«RBI s Policy Dilemmas Reconciling Policy Goals in Times of Turbulence» by Bruno Carrasco & Hiranya Mukhopadhyay. Discussion by Salih Fendoğlu
|
|
|
- Allan Morrison
- 5 years ago
- Views:
Transcription
1 «RBI s Policy Dilemmas Reconciling Policy Goals in Times of Turbulence» by Bruno Carrasco & Hiranya Mukhopadhyay Discussion by Salih Fendoğlu ECB-IMF Conference on International Dimensions of conventional and unconventional monetary policy April 28-29, 2014 Frankfurt am Main Disclaimer: The views expressed here are those of the author and do not necessarily reflect official views of the Central Bank of the Republic of Turkey.
2 Interesting how times have changed Emerging Market Annual Fund Flows (13-week moving average, billion USD) Bonds Equities QE1 QE2 EU Debt Problem QE3 Taper Signal -4 An amplified cycle of business cycles: accelerated capital flows, higher domestic credit growth, higher non-tradables inflation, currency appreciation, further capital inflows. 2
3 The paper Assessing the RBI s policy responses in the recent period (2010-): 1. The weight RBI attaches to inflation and output gap (and perhaps exchange rate) in policy making? 2. Responding to food price inflation? 3. Effectiveness of policy responses under different credit market conditions? 3
4 The paper (Methodology) Assessing the RBI s policy responses in the recent period (2010-): 1. The weight RBI attaches to inflation and output gap (and perhaps exchange rate) in policy making? 2. Responding to food price inflation? 3. Effectiveness of policy responses under different credit market conditions? estimating a Taylor-type rule link between food price inflation and core inflation? estimating the credit regime (demand or supply constrained?) 4
5 The paper (Methodology) Assessing the RBI s policy responses in the recent period (2010-): 1. The weight RBI attaches to inflation and output gap (and perhaps exchange rate) in policy making? 2. Responding to food price inflation? 3. Effectiveness of policy responses under different credit market conditions? estimating a Taylor-type rule link between food price inflation and core inflation? estimating the credit regime (demand or supply constrained?) The paper does a good job in addressing these questions. 5
6 1. The weight RBI attaches to different objectives in policy making Estimate a Taylor-type rule (2000Q1-2012Q4): Results: i t = [0.04,0.05] i t-1 + [0.13,0.16] Inflation [0.04,0.05] Output Gap + [0.13,0.16] ER A good approximation of actual policy making, and interest rate is not too high or too low: actual and predicted interest rates are fairly close. Inflation stability remains the main goal. despite much criticism that RBI is too easily swayed by growth considerations. No direct reaction to ER movements. 6
7 2. Reacting to food price inflation? Significant link between food price inflation and future core inflation: Lack of full credibility (higher R 2 ): 7
8 3. Effectiveness of policy responses under different credit market conditions? Policy is effective only if credit conditions are demand constrained: Demand for credit: expected level (GIIP) and volatility (RISK) of industrial growth rate. Supply of credit: deposit base (GLOANF). Using estimated parameters, estimate GCREDIT = f(z). 8
9 Comments Robustness of the interest rate rule specification? Forward-looking behavior? The degree of forwardlooking? Additional variables? The targets? e.g. Patra and Kapur (2012, IMFWP). Concluding policy rate too high or too low? From historical perspective: Comparison with a whole-sample fitted rule is biased (in-sample overfitting) rolling i t E[ i t I t ]. From optimal point of view: Solving Ramsey DSGE model and study decentralized eq. that replicates the Ramsey welfare as close as possible (SGU, 2004; Fendoglu, 2014). Does higher φ π imply a stronger preference for inflation (than output gap)? 9
10 Comments Lack of full credibility? may refer to the large literature on CB transparency / independency (e.g. Dincer & Eichengreen, IJCB). For validation/robustness, going beyond identifying the credit market regimes (demand- or supply-constrained) is important. a direct test of policy effectiveness on e.g. domestic credit growth under the two regimes would be informative. Lower effectiveness under the identified supply regimes? Given multiple objectives, any role for other policy tools besides the policy rate? Reserve requirement ratios, etc., other tools for financial stability. More clear picture on the (in)effectiveness of policy rate. 10
11 Turkish Case Financial Stability as a supplementary objective Policy Rate Financial Stability Structural Tools Cyclical Tools Structural Tools: Maturity-based and Leverage-based Reserve Requirements Reserve Option Mechanism Cyclical Tools: Policy Rate Interest Rate Corridor TL and FX Liquidity Management Further financial stability measures (micro-prudential policies by the BRSA) e.g. Restrictions on FX lending, loan-to-value ceilings, high risk weight for consumer loans, sectoral measures for provisions, restrictions on installment sale for credit cards. 11
