Financial Frictions and Unconventional Monetary Policy in Emerging Economies
نویسندگان
چکیده
منابع مشابه
Financial Frictions and Unconventional Monetary Policy in Emerging Economies∗
We analyze conventional and unconventional monetary policies in a dynamic small open-economy model with financial frictions. In the model, financial intermediaries or banks borrow from the world market and lend to domestic households. Banks can borrow abroad up to a multiple of their equity; in turn, there is a limit to how much bank equity households can hold. An economy-wide credit constraint...
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Estimated dynamic models of business cycles in emerging markets deliver counterfactual predictions for the country risk premium. In particular, the country interest rate predicted by these models is acyclical or procyclical, whereas it is countercyclical in the data. This paper proposes and estimates a small open economy model of the emerging-market business cycle in which a time-varying countr...
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Modern monetary policy theory and practice have been heavily influenced by the experiences of developed countries, both large and small. A number of these ideas have also made their way into policymaking at central banks in emerging economies, mostly due to the absence of local intellectual alternatives. However, the realities of emerging economies are often at odds with the circumstances of de...
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ژورنال
عنوان ژورنال: IMF Economic Review
سال: 2017
ISSN: 2041-4161,2041-417X
DOI: 10.1057/s41308-016-0024-y