Search Results - subject:"MACROECONOMIC STABILITY"

Monetary Policy in Emerging Markets; Taming the Cycle

McGettigan, Donal; Moriyama, Kenji; Ntsama, Jean F Noah … - International Monetary Fund (IMF) - 2013

In contrast to advanced markets (AMs), procyclical monetary policy has been a problem for emerging markets (EMs), with macroeconomic policies amplifying economic upswings and deepening downturns. The stark difference in policy has not been subject to extensive study and this paper attempts to...

Persistent link: https://www.econbiz.de/10011242369

Credit Growth in Latin America; Financial Development or Credit Boom?

Hansen, Niels-Jakob Harbo; Sulla, Olga - International Monetary Fund (IMF) - 2013

Banking credit to the private sector in Latin America has on average increased by 7 percent of GDP from primo 2004 to ultimo 2011, with real credit in some countries growing by up to 20 percent per year. This paper documents and analyzes the patterns of credit growth in 18 countries in Latin...

Persistent link: https://www.econbiz.de/10011242382

Strict Fiscal Rules and Macroeconomic Stability: The Case of Social VAT.

Fève, P.; Matheron, J.; Sahuc, J-G. - Banque de France - 2013

This paper studies the local dynamic properties of a simple general equilibrium model with Social VAT. Strict balanced budget rules often lead to real indeterminacy of aggregate equilibrium, leaving room for «sunspots» fluctuations. In a closed-economy setup, social VAT escapes this property...

Persistent link: https://www.econbiz.de/10010815974

Assessment of macroeconomic imbalance indicators

Csortos, Orsolya; Szalai, Zoltán - In: MNB Bulletin 8 (2013) 3, pp. 14-24

This study examines the set of indicators of the early warning system used within the framework of the new Macroeconomic Imbalance Procedure introduced by the European Commission. The primary objective of the procedure is to call the attention of member countries to dangerous developments that...

Persistent link: https://www.econbiz.de/10010734587

Price-Level Targeting: an omelette that requires breaking some Inflation-Targeting eggs?

Parra-Polania, Julian A.; Acuña-Roa, Luisa F. - BANCO DE LA REPÚBLICA - 2013

This manuscript can be divided into two main parts. The first one, using a simple example by Minford (2004) and Hatcher (2011), gives the reader a basic introduction to understand the comparison between two monetary-policy regimes: Inflation Targeting (IT) and Price-Level Targeting (PLT). The...

Persistent link: https://www.econbiz.de/10010763682

From Liquidity Crisis to Sovereign Debt Crisis

VINEREAN, Simona - In: Expert Journal of Finance 1 (2013) 1, pp. 19-27

countries according to the degree of macroeconomic stability. Also, this segmentation process is performed according to two … indicators that are highly important for macroeconomic stability, namely the sovereign debt, expressed as public debt to GDP, and …This paper summarizes the results of empirical research on European Union’s evolution in terms of macroeconomic …

Persistent link: https://www.econbiz.de/10010903772

Too Cold, Too Hot, or Just Right? Assessing Financial Sector Development Across the Globe

Barajas, Adolfo; Beck, Thorsten; Dabla-Norris, Era; … - International Monetary Fund (IMF) - 2013

This paper introduces the concept of the financial possibility frontier as a constrained optimum level of financial development to gauge the relative performance of financial systems across the globe. This frontier takes into account structural country characteristics, institutional, and...

Persistent link: https://www.econbiz.de/10010790428

Monetary Policy and Balance Sheets

Igan, Deniz; Kabundi, Alain N.; Simone, Francisco Nadal-De - International Monetary Fund (IMF) - 2013

This paper evaluates the strength of the balance sheet channel in the U.S. monetary policy transmission mechanism over the past three decades. Using a Factor-Augmented Vector Autoregression model on an expanded data set, including sectoral balance sheet variables, we show that the balance sheets...

Persistent link: https://www.econbiz.de/10010790431

The Economic Impact of IMF-Supported Programs in Low-Income Countries

Bal-Gunduz, Yasemin; Ebeke, Christian; Hacibedel, Burcu; … - International Monetary Fund (IMF) - 2013

This paper aims to assess the economic impact of the IMF’s support through its facilities for low-income countries. It relies on two complementary econometric analyses: the first investigates the longer-term impact of IMF engagement—primarily through successive medium-term programs under the...

Persistent link: https://www.econbiz.de/10010790497

Social networks and macroeconomic stability

Chen, Shu-Heng; Chang, Chia-Ling; Wen, Ming-Chang - Institut für Weltwirtschaft (IfW) - 2013

significance of network topologies to macroeconomic stability. According to our simulation results, we find that the more liquid …

Persistent link: https://www.econbiz.de/10010956024