Research Papers on International Integration of Financial Markets and U.S. Monetary Policy PDF Download
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Author:
Publisher:
ISBN:
Category :
Languages : en
Pages : 500
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Author:
Publisher:
ISBN:
Category :
Languages : en
Pages : 500
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Author: Federal Reserve Bank of New York
Publisher:
ISBN:
Category : Capital market
Languages : en
Pages : 516
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Author: Steven B. Kamin
Publisher: DIANE Publishing
ISBN: 1437939066
Category : Business & Economics
Languages : en
Pages : 58
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Book Description
Reviews the available evidence and previous research on potential effects of financial globalization, that is, the international integration of financial markets. Central banks with floating currencies retain the ability to independently determine short-term interest rates and thus influence broader financial conditions and macro-economic performance in their economies. However, domestic financial conditions appear to have become more vulnerable to a wide range of external shocks, complicating the task of making appropriate monetary policy decisions. Moreover, the financial crisis has highlighted the importance of cross-border channels for the transmission of liquidity and credit shocks. Charts and tables. This is a print on demand report.
Author: Maurice Obstfeld
Publisher: Cambridge University Press
ISBN: 9780521633178
Category : Business & Economics
Languages : en
Pages : 382
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Author: Charles A. Pigott
Publisher:
ISBN:
Category : Foreign exchange
Languages : en
Pages : 218
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Author: Mr.Donald J. Mathieson
Publisher: International Monetary Fund
ISBN: 1451930976
Category : Business & Economics
Languages : en
Pages : 66
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Book Description
This paper examines how a country’s exchange rate policy should be adjusted when the degree of integration between domestic and external financial markets increases as a result of both domestic financial liberalization and the relaxation of capital controls. As the financial structure is opened and liberalized, the optimal scale of exchange market intervention changes as the relative importance of different domestic and foreign shocks for output and price stability is altered. Nonetheless, the response of the optimal degree of intervention to increases in the variances of the various domestic and foreign shocks is similar across all financial structures.
Author: Michael Devereux
Publisher: Taylor & Francis
ISBN: 1136847626
Category : Business & Economics
Languages : en
Pages : 342
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Book Description
The ongoing global financial crisis has manifested a remarkable degree of global financial integration—and its implications—for emerging Asian financial markets. The current crisis will not and should not deter the progress that the region has made toward financial openness and integration. However, events like this clearly demonstrate that financial liberalization and integration is not without risks. Hence, emerging Asian economies' growing financial ties have motivated us to look closer at the repercussions of increased financial integration and evaluate the benefits of risk sharing and better access to international capital markets against the costs of cross-border financial contagion. The crisis also presents a timely opportunity for the region’s policy makers to rethink their strategies for financial deregulation and liberalization and to reconsider a next step to integrate emerging East Asia’s financial markets further. However, doing so requires deeper understanding of financial market integration. While much has been said in both academic and policy circles about financial globalization and regional financial integration as separate areas of study, existing research has been relatively silent on the dynamics between these two distinctive forces. The book addresses this gap in financial literature and assesses financial integration in emerging East Asia at both regional and global levels. The publication studies the factors driving the progress of regional financial integration in relation to financial globalization and identifies the relevant policy challenges facing emerging market economies in the region. Chapters look into three broad aspects of regional and global financial market integration: (i) measurement of regional and global financial integration, (ii) understanding dynamics of regional financial integration versus global financial integration, and (iii) welfare implications from regional financial market integration amid financial globalization. Against this context, academics, policy makers, and other readers will appreciate the rigorous research contribution provided by the book.
Author: William H. Branson
Publisher: University of Chicago Press
ISBN: 0226071383
Category : Reference
Languages : en
Pages : 396
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Book Description
Since the five largest industrial democracies concluded the Plaza Agreement in 1985, the theory and practice of international economic policy coordination has become the subject of spirited academic and public-policy debate. While some view policy coordination as crucial for the construction of an improved international monetary system, others fear that it risks delaying or weakening the implementation of macroeconomic and structural policies. In these papers and comments, prominent international economists consider past and present interpretations of the meaning of international policy coordination; conditions necessary for coordination to be beneficial both to the direct participants and the global economy; influential factors for the quantitative impact of coordination; obstacles to coordination; the most—and least—effective methods of coordination; and future directions of the coordination process, including processes associated with greater fixity of exchange rates. These studies will be readily accessible to policymakers, while offering sophisticated analyses to interested scholars of the global economy.
Author: Jongrim Ha
Publisher:
ISBN:
Category :
Languages : en
Pages : 414
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This dissertation offers three essays addressing critical topics in financial market dependence and monetary policy transmission in an era of financial integration: 1) the domestic effects of monetary policy (MP) shocks on market interest rates in small open economies, 2) international transmission of U.S. MP shocks to other open financial markets, and 3) volatility spillovers among financial markets in emerging market (EM) economies. The first chapter investigates the nature of monetary policy transmission in selected small open economies and the U.S. by estimating structural vector autoregressive (SVAR) models using the external instrument identification method. Differing from related studies on U.S. monetary policy, which mostly employ high-frequency futures rates to identify monetary policy shocks, the study proposes and tests alternative sets of external instruments for the focal open economies that do not yet have well-established futures markets in MP instruments. The second chapter focuses on the international transmission of U.S. monetary shocks into a variety of financial markets in open economies. I again exploit the external instrument approach to identify the impact of U.S. and domestic MP shocks in a SVAR system. Utilizing the identified shocks for the event study analysis and the local projection estimation, I further test non-linear features of such transmission. Empirical results from the first and second chapters provide a variety of meaningful insights. The results show that foreign exchange rates respond to monetary shocks flexibly, i.e., without generating puzzles raised by earlier studies and that the shocks strongly propagate into other types of open financial markets as well. The studies also confirm the significant transmission of domestic monetary shocks in open economies, but U.S. shocks appear to exhibit greater and more persistent influences over domestic asset prices than domestic shocks. Besides, the international propagation of U.S. shocks also demonstrate non-linear features. The third chapter investigates the occurrence of dependency between foreign exchange markets and stock markets in EM countries by testing volatility spillovers of asset returns. I modify the classical BEKK GARCH (1,1) model to study the dynamics and origins of volatility spillovers. The empirical results are threefold. First, volatility spillovers between financial markets are significant in most EM countries. Second, such spillovers are found to be contingent on the sample period and market conditions, a result that is generally consistent with findings in the literature on time-varying, asymmetric, and contagion-shift spillovers. Finally, the results suggest that, under normal conditions, the relevant spillovers are explained mostly by comovement from common information about fundamentals; during crises, however, while common information plays a role, market contagion also becomes an important source of spillovers.
Author: Jordi Galí
Publisher: University of Chicago Press
ISBN: 0226278875
Category : Business & Economics
Languages : en
Pages : 663
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Book Description
United States monetary policy has traditionally been modeled under the assumption that the domestic economy is immune to international factors and exogenous shocks. Such an assumption is increasingly unrealistic in the age of integrated capital markets, tightened links between national economies, and reduced trading costs. International Dimensions of Monetary Policy brings together fresh research to address the repercussions of the continuing evolution toward globalization for the conduct of monetary policy. In this comprehensive book, the authors examine the real and potential effects of increased openness and exposure to international economic dynamics from a variety of perspectives. Their findings reveal that central banks continue to influence decisively domestic economic outcomes—even inflation—suggesting that international factors may have a limited role in national performance. International Dimensions of Monetary Policy will lead the way in analyzing monetary policy measures in complex economies.
