Mr.Yan's Books

Excerpt: Challenges for Central Banking

Perspectives From Latin America

By: Mr.Yan Carriere-Swallow,Mr.Hamid Faruqee,Luis I. Jacome H.,Mr.Krishna Srinivasan

Write a review Read reviews Take a Quiz Solve Book Puzzle

Excerpt: Challenges for Central Banking

Perspectives From Latin America

By: Mr.Yan Carriere-Swallow,Mr.Hamid Faruqee,Luis I. Jacome H.,Mr.Krishna Srinivasan

This paper provides a regional perspective on these challenges by including chapters authored by central bankers from Latin America, as well as IMF experts. The paper also provides a panoramic overview of the policy progress made to date and the challenges that lie ahead for central banks in the region. It places the subject in historical context by looking at how central banks in the region have evolved over the past century and outlines the challenges ahead in a more financially integrated global economy. Since the global financial crisis, central banking has been undergoing a massive renovation. The crisis brought to light fundamental challenges for central bankers in terms of purpose, instruments, and what we hope to achieve. An overarching theme that connects us in both advanced and emerging market economies alike is that of setting monetary policies in an increasingly financially integrated world and addressing the underlying challenges that this presents. Looking forward, concerns have shifted to the challenges of price stability in a world of globally integrated capital markets.

Average ratings

N/A

Write a review

Solve jigsaw puzzle

Age

Page Count

Publisher

International Monetary Fund

Published Date

ISBN 10

1475539673

ISBN 13

9781475539677

The Economics and Implications of Data

An Integrated Perspective

By: Mr.Yan Carriere-Swallow,Mr.Vikram Haksar

Write a review Read reviews Take a Quiz Solve Book Puzzle

The Economics and Implications of Data

An Integrated Perspective

By: Mr.Yan Carriere-Swallow,Mr.Vikram Haksar

This SPR Departmental Paper will provide policymakers with a framework for studying changes to national data policy frameworks.

Average ratings

N/A

Write a review

Solve jigsaw puzzle

Age

Page Count

Publisher

International Monetary Fund

Published Date

ISBN 10

1513511432

ISBN 13

9781513511436

Challenges for Central Banking

Perspectives from Latin America

By: Luis I. Jacome H.,Mr.Yan Carriere-Swallow,Mr.Hamid Faruqee,Mr.Krishna Srinivasan

Write a review Read reviews Take a Quiz Solve Book Puzzle

Challenges for Central Banking

Perspectives from Latin America

By: Luis I. Jacome H.,Mr.Yan Carriere-Swallow,Mr.Hamid Faruqee,Mr.Krishna Srinivasan

In the wake of the 2008–09 global financial crisis, central banking and monetary policy in many corners of the world came under intense pressure and entered unchartered waters. The breadth and scale of central bank operations have been modified or expanded in unprecedented and even unimaginable ways given the circumstances. Additionally, a fundamental rethinking of central banking and its policy frameworks has been taking place. This volume reflects a multilateral effort to help close the gap in our knowledge in meeting the critical challenges presented by these significant changes, in particular, those confronting central banks in Latin America. The volume’s first section provides a panoramic overview of the policy progress made to date and the challenges that lie ahead. The related issue of spillovers and monetary independence is taken up more fully in the next section. The final section presents chapters that reexamine macroprudential and monetary policies and policy frameworks from the perspective of central bank staff members from the region.

