Download or read book Macroeconomic Shocks and Unconventional Monetary Policy written by Naoyuki Yoshino and published by . This book was released on 2019 with total page 345 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explains how macroeconomic shocks stemming from the global financial crisis and recent unconventional monetary policies in developed economies have affected financial stability in emerging Asia.
Download or read book Inflation Expectations written by Peter J. N. Sinclair and published by Routledge. This book was released on 2009-12-16 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inflation is regarded by the many as a menace that damages business and can only make life worse for households. Keeping it low depends critically on ensuring that firms and workers expect it to be low. So expectations of inflation are a key influence on national economic welfare. This collection pulls together a galaxy of world experts (including Roy Batchelor, Richard Curtin and Staffan Linden) on inflation expectations to debate different aspects of the issues involved. The main focus of the volume is on likely inflation developments. A number of factors have led practitioners and academic observers of monetary policy to place increasing emphasis recently on inflation expectations. One is the spread of inflation targeting, invented in New Zealand over 15 years ago, but now encompassing many important economies including Brazil, Canada, Israel and Great Britain. Even more significantly, the European Central Bank, the Bank of Japan and the United States Federal Bank are the leading members of another group of monetary institutions all considering or implementing moves in the same direction. A second is the large reduction in actual inflation that has been observed in most countries over the past decade or so. These considerations underscore the critical – and largely underrecognized - importance of inflation expectations. They emphasize the importance of the issues, and the great need for a volume that offers a clear, systematic treatment of them. This book, under the steely editorship of Peter Sinclair, should prove very important for policy makers and monetary economists alike.
Download or read book Global Liquidity House Prices and the Macroeconomy written by Ambrogio Cesa-Bianchi and published by International Monetary Fund. This book was released on 2015-01-29 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Covered Bonds under Unconventional Monetary Policy written by Holger Markmann and published by Springer. This book was released on 2018-02-01 with total page 129 pages. Available in PDF, EPUB and Kindle. Book excerpt: Holger Markmann studies covered bonds and their market behaviour upon the announcement and implementation of outright covered bond purchases by the eurosystem. After introducing the covered bond market, its reaction to the global financial crisis, and the functionality of unconventional monetary policy to a broad audience, the author analyzes the impact of these purchases. The first Covered Bond Purchase Programme (CBPP1) has lowered covered bond spreads by 3-4 basis points in the short-term, 10 basis points in the medium-term, and increased emission volumes by € 103 billion. CBPP2 and CBPP3 have not led to similar effects. However, the programs’ effectiveness relies on the market’s expectations and its prevalent health. About the Author Holger Markmann is PostDoc at the Real Estate Management Institute (REMI) of EBS Universität für Wirtschaft und Recht and Managing Director of a real estate investment firm. His research focuses on real estate capital market financing, bank funding, and unconventional monetary policy. Prior to his current roles, he worked for a bulge bracket investment bank, advising financial institutions on their M&A- and capital market activities.
Download or read book Global Impact and Challenges of Unconventional Monetary Policies Background Paper written by International Monetary Fund. Strategy, Policy, & Review Department and published by International Monetary Fund. This book was released on 2013-03-09 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides case studies of 13 of the largest non-UMP countries. The case studies begin with an overview of recent macro-economic developments as well as capital flow patterns during the crisis up to the first U.S. tapering announcement in May 2013. Country experiences with capital inflows are judged along five dimensions: (i) the size of capital inflows, (ii) policies used to manage inflows, (iii) external stability, measured by exchange rate overvaluation and current account deficits relative to fundamentals,2 (iv) asset price and credit market reactions, and (v) financial sector stability. Case studies mostly draw on published IMF Staff Reports for each country, as well as the 2013 Pilot External Stability Report (IMF 2013d).
Download or read book Sustainability of the Theories Developed by Mathematical Finance and Mathematical Economics with Applications written by Wing-Keung Wong and published by MDPI. This book was released on 2020-12-15 with total page 382 pages. Available in PDF, EPUB and Kindle. Book excerpt: The topics studied in this Special Issue include a wide range of areas in finance, economics, tourism, management, marketing, and education. The topics in finance include stock market, volatility and excess returns, REIT, warrant and options, herding behavior and trading strategy, supply finance, and corporate finance. The topics in economics including economic growth, income poverty, and political economics.
Download or read book Household Debt and House Prices at risk A Tale of Two Countries written by Mr.Adrian Alter and published by International Monetary Fund. This book was released on 2020-02-28 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: To identify and quantify downside risks to housing markets, we apply the house price-at-risk methodology to a sample of 37 cities across the United States and Canada using quarterly data from 1983 to 2018. This paper finds that downside risks to housing markets in the United States have seemingly fallen over the past decade, while having increased in Canada. Supply-side drivers, valuation, household debt, and financial conditions jointly play a key role in forecasting house price risks. In addition, capital flows are found to be significantly associated with future downside risks to major housing markets, but the net effect depends on the type of flows and varies across cities and forecast horizons. Using micro-level data, we identify households vulnerable to potential housing shocks and assess the riskiness of household debt.
