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Bank Leverage and Monetary Policy's Risk-Taking Channel

Bank Leverage and Monetary Policy's Risk-Taking Channel »

Source: Bank Leverage and Monetary Policy's Risk-Taking Channel : Evidence from the United States

Volume/Issue: 2013/143

Series: IMF Working Papers

Author(s): Giovanni Dell'Ariccia , Luc Laeven , and Gustavo Suarez

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 June 2013

ISBN: 9781484381137

Keywords: leverage, risk, bank risk, bank risk taking, tier 1 capital, bank capital, banking, Monetary Policy (Targets, Instruments, and Effects),

We present evidence of a risk-taking channel of monetary policy for the U.S. banking system. We use confidential data on the internal ratings of U.S. banks on loans to businesses over the period 1997 to 2011 from t...

Benchmarking Banking Sector Efficiency Across Regional Blocks in Sub-Saharan Africa

Benchmarking Banking Sector Efficiency Across Regional Blocks in Sub-Saharan Africa »

Source: Benchmarking Banking Sector Efficiency Across Regional Blocks in Sub-Saharan Africa : What Room for Policy?

Volume/Issue: 2013/51

Series: IMF Working Papers

Author(s): Francois Boutin-Dufresne , Santiago Peña , Oral Williams , and Tomasz A. Zawisza

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 February 2013

ISBN: 9781557753304

Keywords: Financial intermediation efficiency, net interest margins, economies of scale, institutions., banking, net interest margin, financial intermediation, financial system, Government Policy and Regulation, Financial Markets and the Macroeconomy

This paper examines the determinants of net interest margins in four regional blocks in Sub-Saharan Africa and one comparator block in the Eastern Caribbean. Using bank-level data, we find that countries with a hig...

Big Players Out of Synch

Big Players Out of Synch »

Source: Big Players Out of Synch : Spillovers Implications of US and Euro Area Shocks

Volume/Issue: 2015/215

Series: IMF Working Papers

Author(s): Carolina Osorio Buitron , and Esteban Vesperoni

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 September 2015

ISBN: 9781513558448

Keywords: Economic News, Emerging Economies, economies, monetary conditions, money, advanced economies, Forecasting and Other Model Applications, Forecasting and Simulation, Financial Markets and the Macroeconomy, Monetary Policy (Targets

Given the prospects of asynchronous monetary conditions in the United States and the euro area, this paper analyzes spillovers among these two economies, as well as the implications of asynchronicity for spillovers...

The Case for a Long-Run Inflation Target of Four Percent

The Case for a Long-Run Inflation Target of Four Percent »

Source: The Case for a Long-Run Inflation Target of Four Percent

Volume/Issue: 2014/92

Series: IMF Working Papers

Author(s): Laurence Ball

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 June 2014

ISBN: 9781498395601

Keywords: Inflation Target, percent inflation, central bank, Monetary Policy (Targets, Instruments, and Effects),

Many central banks target an inflation rate near two percent. This essay argues that policymakers would do better to target four percent inflation. A four percent target would ease the constraints on monetary polic...

Central Bank Financial Strength in Central America and the Dominican Republic

Central Bank Financial Strength in Central America and the Dominican Republic »

Source: Central Bank Financial Strength in Central America and the Dominican Republic

Volume/Issue: 2014/87

Series: IMF Working Papers

Author(s): Andrew Swiston , Florencia Frantischek , Przemek Gajdeczka , and Alexander Herman

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 May 2014

ISBN: 9781484387368

Keywords: central bank, inflation, monetary fund, monetary policy, Institutions and the Macroeconomy, Monetary Policy (Targets, Instruments, and Effects),

This paper examines the financial strength of central banks in Central America and the Dominican Republic (CADR). Some central banks are working off the effects of intervention in distressed financial institutions...

Central Banking in Latin America

Central Banking in Latin America »

Source: Central Banking in Latin America : From the Gold Standard to the Golden Years

Volume/Issue: 2015/60

Series: IMF Working Papers

Author(s): Luis Jácome

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 March 2015

ISBN: 9781484303184

Keywords: banks, bank, capital, Monetary Policy (Targets, Instruments, and Effects),

This paper provides a brief historical journey of central banking in Latin America to shed light on the debate about monetary policy in the post-global financial crisis period. The paper distinguishes three periods...

Commodity Price Shocks and Imperfectly Credible Macroeconomic Policies in Commodity-Exporting Small Open Economies

Commodity Price Shocks and Imperfectly Credible Macroeconomic Policies in Commodity-Exporting Small Open Economies »

Source: Commodity Price Shocks and Imperfectly Credible Macroeconomic Policies in Commodity-Exporting Small Open Economies

Volume/Issue: 2014/33

Series: IMF Working Papers

Author(s): Juan Pablo Medina Guzman , and Claudio Soto

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 February 2014

ISBN: 9781484306390

Keywords: imperfect credibility, inflation, central bank, monetary policy transparency, monetary authority, Monetary Policy (Targets, Instruments, and Effects), General,

In this paper, we analyze how lack of credibility and transparency of monetary and fiscal policies undermines the effectiveness of macroeconomic policies to isolate the economy from commodity price fluctuations. We...

Cost-Benefit Analysis of Leaning Against the Wind

Cost-Benefit Analysis of Leaning Against the Wind »

Source: Cost-Benefit Analysis of Leaning Against the Wind

Volume/Issue: 2016/3

Series: IMF Working Papers

Author(s): Lars Svensson

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 January 2016

ISBN: 9781498314787

Keywords: macroprudential policy, unemployment, unemployment rate, debt, marginal cost, benchmark, Monetary Policy (Targets, Instruments, and Effects), All Countries

“Leaning against the wind” (LAW) with a higher monetary policy interest rate may have benefits in terms of lower real debt growth and associated lower probability of a financial crisis but has costs in terms of hig...

Does Easing Monetary Policy Increase Financial Instability?

Does Easing Monetary Policy Increase Financial Instability? »

Source: Does Easing Monetary Policy Increase Financial Instability?

Volume/Issue: 2015/139

Series: IMF Working Papers

Author(s): Ambrogio Cesa-Bianchi , and Alessandro Rebucci

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 June 2015

ISBN: 9781513588490

Keywords: Macro-prudential policies, credit frictions, interest rate rigidities, interest, interest rate, interest rates, Financial Markets and the Macroeconomy, Monetary Policy (Targets, Instruments, and Effects),

This paper develops a model featuring both a macroeconomic and a financial friction that speaks to the interaction between monetary and macro-prudential policies. There are two main results. First, real interest ra...

The Effects of U.S. Unconventional Monetary Policy on Asia Frontier Developing Economies

The Effects of U.S. Unconventional Monetary Policy on Asia Frontier Developing Economies »

Source: The Effects of U.S. Unconventional Monetary Policy on Asia Frontier Developing Economies

Volume/Issue: 2015/18

Series: IMF Working Papers

Author(s): Sohrab Rafiq

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 January 2015

ISBN: 9781498334037

Keywords: unconventional monetary policy, interest rates, exchange rate, international monetary fund, Monetary Policy (Targets, Instruments, and Effects), Open Economy Macroeconomics,

This paper explores the effect of U.S. unconventional monetary policy (QE2) on a group of frontier developing economies (FDEs) in Asia. This paper finds that spillovers emanating from the U.S. on FDEs in Asia have...