Average ratings

N/A

Write a review

Solve jigsaw puzzle

Age

Page Count

272

Publisher

International Monetary Fund

Published Date

ISBN 10

147553681X

ISBN 13

9781475536812

Toward a Global Approach to Data in the Digital Age

By: Mr. Vikram Haksar,Mr. Yan Carriere-Swallow,Emran Islam,Andrew Giddings,Kathleen Kao,Emanuel Kopp,Gabriel Quiros

Write a review Read reviews Take a Quiz Solve Book Puzzle

Toward a Global Approach to Data in the Digital Age

By: Mr. Vikram Haksar,Mr. Yan Carriere-Swallow,Emran Islam,Andrew Giddings,Kathleen Kao,Emanuel Kopp,Gabriel Quiros

The ongoing economic and financial digitalization is making individual data a key input and source of value for companies across sectors, from bigtechs and pharmaceuticals to manufacturers and financial services providers. Data on human behavior and choices—our “likes,” purchase patterns, locations, social activities, biometrics, and financing choices—are being generated, collected, stored, and processed at an unprecedented scale.

Average ratings

N/A

Write a review

Solve jigsaw puzzle

Age

Page Count

Publisher

International Monetary Fund

Published Date

ISBN 10

1513599429

ISBN 13

9781513599427

U.S. Monetary Policy Normalization and Global Interest Rates

By: Carlos Caceres,Mr.Yan Carriere-Swallow,Ishak Demir,Bertrand Gruss

Write a review Read reviews Take a Quiz Solve Book Puzzle

U.S. Monetary Policy Normalization and Global Interest Rates

By: Carlos Caceres,Mr.Yan Carriere-Swallow,Ishak Demir,Bertrand Gruss

As the Federal Reserve continues to normalize its monetary policy, this paper studies the impact of U.S. interest rates on rates in other countries. We find a modest but nontrivial pass-through from U.S. to domestic short-term interest rates on average. We show that, to a large extent, this comovement reflects synchronized business cycles. However, there is important heterogeneity across countries, and we find evidence of limited monetary autonomy in some cases. The co-movement of longer term interest rates is larger and more pervasive. We distinguish between U.S. interest rate movements that surprise markets versus those that are anticipated, and find that most countries receive greater spillovers from the former. We also distinguish between movements in the U.S. term premium and the expected path of risk-free rates, concluding that countries respond differently to these shocks. Finally, we explore the determinants of monetary autonomy and find strong evidence for the role of exchange rate flexibility, capital account openness, but also for other factors, such as dollarization of financial system liabilities, and the credibility of fiscal and monetary policy.

Average ratings

N/A

Write a review

Solve jigsaw puzzle

Age

Page Count

Publisher

International Monetary Fund

Published Date

ISBN 10

1475543069

ISBN 13

9781475543063

Shipping Costs and Inflation

By: Mr. Yan Carriere-Swallow,Mr. Pragyan Deb,Davide Furceri,Daniel Jimenez,Mr. Jonathan David Ostry

Write a review Read reviews Take a Quiz Solve Book Puzzle

Shipping Costs and Inflation

By: Mr. Yan Carriere-Swallow,Mr. Pragyan Deb,Davide Furceri,Daniel Jimenez,Mr. Jonathan David Ostry

The Covid-19 pandemic has disrupted global supply chains, leading to shipment delays and soaring shipping costs. We study the impact of shocks to global shipping costs—measured by the Baltic Dry Index (BDI)—on domestic prices for a large panel of countries during the period 1992-2021. We find that spikes in the BDI are followed by sizable and statistically significant increases in import prices, PPI, headline, and core inflation, as well as inflation expectations. The impact is similar in magnitude but more persistent than for shocks to global oil and food prices. The effects are more muted in countries where imports make up a smaller share of domestic consumption, and those with inflation targeting regimes and better anchored inflation expectations. The results are robust to several checks, including an instrumental variables approach in which we instrument changes in shipping costs with an indicator of closures of the Suez Canal.