12 Turkish Case Financial Stability as a supplementary objective Policy Rate Financial Stability Structural Tools Cyclical Tools Structural Tools: Maturity-based and Leverage-based Reserve Requirements Reserve Option Mechanism Cyclical Tools: higher maturity lower RR Policy Rate Interest Rate Corridor TL and FX Liquidity Management Further financial stability measures (micro-prudential policies by the BRSA) e.g. Restrictions on FX lending, loan-to-value ceilings, high risk weight for consumer loans, sectoral measures for provisions, restrictions on installment sale for credit cards. 12
13 Turkish Case Financial Stability as a supplementary objective Policy Rate Financial Stability Structural Tools Cyclical Tools Structural Tools: Maturity-based and Leverage-based Reserve Requirements Reserve Option Mechanism Cyclical Tools: higher leverage ratio higher RR Policy Rate Interest Rate Corridor TL and FX Liquidity Management Further financial stability measures (micro-prudential policies by the BRSA) e.g. Restrictions on FX lending, loan-to-value ceilings, high risk weight for consumer loans, sectoral measures for provisions, restrictions on installment sale for credit cards. 13
14 Turkish Case Financial Stability as a supplementary objective Policy Rate Financial Stability Structural Tools Cyclical Tools Structural Tools: Maturity-based and Leverage-based Reserve Requirements Reserve Option Mechanism Cyclical Tools: Policy Rate Interest Rate Corridor an option to fulfill domestic RRs with dollar/euro or gold TL and FX Liquidity Management Further financial stability measures (micro-prudential policies by the BRSA) e.g. Restrictions on FX lending, loan-to-value ceilings, high risk weight for consumer loans, sectoral measures for provisions, restrictions on installment sale for credit cards. 14
15 Turkish Case Financial Stability as a supplementary objective Policy Rate Financial Stability Structural Tools Cyclical Tools Structural Tools: Maturity-based and Leverage-based Reserve Requirements Reserve Option Mechanism Cyclical Tools: Policy Rate Interest Rate Corridor managed uncertainty about money market rates to discourage/encourage short-term flows TL and FX Liquidity Management Further financial stability measures (micro-prudential policies by the BRSA) e.g. Restrictions on FX lending, loan-to-value ceilings, high risk weight for consumer loans, sectoral measures for provisions, restrictions on installment sale for credit cards. 15
16 Final Remarks Overall, a good and comprehensive analysis to assess the RBI s policy trade-offs and policy responses. Further analyses would shed more light on the results. 16
17 «RBI s Policy Dilemmas Reconciling Policy Goals in Times of Turbulence» by Bruno Carrasco & Hiranya Mukhopadhyay Discussion by Salih Fendoğlu ECB-IMF Conference on International Dimensions of conventional and unconventional monetary policy April 28-29, 2014 Frankfurt am Main Disclaimer: The views expressed here are those of the author and do not necessarily reflect official views of the Central Bank of the Republic of Turkey.
Turkey s Experience with Macroprudential Policy
Turkey s Experience with Macroprudential Policy Hakan Kara* Central Bank of Turkey Macroprudential Policy: Effectiveness and Implementation Challenges CBRT-IMF-BIS Joint Conference October 26-27, 2015
Turkish Experience with Inflation Targeting
Turkish Experience with Inflation Targeting Hakan Kara Central Bank of Turkey International Financial Congress July 12 14, 2017 St. Petersburg Outline 1. Performance under inflation targeting 2. Operational
Asset Prices, Collateral and Unconventional Monetary Policy in a DSGE model
Asset Prices, Collateral and Unconventional Monetary Policy in a DSGE model Bundesbank and Goethe-University Frankfurt Department of Money and Macroeconomics January 24th, 212 Bank of England Motivation
Monetary policy transmission and shifts in financial intermediation
Monetary policy transmission and shifts in financial intermediation Koray Alper, Mustafa Kılınç and Mehmet Yörükoğlu 1 Abstract Financial deepening and increases in the private sector s credit-to-output
Central Banking and Financial Sector Development
Central Banking and Financial Sector Development 2nd Organization of Islamic Cooperation (OIC) Experts Group Workshop Kuala Lumpur, Malaysia, 13-14 November, 2011 Tuğrul Gürgür Deputy Executive Director
Rules of the Monetary Game
Rules of the Monetary Game Prachi Mishra Reserve Bank of India Raghuram Rajan University of Chicago Presentation at the South African Reserve Bank October 27-28, 2016 Qualifier Views are personal. Not
Dr. Cihan Aktas Deputy Executive Director Banking and Financial Institutions Department Central Bank of the Republic of Turkey
Dr. Cihan Aktas Deputy Executive Director Banking and Financial Institutions Department Central Bank of the Republic of Turkey Session III: Supporting Oman Real Economy and Entrepreneurships Oman Second
Has the Inflation Process Changed?
