Download Macro Finance Linkages full books in PDF, epub, and Kindle. Read online free Macro Finance Linkages ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!
| Author | : Otaviano Canuto |
| Publisher | : World Bank Publications |
| Total Pages | : 307 |
| Release | : 2013-10-29 |
| Genre | : Business & Economics |
| ISBN | : 1464800030 |
This book deals with the challenges of macro financial linkages in the emerging markets.
| Author | : International Monetary Fund. African Dept. |
| Publisher | : International Monetary Fund |
| Total Pages | : 53 |
| Release | : 2018-07-23 |
| Genre | : Business & Economics |
| ISBN | : 1484370422 |
Experience from the African Department’s Pilot Countries
| Author | : Ms.Inci Ötker |
| Publisher | : International Monetary Fund |
| Total Pages | : 36 |
| Release | : 2009-06-01 |
| Genre | : Business & Economics |
| ISBN | : 1451872704 |
This paper develops a stylized, small, open economy macro model that incorporates an explicit and non-trivial role for financial intermediation. It illustrates how such a model could be used for policy analysis in an emerging market economy where policymakers are concerned about risks associated with rapid credit growth, financial dollarization, and foreign borrowing, while lacking traditional tools to effect monetary policy transmission, and hence could resort to more direct instruments, such as foreign exchange market intervention and regulatory and administrative measures. Calibrating the model to a stylized emerging European economy, the paper simulates real and financial sector implications of various external and policy-related shocks that could be used as input for monetary policy making.
| Author | : Akira Kohsaka |
| Publisher | : Routledge |
| Total Pages | : 296 |
| Release | : 2015-03-05 |
| Genre | : Business & Economics |
| ISBN | : 1317615743 |
Growth perspectives in emerging market economies are increasingly dependent on international capital flows in recent decades because of their influences on business cycles. In fact, volatile international capital flows has been one of the main concerns for the macroeconomic policy authorities. Focusing on emerging economies in the Pacific region, this book reveals how they are different from those in other regions in terms of international macro-financial linkages to the global capital market and domestic financial development,. The book also discusses how these characteristics have interacted with their macroeconomic policy regimes and their macroeconomic performance throughout the two major international financial crises in the past more than two decades. It suggests facts that have strengthened the resilience of these emerging economies in the Pacific region against the global financial crisis along with the intensified intra-regional economic integration through trade and investment. The book also examines their macroeconomic management focusing on monetary policy regimes and suggests that their factual unorthodox policies with exchange rate management and capital controls have contributed to their resilience against the intrinsic volatility of the international capital market and financial flows.
| Author | : Ricardo Cervantes |
| Publisher | : International Monetary Fund |
| Total Pages | : 43 |
| Release | : 2014-06-10 |
| Genre | : Business & Economics |
| ISBN | : 1498313116 |
The global financial crisis has underscored the importance of understanding macro-financial developments and spillovers in an increasingly interconnected and intricate system. At the IMF, staff is focusing on the linkages between the real economy and the financial sector, as well as the inter-relationships between global and individual-country risks. The Country Financial Stability Map provides an empirical framework for explicitly linking these various aspects of the IMF’s surveillance of its member countries. It identifies potential sources of macro-financial risks particular to a country and also enables an assessment of these risks in a global context through comparisons with the corresponding Global Financial Stability Map from the Global Financial Stability Report. The authors have developed an Excel-based tool (“Ms. Muffet”) to facilitate this analysis, which may be replicated by external users with access to the necessary databases, using the accompanying template.