Average ratings

N/A

Write a review

Solve jigsaw puzzle

Age

Page Count

Publisher

International Monetary Fund

Published Date

ISBN 13

9798400204685

No Pain, All Gain? Exchange Rate Flexibility and the Expenditure-Switching Effect

By: Mr.Yan Carriere-Swallow,Mr.Nicolas E Magud,Juan Yepez

Write a review Read reviews Take a Quiz Solve Book Puzzle

No Pain, All Gain? Exchange Rate Flexibility and the Expenditure-Switching Effect

By: Mr.Yan Carriere-Swallow,Mr.Nicolas E Magud,Juan Yepez

Theoretical models on the relationship between prices and exchange rates predict that the magnitude of expenditure switching affects the optimal choice of exchange rate regime. Focusing on the transmission of terms-of-trade shocks to domestic real variables we document that the magnitude of the expenditure switching effect is positively associated to the degree of exchange rate flexibility. Moreover, results show that flexible exchange rates allow for significant adjustment in relative prices, which in turn lowers the burden of adjustment on demand for domestic goods and, in some cases, facilitates a faster and more durable external adjustment process. These results, which are robust to accounting for possible non-linearities due to balance sheet effects or currency mismatches, shed new light on the shock absorbing properties of flexible exchange rates.

Average ratings

N/A

Write a review

Solve jigsaw puzzle

Age

Page Count

Publisher

International Monetary Fund

Published Date

ISBN 10

1484379373

ISBN 13

9781484379370

Global Financial Conditions and Monetary Policy Autonomy

By: Carlos Caceres,Mr.Yan Carriere-Swallow,Bertrand Gruss

Write a review Read reviews Take a Quiz Solve Book Puzzle

Global Financial Conditions and Monetary Policy Autonomy

By: Carlos Caceres,Mr.Yan Carriere-Swallow,Bertrand Gruss

Is the Mundell-Fleming trilemma alive and well? International co-movement of asset prices takes place alongside synchronized business cycles, complicating the identification of financial spillovers and assessments of monetary policy autonomy. A benchmark for interest rate comovement is to impose the null hypothesis that central banks respond only to the outlook for domestic inflation and output. We show that common approaches used to estimate interest rate spillovers tend to understate the degree of monetary autonomy enjoyed by small open economies with flexible exchange rates. We propose an empirical strategy that partials out those spillovers that are associated with impaired monetary autonomy. Using this approach, we revisit the predictions of the trilemma and find more compelling evidence that flexible exchange rates deliver monetary autonomy than prior work has suggested.

Average ratings

N/A

Write a review

Solve jigsaw puzzle

Age

Page Count

Publisher

International Monetary Fund

Published Date

ISBN 10

1475535406

ISBN 13

9781475535402

Infrastructure and Income Distribution in ASEAN-5

What are the Links?

By: MissDulani Seneviratne,Mr.Yan Sun

Write a review Read reviews Take a Quiz Solve Book Puzzle

Infrastructure and Income Distribution in ASEAN-5

What are the Links?

By: MissDulani Seneviratne,Mr.Yan Sun

Adequate infrastructure has long been viewed as an important factor in economic development. Based on regressions covering 76 advanced and emerging market economies, this paper estimates the impact of infrastructure and investment on income distribution. It finds that better infrastructure, both quality and quantity, promotes income equality, while the link between investment and income distribution is weak.

Average ratings

N/A

Write a review

Solve jigsaw puzzle

Age

Page Count

Publisher

International Monetary Fund

Published Date

ISBN 10

1589068017

ISBN 13

9781589068018

Macrofinancial Causes of Optimism in Growth Forecasts

By: Mr. Yan Carriere-Swallow,José Marzluf

Write a review Read reviews Take a Quiz Solve Book Puzzle

Macrofinancial Causes of Optimism in Growth Forecasts

By: Mr. Yan Carriere-Swallow,José Marzluf

We analyze the causes of the apparent bias towards optimism in growth forecasts underpinning the design of IMF-supported programs, which has been documented in the literature. We find that financial variables observable to forecasters are strong predictors of growth forecast errors. The greater the expansion of the credit-to-GDP gap in the years preceding a program, the greater its over-optimism about growth over the next two years. This result is strongest among forecasts that were most optimistic, where errors are also increasing in the economy’s degree of liability dollarization. We find that the inefficient use of financial information applies to growth forecasts more broadly, including the IMF’s forecasts in the World Economic Outlook and those produced by professional forecasters compiled by Consensus Economics. We conclude that improved macrofinancial analysis represents a promising avenue for reducing over-optimism in growth forecasts.