Has the Inflation Process Changed? by S. Cecchetti and G. Debelle Discussion by I. Angeloni (ECB) * Cecchetti and Debelle (CD) could hardly have chosen a more relevant and timely topic for their paper.
Discussion of paper by Gaston Gelos and Yulia Ustyugova on "Inflation responses to commodity price shocks how and why do countries differ?
Discussion of paper by Gaston Gelos and Yulia Ustyugova on "Inflation responses to commodity price shocks how and why do countries differ?" Marcel Fratzscher European Central Bank Policy Responses to Commodity
Principles of Banking (III): Macroeconomics of Banking (1) Introduction
Principles of Banking (III): Macroeconomics of Banking (1) Jin Cao (Norges Bank Research, Oslo & CESifo, München) Outline 1 2 Disclaimer (If they care about what I say,) the views expressed in this manuscript
The Interaction of Monetary and. Interconnected World
The Interaction of Monetary and Macroprudential Policies in an Interconnected World Stijn Claessens Research Department, IMF Bank of Thailand IMF Conference on: Monetary Policy in an Interconnected World
Macroeconomics for Finance
Macroeconomics for Finance Joanna Mackiewicz-Łyziak Lecture 3 From tools to goals Tools of the Central Bank Open market operations Discount policy Reserve requirements Interest on reserves Large-scale
CBRT Policy Mix. Devrim Yavuz Central Bank of the Republic of Turkey. April Jakarta
CBRT Policy Mix Devrim Yavuz Central Bank of the Republic of Turkey April 2018 Jakarta Outline Global Financial Crises: The lessons taken, the challenges faced and the need for policy mix How the trade-offs
The New Financial Regulation in Basel III and Monetary Policy: A Macroprudential Approach
The New Financial Regulation in Basel III and Monetary Policy: A Macroprudential Approach Margarita Rubio and José A. Carrasco-Gallego Discussion by Riccardo M. Masolo Bank of England and Centre for Macroeconomics
THE ROLE OF EXCHANGE RATES IN MONETARY POLICY RULE: THE CASE OF INFLATION TARGETING COUNTRIES
THE ROLE OF EXCHANGE RATES IN MONETARY POLICY RULE: THE CASE OF INFLATION TARGETING COUNTRIES Mahir Binici Central Bank of Turkey Istiklal Cad. No:10 Ulus, Ankara/Turkey E-mail: mahir.binici@tcmb.gov.tr
Optimal monetary and macro-pru policies
Discussion of Kiley and Sim s Optimal monetary and macro-pru policies Oreste Tristani European Central Bank Federal Reserve Bank of San Francisco Conference on Monetary Policy and Financial Markets, 28
Rating-Agentur Expert RA upgraded from B to B+ the rating of Uzbekistan. The rating outlook is positive.
Uzbekistan Credit Rating Sovereign 14 September 2018 Rating-Agentur Expert RA upgraded from B to B+ the rating of Uzbekistan. The rating outlook is positive. Rating-Agentur Expert RA GmbH confirmed the
Discussion of Jeffrey Frankel s Systematic Managed Floating. by Assaf Razin. The 4th Asian Monetary Policy Forum, Singapore, 26 May, 2017
Discussion of Jeffrey Frankel s Systematic Managed Floating by Assaf Razin The 4th Asian Monetary Policy Forum, Singapore, 26 May, 2017 Scope Jeff s paper proposes to define an intermediate arrangement,
Capital Controls and Optimal Chinese Monetary Policy 1
Capital Controls and Optimal Chinese Monetary Policy 1 Chun Chang a Zheng Liu b Mark Spiegel b a Shanghai Advanced Institute of Finance b Federal Reserve Bank of San Francisco International Monetary Fund
Cross-border portfolio flows and the role of macroprudential policies: experiences from Turkey
Cross-border portfolio flows and the role of macroprudential policies: experiences from Turkey Salih Fendoğlu, Mustafa Kılınç and Mehmet Yörükoğlu 1 Abstract The last three decades have been marked by
Erdem Başçi: Recent economic and financial developments in Turkey
Erdem Başçi: Recent economic and financial developments in Turkey Speech by Mr Erdem Başçi, Governor of the Central Bank of the Republic of Turkey, at the press conference for the presentation of the April
Section I: market oriented, interest-based systems