Download or read book House Prices and the Macroeconomy written by Charles Goodhart and published by Oxford University Press. This book was released on 2007 with total page 247 pages. Available in PDF, EPUB and Kindle. Book excerpt: House price bubbles, and their aftermath, have become a focus of macro-economic policy concern in most developed countries. This book elucidates the two-way relationship between house-price fluctuations and economic fundamentals. Housing has many features which make it distinct from other assets, like equity. Real estate is not only an asset but also a durable consumption good for households, providing shelter and other housing services. As a result, a house is often the largest and most important asset of households and therefore accounts for a major share of household wealth. Similarly a large share of bank assets is tied to housing values. House price fluctuations may, therefore, have a major effect on economic activity and the soundness of the financial system. Following an introductory chapter, the book is structured into three parts. The first demonstrates the importance of house prices as determinants or indicators of inflation and economic activity. The second focuses on the inter-relationships between bank credit extension and housing prices, and how bubbles can lead to financial crises. The third discusses resultant public policy issues, such as whether, and how, to include housing prices in a general inflation index, and how to restrain the housing/bank credit cycle.
Download or read book Handbook on Complexity and Public Policy written by Robert Geyer and published by Edward Elgar Publishing. This book was released on 2015-05-29 with total page 497 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'Over recent years Complexity Science has revealed to us new limits to our possible knowledge and control in social, cultural and economic systems. Instead of supposing that past statistics and patterns will give us predictable outcomes for possible actions, we now know the world is, and will always be, creative and surprising. Continuous structural evolution within such systems may change the mechanisms, descriptors, problems and opportunities, often negating policy aims. We therefore need to redevelop our thinking about interventions, policies and policy making, moving perhaps to a humbler, more 'learning' approach. In this Handbook, leading thinkers in multiple domains set out these new ideas and allow us to understand how these new ideas are changing policymaking and policies in this new era.' - Peter M Allen, Cranfield University, UK
Download or read book Sveriges Riksbank and the History of Central Banking written by Rodney Edvinsson and published by Cambridge University Press. This book was released on 2018-05-24 with total page 528 pages. Available in PDF, EPUB and Kindle. Book excerpt: Written in celebration of its 350th anniversary in 2018, this book details the history of the central bank of Sweden, Sveriges Riksbank, as presented by Klas Fregert. It relates the bank's history to the development of other major central banks around the world. Chapters are written by some of the more prominent scholars in the field of monetary economics and economic history. These chapters include an analysis of the Bank of England written by Charles Goodhart; the evolution of banking in America, written by Barry Eichengreen; a first account of the People's Bank of China, written by Franklin Allen, Xian Gu, and Jun Qian; as well as a chapter about the brief but important history of the European Central Bank, written by Otmar Issing.
Download or read book Risks of Stagnation in the Euro Area written by Huidan Lin and published by International Monetary Fund. This book was released on 2016-01-22 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses the risks of stagnation over the medium term in the euro area. It examines the consequences of longer-term growth trends that predate the crisis and the progress made in addressing the crisis legacies of high unemployment and debt. The paper illustrates in a downside scenario, how low potential growth and crisis legacies leave the euro area vulnerable to a negative shock that tips the economy into a prolonged slowdown.
Download or read book Accelerated Land Reform Mining Growth Unemployment and Inequality in South Africa written by Nombulelo Gumata and published by Springer Nature. This book was released on 2020-01-03 with total page 687 pages. Available in PDF, EPUB and Kindle. Book excerpt: The overarching goal of South Africa’s National Development Plan (NDP) is to eliminate poverty, reduce inequality, lower unemployment and increase the labour participation.This book contributes to academic and policy efforts to achieve these NDP goals. We establish that the coal, metal ores and the platinum group commodity sectors will underpin the mining as a “sunrise” industry. The export-led growth strategy is necessary for intensive employment creation but must be complemented by other micro, macroeconomic and industrial policies. A strategy of minerals beneficiation is important for intensive employment creation. Accelerated land reform is a supply side or structural reform policy intervention tool aimed at increasing potential output, changing ownership patterns in the economy, increasing entrepreneurship, labour absorption, economic inclusion and lowering income inequality. Evidence shows that the balance sheet channel, commodity price booms and busts are intricately linked with the exchange rate dynamics, policy uncertainty, confidence and the effects of droughts (also symptoms of climate change). Productivity and investment growth shocks matter for output, employment and price stability. Evidence indicates that nominal GDP growth above 10 percent and keeping inflation within the target band leads to significant increase in employment and decline in unemployment, without inflationary pressures, especially when inflation is below 4.5 percent. To operationalise the NDP targets, align and co-ordinate policies, the South African Reserve Bank (SARB) mandate can be expanded to include maximum employment. This must be complemented by lowering the inflation target band, adjusting the financial regulatory, macro-prudential and monetary policy frameworks. This will enhance the conduct and credibility of monetary and financial stability policies to achieve the set objectives. These objectives make policy co-ordination pertinent and binding.
