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The Role of Institutions and Macroprudential Policy in Managing Spillovers from Quantitative Easing Policies

Ansgar Belke and Ulrich Volz

in Macroeconomic Shocks and Unconventional Monetary Policy: Impacts on Emerging Markets

Published in print:
2019
Published Online:
August 2019
ISBN:
9780198838104
eISBN:
9780191874628
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198838104.003.0012
Subject:
Economics and Finance, Financial Economics, South and East Asia

This chapter explores the impact of advanced countries’ quantitative easing on emerging market economies (EMEs) and how macroprudential policy and good governance play a role in preventing potential ... More


Macroprudential Tools, Their Limits, and Their Connection with Monetary Policy

Hyun Song Shin

in Progress and Confusion: The State of Macroeconomic Policy

Published in print:
2016
Published Online:
January 2017
ISBN:
9780262034623
eISBN:
9780262333450
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262034623.003.0010
Subject:
Economics and Finance, Public and Welfare

The chapter discusses similarities and differences between macroprudential and monetary policy. Both policies affect the demand and the supply of credit, and a result, there can be some tension in ... More


Central Banks, Macroprudential Policy, and the Spanish Experience

Enrique Alberola, Carlos Trucharte, and Juan Luís Vega

in The Great Recession: Lessons for Central Bankers

Published in print:
2013
Published Online:
January 2015
ISBN:
9780262018340
eISBN:
9780262305921
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262018340.003.0005
Subject:
Economics and Finance, Financial Economics

Macroprudential policy, its toolbox and interactions with other policies are not completely established yet. Spain's ten-year experience with its dynamic provision provides a key reference. The ... More


The Great Recession: Lessons for Central Bankers

Jacob Braude, Zvi Eckstein, Stanley Fischer, and Karnit Flug (eds)

Published in print:
2013
Published Online:
January 2015
ISBN:
9780262018340
eISBN:
9780262305921
Item type:
book
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262018340.001.0001
Subject:
Economics and Finance, Financial Economics

The Great Recession shook not only the global economy and the financial systems of major economies, but also conventional wisdom of economic policy making, regulation of financial markets, and more. ... More


Lessons from the World Financial Crisis for the Central Bank of Norway: The Approach to Monetary Policy and Financial Stability

Sigbjørn Atle Berg and Øyvind Eitrheim

in The Great Recession: Lessons for Central Bankers

Published in print:
2013
Published Online:
January 2015
ISBN:
9780262018340
eISBN:
9780262305921
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262018340.003.0011
Subject:
Economics and Finance, Financial Economics

Norway was, like many small open economies, adversely affected by the recession that followed the global financial crisis. But in an international perspective, the Norwegian economy and institutions ... More


Macroprudential Policy Regimes: Definition and Institutional Implications

Paul Tucker

in Progress and Confusion: The State of Macroeconomic Policy

Published in print:
2016
Published Online:
January 2017
ISBN:
9780262034623
eISBN:
9780262333450
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262034623.003.0009
Subject:
Economics and Finance, Public and Welfare

This chapter provides a definition of macroprudential policy as a regime under which policymakers can dynamically adjust regulatory parameters to maintain a desired degree of resilience in the ... More


Systemic Risk: The Dynamics of Modern Financial Systems

Prasanna Gai

Published in print:
2013
Published Online:
May 2013
ISBN:
9780199544493
eISBN:
9780191747175
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199544493.001.0001
Subject:
Economics and Finance, Financial Economics

This book opens new ground in the study of financial crises. It treats the financial system as a complex adaptive system and shows how lessons from network disciplines—such as ecology, epidemiology, ... More


Progress and Confusion: The State of Macroeconomic Policy

Olivier Blanchard, Raghuram G. Rajan, Kenneth S. Rogoff, and Lawrence H. Summers (eds)

Published in print:
2016
Published Online:
January 2017
ISBN:
9780262034623
eISBN:
9780262333450
Item type:
book
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262034623.001.0001
Subject:
Economics and Finance, Public and Welfare

In April of 2015, the International Monetary Fund gathered leading academic economists and policymakers, to discuss the shape of future macroeconomic policy. This book presents their combined ... More


Introduction: Central Bank Lessons from the Global Crisis

Stanley Fischer

in The Great Recession: Lessons for Central Bankers

Published in print:
2013
Published Online:
January 2015
ISBN:
9780262018340
eISBN:
9780262305921
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262018340.003.0001
Subject:
Economics and Finance, Financial Economics

Presents and explains ten lessons for central bankers derived from or reinforced by dealing with the Great Recession. They are 1. Reaching the zero lower bound on interest rates is not the end of ... More


Introduction

Atish R. Ghosh, Jonathan D. Ostry, and Mahvash S. Qureshi

in Taming the Tide of Capital Flows: A Policy Guide

Published in print:
2018
Published Online:
September 2018
ISBN:
9780262037167
eISBN:
9780262343756
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262037167.003.0001
Subject:
Economics and Finance, Macro- and Monetary Economics

This introductory chapter provides an overview of capital flows to emerging markets. In principle, cross-border capital flows to emerging markets have the potential to bring several benefits; in ... More


Tax Policies and Financial Stability: Lessons from the Crisis

Helene Schuberth

in The Great Recession: Lessons for Central Bankers

Published in print:
2013
Published Online:
January 2015
ISBN:
9780262018340
eISBN:
9780262305921
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262018340.003.0006
Subject:
Economics and Finance, Financial Economics

While taxes were not the major cause of the financial crisis, the biases embedded in the current tax systems may have exacerbated the crisis and might play a greater role in future crises unless tax ... More


Disquiet on All Fronts?

