Monetary Policy In Low Financial Development Countries

Author : Juan Antonio Morales
Publisher : Oxford University Press
ISBN 13 : 0192597027
Total Pages : 360 pages
Book Rating : 4.21/5 ( download)

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Download or read book Monetary Policy in Low Financial Development Countries written by Juan Antonio Morales and published by Oxford University Press. This book was released on 2021-07-22 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt: Monetary Policy in Low Financial Development Countries provides a broad coverage of the monetary policy issues faced by developing countries with low financial depth. These low and lower middle income countries are characterized by the predominance of bank finance, shallow financial markets, low financial inclusion, weak integration with world capital markets, and a high degree of informality in economic activity. Monetary policy acquires special twists, making it different in many aspects from the policies followed in advanced and emerging market economies. This book covers the main facets of monetary policy making, using an approach that combines discussions of theoretical arguments, of results from empirical studies and of relevant policy experiences. It presents the monetary policy instruments that central banks rely on in these countries. It assesses the specificities of their monetary transmission mechanism, i.e. the way central banks' actions affect output and prices. It evaluates the advantages, drawbacks, and challenges of the different nominal anchors they may choose from: exchange rate targeting, monetary targeting, and inflation targeting. This discussion is set against the background of the three main goals pursued by central banks: price, output, and financial stability. Particular attention is devoted to the issue of the credibility of central banks and to the trade-offs they face when external shocks, to which these countries are very vulnerable, lead to conflicts among the three goals they pursue. The authors also cover more specific topics, such as the coordination between monetary and fiscal policy, the challenges raised by dollarization, the implications of informal labour markets and of microfinance institutions for monetary policy-making, as well as the role of models for forecasting and policy evaluation by central banks.

Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1498344062
Total Pages : 74 pages
Book Rating : 4.67/5 ( download)

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Download or read book Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries written by International Monetary Fund and published by International Monetary Fund. This book was released on 2015-10-23 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past two decades, many low- and lower-middle income countries (LLMICs) have improved control over fiscal policy, liberalized and deepened financial markets, and stabilized inflation at moderate levels. Monetary policy frameworks that have helped achieve these ends are being challenged by continued financial development and increased exposure to global capital markets. Many policymakers aspire to move beyond the basics of stability to implement monetary policy frameworks that better anchor inflation and promote macroeconomic stability and growth. Many of these LLMICs are thus considering and implementing improvements to their monetary policy frameworks. The recent successes of some LLMICs and the experiences of emerging and advanced economies, both early in their policy modernization process and following the global financial crisis, are valuable in identifying desirable features of such frameworks. This paper draws on those lessons to provide guidance on key elements of effective monetary policy frameworks for LLMICs.

Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1498344054
Total Pages : 89 pages
Book Rating : 4.50/5 ( download)

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Download or read book Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries — Background Paper — Country Experiences written by International Monetary Fund and published by International Monetary Fund. This book was released on 2015-10-27 with total page 89 pages. Available in PDF, EPUB and Kindle. Book excerpt: This background paper focuses on the experiences of evolving monetary policy frameworks in nine individual countries and three thematic groupings of countries. The country case studies are complemented by analyses of common issues faced by countries in currency unions in the CFA franc zone, selected resource rich countries, and advanced economies and emerging markets during their modernization process of monetary policy regimes. Finally, the background paper also contains a discussion on the benefits of effective communication in conducting monetary policy.

Author : Mr.Luis Brandao-Marques
Publisher : International Monetary Fund
ISBN 13 : 1513529730
Total Pages : 54 pages
Book Rating : 4.38/5 ( download)

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Download or read book Monetary Policy Transmission in Emerging Markets and Developing Economies written by Mr.Luis Brandao-Marques and published by International Monetary Fund. This book was released on 2020-02-21 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: Central banks in emerging and developing economies (EMDEs) have been modernizing their monetary policy frameworks, often moving toward inflation targeting (IT). However, questions regarding the strength of monetary policy transmission from interest rates to inflation and output have often stalled progress. We conduct a novel empirical analysis using Jordà’s (2005) approach for 40 EMDEs to shed a light on monetary transmission in these countries. We find that interest rate hikes reduce output growth and inflation, once we explicitly account for the behavior of the exchange rate. Having a modern monetary policy framework—adopting IT and independent and transparent central banks—matters more for monetary transmission than financial development.

Author : Akampurira Abraham
Publisher : Anchor Academic Publishing (aap_verlag)
ISBN 13 : 3954891387
Total Pages : 97 pages
Book Rating : 4.82/5 ( download)

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Download or read book Monetary Policy and Public Finance: An Aspect of Development written by Akampurira Abraham and published by Anchor Academic Publishing (aap_verlag). This book was released on 2013-09 with total page 97 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is a link between the financial development and a real growth of economies. Financial development in combination with a growth in banking stimulates the entrepreneur’s action, and thus transfers resources from the traditional sector to the modern sector. This paper is divided into two sections. Section A is entitled ‘Monetary Economics’, and covers the following topics: Money in the macro economy, demand for money, supply for money, money and inflation, central banking and monetary policy, international financial institutions and policy, monetary market, and the Hansen Hickisian IS-LM curve analysis. Section B covers the topics of public revenue, tax burden, and incidence of taxes, classification and choices of taxes, public debt, public expenditure and public budget.

