The Effects of U.S. Unconventional Monetary Policy on Asia Frontier Developing Economies PDF Download

Author: Mr.Sohrab Rafiq
Publisher: International Monetary Fund
ISBN: 1484367987
Category : Business & Economics
Languages : en
Pages : 30

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Book Description
This paper explores the effect of U.S. unconventional monetary policy (QE2) on a group of frontier developing economies (FDEs) in Asia. This paper finds that spillovers emanating from the U.S. on FDEs in Asia have been small. The relative insulation of emerging Asia from the global financial cycle can likely be attributed to the presence of managed capital accounts coupled with shallow financial markets. Should U.S. monetary policy begin to normalize the direct first-round impact on developing Asia is likely to be small.

Author: Naoyuki Yoshino
Publisher:
ISBN: 0198838107
Category : Business & Economics
Languages : en
Pages : 345

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Book Description
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.

Author: Masahiro Kawai
Publisher: Edward Elgar Publishing
ISBN: 0857933353
Category : Business & Economics
Languages : en
Pages : 321

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Book Description
Asian economies strengthened their monetary and currency management after the Asian financial crisis of 19971998, and came through the global financial crisis of 20072009 relatively well. Nevertheless, the recent global crisis has presented new challenges. This book develops recommendations for monetary and currency policy in Asian economies aimed at promoting macroeconomic and financial stability in an environment of global economic shocks and volatile capital flows. Monetary and Currency Policy Management in Asia draws lessons from crises and makes concrete macroeconomic policy recommendations aimed at minimizing the impacts of an economic and financial downturn, and setting the stage for an early return to sustainable growth. The focus is on short-term measures related to the cycle. The three main areas addressed are: monetary policy measures, both conventional and unconventional, to achieve both macroeconomic and financial stability; exchange rate policy and foreign exchange reserve management, including the potential for regional cooperation to stabilize currency movements; and ways to ease the constraints on policy resulting from the so-called 'impossible trinity' of fixed exchange rates, open capital accounts and independent monetary policy. This is one of the first books since the global financial crisis to specifically and comprehensively address the implications of the crisis for monetary and currency policy in emerging market economies, especially in Asia. Presenting a broad menu of policy options for financial reform and regulation, the book will be of great interest to finance experts and policymakers in the region as well as academics and researchers of financial and Asian economics as well as economic development.

Author: Mr.Giovanni Ganelli
Publisher: International Monetary Fund
ISBN: 1475526237
Category : Business & Economics
Languages : en
Pages : 32

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Book Description
We use a Global VAR model to study spillovers from the Bank of Japan’s quantitative and qualitative easing (QQE) on emerging Asia.1 Our main result is that, despite an appreciation of their currencies vis-à-vis the yen, the impact on emerging Asia’s GDP tended to be positive and significant. Our results suggest that the positive effect of QQE on expectations, by improving confidence, more than offset any negative exchange rate spillover due to expenditure switching from domestic demand to Japanese goods. They also suggest that spillovers from QQE might have worked mainly through the impact of expectations and improved confidence, captured by increases in equity prices, rather than through balance sheet adjustments which might have been captured by movements in the monetary base.

Author: Stefania D'Amico
Publisher: DIANE Publishing
ISBN: 1437941648
Category : Business & Economics
Languages : en
Pages : 40

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Book Description
This is a print on demand edition of a hard to find publication. Using a panel of daily CUSIP-level data, the authors study the effects of the Federal Reserve¿s program to purchase $300 billion of U.S. Treasury coupon securities announced and implemented during 2009. The authors find that each purchase operation, on average, caused a decline in yields in the sector purchased of 3.5 basis points on the days when these purchases occurred (the ¿flow effect¿ of the program). In addition, the program as a whole resulted in a persistent downward shift in the yield curve of as much as 50 basis points (the ¿stock effect¿), with the largest impact in the 10- to 15-year sector. The coefficient patterns generally support a view of segmentation or imperfect substitution within the Treasury market. Charts and tables.

Author: Luís Brandão Marques
Publisher: International Monetary Fund
ISBN: 1513570080
Category : Business & Economics
Languages : en
Pages : 84

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Book Description
This paper focuses on negative interest rate policies and covers a broad range of its effects, with a detailed discussion of findings in the academic literature and of broader country experiences.

Author: Qianying Chen
Publisher: International Monetary Fund
ISBN: 148434071X
Category : Business & Economics
Languages : en
Pages : 32

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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.

Author: Ms.Ana Corbacho
Publisher: International Monetary Fund
ISBN: 1513558900
Category : Business & Economics
Languages : en
Pages : 311

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Book Description
The first part of the book examines the evolution of monetary policy and prudential frameworks of the ASEAN5, with particular focus on changes since the Asian financial crisis and the more recent period of unconventional monetary policy in advanced economies. The second part of the book looks at policy responses to global financial spillovers. The third and last part of the book elaborates on the challenges ahead for monetary policy, financial stability frameworks, and the deepening of financial markets.

Author: Mr.Etienne B. Yehoue
Publisher: International Monetary Fund
ISBN: 1451873735
Category : Business & Economics
Languages : en
Pages : 44

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Book Description
Unconventional central bank measures are playing a key policy role for many advanced economies in the 2007-09 global crisis. Are they playing a similar role for emerging economies? Emerging economies have widely used unconventional foreign exchange and domestic short-term liquidity easing measures. Their use of credit easing and quantitative easing measures has been much more limited. Thus, unconventional measures are much less important for emerging economies compared to advanced economies in achieving broader macroeconomic objectives. The difference can be attributed to the relatively limited financial stress in emerging economies, their external vulnerabilities and their limited scope for quasifiscal activities.

Author: Rita Biswas
Publisher: Emerald Group Publishing
ISBN: 1838679596
Category : Business & Economics
Languages : en
Pages : 370

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Book Description
This special issue focuses on a gamut of topics ranging from monetary policy to corporate governance in emerging economies. Of the eleven papers it includes, five were selected from the II International Conference on Economics and Finance (ICEF-II) in Bengaluru, India.