Asset Purchases And Direct Financing Guiding Principles For Emerging Markets And Developing Economies During Covid 19 And Beyond

Author : Mr. Tobias Adrian
Publisher : International Monetary Fund
ISBN 13 : 1513594109
Total Pages : 49 pages
Book Rating : 4.01/5 ( download)

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Download or read book Asset Purchases and Direct Financing: Guiding Principles for Emerging Markets and Developing Economies During COVID-19 and Beyond written by Mr. Tobias Adrian and published by International Monetary Fund. This book was released on 2021-10-11 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many central banks in emerging market and developing economies have used asset purchases to reduce financial stresses during the COVID crisis, and some are doing so to provide macroeconomic stimulus.

Author : Mr. Tobias Adrian
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 27 pages
Book Rating : 4.32/5 ( download)

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Download or read book Macro-Financial Stability in the COVID-19 Crisis: Some Reflections written by Mr. Tobias Adrian and published by International Monetary Fund. This book was released on 2022-12-16 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global financial system has shown remarkable resilience during the COVID-19 pandemic, despite a sharp decline in economic activity and the initial financial market upheaval in March 2020. This paper takes stock of the factors that contributed to this resilience, focusing on the role of monetary and financial policies. In response to the pandemic-induced crisis, major central banks acted swiftly and decisively, cutting policy rates, introducing new asset purchase programs, providing liquidity support for the banking system, and creating several emergency facilities to sustain the flow of credit to the real economy. Several emerging market central banks also deployed asset purchase programs for the first time. While the pandemic crisis has underscored the importance of policies in preventing calamitous financial outcomes, it has also brought to the fore some unintended consequences of policy actions—in particular, of providing prolonged monetary policy support and applying regulation to specific segments of the financial system rather than taking a broader approach—that could undermine financial stability in the future.

Author : Mr. Marco Arena
Publisher : International Monetary Fund
ISBN 13 : 1513593757
Total Pages : 81 pages
Book Rating : 4.53/5 ( download)

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Download or read book Asset Purchase Programs in European Emerging Markets written by Mr. Marco Arena and published by International Monetary Fund. This book was released on 2021-09-24 with total page 81 pages. Available in PDF, EPUB and Kindle. Book excerpt: Several emerging market central banks in Europe deployed asset purchase programs (APPs) amid the 2020 pandemic. The common main goals were to address market dysfunction and impaired monetary transmission, distinct from the quantitative easing conducted by major advanced economy central banks. Likely reflecting the global nature of the crisis, these APPs defied the traditional emerging market concern of destabilizing the exchange rate or inflation expectations and instead alleviated markets successfully. We uncover some evidence that APPs in European emerging markets stabilized government bond markets and boosted equity prices, with no indication of exchange rate pressure. Examining global and domestic factors that could limit the usability of APPs, in the event of renewed market dysfunction we see a potential scope for scaling up APPs in most European emerging markets that used APPs during the pandemic, provided that they remain consistent with the primary objective of monetary policy and keep a safe distance from the risk of fiscal dominance. As central banks in the region move towards monetary policy tightening, the tapering, ending, and unwinding of APPs must also be carefully considered. Clear and transparent communication is critical at each step of the process, from the inception to the closure of APPs, particularly when a large shock hits and triggers a major policy shift.

Author : Mr. Itai Agur
Publisher : International Monetary Fund
ISBN 13 : 1513592548
Total Pages : 47 pages
Book Rating : 4.41/5 ( download)

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Download or read book Monetary Finance: Do Not Touch, Or Handle with Care? written by Mr. Itai Agur and published by International Monetary Fund. This book was released on 2022-01-13 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews the theoretical arguments in favor and against MF and presents an empirical assessment of the risks that it may pose for inflation.

Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 47 pages
Book Rating : 4.92/5 ( download)

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Download or read book Elements of Effective Policies for Crypto Assets written by International Monetary Fund and published by International Monetary Fund. This book was released on 2023-02-23 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper aims to address questions by Fund members on how to respond to the rise of crypto assets and the associated risks. To frame the discussion, the paper defines and classifies crypto assets based on their underlying features and describes their purported benefits and potential risks. The paper presents a policy framework for crypto assets that aims to achieve key policy objectives such as macroeconomic stability, financial stability, consumer protection, and market and financial integrity. The framework outlines key elements that are necessary to ensure that these objectives are met. However, such a framework will not fix any underlying crypto design flaws (for instance, the lack of a credible nominal anchor, payments finality, or scalability).