Average ratings

N/A

Write a review

Solve jigsaw puzzle

Age

Page Count

Publisher

International Monetary Fund

Published Date

ISBN 10

1616356391

ISBN 13

9781616356392

Central Banking in Latin America

The Way Forward

By: Mr.Yan Carriere-Swallow,Luis I. Jacome H.,Mr.Nicolas E Magud,Alejandro M. Werner

Write a review Read reviews Take a Quiz Solve Book Puzzle

Central Banking in Latin America

The Way Forward

By: Mr.Yan Carriere-Swallow,Luis I. Jacome H.,Mr.Nicolas E Magud,Alejandro M. Werner

Latin America’s central banks have made substantial progress towards delivering an environment of price stability that is supportive of sustainable economic growth. We review these achievements, and discuss remaining challenges facing central banking in the region. Where inflation remains high and volatile, achieving durable price stability will require making central banks more independent. Where inflation targeting regimes are well-established, remaining challenges surround assessments of economic slack, the communication of monetary policy, and clarifying the role of the exchange rate. Finally, macroprudential policies must be coordinated with existing objectives, and care taken to preserve the primacy of price stability.

Average ratings

N/A

Write a review

Solve jigsaw puzzle

Age

Page Count

Publisher

International Monetary Fund

Published Date

ISBN 10

1475543352

ISBN 13

9781475543353

Capital Account Policies in Chile Macro-financial considerations along the path to liberalization

By: Mr.Yan Carriere-Swallow,Mr.Pablo Garcia-Silva

Write a review Read reviews Take a Quiz Solve Book Puzzle

Capital Account Policies in Chile Macro-financial considerations along the path to liberalization

By: Mr.Yan Carriere-Swallow,Mr.Pablo Garcia-Silva

This paper recounts Chile’s experience with capital account policies since the 1990s. We present how two external shocks were confronted under very different macroeconomic and capital account frameworks. We show that during the 1997-98 Asian-LTCM-Russia crisis, a closed capital account and relatively rigid exchange rate severely constrained the monetary policy response to the shock, aggravating the fall in domestic demand. During the 2008-09 crisis, a full-fledged inflation targeting framework allowed the authorities to implement a significant countercyclical response. We argue that domestic stability considerations lay behind the policy regime switch toward capital account liberalization from 1999 onwards.

Average ratings

N/A

Write a review

Solve jigsaw puzzle

Age

Page Count

Publisher

International Monetary Fund

Published Date

ISBN 10

1484336593

ISBN 13

9781484336595

Unlocking Climate Finance in Asia-Pacific

Transitioning to a Sustainable Future

By: Cheng Hoon Lim,Ms. Ritu Basu,Mr. Yan Carriere-Swallow,Kenichiro Kashiwase,Mahmut Kutlukaya,Mike Li,Ehraz Refayet,Dulani Seneviratne,Mouhamadou Sy,Ruihua Yang

Write a review Read reviews Take a Quiz Solve Book Puzzle

Unlocking Climate Finance in Asia-Pacific

Transitioning to a Sustainable Future

By: Cheng Hoon Lim,Ms. Ritu Basu,Mr. Yan Carriere-Swallow,Kenichiro Kashiwase,Mahmut Kutlukaya,Mike Li,Ehraz Refayet,Dulani Seneviratne,Mouhamadou Sy,Ruihua Yang

