Financial Crisis, Global Liquidity and Monetary Exit Strategies
Author : Ansgar Belke
Publisher :
Page : pages
File Size : 20,62 MB
Release : 2010
Category :
ISBN :
Author : Ansgar Belke
Publisher :
Page : pages
File Size : 20,62 MB
Release : 2010
Category :
ISBN :
Author : Mr.Michael G. Papaioannou
Publisher : International Monetary Fund
Page : 94 pages
File Size : 12,64 MB
Release : 2010-10-04
Category : Business & Economics
ISBN : 1589069897
As the financial crisis abates, governments are faced with the challenge of balancing the withdrawal of fiscal support with reestablishing sound public finances and sustainable growth. This volume presents papers from an IMF-sponsored conference of senior policymakers, academics, and senior representatives of the private sector on unwinding public interventions initiated during the crisis. There was broad agreement that the main goal of any strategy for unwinding such interventions should be to create price stability, fiscal sustainability, and a new economic landscape that is much safer than currently exists. Different perspectives on the timing and sequence of the exit process are presented and some guiding principles for exit strategies are discussed. Policy objectives, unwinding public support to banks, and dealing with risky assets purchased by central banks are among topics discussed in detail. The volume also presents views on what the new financial landscape will look like.
Author : Bill Allen
Publisher : Cambridge University Press
Page : 271 pages
File Size : 15,65 MB
Release : 2013-01-03
Category : Business & Economics
ISBN : 1107030048
Explains how the financial crisis spread across the world, how damage was contained and how the monetary world has changed.
Author : Andrew T. Foerster
Publisher :
Page : 46 pages
File Size : 24,35 MB
Release : 2014
Category :
ISBN :
This paper considers a model with financial frictions and studies the role of expectations and unconventional monetary policy response to financial crises. During a financial crisis, the financial sector has reduced ability to provide credit to productive firms, and the central bank may help lessen the magnitude of the downturn by using unconventional monetary policy to inject liquidity into credit markets. The model allows parameters to change according to a Markov process, which gives agents in the economy expectations about the probability of the central bank intervening in response to a crisis, as well as expectations about the central bank's exit strategy post-crisis. Using this Markov regime switching.
Author : Mr.Murtaza H. Syed
Publisher : International Monetary Fund
Page : 16 pages
File Size : 41,61 MB
Release : 2010-05-01
Category : Business & Economics
ISBN : 1455200735
In responding to the global crisis, central banks in several advanced economies ventured beyond traditional monetary policy. A variety of unorthodox measures, including purchases of public and private assets, have significantly enlarged their balance sheets. As recoveries take hold, focus will increasingly shift from countering the Great Recession to orchestrating an exit and returning to a more normal monetary framework. Five years ago, as its economy recovered from a severe financial crisis, Japan attempted just such an exit. This note revisits the Bank of Japan’s experience and draws potential lessons for managing an orderly exit today, with a focus on technical aspects, practicalities, and communication strategies. While the nature of the assets acquired during the present crisis could pose additional complications, parts of Japan’s arsenal—communication, flexibility, a sufficient set of policy tools and a strategy for using them, safeguards against potential losses, the revival of risk appetite through decisive restructuring of balance sheets, and refinements to the monetary framework upon exit—also could be important this time around.
Author : Roy E. Allen
Publisher : Edward Elgar Publishing
Page : 215 pages
File Size : 47,13 MB
Release : 2023-11-03
Category : Business & Economics
ISBN : 1803927577
In this incisive fifth edition of Financial Crises and Recession in the Global Economy, Roy E. Allen examines the major financial instabilities, crises, and evolutionary trends since the 1970s and through the recent Covid-19 pandemic.
Author : OECD
Publisher : OECD Publishing
Page : 103 pages
File Size : 50,64 MB
Release : 2009-09-16
Category :
ISBN : 9264073035
The financial crisis required governments to make massive interventions in their financial systems. This book sets out priorities for reforming incentives in financial markets as well as for phasing out these emergency measures.
Author : International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 28 pages
File Size : 50,47 MB
Release : 2009-04-02
Category : Business & Economics
ISBN : 149833637X
This paper seeks to draw lessons for financial sector regulation and supervision and central bank liquidity management from the ongoing crisis, focusing principally on implications for the future rather than on immediate crisis management policies. Inadequacies in macroeconomic policies and the design of the international financial architecture exposed in the crisis will also have to be addressed to make the suggested changes in the regulatory framework effective.
Author : Yoichi Matsubayashi
Publisher : Springer Nature
Page : 240 pages
File Size : 45,90 MB
Release : 2022-09-03
Category : Business & Economics
ISBN : 9811936137
This book covers many aspects of excessive expansion of cross-border capital flows underlying the global financial crises that occurred in succession in the form of the subprime mortgage crisis, the collapse of Lehman Brothers, and the European debt crisis. Obtaining a broader picture of financial flows at the global level from various perspectives is essential to comprehensively understand the fundamental causes for a series of global-scale financial crises and to formulate effective policy responses in the future. The topics addressed here include a basic concept and overview of global liquidity in a broad sense, domestic and international credit activities of financial institutions in both advanced and emerging countries, and global demand for US dollars. Offshore bond issuance in BRICs countries, including its implications for the Chinese shadow banking sector, uncovered interest rate parity puzzle, and related policies such as capital controls are covered as well. This book is highly recommended to readers who seek an in-depth and up-to-date integrated overview of the dynamics of today’s globalized financial markets.
Author : International Monetary Fund. Strategy, Policy, & Review Department
Publisher : International Monetary Fund
Page : 40 pages
File Size : 30,46 MB
Release : 2013-03-09
Category : Business & Economics
ISBN : 149834139X
This paper takes stock of unconventional monetary policies (UMP) and their impact so far, and looks ahead towards exit and prospects for policy coordination. It synthesizes earlier staff work on UMP,1 the findings of a substantial and growing academic and central banking literature, as well as further staff analysis contained in the Background Paper. While some widely accepted conclusions have emerged from the large and growing number of studies on UMP, many important questions remain unsettled, as enough time has not elapsed to draw definitive conclusions. In those cases, the paper will pose the relevant questions and provide possible nswers, while recognizing the uncertainty that remains.