Selected Reference and Reading Materials compiled by Dan Villanueva


Total records: 676 | Select no. of records per page: 10 | 20 | 30 | 50 | 100 | Show all | Search
Select a Page:   << Previous  1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 Next >>


Record ID

286     [ Page 40 of 68, No. 1 ]

Date

2012-10

Author

Runchana Pongsaparn, Panda Ketruangroch and Dhanaporn Hirunwong

Affiliation

Bank of Thailand

Title

Monetary Policy Conduct in Review: The Appropriate Choice of Instruments

Summary /
Abstract

In achieving price stability, central banks can choose different ways to conduct monetary policy. The difference in the conduct of monetary policy lies in the instrument they use not in the monetary policy regime per se. The paper finds that the higher the level of financial development, the higher degree of monopoly power (uniqueness) in exports and the stronger the institution, the more likely a country will use interest rate as the main monetary policy instrument. Furthermore, based on three criteria: (1) controllability of policy instrument and monetary conditions (2) the degree of counter-cyclicality and (3) the effectiveness of instrument in influencing inflation and output, interest rate appears to be an appropriate monetary policy instrument for Thailand. So far, performance of the current monetary policy framework in Thailand has been fine, with transparency through communication with the general public being one of the key factors contributing to the performance and policy effectiveness.

Keywords

Economic Rationales for Central Banking

URL

http://www.bot.or.th/Thai/EconomicConditions/Publication/DiscussionPaper/dp052012_eng.pdf



Record ID

285     [ Page 40 of 68, No. 2 ]

Date

2012-10

Author

Pornpinun Chantapacdepong, Nuttathum Chutasripanich, and Bovonvich Jindarak

Affiliation

Bank of Thailand

Title

Central Bank Balance Sheet and Policy Implications

Summary /
Abstract

Recently, weak central bank financial positions, especially of emerging economies, have brought into the public spotlight whether or not such weakness will constrain or obstruct the policy implementation in the long run. The country case studies and statistical performance show that the central bank capital erosion does not directly relate to the policy effectiveness, but creates the vulnerabilities to the monetary policy process. The key factor helping to achieve the policy objectives, even with the losses or negative capital, is “central bank credibility”. The policy choices to reduce such vulnerabilities are discussed in this paper.

Keywords

Central Bank Balance Sheet and Policy Implications

URL

http://www.bot.or.th/Thai/EconomicConditions/Publication/DiscussionPaper/dp072012_eng.pdf



Record ID

284     [ Page 40 of 68, No. 3 ]

Date

2012-10

Author

Wanvimol Sawangngoenyuang, Sukrita Sa-nguanpan, and Worawut Sabborriboon

Affiliation

Bank of Thailand

Title

Financial Systemic Stability: Challenging Aspects of Central Banks

Summary /
Abstract

Since 2007 global financial crisis, many central banks have tended to focus on financial stability much more than ever. Lessons learned from recent crises witness that in a period of sustained economic growth with low and stable inflation, financial imbalances could adversely affect financial system and real economy, which eventually leads to financial crises. In addition, the cost of crises becomes increasingly expensive over time because crises themselves have been more systemic. Risk from one financial institution can easily transfer to others and then to the whole financial market. Thus, current crises highlight the importance of financial stability role of central banks in two main aspects, crisis prevention and crisis management. The paper indicates that in recent financial crises, many central banks have stepped beyond their traditional roles in order to ensure financial system stability. Some instruments and measures that central banks have implemented can be considered as unconventional ones. Looking forward, these practices then lead to new challenges for central banks in three main aspects: risk identification, risk mitigation, and policy issuance process. Eventually, this paper also provides policy implications to Bank of Thailand, based on international experiences and lessons learned from recent crises.

