Modeling with Macro-Financial Linkages : : Credit and Policy Shocks in Emerging Markets / / Jaromir Benes, Inci Ötker, David Vávra

• Autore: Benes Jaromir
• Pubblicazione: Washington, D.C. : , : International Monetary Fund, , 2009
• Descrizione fisica: 1 online resource (36 p.)
• Soggetto topico: Microfinance; Financial crises; Banks and Banking; Macroeconomics; Money and Monetary Policy; Industries: Financial Services; Monetary Policy, Central Banking, and the Supply of Money and Credit: General; Banks; Depository Institutions; Micro Finance Institutions; Mortgages; Macroeconomics: Consumption; Saving; Wealth; Financial Institutions and Services: General; Monetary economics; Banking; Bank credit; Credit; Consumption; Financial sector; Banks and banking; Economics; Financial services industry
• Soggetto geografico: United Kingdom
• Altri autori: ÖtkerInci VávraDavid
• Note generali: Description based upon print version of record.
• Nota di bibliografia: Includes bibliographical references.
• Nota di contenuto: Contents; I. Introduction and Motivation; II. The Model with Financial Intermediation and Frictions; A. The Basic Structure of the Model; B. Description of the Model's Micro Foundations; C. Main Characteristics of Policy Transmission; III. Model Calibration and Properties; A. Parameterizing Steady State; Tables; 1. List of Main Behavioral Parameters and Their Baseline Calibration; B. Parameterizing Transitory Dynamics and Stochastic Properties; IV. Using the Model-Based Framework for Policy Analysis-Implications of a Credit Crunch; A. Credit Crunch Induced by Exogenous Shocks ; 2. The Simulated Effects of the Exogenously Induced Credit Supply ShocksFigures; 1. Simulated Effects of the Exogenously Induced Credit Crunch Shock; B. Policy Induced Credit Crunch; 3. The Simulated Effects of the Policy Shocks to Credit Supply: Priced-based Credit Measures; 2. Simulated Effects of the Price-Based Credit Measures; 4. The Simulated Effects of the Individual Policy Shocks to Credit Supply: Credit Growth Controls; 3. Simulated Effects of the Direct Credit Controls; V. Conclusions and Policy Implications; Reference
• Sommario/riassunto: 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.
• Titolo autorizzato: Modeling with Macro-Financial Linkages
• ISBN: 1-4623-1743-X; 1-4527-6318-6; 1-282-84337-0; 1-4518-7270-4; 9786612843372
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Lingua di pubblicazione: Inglese
• Record Nr.: 9910788333803321
• Lo trovi qui: Univ. Federico II
• Serie: IMF Working Papers; Working Paper ; ; No. 2009/123