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Chapter 3. Corporate Leverage in Emerging Markets—a Concern?

Chapter 3. Corporate Leverage in Emerging Markets—a Concern? »

Source: Global Financial Stability Report, October 2015 : Vulnerabilities, Legacies, and Policy Challenges - Risks Rotating to Emerging Markets

Series: Global Financial Stability Report

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 October 2015

ISBN: 9781513582047

Keywords: Liquidity, global financial crisis, securities markets, corporate debt, commodity prices, corporate bonds, regulations, equity bubble, normalization, risk premiums

Summary The corporate debt of nonfinancial firms across major emerging market economies quadrupled between 2004 and 2014. At the same time, the composition of that corporate debt has...

Chapter 9. De-dollarization of Credit in Peru: The Role of Conditional Reserve Requirements

Chapter 9. De-dollarization of Credit in Peru: The Role of Conditional Reserve Requirements »

Source: Challenges for Central Banking : Perspectives from Latin America

Series: Books

Author(s): Luis I. Jacome H. , Yan Carriere-Swallow , Hamid Faruqee , and Krishna Srinivasan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 October 2016

ISBN: 9781513591766

Keywords: central banking, Latin America, monetary independence, economic integration, term premium, monetary policy, forward guidance, macroprudential policies, monetary frameworks, reserve requirements

This chapter documents and evaluates the use of conditional reserve requirements in Peru to reduce credit dollarization. The empirical analysis uses the counterfactual test proposed by Pesaran and Smith (201...

Chapter 1. Debt: Use It Wisely

Chapter 1. Debt: Use It Wisely »

Source: Fiscal Monitor, October 2016 : Debt: Use It Wisely

Series: Fiscal Monitor

Author(s): Marialuz Moreno Badia

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 October 2016

ISBN: 9781513560601

Keywords: Debt, deleveraging, debt overhang, fiscal policy, financial crisis, recovery, debt levels, advanced economies, emerging market economies, private-sector debt

Introduction The global gross debt of the nonfinancial sector has more than doubled in nominal terms since the turn of the century, reaching $152 trillion in 2015....

Chapter 7. Financial Stability Objectives: Drivers of Gains from Coordinating Monetary and Macroprudential Policies

Chapter 7. Financial Stability Objectives: Drivers of Gains from Coordinating Monetary and Macroprudential Policies »

Source: Challenges for Central Banking : Perspectives from Latin America

Series: Books

Author(s): Luis I. Jacome H. , Yan Carriere-Swallow , Hamid Faruqee , and Krishna Srinivasan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 October 2016

ISBN: 9781513591766

Keywords: central banking, Latin America, monetary independence, economic integration, term premium, monetary policy, forward guidance, macroprudential policies, monetary frameworks, reserve requirements

This chapter studies the trade-offs that can arise between inflation-targeting and financial stability objectives. We use a simple framework to conduct macroeconomic policy analysis under two strategies that...

Chapter 6. Forward Guidance and Prudence in Conducting Monetary Policy

Chapter 6. Forward Guidance and Prudence in Conducting Monetary Policy »

Source: Challenges for Central Banking : Perspectives from Latin America

Series: Books

Author(s): Luis I. Jacome H. , Yan Carriere-Swallow , Hamid Faruqee , and Krishna Srinivasan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 October 2016

ISBN: 9781513591766

Keywords: central banking, Latin America, monetary independence, economic integration, term premium, monetary policy, forward guidance, macroprudential policies, monetary frameworks, reserve requirements

Over the past 25 years, there have been fundamental changes in the conduct of monetary policy. Many of them are related to the adoption of inflation-targeting frameworks and the increase in central bank comm...

Chapter 4. Implications of Global Financial Integration for Monetary Policy in Latin America

Chapter 4. Implications of Global Financial Integration for Monetary Policy in Latin America »

Source: Challenges for Central Banking : Perspectives from Latin America

Series: Books

Author(s): Luis I. Jacome H. , Yan Carriere-Swallow , Hamid Faruqee , and Krishna Srinivasan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 October 2016

ISBN: 9781513591766

Keywords: central banking, Latin America, monetary independence, economic integration, term premium, monetary policy, forward guidance, macroprudential policies, monetary frameworks, reserve requirements

Financial asset markets around the world have grown increasingly interconnected, and many economies in Latin America have been no exception. This chapter assesses two aspects of monetary policy in the region...

Chapter 1. Introduction: Latin America’s Central Banking Challenges—Past, Present, and Future

Chapter 1. Introduction: Latin America’s Central Banking Challenges—Past, Present, and Future »

Source: Challenges for Central Banking : Perspectives from Latin America

Series: Books

Author(s): Luis I. Jacome H. , Yan Carriere-Swallow , Hamid Faruqee , and Krishna Srinivasan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 October 2016

ISBN: 9781513591766

Keywords: central banking, Latin America, monetary independence, economic integration, term premium, monetary policy, forward guidance, macroprudential policies, monetary frameworks, reserve requirements

In the wake of the 2008–09 global financial crisis, central banking and monetary policy in many corners of the world—mainly, in advanced economies—came under intense pressure and entered uncharted waters. Tw...

Chapter 2. Market Liquidity—Resilient or Fleeting?

Chapter 2. Market Liquidity—Resilient or Fleeting? »

Source: Global Financial Stability Report, October 2015 : Vulnerabilities, Legacies, and Policy Challenges - Risks Rotating to Emerging Markets

Series: Global Financial Stability Report

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 October 2015

ISBN: 9781513582047

Keywords: Liquidity, global financial crisis, securities markets, corporate debt, commodity prices, corporate bonds, regulations, equity bubble, normalization, risk premiums

Summary Market participants in advanced and emerging market economies have become worried that both the level of market liquidity and its resilience may be declining, especially for...

Chapter 5. The Impact of the U.S. Term Premium on Emerging Markets

Chapter 5. The Impact of the U.S. Term Premium on Emerging Markets »

Source: Challenges for Central Banking : Perspectives from Latin America

Series: Books

Author(s): Luis I. Jacome H. , Yan Carriere-Swallow , Hamid Faruqee , and Krishna Srinivasan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 October 2016

ISBN: 9781513591766

Keywords: central banking, Latin America, monetary independence, economic integration, term premium, monetary policy, forward guidance, macroprudential policies, monetary frameworks, reserve requirements

Undoubtedly, one important and ongoing challenge for central banks in Latin America—and of small open economies in general—is how to deal with the global financial cycle. The increasing complexity and interc...

Chapter 1. Three Scenarios for Financial Stability

Chapter 1. Three Scenarios for Financial Stability »

Source: Global Financial Stability Report, October 2015 : Vulnerabilities, Legacies, and Policy Challenges - Risks Rotating to Emerging Markets

Series: Global Financial Stability Report

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 October 2015

ISBN: 9781513582047

Keywords: Liquidity, global financial crisis, securities markets, corporate debt, commodity prices, corporate bonds, regulations, equity bubble, normalization, risk premiums

Financial Stability Overview During the past six months financial stability has improved in advanced economies, but risks continue to rotate toward emerging markets a...