Author : Naoyuki Yoshino
Publisher : Oxford University Press, USA
ISBN 13 : 0198838107
Total Pages : 345 pages
Book Rating : 4.04/5 ( download)

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Download or read book Macroeconomic Shocks and Unconventional Monetary Policy written by Naoyuki Yoshino and published by Oxford University Press, USA. This book was released on 2019 with total page 345 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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, and finally developed economies' implementation of unconventional monetary policies. The implementation of quantitative easing, ultra-low interest rate policies, and negative interest rate policies by a number of large central banks has given rise to concerns over financial stability and international capital flows. Macroeconomic Shocks and Unconventional Monetary Policy: Impacts on Emerging Markets explains how shocks stemming from the global financial crisis have affected macroeconomic and financial stability in emerging Asia. Macroeconomic Shocks and Unconventional Monetary Policy: Impacts on Emerging Markets brings together the most up-to-date knowledge impacts of recent macroeconomic shocks on Asia's real economy; the spillover effects of macroeconomic shocks on financial markets and flows in Asia; and key challenges for monetary, exchange rate, trade and macro prudential policies of developing Asian economies. It is authored by experts in the field of international macroeconomics from leading academic institutions, central banks, and international organizations including the International Monetary Fund, the Bank for International Settlement, and the Asian Development Bank Institute.

Author : Akampurira Abraham
Publisher : GRIN Verlag
ISBN 13 : 3656429553
Total Pages : 129 pages
Book Rating : 4.55/5 ( download)

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Download or read book Monetary Policy and Public Finance written by Akampurira Abraham and published by GRIN Verlag. This book was released on 2013-05-15 with total page 129 pages. Available in PDF, EPUB and Kindle. Book excerpt: Script from the year 2013 in the subject Economics - Monetary theory and policy, grade: A, ( Atlantic International University ) (BUSINESS STUDIES AND ECONOMICS), course: REGIONAL DEVELOPMENT, language: English, abstract: 1.0.Introduction There has been a link between financial development and real growth of economies. Financial development together with growth in banking stimulates entreprenuer action and this transfers resources from the traditional sector to modern sector. This paper is divided into two sections; Section A-Monetary Economics that covers the following topics; Money in the macro economy, Demand for money, Supply for money, Money and Inflation, Central banking and Monetary policy, International Financial Institutions and Policy, Monetary market and the Hansen Hickisian IS-LM curve analysis. Section (B) covers; Public revenue, Tax Burden, Incidence of Taxes, Classification and Choices of Taxes, Public Debt, Public expenditure and Public Budget. Course Objectives: The main objective of the course is to equip learners with analytical skills in understanding the basic concepts of monetary economics in the context of developing countries. It enables students acquire sufficient knowledge of monetary theory and the working of financial institutions that help in carrying out monetary and other macroeconomic policy analysis. The course also equips learners with issues relating to taxation and public expenditure

Author : Warren L. Coats
Publisher : Elsevier
ISBN 13 : 148315730X
Total Pages : 842 pages
Book Rating : 4.06/5 ( download)

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Download or read book Money and Monetary Policy in Less Developed Countries written by Warren L. Coats and published by Elsevier. This book was released on 2014-05-19 with total page 842 pages. Available in PDF, EPUB and Kindle. Book excerpt: Money and Monetary Policy in Less Developed Countries: A Survey of Issues and Evidence focuses on monetary policy, the financial intermediation process, and the role of money in economic development in less developed countries (LDCs). Topics covered include financial development and economic growth in underdeveloped countries; instruments and techniques used in the implementation of monetary policy: and econometric policy models. This book is comprised of 46 chapters and begins with a discussion on the main lines of thought in the field of money and monetary policy in LDCs, with emphasis on the significant empirical results. The reader is then introduced to the role of money in the development process; production and monetization in the subsistence sector; some aspects of financial policies and central banking in developing countries; and the efficacy of monetary rules for LDCs. The subsequent chapters explore monetary policy instruments such as interest rates, credit controls, and exchange rates; credit policy and the balance of payments in developing countries; and price and output behavior in the Indian economy from 1951 to 1973. A semiannual macroeconometric model of the Philippines for the period 1967-1976 is also described. This monograph will be a valuable resource for economists, economic policymakers, and central bankers as well as students.

Author : Mr.Alfredo Baldini
Publisher : International Monetary Fund
ISBN 13 : 1475502842
Total Pages : 47 pages
Book Rating : 4.48/5 ( download)

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Download or read book Monetary Policy in Low Income Countries in the Face of the Global Crisis written by Mr.Alfredo Baldini and published by International Monetary Fund. This book was released on 2012-04-01 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: We develop a DSGE model with a banking sector to analyze the impact of the financial crisis on Zambia and the role of the monetary policy response. We view the crisis as a combination of three related shocks: a worsening in the terms of the trade, an increase in the country’s risk premium, and a decrease in the risk appetite of local banks. We characterize monetary policy as "stop and go": initially tight, subsequently loose. Simulations of the model broadly match the path of the economy during this period. We find that the initial policy response contributed to the domestic impact of the crisis by further tightening financial conditions. We study the factors driving the "stop" part of policy and derive policy implications for central banks in low-income countries.

Author : Massimo Rostagno
Publisher : Oxford University Press
ISBN 13 : 0192895915
Total Pages : 449 pages
Book Rating : 4.12/5 ( download)

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Download or read book Monetary Policy in Times of Crisis written by Massimo Rostagno and published by Oxford University Press. This book was released on 2021 with total page 449 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first twenty years of the European Central Bank offer a unique insight into how a central bank can navigate macroeconomic insecurity and crisis. This volume examines the structures and decision-making processes behind the complex measures taken by the ECB to tackle some of the toughest economic challenges in the history of modern Europe.