Pierre L. Siklos

in Central Banks into the Breach: From Triumph to Crisis and the Road Ahead

Published in print:
2017
Published Online:
August 2017
ISBN:
9780190228835
eISBN:
9780190228866
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780190228835.003.0006
Subject:
Economics and Finance, Public and Welfare

The state of central banking is fragile and fraught with reasons to take a dim view of their stature. Low economic growth, an insufficiently unsubstantiated expansion of central bank ... More


Macroeconomic Shocks and Unconventional Monetary Policy: Impacts on Emerging Markets

Naoyuki Yoshino, Pornpinun Chantapacdepong, and Matthias Helble (eds)

Published in print:
2019
Published Online:
August 2019
ISBN:
9780198838104
eISBN:
9780191874628
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198838104.001.0001
Subject:
Economics and Finance, Financial Economics, South and East Asia

Barely two decades after the Asian financial crisis Asia was suddenly confronted with multiple challenges originating outside the region: the 2008 global financial crisis, the European debt crisis, ... More


When Finance and the Real Economy Collide

Pierre L. Siklos

in Central Banks into the Breach: From Triumph to Crisis and the Road Ahead

Published in print:
2017
Published Online:
August 2017
ISBN:
9780190228835
eISBN:
9780190228866
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780190228835.003.0002
Subject:
Economics and Finance, Public and Welfare

There exist potential conflicts between the processing speed of financial markets and the persistence of macroeconomic variables that dictate the conduct of monetary policy. Maintaining financial ... More


A Simple Cost-Benefit Analysis of Using Monetary Policy for Financial Stability Purposes

Lars E. O. Svensson

in Progress and Confusion: The State of Macroeconomic Policy

Published in print:
2016
Published Online:
January 2017
ISBN:
9780262034623
eISBN:
9780262333450
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262034623.003.0011
Subject:
Economics and Finance, Public and Welfare

The chapter applies a cost-benefit analysis to addresses the question of whether monetary policy should be used for financial stability purposes. It finds that the benefits of moderate increases in ... More


Monetary Solidarity by Default and by Design

Waltraud Schelkle

in The Political Economy of Monetary Solidarity: Understanding the Euro Experiment

Published in print:
2017
Published Online:
April 2017
ISBN:
9780198717935
eISBN:
9780191787416
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198717935.003.0007
Subject:
Political Science, Political Economy

The euro area policy framework that had produced more stability than growth underwent frantic reforms after 2009. The first response was to extend and tighten the rules for fiscal risk prevention. At ... More


The Impact of US Monetary Policy and Other External Shocks on the Hong Kong Economy: A Factor-augmented VAR Approach

Hongyi Chen and Andrew Tsang

in Macroeconomic Shocks and Unconventional Monetary Policy: Impacts on Emerging Markets

Published in print:
2019
Published Online:
August 2019
ISBN:
9780198838104
eISBN:
9780191874628
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198838104.003.0011
Subject:
Economics and Finance, Financial Economics, South and East Asia

This chapter uses the factor-augmented vector autoregression framework to study the impact on the Hong Kong economy of the diverging monetary policies by the Fed, the European Central Bank (ECB), and ... More


Introduction

Prasanna Gai

in Systemic Risk: The Dynamics of Modern Financial Systems

Published in print:
2013
Published Online:
May 2013
ISBN:
9780199544493
eISBN:
9780191747175
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199544493.003.0001
Subject:
Economics and Finance, Financial Economics

The introductory chapter describes the central thesis of the book, namely that understanding systemic risk in financial systems requires coming to terms with the consequences of network effects, ... More


Quantifying Systemic Risk

Prasanna Gai

in Systemic Risk: The Dynamics of Modern Financial Systems

Published in print:
2013
Published Online:
May 2013
ISBN:
9780199544493
eISBN:
9780191747175
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199544493.003.0006
Subject:
Economics and Finance, Financial Economics

This chapter describes work at the Bank of England to develop a quantitative framework to guide macroprudential analysis and bank stress-testing work. The Risk Assessment Model for Systemic ... More


Reserve Bank of India: The Way Forward

Errol D’Souza

in Rethinking Public Institutions in India

Published in print:
2017
Published Online:
May 2017
ISBN:
9780199474370
eISBN:
9780199089109
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780199474370.003.0005
Subject:
Political Science, Indian Politics

The RBI was set up to conduct monetary policy, manage public debt and foreign exchange reserves, act as the government’s banker, and support the development of markets and financial institutions. ... More


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