Modeling with Macro-Financial Linkages : Credit and Policy Shocks in Emerging Markets

Information about Europe Europa

Explore other countries and regions »

Modeling with Macro-Financial Linkages : Credit and Policy Shocks in Emerging Markets
Get Code Buy
Journal Issue
Share
Volume/Issue:
2009/123
Series:
IMF Working Papers
Author(s):
Jaromir Benes, Inci Ötker, and David Vávra
Publisher:
INTERNATIONAL MONETARY FUND
Published Date:
June 2009
DOI:
http://dx.doi.org/10.5089/9781451872705.001
ISBN:
9781451872705
ISSN:
1018-5941
Page:
34
This paper develops a stylized, small, open economy macro model that incorporates an explicit and non-trivial role for financial intermediation. It illustrates how such a model could be used for policy analysis in an emerging market economy where policymakers are concerned about risks associated with rapid credit growth, financial dollarization, and foreign borrowing, while lacking traditional tools to effect monetary policy transmission, and hence could resort to more direct instruments, such as foreign exchange market intervention and regulatory and administrative measures. Calibrating the model to a stylized emerging European economy, the paper simulates real and financial sector implications of various external and policy-related shocks that could be used as input for monetary policy making.
Article

Modeling with Macro-Financial Linkages

Author(s):
Jaromir Benes, Inci Ötker, and David Vávra
Published Date:
June 2009
    Share
    • ShareShare
    Information about Europe Europa

    Explore other countries and regions »

    Show Summary Details
    You are not logged in and do not have access to this content. Please login or, to subscribe to IMF eLibrary, please click here

    Other Resources Citing This Publication

    look up citations for this publication in google scholar