The transition to a sustainable future in the Asia-Pacific region has global economic significance. Despite driving global growth in recent years, the region's heavy coal reliance led to significant greenhouse gas emissions. Meeting climate mitigation and adaptation needs in emerging and developing Asia requires investment of at least $1.1 trillion annually. Actual investment falls short by about $800 billion. Asia-Pacific’s environmental performance has also hampered its ability to tap into private flows from the fast-growing ESG asset class, keeping the cost of issuing sustainable debt instruments relatively high compared to other regions. This paper provides an overview of the climate finance ecosystem in countries in the Asia-Pacific region and presents strategies to mobilize climate finance for the region’s transition to a sustainable future. The paper identifies challenges, including gaps in the climate information architecture, policy conflicts, global complexities, and emphasizes the need for coordinated action involving governments, central banks, financial supervisors, the IMF, and other multilateral institutions. In particular, • Governments need to establish a well-defined climate strategy with strong institutional oversight and coordination to strengthen the framework on data, taxonomies, and disclosures. Fossil fuel subsidies should be phased out and carbon pricing schemes expanded to create fiscal space for sustainable investments. Strengthening macroeconomic management is essential to attract private capital. • Financial supervisors and central banks should coordinate across jurisdictions to promote global, interoperable disclosure standards, enhance climate risk analysis and reporting, and incorporate climate-related financial risks into prudential frameworks. Developing climate labels for sustainable investment funds and shifting the focus of ESG scores to better capture sustainability and climate impact would foster trust in the evaluations. The IMF can drive climate action by integrating discussions in surveillance activities and strengthening data and statistics—including through capacity building and peer learning—to develop common standards around climate risk measurement and analysis. The Resilience and Sustainability Trust could contribute to reducing financing gaps through its catalytic and reform supporting functions, while multilateral development banks could scale up grant financing and concessional lending, and where appropriate adopt risk-mitigating mechanisms to expand lending capacity. Cooperation among multilateral institutions is essential to align efforts and resources to achieve a balanced allocation between mitigation and adaptation lending.

Average ratings

N/A

Write a review

Solve jigsaw puzzle

Age

Page Count

Publisher

International Monetary Fund

Published Date

ISBN 13

9798400256752

Monetary Policy Credibility and Exchange Rate Pass-Through

By: Mr.Yan Carriere-Swallow,Bertrand Gruss,Mr.Nicolas E Magud,Mr.Fabian Valencia

Write a review Read reviews Take a Quiz Solve Book Puzzle

Monetary Policy Credibility and Exchange Rate Pass-Through

By: Mr.Yan Carriere-Swallow,Bertrand Gruss,Mr.Nicolas E Magud,Mr.Fabian Valencia

A long-standing conjecture in macroeconomics is that recent declines in exchange rate pass-through are in part due to improved monetary policy performance. In a large sample of emerging and advanced economies, we find evidence of a strong link between exchange rate pass-through to consumer prices and the monetary policy regime’s performance in delivering price stability. Using input-output tables, we decompose exchange rate pass-through to consumer prices into a component that reflects the adjustment of imported goods at the border, and another that captures the response of all other prices. We find that price stability and central bank credibility have reduced the second component.

Average ratings

N/A

Write a review

Solve jigsaw puzzle

Age

Page Count

Publisher

International Monetary Fund

Published Date

ISBN 10

1475569211

ISBN 13

9781475569216

The Driving Force behind the Boom and Bust in Construction in Europe

By: Mr.Yan Sun,Ms.Pritha Mitra,Mr.Alejandro Simone

Write a review Read reviews Take a Quiz Solve Book Puzzle

The Driving Force behind the Boom and Bust in Construction in Europe

By: Mr.Yan Sun,Ms.Pritha Mitra,Mr.Alejandro Simone

This paper studies the factors behind pro-cyclical but widely varying construction shares (as a percent of GDP) across countries, with a strong focus on European countries. Using a dataset covering 48 countries (including advanced and emerging economies within and outside Europe) for 1990-2011, we find that country’s geography, demographics, and economic conditions are the key determinants of a norm around which actual construction shares revolve in a simple AR(1) and error-correction process. The empirical results show that in many European countries, construction shares overshoot relative to their norms before the recent global crisis, but they have fallen significantly since the crisis. Nevertheless, there is still room for further adjustment in construction shares in some countries which may weigh on economic recovery.

