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100   $a20100902d2009      uf         0
101 0 $aeng
135   $aur|n|---|||||
181   $ctxt
182   $cc
183   $acr
200 10$aMacroeconomic implications for Hong Kong SAR of accomodative U.S. monetary policy $ePapa N'Diaye
205   $a1st ed.
210   $a[Washington, D.C.] $cInternational Monetary Fund$d2009
215   $a1 online resource (30 p.)
225 1 $aIMF working paper ;$vWP/09/256
300   $aDescription based upon print version of record.
311   $a1-4519-1817-8 
320   $aIncludes bibliographical references.
327   $aCover Page; Title Page; Copyright Page; Contents; I. Introduction; II. Implications for Hong Kong SAR of U.S. Monetary Policy; A. The Fed's Unconventional Monetary Policy Actions; B. Impact on Hong Kong SAR; III. A Simulation of Hong Kong SAR Asset and Goods Markets When Confronted by an Accommodative U.S. Monetary Stance; A. Model Overview; B. Model Simulations; IV. Conclusions; References; Footnotes
330 3 $aThis paper discusses the potential macroeconomic implications for Hong Kong SAR of accommodative monetary policy in the United States. It shows, through model simulations, that a resumption of the credit channel in Hong Kong SAR has the potential to create inflation in both goods and asset markets. Expansionary financial conditions will likely have a greater impact in fueling asset price inflation, manifested in the model through a strong increase in equity prices. Higher asset prices could, in turn, through a financial accelerator mechanism, lead to further credit expansion and an upward cycle of asset prices and credit. This cycle, if unchecked, can potentially feed into volatility in consumption, output and employment and complicate macroeconomic management. The simulation results suggest there is a role for countercyclical prudential regulations to mitigate the amplitude of the cycle and lessen the financial and macroeconomic volatility associated with an unwinding of the credit-asset price cycle.
410  0$aIMF working paper ;$vWP/09/256.
606   $aMonetary policy$zUnited States
606   $aEconomics$zChina$zHong Kong
615  0$aMonetary policy
615  0$aEconomics
676   $a327.111
700   $aN'Diaye$b Papa M'B. P$g(Papa M'Bagnick Pate)$01751529
712 02$aInternational Monetary Fund.
801  0$bMiAaPQ
801  1$bMiAaPQ
801  2$bMiAaPQ
906   $aBOOK
912   $a9910818985603321
996   $aMacroeconomic implications for Hong Kong SAR of accomodative U.S. monetary policy$94199114
997   $aUNINA