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Monetary Transaction Costs and the Term Premium
Espinoza, Raphael A.; Tsomocos, Dimitrios P. - International Monetary Fund (IMF) - 2013
We show that, in a monetary equilibrium, trade and asset prices depend on both the supply of the liquidity by the … Central Bank and the liquidity of assets and commodities. As a result, monetary aggregates are informative for the conduct of … monetary policy. We also show asset prices are higher in liquidity-constrained states of nature. This generates a term premium …
Persistent link: https://www.econbiz.de/10010790281
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Exploring the Dynamics of Global Liquidity
Sally F. (Sally Fangnan) Chen; Liu, Philip; Maechler, … - International Monetary Fund (IMF) - 2012
This paper explores the concept of global liquidity, its measurement and macro-financial importance. We construct two … sets of indicators for global liquidity: a quantity series distinguishing between core and noncore liabilities of financial … between shocks to the supply and demand for global liquidity, and isolate their impact on the economy. Our results confirm …
Persistent link: https://www.econbiz.de/10010790397
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Are Emerging Asia’s Reserves Really too High?
Ruiz-Arranz, Marta; Zavadjil, Milan - International Monetary Fund (IMF) - 2008
reserves provide a steady source of liquidity to cushion the impact of a sudden stop in capital inflows on output and …
Persistent link: https://www.econbiz.de/10005826420
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Emergency Liquidity Support Facilities
He, Dong - International Monetary Fund (IMF) - 2000
This paper discusses operational aspects of official emergency liquidity support to individual institutions under …
Persistent link: https://www.econbiz.de/10005263737
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Are Banks Really Lazy? Evidence from Middle East and North Africa
Gray, Simon; Karam, Philippe D; Ariss, Rima Turk - International Monetary Fund (IMF) - 2014
We investigate whether low loan-to-deposit (LTD) ratios and high levels of reserve balances at the central bank (or holdings of government securities) are a reflection of policy-driven factors compared to commonly cited reasons of reluctance to lend or sometimes weak investment demand in...
Persistent link: https://www.econbiz.de/10011142073
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Monetary Policy Coordination and the Role of Central Banks
Mohan, Rakesh; Kapur, Muneesh - International Monetary Fund (IMF) - 2014
The unconventional monetary policies (UMPs) pursued by the advanced economies (AEs) have posed macroeconomic challenges for the emerging market economies (EMEs) through volatile capital flows and exchange rates. AE central banks need to acknowledge and appreciate the spillovers resulting from...
Persistent link: https://www.econbiz.de/10010790334
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Tracking Global Demand for Advanced Economy Sovereign Debt
Arslanalp, Serkan; Tsuda, Takahiro - International Monetary Fund (IMF) - 2012
Recent events have shown that sovereigns, just like banks, can be subject to runs, highlighting the importance of the investor base for their liabilities. This paper proposes a methodology for compiling internationally comparable estimates of investor holdings of sovereign debt. Based on this...
Persistent link: https://www.econbiz.de/10011142015
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You Never Give Me Your Money? Sovereign Debt Crises, Collective Action Problems, and IMF Lending
Committeri, Marco; Spadafora, Francesco - International Monetary Fund (IMF) - 2013
We review the impact of the global financial crisis, and its spillovers into the sovereign sector of the euro area, on the international “rules of the game†for dealing with sovereign debt crises. These rules rest on two main pillars. The most important is the IMF’s lending...
Persistent link: https://www.econbiz.de/10011142016
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Inflation Reports and Models: How Well Do Central Banks Really Write?
Bulir, Ales; Hurník, Jaromír; Smidkova, Katerina - International Monetary Fund (IMF) - 2014
We offer a novel methodology for assessing the quality of inflation reports. In contrast to the existing literature, which mostly evaluates the formal quality of these reports, we evaluate their economic content by comparing inflation factors reported by the central banks with ex-post...
Persistent link: https://www.econbiz.de/10011142061
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Central Bank Financial Strength in Central America and the Dominican Republic
Swiston, Andrew; Frantischek, Florencia; Gajdeczka, Przemek - International Monetary Fund (IMF) - 2014
This paper examines the financial strength of central banks in Central America and the Dominican Republic (CADR). Some central banks are working off the effects of intervention in distressed financial institutions during the 1990’s and early 2000’s. Their net income has improved...
Persistent link: https://www.econbiz.de/10011142063