Average ratings

N/A

Write a review

Solve jigsaw puzzle

Age

Page Count

Publisher

International Monetary Fund

Published Date

ISBN 10

1484392485

ISBN 13

9781484392485

Challenges for Central Banking

Perspectives from Latin America

By: Yan Carrière-Swallow,Hamid Faruqee,Luis Ignacio Jácome,Krishna Srinivasan

Write a review Read reviews Take a Quiz Solve Book Puzzle

Challenges for Central Banking

Perspectives from Latin America

By: Yan Carrière-Swallow,Hamid Faruqee,Luis Ignacio Jácome,Krishna Srinivasan

In the wake of the 2008-09 global financial crisis, central banking and monetary policy in many corners of the world came under intense pressure and entered unchartered waters. The breadth and scale of central bank operations have been modified or expanded in unprecedented and even unimaginable ways given the circumstances. Additionally, a fundamental rethinking of central banking and its policy frameworks has been taking place. This volume reflects a multilateral effort to help close the gap in our knowledge in meeting the critical challenges presented by these significant changes, in particular, those confronting central banks in Latin America. The volume's first section provides a panoramic overview of the policy progress made to date and the challenges that lie ahead. The related issue of spillovers and monetary independence is taken up more fully in the next section. The final section presents chapters that reexamine macroprudential and monetary policies and policy frameworks from the perspective of central bank staff members from the region

Average ratings

N/A

Write a review

Solve jigsaw puzzle

Age

Page Count

259

Published Date

ISBN 10

1475536844

ISBN 13

9781475536843

The Macroeconomic Effects of Fiscal Consolidation in Emerging Economies: Evidence from Latin America

By: Mr.Yan Carriere-Swallow,Mr.Antonio David,Mr.Daniel Leigh

Write a review Read reviews Take a Quiz Solve Book Puzzle

The Macroeconomic Effects of Fiscal Consolidation in Emerging Economies: Evidence from Latin America

By: Mr.Yan Carriere-Swallow,Mr.Antonio David,Mr.Daniel Leigh

We estimate the short-term effects of fiscal consolidation on economic activity in 14 countries in Latin America and the Caribbean. We examine contemporaneous policy documents to identify changes in fiscal policy motivated by a desire to reduce the budget deficit and not by responding to prospective economic conditions. Based on this narrative dataset, our estimates suggest that fiscal consolidation has contractionary effects on GDP, consistent with a multiplier of 0.9. We find these effects to be close to those in OECD countries based on a similarly constructed dataset (Devries and others, 2011). We also find similar estimation results for the two groups of economies for the effect of fiscal consolidation on the external current account balance, providing support for the twin deficits hypothesis.

Average ratings

N/A

Write a review

Solve jigsaw puzzle

Age

Page Count

Publisher

International Monetary Fund

Published Date

ISBN 10

1484361695

ISBN 13

9781484361696

Sovereign CDS Spreads in Europe

The Role of Global Risk Aversion, Economic Fundamentals, Liquidity, and Spillovers

By: Mr.Frigyes F Heinz,Mr.Yan Sun

Write a review Read reviews Take a Quiz Solve Book Puzzle

Sovereign CDS Spreads in Europe

The Role of Global Risk Aversion, Economic Fundamentals, Liquidity, and Spillovers