Interest based versus non-interest monetary policy instruments Second Draft S. Ahmad R. Jalali-Naini, IMPS, MBRA, Tehran, Iran January 2011 Section I: market oriented, interest-based systems Monetary Policy
Choice of Monetary Policy Instrument under Targeting Regimes in a Simple Stochastic Macro Model. Mr. Haider Ali Dr. Eatzaz Ahmad
Choice of Monetary Policy Instrument under Targeting Regimes in a Simple Stochastic Macro Model Mr. Haider Ali Dr. Eatzaz Ahmad Organization Introduction & Review of Literature Theoretical Model and Results
Monetary Policy Revised: January 9, 2008
Global Economy Chris Edmond Monetary Policy Revised: January 9, 2008 In most countries, central banks manage interest rates in an attempt to produce stable and predictable prices. In some countries they
EUROPEAN SYSTEMIC RISK BOARD
2.9.2014 EN Official Journal of the European Union C 293/1 I (Resolutions, recommendations and opinions) RECOMMENDATIONS EUROPEAN SYSTEMIC RISK BOARD RECOMMENDATION OF THE EUROPEAN SYSTEMIC RISK BOARD
CAPITAL MARKETS DEVELOPMENT IN TURKEY AND POLAND MARTIN RAISER COUNTRY DIRECTOR
CAPITAL MARKETS DEVELOPMENT IN TURKEY AND POLAND MARTIN RAISER COUNTRY DIRECTOR March 27, 2015 Why do we need well developed local capital markets? Capital markets are critical to accelerate economic growth,
The Effects of Dollarization on Macroeconomic Stability
The Effects of Dollarization on Macroeconomic Stability Christopher J. Erceg and Andrew T. Levin Division of International Finance Board of Governors of the Federal Reserve System Washington, DC 2551 USA
Taylor Rule and Macroeconomic Performance: The Case of Pakistan
Taylor Rule and Macroeconomic Performance: The Case of Pakistan by Wasim Shahid Malik (Research Associate PIDE) and Ather Maqsood Ahmed (Member (FR&S) CBR) Rules vs Discretion John B. Taylor (1993) Current
Financial crisis, unconventional monetary policy and international spillovers
Financial crisis, unconventional monetary policy and international spillovers Qianying Chen, IMF Andrew Filardo, BIS Dong He, HKIMR Feng Zhu, BIS ECB-IMF Conference on International dimensions of conventional
Monetary policy analysis in an inflation targeting framework in emerging economies: The case of India
Monetary policy analysis in an inflation targeting framework in emerging economies: The case of India Rudrani Bhattacharya Ila Patnaik National Institute Public Finance and Policy March 14, 2014 Rudrani
Economy and Banking Sector in Turkey. İstanbul June, 2012
Economy and Banking Sector in Turkey İstanbul June, 2012 Content Economic Outlook Banking sector Near-term expectations Turkish economy and banking sector 1 Turkish economy and banking sector 2 Economic
Spillovers from the U.S. Monetary Policy on Latin American countries: the role of the surprise component of the Feds announcements
Spillovers from the U.S. Monetary Policy on Latin American countries: the role of the surprise component of the Feds announcements Alejandra Olivares Rios I.S.E.O. SUMMER SCHOOL 2018 June 22, 2018 Alejandra
Index. exchange rates, 104 5, net inflows, 100, 115, Bretton Woods system, 96 7 business cycles, 57
Index additional monetary tightening (AMT), 43 4 advanced economies, central banks in, 35 6 agency problems, 153, 163n47 aggregate demand, 18, 138 9, 141 2 Asian financial crisis, 8, 10, 13 15, 57, 65,
Capital flows, monetary policy, and macroprudential policy: reflections from the Turkish experience
Capital flows, monetary policy, and macroprudential policy: reflections from the Turkish experience Hakan Kara* Central Bank of Turkey South African Reserve Bank Biennial Conference October 27-28, 2016
Volatility Spillovers of Fed and ECB Balance Sheet Expansions to Emerging Market Economies
John Beirne* European Central Bank Apostolos Apostolou International Monetary Fund Volatility Spillovers of Fed and ECB Balance Sheet Expansions to Emerging Market Economies Banque de France June 2017
Should Unconventional Monetary Policies Become Conventional?