Author : Neil Shenai
Publisher : Springer Nature
ISBN 13 : 3030990230
Total Pages : 170 pages
Book Rating : 4.37/5 ( download)

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Download or read book Escaping the Governance Trap written by Neil Shenai and published by Springer Nature. This book was released on 2022-07-13 with total page 170 pages. Available in PDF, EPUB and Kindle. Book excerpt: The COVID-19 pandemic has fundamentally altered the global economic landscape, with the smallest and most vulnerable economies particularly hard hit. In the Northern Triangle countries of El Salvador, Guatemala, and Honduras, the crisis has cost lives and livelihoods. It has impacted both the demand and supply sides of the economy, posing difficult policy tradeoffs. Risks to macroeconomic stability are now growing. Each country will likely exit the crisis with an even greater need for reform. Escaping the Governance Trap: Economic Reform in the Northern Triangle provides a framework for understanding the challenges of those three Central American nations, proposing that the lack of governing capacity in each country is a crucial problem. This book argues that economic reforms can help the Northern Triangle countries escape their governance traps and identifies priority areas of economic reform. Sectors covered include fiscal policy, monetary and exchange rate policy, financial access and deterrence, and structural reforms. It also highlights the role that stakeholders like the United States can play to help in these reform efforts, and how those outcomes affect the United States and the global community. All told, Escaping the Governance Trap provides an accessible, direct account of the Northern Triangle’s economic challenges and how to fix them.

Author : Can Sever
Publisher : INTERNATIONAL MONETARY FUND
ISBN 13 : 9781513564661
Total Pages : 21 pages
Book Rating : 4.68/5 ( download)

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Download or read book Effects of Emerging Market Asset Purchase Program Announcements on Financial Markets During the COVID-19 Pandemic written by Can Sever and published by INTERNATIONAL MONETARY FUND. This book was released on 2020-12-18 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: The COVID-19 pandemic led many emerging market central banks to adopt, for the first time, unconventional policies in the form of asset purchase programs. In this study, we analyze the effects of these announcements on domestic financial markets using both event studies and local projections methodology. We find that these asset purchase announcements lowered bond yields, did not lead to a depreciation of domestic currencies, and did not have much effect on equities. While the immediate effect of asset purchases appears positive, further consideration of the risks and longer-term effects of unconventional monetary policies is needed. We highlight the trade-offs involved with the implementation of these measures, and discuss their risks. This working paper adds to the debate on how asset purchase programs should be a regular part of the emerging market policy toolkit.

Author : Mr. Luis Ignacio Jácome
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 55 pages
Book Rating : 4.30/5 ( download)

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Download or read book Central Bank Independence and Inflation in Latin America—Through the Lens of History written by Mr. Luis Ignacio Jácome and published by International Monetary Fund. This book was released on 2022-09-16 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the link between central bank independence and inflation by providing narrative and empiricial evidence based on Latin America’s experience over the past 100 years. We present a novel historical dataset of central bank independence for 17 Latin American countries and recount the rocky journey traveled by Latin America to achieve central bank independence and price stability. After their creation as independent institutions, central bank independence was eroded in the 1930s at the time of the Great Depression and following the abandonement of the gold exchange standard. Then, by the 1940s, central banks turned into de facto development banks under the aegis of governments, sawing the seeds for high inflation. It took the high inflation episodes of the 1970s and 1980s and the associated major decline in real income, and growing social discontent, to grant central banks political and operational independence to focus on fighting inflation starting in the 1990s. The empirical evidence confirms the strong negative association between central bank independence and inflation and finds that improvements in independence result in a steady decline in inflation. It also shows that high levels of central bank independence are associated with reductions in the likelihood of high inflation episodes, especially when accompanied by reductions in central bank financing to the central government.

Author : International Monetary Fund. Finance Dept.
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 37 pages
Book Rating : 4.44/5 ( download)

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Download or read book Safeguards Assessments Policy—External Expert Panel's Advisory Report written by International Monetary Fund. Finance Dept. and published by International Monetary Fund. This book was released on 2022-12-16 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report by the external expert panel (“the panel”) examines the effectiveness and appropriateness of the safeguards assessments policy in the five years since its last review in 2015. In addition to expressing an opinion on the effectiveness and appropriateness of the safeguards assessment policy, the panel also makes recommendations to the Executive Board for its consideration to improve and optimize the benefits to be garnered from the safeguards assessment policy. The panel’s opinion is based on (i) consultations with key stakeholders, including central bank authorities, IMF Executive Directors’ offices, and Fund staff; (ii) examination of safeguards assessment and other Fund-specific documents; and (iii) study of international reference materials.

Author : National Intelligence Council
Publisher : Cosimo Reports
ISBN 13 : 9781646794973
Total Pages : 158 pages
Book Rating : 4.74/5 ( download)

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Download or read book Global Trends 2040 written by National Intelligence Council and published by Cosimo Reports. This book was released on 2021-03 with total page 158 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The ongoing COVID-19 pandemic marks the most significant, singular global disruption since World War II, with health, economic, political, and security implications that will ripple for years to come." -Global Trends 2040 (2021) Global Trends 2040-A More Contested World (2021), released by the US National Intelligence Council, is the latest report in its series of reports starting in 1997 about megatrends and the world's future. This report, strongly influenced by the COVID-19 pandemic, paints a bleak picture of the future and describes a contested, fragmented and turbulent world. It specifically discusses the four main trends that will shape tomorrow's world: - Demographics-by 2040, 1.4 billion people will be added mostly in Africa and South Asia. - Economics-increased government debt and concentrated economic power will escalate problems for the poor and middleclass. - Climate-a hotter world will increase water, food, and health insecurity. - Technology-the emergence of new technologies could both solve and cause problems for human life. Students of trends, policymakers, entrepreneurs, academics, journalists and anyone eager for a glimpse into the next decades, will find this report, with colored graphs, essential reading.