Download or read book New Zealand written by International Monetary Fund. Asia and Pacific Dept and published by International Monetary Fund. This book was released on 2019-09-20 with total page 65 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 2019 Article IV Consultation with New Zealand discusses that economic growth picked up in early 2019 after slowing in the second half of 2018. The pickup mostly reflected a rebound in private business investment growth. Residential investment also strengthened, notwithstanding cooling housing markets. Bank lending continued to slow across all sectors, growing now broadly in line with nominal gross domestic product. The recent monetary policy easing fits the subdued inflation conditions and near-term risks to the outlook. Economic growth is only expected to remain close to potential on the back of a timely increase in macroeconomic policy support. The proposed higher capital conservation buffers would provide for a welcome increase in banking system resilience. The new requirements would increase bank capital to levels that are commensurate with the systemic financial risks emanating from the banking system. The new framework should also differentiate more between large and small banks. A stronger bank supervision regime would still be needed, to complement the higher capital requirements.
Download or read book Public Policy and Governance Frontiers in New Zealand written by Evan Berman and published by Emerald Group Publishing. This book was released on 2020-07-10 with total page 242 pages. Available in PDF, EPUB and Kindle. Book excerpt: New Zealand is widely regarded as a leader in public policy and governance reforms and innovations, being an early adopted of New Public Management, a leader in e-government and transparency. Discussing reforms including those in policy areas such as well-being, sustainability, environmental management, agriculture and indigenous development.
Download or read book Monetary Policy after the Great Recession written by Arkadiusz Sieroń and published by Routledge. This book was released on 2020-11-09 with total page 246 pages. Available in PDF, EPUB and Kindle. Book excerpt: Walter Bagehot noticed once that “John Bull can stand many things, but he cannot stand two per cent.” Well, for several years, he has had to stand interest rates well below that, in some countries even below zero. However, despite this sacrifice, the economic recovery from the Great Recession has been disappointingly weak. This book’s aim is to answer this question. The central thesis of the book is that the standard understanding of the monetary transmission mechanism is flawed. That understanding adopts erroneous assumptions—such as, that low interest rates always stimulate economic growth by boosting the credit supply, investment, and consumption—and does not fully take into account several unintended channels of monetary policy, such as risk-taking, high level of debt, or zombification of the economy. In other words, the effectiveness of monetary policy is limited during economic downturns accompanied by the debt overhang and the balance sheet recession, and generates negative effects, which can make the policy counterproductive. The author provides a thorough analysis of the issues related to the interest rates in the conduct of monetary policy, such as the risk-taking channel of monetary policy, the portfolio-balance channel and the wealth effect, zombie firms in the economy, the misallocation of resources, as well as the neutral interest rate targeting and the difference between the neutral and natural interest rate and the negative interest rate policy. The book is written in an accessible and engaging manner and will be a valuable resource for scholars of monetary economics as well as readers interested in (unconventional) monetary policy.
Download or read book Economics today written by Peter Eisenhut / Jan-Egbert Strum and published by Somedia Buchverlag. This book was released on 2022 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: The standard work for business schools, colleges and universities as well as for continuing education courses has enjoyed great acceptance among lecturers and students for many years. The new edition is up to date, comprehensible in language and structure, undogmatic and practical. In addition to its topicality, the special features of this book include: Interviews:Each chapter ends with an interview with personalities from politics, business and academia on current issues.Digressions: They serve to link economic theories with practice."Economic thinking": Economics is not only content, but also a model of thinking. Therefore, at the end of each chapter, typical economic ways of thinking are explained by way of example in a special section. Accompanying materials (in German) at edu.somedia-buchverlag.ch The learning centre provides:Assignments and case studies: multiple choice, assignments and case studies / experiments are provided for each chapter. Solutions: Solutions are available for the assignments and case studies as well as for the revision exercises from the textbook. Power Point presentations: Presentations are provided for all chapters for use in class.Reader: Various newspaper articles, YouTube videos and other supplementary teaching materials are available. Der Autor Peter Eisenhut studierte an der Universität St. Gallen Volkswirtschaftslehre und Wirtschaftspädagogik. Anschliessend war er Hauptlehrer für Wirtschaftswissenschaften an der Kantonsschule Heerbrugg. Von 1987 bis 1998 erfüllte er einen Lehrauftrag für Volkswirtschaftslehre an der Universität St. Gallen. Von 1990 bis 1993 war er Mitglied der Geschäftsleitung des St. Galler Zentrums für Zukunftsforschung. Von 1997 bis 2007 war er Chefökonom der Industrie- und Handelskammer St. Gallen-Appenzell. Von 2000 bis 2017 unterrichtete er an der Executive School der Universität St. Gallen (ES-HSG). Seit Januar 2008 ist Peter Eisenhut Inhaber der ecopol ag (www.ecopolag.ch), einer Firma, welche Entscheidungsträger aus Politik, Verwaltung und Wirtschaft in volkswirtschaftlichen Fragestellungen unterstützt.