Should Unconventional Monetary Policies Become Conventional? Dominic Quint and Pau Rabanal Discussant: Annette Vissing-Jorgensen, University of California Berkeley and NBER Question: Should LSAPs be used
Monetary Policy and Capital Controls: MP and CC: Coordination in a World with Spillovers
Monetary Policy and Capital Controls: Coordination in a World with Spillovers IEA-Banco Central del Uruguay Roundtable Montevideo Martin M. Guzman Joseph E. Stiglitz December 8, 2013 Motivation Introduction
Non-Neutrality of Open-Market Operations
16TH JACQUES POLAK ANNUAL RESEARCH CONFERENCE NOVEMBER 5 6, 215 Non-Neutrality of Open-Market Operations Pierpaolo Benigno LUISS Guido Carli and EIEF Salvatore Nisticò Sapienza University of Rome Paper
FROM FINANCIAL CRISIS TO FINANCIAL STABILITY (TURKISH EXPERIENCE; LESSONS FOR DEVELOPING COUNTRIES)
810 FROM FINANCIAL CRISIS TO FINANCIAL STABILITY (TURKISH EXPERIENCE; LESSONS FOR DEVELOPING COUNTRIES) Ali Arshadi Dr., Monetary and Banking Research Institute; Iran; e-mail: arshadi63@yahoo.com Abstract
Systematic Monetary Policy and Communication
Systematic Monetary Policy and Communication The Economic Club of New York New York, NY June 24, 2014 Charles I. Plosser President and CEO Federal Reserve Bank of Philadelphia The views expressed today
A Dynamic Model of Bank Behavior Under Multiple Regulatory Constraints
Printed 5/15/2018 9:45 AM ECB Conference Discussion of Behn, Daminato and Salleo s A Dynamic Model of Bank Behavior Under Multiple Regulatory Constraints Anjan V. Thakor John E. Simon Professor of Finance
Transmitting global liquidity to East Asia: policy rates, bond yields, currencies and dollar credit, by Dong He and Robert McCauley
Transmitting global liquidity to East Asia: policy rates, bond yields, currencies and dollar credit, by Dong He and Robert McCauley Discussion by Simon Potter, New York Fed June 3, 2013, Bank of Korea
Globalisation and monetary policy
Globalisation and monetary policy José Manuel González-Páramo European Central Bank Frankfurt, 1 March 2007 08/03/07 1 Introduction Globalisation process accelerated in the last two decades, mainly for
Macroeconomic paradigms, policy regimes and the crisis: The origins, strengths & limitations of Taylor Rule macroeconomics
Macroeconomic paradigms, policy regimes and the crisis: The origins, strengths & limitations of Taylor Rule macroeconomics Wendy Carlin UCL & CEPR December 2010 Outline 1. How should we characterize the
Goal Conflicts and Financial Stability
Goal Conflicts and Financial Stability Robert Eisenbeis, Ph.D. Vice Chairman & Chief Monetary Economist Bob.Eisenbeis@Cumber.com Goal Conflicts US financial regulatory agencies have multiple goals Fed
Turkey: Credit Shock & the Economy
Turkey: Credit Shock & the Economy The effects of Credit Guarantee Fund (KGF) on the Turkish economy Alvaro Ortiz October 10 th 2017 The Credit Guarantee Fund (KGF) was implemented in March 2017 as a countercyclical
Czech Economic Outlook and Consistency of FX Interventions with Inflation Targeting
1th INTERNATIONAL CONFERENCE ON FINANCE AND BANKING Czech Economic Outlook and Consistency of FX Interventions with Inflation Targeting Lubomír Lízal, PhD. Hotel Mercure, Ostrava, October 1, 1 CNB Central
2 Macroeconomic Scenario
The macroeconomic scenario was conceived as realistic and conservative with an effort to balance out the positive and negative risks of economic development..1 The World Economy and Technical Assumptions
Monetary Policy Options in a Low Policy Rate Environment
Monetary Policy Options in a Low Policy Rate Environment James Bullard President and CEO, FRB-St. Louis IMFS Distinguished Lecture House of Finance Goethe Universität Frankfurt 21 May 2013 Frankfurt-am-Main,
New Keynesian Model. Prof. Eric Sims. Fall University of Notre Dame. Sims (ND) New Keynesian Model Fall / 20
New Keynesian Model Prof. Eric Sims University of Notre Dame Fall 2012 Sims (ND) New Keynesian Model Fall 2012 1 / 20 New Keynesian Economics New Keynesian (NK) model: leading alternative to RBC model
Optimal Monetary and Macroprudential Policy: Gains and Pitfalls in a Model of Financial Intermediation. March 28, 2014
Optimal Monetary and Macroprudential Policy: Gains and Pitfalls in a Model of Financial Intermediation Michael T. Kiley Jae W. Sim March 28, 2014 THEORETICAL FRAMEWORK Financial intermediation sector in
The Czech Economy and Monetary Policy: Deflationary Risks and the Exchange Rate as a Monetary Policy Instrument Luboš Komárek
The Czech Economy and Monetary Policy: Deflationary Risks and the Exchange Rate as a Monetary Policy Instrument Luboš Komárek 75th East Jour Fixe - 10 Years of EU Enlargement Vienna, 25th April 2014 I.
