic monetary policy and the impact of U.S. monetary actions, the latter is designed to capture the international transmission to stock markets. Finally, in the last essay (Chapter 4), I evaluate the impact of workers' remittances on money in developing countries under a framework where the monetary approach to the balance of payments and currency substitution are used. The empirical analysis in Chapters 2 and 3 is conducted using a sample of countries from Asia and Latin America. Results are extracted from impulse responses derived from vector error correction (VEC) models. The estimation in Chapter 4 relies on panel data and three-stage least squares regressions for a sample of Latin American countries with strong remittance presence. The results presented in this dissertation indicate that emerging economies are impacted by U.S. monetary actions and by workers' remittances. Emerging economies seem to benefit from contractionary monetary policy actions originated in the United States because output in emerging economies shows a positive response. In addition, some evidence of the significance of U.S. monetary actions on stock markets in emerging economies is found. In these countries, stock markets receive a significant influence from domestic and foreign monetary policy actions. In particular, increases in interest rates, which correspond to contractionary monetary policy, reduce stock market returns. With respect to workers' remittances, they exert a negative impact on the money demand in developing economies, which suggests that remittances can be a factor that may accelerate the currency substitution process in these countries.
Download or read book International Financial Policy written by Mr.Jacob A. Frenkel and published by International Monetary Fund. This book was released on 1991-09-15 with total page 534 pages. Available in PDF, EPUB and Kindle. Book excerpt: During his distinguished career at the IMF, Jacques J. Polak served as both Director of Research and, subsequently as a member of the IMF Executive Board. His distinct contribution to the discipline of international financial policy is highlighted in this book edited by Jacob A. Frenkel and Morris Goldstein. The papers included were prepared for a conference, cosponsored by the Netherlands Bank and the IMF, held in Polak's honor in Washington, D.C., in January 1991.
Download or read book Reflections on a Troubled World Economy written by Herbert Giersch and published by London : Macmillan for the Trade Policy Research Centre. This book was released on 1983 with total page 432 pages. Available in PDF, EPUB and Kindle. Book excerpt: Collection of essays on macro-economic policy issues relating to domestic economic structures and the international economic system - addresses the question of harmonization or competition; discusses economic integration, the logic of the international monetary system, payment systems, exchange rate policies, industrial development and trade strategies, flexibility of energy supply, welfare, public finance, selective development aid, etc.; and concludes with a survey of current economic theory. References. Festschrift Giersch H.
Download or read book Essays in Economic Policy and Economic Growth written by I. G. Patel and published by Palgrave Macmillan. This book was released on 1986-09-08 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: Research papers, economic policy, economic development, India - examines development policy, trade policy, balance of payments, agricultural policy, inflation, income distribution, economic planning, productivity policy, etc.; studies the repercussions on employment, basic needs fulfilment, low income families, etc; evaluates the impact on developing countries of development aid, economic aid and economic cooperation.
Download or read book Managing Global Money written by Graham Bird and published by MacMillan. This book was released on 1988 with total page 326 pages. Available in PDF, EPUB and Kindle. Book excerpt: This collection of articles and papers has been organised under a limited number of specific themes in international financial economics, including balance of payment theory and policy, the activities of the IMF, Special Drawing Rights, the role of the private financial markets, and the international economic order. A unifying theme running through all the essays is that some degree of management of international financial affairs is desirable. The book has a strong policy orientation and should be of interest to students and practitioners of international financial economics alike.
Download or read book The New Global Economy and the Developing Countries written by Gerald K. Helleiner and published by Aldershot, Hants : E. Elgar. This book was released on 1990 with total page 310 pages. Available in PDF, EPUB and Kindle. Book excerpt: Comprises papers and articles originally published between 1981 and 1989.