Keywords

Financial Systemic Stability

URL

http://www.bot.or.th/Thai/EconomicConditions/Publication/DiscussionPaper/dp062012_eng.pdf



Record ID

283     [ Page 40 of 68, No. 4 ]

Date

2012-12

Author

Fabrice Collard, Harris Dellas, Behzad Diba, and Olivier Loisel

Affiliation

University of Bern, Georgetown University, and CREST(ENSAE)

Title

Optimal Monetary and Prudential Policies

Summary /
Abstract

The recent financial crisis has highlighted the interconnectedness between macroeconomic and financial stability and has raised the question of whether and how to combine the corresponding main policy instruments (interest rate and bank-capital requirements). This paper offers a characterization of the jointly optimal setting of monetary and prudential policies and discusses its implications for the business cycle. The source of financial fragility is the socially excessive risk-taking by banks due to limited liability and deposit insurance. We characterize the conditions under which locally optimal (Ramsey) policy dedicates the prudential instrument to preventing inefficient risk-taking by banks; and the monetary instrument to dealing with the business cycle, with the two instruments co-varying negatively. Our analysis thus identifies circumstances that can validate the prevailing view among central bankers that standard interest-rate policy cannot serve as the first line of defense against financial instability. In addition, we also provide conditions under which the two instruments might optimally co-move positively and countercyclically.

Keywords

Prudential policy, Capital requirements, Monetary policy, Ramsey-optimal policies

URL

http://www.crest.fr/images/doctravail/doctravail2012/2012-34.pdf



Record ID

282     [ Page 40 of 68, No. 5 ]

Date

2012-12

Author

IMF staff team led by Erlend Nier, comprising Heedon Kang, Tommaso Mancini, Heiko Hesse (all MCM), Francesco Columba (WHD), Robert Tchaidze (EUR), and Jerome Vandenbussche (EUR).

Affiliation

IMF

Title

The Interaction of Monetary and Macroprudential Policies - Background Paper (IMF Policy Paper)

Summary /
Abstract

This paper provides background material to support the Board paper on the interaction of monetary and macroprudential policies. It analyzes the scope for and evidence on interactions between monetary and macroprudential policies. It first reviews a recent conceptual literature on interactive effects that arise when both macroprudential and monetary policy are employed. It goes on to explore the “side effects” of monetary policy on financial stability and their implications for macroprudential policy. It finally addresses the strength of possible effects of macroprudential policies on output and price stability, and draws out implications for the conduct of monetary policy.

Keywords

Monetary policies, macroprudential policies

URL

http://www.imf.org/external/np/pp/eng/2013/012713.pdf



Record ID

281     [ Page 40 of 68, No. 6 ]

Date

2013-01

Author

Pelin Ilbas, Øistein Røisland, and Tommy Sveen

Affiliation

National Bank of Belgium, Norges Bank, and BI Norwegian Business School

Title

The Influence of the Taylor rule on US monetary policy

Summary /
Abstract

We analyze the influence of the Taylor rule on US monetary policy by estimating the policy preferences of the Fed within a DSGE framework. The policy preferences are represented by a standard loss function, extended with a term that represents the degree of reluctance to letting the interest rate deviate from the Taylor rule. The empirical support for the presence of a Taylor rule term in the policy preferences is strong and robust to alternative specifications of the loss function. Analyzing the Fed's monetary policy in the period 2001-2006, we find no support for a decreased weight on the Taylor rule, contrary to what has been argued in the literature. The large deviations from the Taylor rule in this period are due to large, negative demand-side shocks, and represent optimal deviations for a given weight on the Taylor rule.

Keywords

Optimal monetary policy, simple rules, central bank preferences

URL

http://www.nbb.be/doc/oc/repec/reswpp/wp241En.pdf



Record ID

280     [ Page 40 of 68, No. 7 ]

Date

2013-01

Author

John B. Taylor

Affiliation

Stanford University, Stanford Institute for Economic Policy Research

Title

The Effectiveness of Central Bank Independence Versus Policy Rules

Summary /
Abstract

This paper assesses the relative effectiveness of central bank independence versus policy rules for the policy instruments in bringing about good economic performance. It examines historical changes in (1) macroeconomic performance, (2) the adherence to rules-based monetary policy, and (3) the degree of central bank independence. Macroeconomic performance is defined in terms of both price stability and output stability. Factors other than monetary policy rules are examined. Both de jure and de facto central bank independence at the Fed are considered. The main finding is that changes in macroeconomic performance during the past half century were closely associated with changes the adherence to rules-based monetary policy and in the degree of de facto monetary independence at the Fed. But changes in economic performance were not associated with changes in de jure central bank independence. Formal central bank independence alone has not generated good monetary policy outcomes. A rules-based framework is essential.