a macro prudential approach to liquidity regulation
a macro prudential approach to liquidity regulation SOUTH AFRICAN RESERVE BANK FINANCIAL STABILITY RESEARCH CONFERENCE OCTOBER 2017 JEAN- PIERRE LANDAU introduction the motivation for this presentation
Assessing the Spillover Effects of Changes in Bank Capital Regulation Using BoC-GEM-Fin: A Non-Technical Description
Assessing the Spillover Effects of Changes in Bank Capital Regulation Using BoC-GEM-Fin: A Non-Technical Description Carlos de Resende, Ali Dib, and Nikita Perevalov International Economic Analysis Department
Commodity price shocks and impefectly credible macroeconomic policies
Commodity price shocks and impefectly credible macroeconomic policies Juan Pablo Medina (IMF) Claudio Soto (Central Bank of Chile) November 2012 uan Pablo Medina (IMF), Claudio Soto (Central Commodity
Dealing with capital flow volatility
Dealing with capital flow volatility Ilhyock Shim Bank for International Settlements G-24 Technical Group Meeting Colombo, Sri Lanka, 28 February 2018 The views expressed are those of the presenter and
MANAGING CAPITAL FLOWS
MANAGING CAPITAL FLOWS Yılmaz Akyüz South Centre, Geneva Capital Account Regulations and Global Economic Governance Workshop Organized by UNCTAD and GEGI, Geneva, Palais des Nations, 3-4 October 2013 www.southcentre.int
Before discussing these, lets understand the concept of overnight interest rate.
LECTURE 8 Hamza Ali Malik Econ 3215: Money and Banking Winter 2007 Chapter # 17: Tools of Monetary Policy There are at least three tools that the Bank of Canada can use to manipulate market interest rates
Oil Shocks and the Zero Bound on Nominal Interest Rates
Oil Shocks and the Zero Bound on Nominal Interest Rates Martin Bodenstein, Luca Guerrieri, Christopher Gust Federal Reserve Board "Advances in International Macroeconomics - Lessons from the Crisis," Brussels,
Measuring the foreign exchange position for the corporate sector: CBRT s experience 1
Eighth IFC Conference on Statistical implications of the new financial landscape Basel, 8 9 September 2016 Measuring the foreign exchange position for the corporate sector: CBRT s experience 1 Aylin Aslan,
The impact of international swap lines on stock returns of banks in emerging markets
The impact of international swap lines on stock returns of banks in emerging markets Alin Andries, Andreas Fischer, Pınar Yeşin Conference on Spillovers of Monetary Policy Zurich, July 9, 2015 Disclaimer:
Panel Discussion: " Will Financial Globalization Survive?" Luzerne, June Should financial globalization survive?
Some remarks by Jose Dario Uribe, Governor of the Banco de la República, Colombia, at the 11th BIS Annual Conference on "The Future of Financial Globalization." Panel Discussion: " Will Financial Globalization
MONTHLY BANKING MONITOR
TURKEY MONTHLY BANKING MONITOR OCTOBER November 11th 12Q1 12Q2 12Q3 12Q4 13Q1 13Q2 13Q3 13Q4 14Q1 14Q2 14Q3 14Q4 15Q1 15Q2 15Q3 15Q4 16Q1 16Q2 16Q3 14Q1 14Q2 14Q3 14Q4 15Q1 15Q2 15Q3 15Q4 16Q1 16Q2 16Q3
Global Dimensions of Unconventional Monetary Policy an EME Perspective
Global Dimensions of Unconventional Monetary Policy an EME Perspective Luiz A. Pereira da Silva Brazil took preventive measures and got prepared during the construction of the various components of unconventional
Inflation Targeting: The Experience of Emerging Markets
Inflation Targeting: The Experience of Emerging Markets Nicoletta Batini and Douglas Laxton (IMF) With support from M Goretti and K Kuttner. Research Assistance: N Carcenac FACTS IT very popular monetary
WP/15/284. Floating with a Load of FX Debt? by Tatsiana Kliatskova and Uffe Mikkelsen
WP/15/284 Floating with a Load of FX Debt? by Tatsiana Kliatskova and Uffe Mikkelsen IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage
The New Keynesian Approach to Monetary Policy Analysis: Lessons and New Directions
