Financial Crisis, Global Liquidity and Monetary Exit Strategies
Author : Ansgar Belke
Publisher :
Page : pages
File Size : 10,66 MB
Release : 2010
Category :
ISBN :
Author : Ansgar Belke
Publisher :
Page : pages
File Size : 10,66 MB
Release : 2010
Category :
ISBN :
Author : Mr.Michael G. Papaioannou
Publisher : International Monetary Fund
Page : 94 pages
File Size : 13,24 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 : Andrew T. Foerster
Publisher :
Page : 46 pages
File Size : 41,20 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 : Bill Allen
Publisher : Cambridge University Press
Page : 271 pages
File Size : 43,4 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 : Mr.Murtaza H. Syed
Publisher : International Monetary Fund
Page : 16 pages
File Size : 42,25 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 : OECD
Publisher : OECD Publishing
Page : 103 pages
File Size : 16,39 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 : Iwan J. Azis
Publisher : Springer
Page : 129 pages
File Size : 19,23 MB
Release : 2014-12-11
Category : Business & Economics
ISBN : 9812872841
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.
Author : Sandra Eickmeier
Publisher :
Page : 42 pages
File Size : 46,6 MB
Release : 2013
Category : International finance
ISBN :
Author : Mr.Luc Laeven
Publisher : International Monetary Fund
Page : 42 pages
File Size : 49,11 MB
Release : 2010-02-01
Category : Business & Economics
ISBN : 1451963025
The ongoing global financial crisis is rooted in a combination of factors common to previous financial crises and some new factors. The crisis has brought to light a number of deficiencies in financial regulation and architecture, particularly in the treatment of systemically important financial institutions, the assessments of systemic risks and vulnerabilities, and the resolution of financial institutions. The global nature of the financial crisis has made clear that financially integrated markets, while offering many benefits, can also pose significant risks, with large real economic consequences. Deep reforms are therefore needed to the international financial architecture to safeguard the stability of an increasingly financially integrated world.
Author : Mr.Stijn Claessens
Publisher : International Monetary Fund
Page : 66 pages
File Size : 35,70 MB
Release : 2013-01-30
Category : Business & Economics
ISBN : 1475561008
This paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since many theories on the sources of financial crises highlight the importance of sharp fluctuations in asset and credit markets, the paper briefly reviews theoretical and empirical studies on developments in these markets around financial crises. Second, what are the major types of financial crises? The paper focuses on the main theoretical and empirical explanations of four types of financial crises—currency crises, sudden stops, debt crises, and banking crises—and presents a survey of the literature that attempts to identify these episodes. Third, what are the real and financial sector implications of crises? The paper briefly reviews the short- and medium-run implications of crises for the real economy and financial sector. It concludes with a summary of the main lessons from the literature and future research directions.