| Author | : Ms.Piyabha Kongsamut |
| Publisher | : International Monetary Fund |
| Total Pages | : 36 |
| Release | : 2017-12-01 |
| Genre | : Business & Economics |
| ISBN | : 148433096X |
How can information on financial conditions be used to better understand macroeconomic developments and improve macroeconomic projections? We investigate this question for France by constructing country-specific financial conditions indices (FCIs) that are tailored to movements in GDP, investment, private consumption and exports respectively. We rely on a VAR approach to estimate the weights of the financial components of each FCI, including equity market returns (which turn out having a relatively strong weight across all FCIs), private sector risk premiums, long-term interest rates, and banks’ credit standards. We find that the tailored FCIs are useful as leading indicators of GDP, investment, and exports, and as a contemporaneous indicator of private consumption. Credit volumes turn out to be lagging indicators of growth. The indices inform us on macro-financial linkages in France and are used to improve the accuracy of quarterly forecasting models and high-frequency “nowcast” models. We show that FCI-augmented models could have significantly improved forecasts during and after the global financial crisis.
| Author | : Inessa Love |
| Publisher | : International Monetary Fund |
| Total Pages | : 40 |
| Release | : 2013-12-30 |
| Genre | : Business & Economics |
| ISBN | : 148433907X |
This paper investigates macro-financial linkages in Egypt using two complementary methods, assessing the interaction between different macroeconomic aggregates and loan portfolio quality in a multivariate framework as well as through a panel vector autoregressive method that controls for bank-level characteristics. Using a panel of banks over 1993-2010, the authors find that a positive shock to capital inflows and growth in gross domestic product improves banks’ loan portfolio quality, and that the effect is fairly similar in magnitude using the multivariate and panel vector autoregressive frameworks. In contrast, higher lending rates may lead to adverse selection problems and hence to a drop in portfolio quality. The paper also reports that a larger market share of foreign banks in the industry improves loan quality.
| Author | : Mr.Christopher W. Crowe |
| Publisher | : International Monetary Fund |
| Total Pages | : 617 |
| Release | : 2010-08-25 |
| Genre | : Business & Economics |
| ISBN | : 1589069390 |
Macrofinancial linkages have long been at the core of the IMF's mandate to oversee the stability of the global financial system. With the advent of the economic crisis, the Fund has drawn on this research in order to contribute to critical debates on the nature of appropriate policy responses at both the national and multilateral levels. The current juncture offers a good opportunity to take stock of this body of research by IMF staff and to share it with a wider audience, particularly since few collections have been published in this area. This volume brings together some of the best writing by IMF economists on macrofinancial issues, and highlights the issues and approaches that have guided IMF thinking in an area that makes up an increasingly important component of the IMF's overall remit. The chapters in the volume fit into three broad themes: financial crises and boom-bust cycles; financial integration, financial liberalization, and economic performance; and policy issues relating to macroeconomic policy and the corporate and financial sectors-including domestic and external financial liberalization.
| Author | : James Morley |
| Publisher | : |
| Total Pages | : 20 |
| Release | : 2013 |
| Genre | : |
| ISBN | : |
In this survey, I review the academic and policy-oriented literature on the linkages between financial markets and the rest of the economy. The survey begins with the leading economic theories for why the financial sector can influence the macroeconomy. Second, I consider the empirical research on spillovers from the financial sector to the rest of the economy, as well as across financial markets in different countries. Third, I discuss key policy debates surrounding macro-finance linkages. The survey concludes with a summary of major gaps in the existing literature.
| Author | : Francesco Grigoli |
| Publisher | : International Monetary Fund |
| Total Pages | : 28 |
| Release | : 2016-12-07 |
| Genre | : Business & Economics |
| ISBN | : 1475559380 |
We propose a stress testing framework of credit risk, which analyzes macro-financial linkages, generate consistent forecasts of macro-financial variables, and projects NPL on the basis of such forecasts. Economic contractions are generally associated with increases in non-performing loans (NPL). However, despite the common assumption used in the empirical literature of homogenous impact across banks, the strength of this relationship is often bank-specific, and imposing homogeneity may lead to over or underestimating the resilience of the financial system to macroeconomic woes. Our approach accounts for banks’ heterogeneous reaction to macro-financial shocks in a dynamic context and potential cross-sectional dependence across banks caused by common shocks. An application to Ecuador suggests that substantial heterogeneity is present and that this should be taken into account when trying to anticipate inflections in the quality of portfolio.