The to Monetary Policy Analysis: Lessons and New Directions Jordi Galí CREI and U. Pompeu Fabra ice of Monetary Policy Today" October 4, 2007 The New Keynesian Paradigm: Key Elements Dynamic stochastic
Monetary and Macroprudential Policy in an Estimated DSGE Model of the Euro Area
12TH JACQUES POLAK ANNUAL RESEARCH CONFERENCE NOVEMBER 10 11, 2011 Monetary and Macroprudential Policy in an Estimated DSGE Model of the Euro Area Jesper Lindé Federal Reserve Board Presentation presented
Banking on Turkey, October 21, 2008
Banking on Turkey, October 21, 2008 Slide 1. Title Slide Good morning. The global economic downturn and financial turmoil mean that economic growth will slow down in Turkey. There will be much slower growth,
Consequences of ECB s Non-Standard Monetary Policy Measures on the Western Balkan. Veselin Pješčić, Vice-Governor, National Bank of Serbia
Consequences of ECB s Non-Standard Monetary Policy Measures on the Western Balkan Veselin Pješčić, Vice-Governor, National Bank of Serbia Joint Vienna Institute, May 15 Key Issues and Findings Still to
Monetary Policy Report: Using Rules for Benchmarking
Monetary Policy Report: Using Rules for Benchmarking Michael Dotsey Executive Vice President and Director of Research Keith Sill Senior Vice President and Director, Real-Time Data Research Center Federal
The Interaction of Monetary and Macroprudential Policies
The Interaction of Monetary and Macroprudential Policies By Stijn Claessens (IMF) Based on an IMF Board Paper Disclaimer! The views presented here are those of the authors and do NOT necessarily reflect
Multi-Dimensional Monetary Policy
Multi-Dimensional Monetary Policy Michael Woodford Columbia University John Kuszczak Memorial Lecture Bank of Canada Annual Research Conference November 3, 2016 Michael Woodford (Columbia) Multi-Dimensional
Earnings Presentation. BRSA Bank-Only 3Q 2014 November 6, 2014 INVESTOR RELATIONS. Earnings Presentation_Bank Only 3Q14.
Earnings Presentation INVESTOR RELATIONS BRSA Bank-Only 3Q 2014 November 6, 2014 1 3Q 2014 Macro Highlights Differentiation in policy directions of the leading central banks was the main theme in 3Q14.
Economic Developments and The Banking Sector. Hüseyin Aydın Chairman of the Board
Economic Developments and The Banking Sector Hüseyin Aydın Chairman of the Board Global growth forecast, 2012 5.7% 3.5% 1.4% -0.3% World Developed C. EU countries Developing C. Source: IMF, World Economic
Monetary Policy under Behavioral Expectations: Theory and Experiment
Monetary Policy under Behavioral Expectations: Theory and Experiment Matthias Weber (joint work with Cars Hommes and Domenico Massaro) Bank of Lithuania & Vilnius University January 5, 2018 Disclaimer:
The ECB and The Fed. How Did They React to the Crisis? Executive Director Monetary and Statistics Department. 11 July 2012, Prague
The ECB and The Fed How Did They React to the Crisis? Tomáš Holub Executive Director Monetary and Statistics Department 11 July 2012, Prague Outline Interest rate response to the crisis Unconventional
F r a n c o B ru n i
Professor Bocconi University, SUERF and ESFRC Micro-Challenges for Financial Institutions Introductory Statement It is a pleasure to participate in this panel and I deeply thank the OeNB for the invitation.
Endogenous risk in a DSGE model with capital-constrained financial intermediaries
Endogenous risk in a DSGE model with capital-constrained financial intermediaries Hans Dewachter (NBB-KUL) and Raf Wouters (NBB) NBB-Conference, Brussels, 11-12 October 2012 PP 1 motivation/objective introduce
Comment on The Central Bank Balance Sheet as a Commitment Device By Gauti Eggertsson and Kevin Proulx
Comment on The Central Bank Balance Sheet as a Commitment Device By Gauti Eggertsson and Kevin Proulx Luca Dedola (ECB and CEPR) Banco Central de Chile XIX Annual Conference, 19-20 November 2015 Disclaimer:
The usual disclaimer applies. The opinions are those of the discussant only and in no way involve the responsibility of the Bank of Italy.
