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The Lending Channel in Emerging Economies

The Lending Channel in Emerging Economies »

Source: The Lending Channel in Emerging Economies : Are Foreign Banks Different?

Volume/Issue: 2007/48

Series: IMF Working Papers

Author(s): Francisco Vazquez , Carmen Reinhart , and Marco Arena

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2007

ISBN: 9781451866124

Keywords: Lending channel, monetary transmission, reserve requirements, reserve requirement, money market, monetary conditions, central bank,

This paper exploits a panel dataset comprising 1,565 banks in 20 emerging countries during 1989- 2001 and compares the response of the volume of loans and the rates on loans and deposits to various measures of mone...

Growth Spillover Dynamics From Crisis to Recovery

Growth Spillover Dynamics From Crisis to Recovery »

Source: Growth Spillover Dynamics From Crisis to Recovery

Volume/Issue: 2011/218

Series: IMF Working Papers

Author(s): Helene Poirson Ward , and Sebastian Weber

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2011

ISBN: 9781463903510

Keywords: Growth, Crisis, Recovery, Euro zone, domestic demand, trade channels, transmission of shocks, external shocks,

Can positive growth shocks from the faster-growing countries in Europe spill over to the slower growing countries, providing useful tailwinds to their recovery process? This study investigates the potential relevan...

The Stock Market Channel of Monetary Policy

The Stock Market Channel of Monetary Policy »

Source: The Stock Market Channel of Monetary Policy

Volume/Issue: 1999/22

Series: IMF Working Papers

Author(s): Thomas Cosimano , Connel Fullenkamp , and Ralph Chami

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 1999

ISBN: 9781451843958

Keywords: inflation tax, channel of monetary policy, asset pricing, money supply, monetary transmission

This paper argues that the stock market is an important channel of monetary policy. Monetary policy affects real economic activity because inflation levies a property tax on stocks in addition to an income tax on d...

Monetary Transmission in an Emerging Targeter

Monetary Transmission in an Emerging Targeter »

Source: Monetary Transmission in an Emerging Targeter : The Case of Brazil

Volume/Issue: 2008/191

Series: IMF Working Papers

Author(s): A. R. Pagan , Douglas Laxton , and Luis Catão

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2008

ISBN: 9781451870497

Keywords: Credit Channel, SVAR, central bank, monetary transmission, Model Construction and Estimation,

This paper lays out a structural model that incorporates key features of monetary transmission in typical emerging-market economies, including a bank-credit channel and the role of external debt accumulation on cou...

An Investigation of Some Macro-Financial Linkages of Securitization

An Investigation of Some Macro-Financial Linkages of Securitization »

Source: An Investigation of Some Macro-Financial Linkages of Securitization

Volume/Issue: 2009/26

Series: IMF Working Papers

Author(s): Xin Long , Mangal Goswami , and Andreas Jobst

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2009

ISBN: 9781451871739

Keywords: Securitization, structured finance, financial innovation, macro-financial linkages, monetary transmission, credit channel, interest rate channel, bank balance sheet, mortgage, capital market

Policy-makers have attributed the scale of the credit crisis and its profound impact on money markets (as well as financial sector stability) to the fast rise of securitization and the way it has arguably complicat...

Spillovers From Europe Into Morocco and Tunisia1

Spillovers From Europe Into Morocco and Tunisia1 »

Source: Spillovers From Europe Into Morocco and Tunisia

Volume/Issue: 2010/238

Series: IMF Working Papers

Author(s): Daniel Florea , Joël Toujas-Bernate , and Reinout De Bock

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2010

ISBN: 9781455209385

Keywords: Transmission channels, growth rates, gdp growth, partner countries, real gdp, growth rate, Model Evaluation and Selection, International Policy Coordination and Transmission, Economic Growth of Open Economies,

This paper examines the economic and financial linkages between Morocco and Tunisia and their European partners. Using structural vector autoregressions, we find that growth shocks in European partner countries gen...

Monetary Policy Transmission in Emerging Asia

Monetary Policy Transmission in Emerging Asia »

Source: Monetary Policy Transmission in Emerging Asia : The Role of Banks and the Effects of Financial Globalization

Volume/Issue: 2015/207

Series: IMF Working Papers

Author(s): Nasha Ananchotikul , and Dulani Seneviratne

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 September 2015

ISBN: 9781513516233

Keywords: Monetary policy transmission, bank lending channel, financial globalization, bank, lending, credit, banking, General, Monetary Policy (Targets, Instruments

Given the heavy reliance on bank lending as the main source of financing in most Asian economies, banks could potentially play a pivotal role in monetary policy transmission. However, we find that Asia's bank lendi...

Heterogeneous Bank Lending Responses to Monetary Policy

Heterogeneous Bank Lending Responses to Monetary Policy »

Source: Heterogeneous Bank Lending Responses to Monetary Policy : New Evidence from a Real-time Identification

Volume/Issue: 2013/118

Series: IMF Working Papers

Author(s): John Bluedorn , Christopher Bowdler , and Christoffer Koch

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 May 2013

ISBN: 9781484356760

Keywords: Monetary Transmission, Lending Channel, Monetary Policy Identification, inflation, holding company, bank holding, Financial Markets and the Macroeconomy, General,

We present new evidence on how heterogeneity in banks interacts with monetary policy changes to impact bank lending. Using an exogenous policy measure identified from narratives on FOMC intentions and real-time eco...

Vanishing Contagion?

Vanishing Contagion? »

Source: Vanishing Contagion?

Volume/Issue: 2006/1

Series: IMF Policy Discussion Papers

Author(s): Paolo Mauro , Tatiana Didier , and Sergio Schmukler

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2006

ISBN: 9781451946062

Keywords: Economic integration, Financial crisis, Emerging markets, crises, international integration, international transmission of shocks, contagion, investors, mutual funds, emerging market

While a number of emerging market crises were characterized by widespread contagion during the 1990s, more recent crises (notably, in Argentina) have been mostly contained within national borders. This has led some...

Monetary Policy in a Developing Country

Monetary Policy in a Developing Country »

Source: Monetary Policy in a Developing Country : Loan Applications and Real Effects

Volume/Issue: 2015/270

Series: IMF Working Papers

Author(s): Charles Abuka , Ronnie Alinda , Camelia Minoiu , José-Luis Peydró , and Andrea Presbitero

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 December 2015

ISBN: 9781513529813

Keywords: Monetary policy transmission, Bank lending channel, Bank balance sheet channel, Developing countries, bank, banks, credit, lending, interest, Financial Markets and the Macroeconomy

The transmission of monetary policy to credit aggregates and the real economy can be impaired by weaknesses in the contracting environment, shallow financial markets, and a concentrated banking system. We empirical...