Author: João Miguel SousaPublisher:
ISBN:
Category : Liquidity (Economics)
Languages : en
Pages : 44
Book Description
Monetary Policy Shocks in the Euro Area and Global Liquidity Spillovers
Author: João Miguel SousaPublisher:
ISBN:
Category : Liquidity (Economics)
Languages : en
Pages : 44
Book Description
Monetary Policy Shocks in the Euro Area Ang Global Liquidity Spillovers
Author: João SousaBig Players Out of Synch
Author: Carolina Osorio BuitronPublisher: International Monetary Fund
ISBN: 1513596705
Category : Business & Economics
Languages : en
Pages : 35
Book Description
Given the prospects of asynchronous monetary conditions in the United States and the euro area, this paper analyzes spillovers among these two economies, as well as the implications of asynchronicity for spillovers to other advanced economies and emerging markets. Through a structural vector autoregression analysis, country-specific shocks to economic activity and monetary conditions since the early 1990s are identified, and are used to draw implications about spillovers. The empirical findings suggest that real and monetary conditions in the United States and the euro area have oftentimes been asynchronous. The results also point to significant spillovers among them, in particular since early 2014—with spillovers from the euro area to the United States being particularly large. Against the backdrop of asynchronous conditions in these two economies, spillovers from real and money shocks to emerging markets and non-systemic advanced economies could be dampened.
Money as a Global Phenomenon
Author: Andreas ReesPublisher: BoD – Books on Demand
ISBN: 3844100768
Category :
Languages : en
Pages : 310
Book Description
Monetary Policy Shcks in the Euro Area and Global Liquidity Spillovers
Author: Joâo SousaFinancial Crisis, US Unconventional Monetary Policy and International Spillovers
Author: Qianying ChenPublisher: International Monetary Fund
ISBN: 148434071X
Category : Business & Economics
Languages : en
Pages : 32
Book Description
We study the impact of the US quantitative easing (QE) on both the emerging and advanced economies, estimating a global vector error-correction model (GVECM) and conducting counterfactual analyses. We focus on the effects of reductions in the US term and corporate spreads. First, US QE measures reducing the US corporate spread appear to be more important than lowering the US term spread. Second, US QE measures might have prevented episodes of prolonged recession and deflation in the advanced economies. Third, the estimated effects on the emerging economies have been diverse but often larger than those recorded in the US and other advanced economies. The heterogeneous effects from US QE measures indicate unevenly distributed benefits and costs.
Fiscal Spillovers in the Euro Area: Letting the Data Speak
Author: Ms.Era Dabla-NorrisPublisher: International Monetary Fund
ISBN: 1484328264
Category : Business & Economics
Languages : en
Pages : 50
Book Description
We estimate a panel VAR model that captures cross-country, dynamic interlinkages for 10 euro area countries using quarterly data for the period 1999-2016. Our analysis suggests that fiscal spillovers are significant and tend to be larger for countries with close trade and financial links as well, as for fiscal shocks originating from larger countries. The current account appears to be the main channel of transmission, although strong trade integration among countries in the euro area and spillback effects tend to zero-out the net trade impact in some cases. A subsample analysis shows that the effects of fiscal policy have changed over time, with larger estimated domestic multipliers and spillovers between 2011 and 2014.
Understanding Global Liquidity
Author: Sandra EickmeierPublisher:
ISBN:
Category : International finance
Languages : en
Pages : 42
Book Description
International Bank Lending Channel of Monetary Policy
Author: Silvia AlbrizioPublisher: International Monetary Fund
ISBN: 1513518771
Category : Business & Economics
Languages : en
Pages : 61
Book Description
How does domestic monetary policy in systemic countries spillover to the rest of the world? This paper examines the transmission channel of domestic monetary policy in the cross-border context. We use exogenous shocks to monetary policy in systemically important economies, including the U.S., and local projections to estimate the dynamic effect of monetary policy shocks on bilateral cross-border bank lending. We find robust evidence that an increase in funding costs following an exogenous monetary tightening leads to a statistically and economically significant decline in cross-border bank lending. The effect is weakened during periods of high uncertainty. In contrast, the effect is found to not vary according to the degree of borrower country riskiness, further weakening support for the international portfolio rebalancing channel.
Republic of Poland
Author: International Monetary FundPublisher: International Monetary Fund
ISBN: 1475556314
Category : Business & Economics
Languages : en
Pages : 38
Book Description
This Selected Issues Paper focuses on the economic and financial ties between Poland and the euro area and analyzes the associated spillovers. It documents stylized facts about trade, vertical integration, foreign direct investment, and banking system linkages between Poland and core euro area countries. The impact of shocks originating from the euro area on economic developments in Poland is quantified using two methods, namely a vector auto-regression model and a small-open-economy quarterly projection model.