Business Models in Banking: Is There a Best Practice? Conference Centre for Applied Research in Finance Università Bocconi September 21, 2009, Milan Tests of Ex Ante versus Ex Post Theories of Collateral
Monetary Policy Objectives During the Crisis: An Overview of Selected Southeast European Countries
Monetary Policy Objectives During the Crisis: An Overview of Selected Southeast European Countries 35 UDK: 338.23:336.74(4-12) DOI: 10.1515/jcbtp-2015-0003 Journal of Central Banking Theory and Practice,
The New Role of Growth Financing
OMV Aktiengesellschaft The New Role of Growth Financing Conference on European Economic Integration Vienna, 15 November 2010 Wolfgang Ruttenstorfer CEO and Chairman of the Executive Board OMV Aktiengesellschaft
Lecture 4. Extensions to the Open Economy. and. Emerging Market Crises
Lecture 4 Extensions to the Open Economy and Emerging Market Crises Mark Gertler NYU June 2009 0 Objectives Develop micro-founded open-economy quantitative macro model with real/financial interactions
Evaluating the Impact of Macroprudential Policies in Colombia
Esteban Gómez - Angélica Lizarazo - Juan Carlos Mendoza - Andrés Murcia June 2016 Disclaimer: The opinions contained herein are the sole responsibility of the authors and do not reflect those of Banco
TURKEY S DISINFLATION EXPERIENCE: THE ROAD TO PRICE STABILITY Erdem Başçi*
TURKEY S DISINFLATION EXPERIENCE: THE ROAD TO PRICE STABILITY Erdem Başçi* ABSTRACT This paper aims to analyze the disinflation experience of the Turkish economy after adopting the floating exchange rate
Asset Price Booms and Monetary Policy-The Israeli PerspectiveDiscussion Based on Detken and Smet: Asset Price and Monetary Policy
The Tenth Dubrovnik Economic Conference Meir Sokoler Asset Price Booms and Monetary Policy-The Israeli PerspectiveDiscussion Based on Detken and Smet: Asset Price and Monetary Policy Hotel "Grand Villa
Macroeconomic Management in Emerging-Market Economies with Open Capital Accounts. Outline
Macroeconomic Management in Emerging-Market Economies with Open Capital Accounts Klaus Schmidt-Hebbel, Central Bank of Chile Seminar on Crisis Prevention in Emerging Markets IMF-Singapore Training Institute
The design of national fiscal frameworks and their budgetary impact
The design of national fiscal frameworks and their budgetary impact Carolin Nerlich (European Central Bank, Directorate General Economics) Wolf Heinrich Reuter (Vienna University of Economics and Business)
Monthly Economic Insight
Monthly Economic Insight Prepared by : TMB Analytics Date: 22 February 2018 Executive Summary Synchronized global economic growth continued to brighten global economic outlook and global trade outlook.
External Debt Stock of Private Sector in Turkey
External Debt Stock of Private Sector in Turkey August 2016 Economic Research Division Our reports are available on our website https://research.isbank.com.tr 1 External Debt Stock of Private Sector in
Optimal Monetary Policy
Optimal Monetary Policy Lars E.O. Svensson Sveriges Riksbank www.princeton.edu/svensson Norges Bank, November 2008 1 Lars E.O. Svensson Sveriges Riksbank www.princeton.edu/svensson Optimal Monetary Policy
Index of the articles in the Monthly Report
Index of the articles in the Monthly Report 2 Deutsche Bundesbank Wilhelm-Epstein-Strasse 14 60431 Frankfurt am Main Postfach 10 06 02 60006 Frankfurt am Main Germany Tel +49 69 9566 0 Fax +49 69 9566
Simple monetary policy rules
By Alison Stuart of the Bank s Monetary Assessment and Strategy Division. This article describes two simple rules, the McCallum rule and the Taylor rule, that could in principle be used to guide monetary
FINANCIAL SECURITY AND STABILITY
FINANCIAL SECURITY AND STABILITY Durmuş Yılmaz Governor Central Bank of the Republic of Turkey Measuring and Fostering the Progress of Societies: The OECD World Forum on Statistics, Knowledge and Policy
POLICY RESPONSES IN ASIA TO CHANGING CAPITAL FLOWS MANAGING CAPITAL FLOWS: INDONESIA S EXPERIENCE. Dr. Rizki E. Wimanda, 3
21 POLICY RESPONSES IN ASIA TO CHANGING CAPITAL FLOWS MANAGING CAPITAL FLOWS: INDONESIA S EXPERIENCE By Dr. Rizki E. Wimanda, 3 1. Introduction In today's era of openness, monetary policy in one country
Latin America Outlook. 1st QUARTER 2018
Latin America Outlook 1st QUARTER Main messages 1. Strong global growth continues. Forecasts revised up in in most areas. Growth stabilizing in. 2. Growth recovers in Latin America, reaching close to potential
Macroprudential Policies in a Low Interest-Rate Environment
Macroprudential Policies in a Low Interest-Rate Environment Margarita Rubio 1 Fang Yao 2 1 University of Nottingham 2 Reserve Bank of New Zealand. The views expressed in this paper do not necessarily reflect
Monetary policy regime formalization: instrumental rules
Monetary policy regime formalization: instrumental rules PhD program in economics 2009/10 University of Rome La Sapienza Course in monetary policy (with G. Ciccarone) University of Teramo The monetary
CENTRAL BANK OF THE REPUBLIC OF TURKEY
CENTRAL BANK OF THE REPUBLIC OF TURKEY Growth and Financial System Durmuş YILMAZ Governor February, 211 1 Presentation Outline I. Recent Developments in the Turkish Economy II. III. Monetary Policy Policy