Keywords

Central bank independence, rules-based monetary policy, macroeconomic performance

URL

http://www-siepr.stanford.edu/repec/sip/12-009.pdf



Record ID

279     [ Page 40 of 68, No. 8 ]

Date

2013-01

Author

Stijn Claessens and M. Kose

Affiliation

Research Department, IMF

Title

Financial Crises Explanations, Types, and Implications

Summary /
Abstract

This paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since many theories on the sources of financial crises highlight the importance of sharp fluctuations in asset and credit markets, the paper briefly reviews theoretical and empirical studies on developments in these markets around financial crises. Second, what are the major types of financial crises? The paper focuses on the main theoretical and empirical explanations of four types of financial crises—currency crises, sudden stops, debt crises, and banking crises—and presents a survey of the literature that attempts to identify these episodes. Third, what are the real and financial sector implications of crises? The paper briefly reviews the short- and medium-run implications of crises for the real economy and financial sector. It concludes with a summary of the main lessons from the literature and future research directions.

Keywords

Sudden stops, debt crises, banking crises, currency crises, defaults, policy implications, financial restructuring, asset booms, credit booms, crises prediction

URL

http://www.imf.org/external/pubs/ft/wp/2013/wp1328.pdf



Record ID

278     [ Page 40 of 68, No. 9 ]

Date

2013-01

Author

Mikael Apel, Carl Andreas Claussen, Petra Gerlach-Kristen, Petra Lennartsdotter, and Øistein Røisland

Affiliation

Norges Bank (Central Bank of Norway)

Title

Monetary policy decisions – comparing theory and “inside” information from MPC members

Summary /
Abstract

How do monetary policy committee (MPC) members form their views about the appropriate interest rate? To what extent do they change their minds during the deliberations in the interest rate meeting? How important is the Chairman? The theoretical literature makes assumptions about these issues. We have asked actual MPC members in Sweden and Norway. This paper reports the results from this unique survey and discusses how well existing theories on monetary policy by committee capture the reality.

Keywords

Monetary Policy Committee, Sveriges Riksbank, Norges Bank, Decision Making, Questionnaire Study.

URL

http://www.norges-bank.no/pages/92821/Norges_Bank_Working_Paper_2013_03.pdf



Record ID

277     [ Page 40 of 68, No. 10 ]

Date

2013-01

Author

Christian Saborowski and Sebastian Weber

Affiliation

European Department, IMF

Title

Assessing the Determinants of Interest Rate Transmission Through Conditional Impulse Response Functions

Summary /
Abstract

We employ a structural panel VAR model with interaction terms to identify determinants of effective transmission from central bank policy rates to retail lending rates in a large country sample. The framework allows deriving country specific pass-through estimates broken down into the contributions of structural country characteristics and policies. The findings suggest that industrial economies tend to enjoy a higher pass-through largely on account of their more flexible exchange rate regimes and their more developed financial systems. The average pass-through in our sample increased from 30 to 60 percent between 2003 and 2008, mainly due to positive risk sentiment, rising inflation and increasingly diversified banking sectors. The crisis reversed this trend partly as banks increased precautionary liquidity holdings, non-performing loans proliferated and inflation moderated.

Keywords

Interest Rate Pass-Through, Banking Sector, Monetary Policy Transmission

URL

http://www.imf.org/external/pubs/ft/wp/2013/wp1323.pdf



Total records: 676 | Select no. of records per page: 10 | 20 | 30 | 50 | 100 | Show all | Search
Select a Page:   << Previous  1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 Next >>



Copyright ©2010-2013 Web development and maintenance by Ferdinand S. Co | Updated by: Dan Villanueva