By: Mr.Frigyes F Heinz,Mr.Yan Sun

By analysing data from January 2007 to December 2012 in a panel GLS error correction framework we find that European countries’ sovereign CDS spreads are largely driven by global investor sentiment, macroeconomic fundamentals and liquidity conditions in the CDS market. But the relative importance of these factors changes over time. While during the 2008/09 crisis weak economic fundamentals (such as high current account decifit, worsening underlying fiscal balances, credit boom), a drop in liquidity and a spike in risk aversion contributed to high spreads in Central and Eastern and South-Eastern European (CESEE) countries, a marked improvement in fundamentals (e.g. reduction in fiscal deficit, narrowing of current balances, gradual economic recovery) explains the region’s resilience to financial market spillovers during the euro area crisis. Our generalised variance decomposition analyisis does not suggest strong direct spillovers from the euro area periphery. The significant drop in the CDS spreads between July 2012 and December 2012 was mainly driven by a decline in risk aversion as suggested by the model’s out of sample forecasts.

Average ratings

N/A

Write a review

Solve jigsaw puzzle

Age

Page Count

Publisher

International Monetary Fund

Published Date

ISBN 10

1484393015

ISBN 13

9781484393017

Cross-Country Experience in Reducing Net Foreign Liabilities

Lessons for New Zealand

By: Ding Ding,Mr.Werner Schule,Mr.Yan Sun

Write a review Read reviews Take a Quiz Solve Book Puzzle

Cross-Country Experience in Reducing Net Foreign Liabilities

Lessons for New Zealand

By: Ding Ding,Mr.Werner Schule,Mr.Yan Sun

This paper studies the dynamics of net foreign liabilities across a number of countries. Our historical analysis suggests that an orderly reduction in a country’s net foreign liabilities has mostly occurred when there was significant improvement in gross public savings through deliberate fiscal consolidation measures. Simulations of a dynamic general equilibrium model calibrated for New Zealand indicates that sustained government deficit reduction could improve the country’s net foreign assets by about half of the accumulated public savings. However, given New Zealand’s relatively strong fiscal positions and previous work noting structurally low household savings, an orderly improvement in New Zealand’s external position in the medium term will depend on a structural improvement in private savings.

Average ratings

N/A

Write a review

Solve jigsaw puzzle

Age

Page Count

Publisher

International Monetary Fund

Published Date

ISBN 10

1475516827

ISBN 13

9781475516821

Cross-Country Linkages in Europe

A Global VAR Analysis

By: Mr.Yan Sun,Mr.Frigyes F Heinz,Giang Ho

Write a review Read reviews Take a Quiz Solve Book Puzzle

Cross-Country Linkages in Europe

A Global VAR Analysis

By: Mr.Yan Sun,Mr.Frigyes F Heinz,Giang Ho

This paper uses the Global VAR (GVAR) model proposed by Pesaran et al. (2004) to study cross-country linkages among euro area countries, other advanced European countries (including the Nordics, the UK, etc.), and the Central, Eastern and Southeastern European (CESEE) countries. An innovative feature of the paper is the use of combined trade and financial weights (based on BIS reporting banks’ external position data) to capture the very close trade and financial ties of the CESEE countries with the advanced Europe countries. The results show strong co-movements in output growth and interest rates but weaker linkages bewteen inflation and real credit growth within Europe. While the euro area is the dominant source of economic influences, there are also interesting subregional linkages, e.g. between the Nordic and the Baltic countries, and a small but notable impact of CESEE countries on the rest of the Europe.

Average ratings

N/A

Write a review

Solve jigsaw puzzle

Age

Page Count

Publisher

International Monetary Fund

Published Date

ISBN 10

147559254X

ISBN 13

9781475592542

ECCU Business Cycles

Impact of the U.S.

By: Mr. Yan Sun,Mr. Wendell A. Samuel

Write a review Read reviews Take a Quiz Solve Book Puzzle

ECCU Business Cycles

Impact of the U.S.

By: Mr. Yan Sun,Mr. Wendell A. Samuel

With a fixed peg to the U.S. dollar for more than three decades, the tourism-dependent Eastern Caribbean Currency Union (ECCU) countries share a close economic relationship with the U.S. This paper analyzes the impact of the United States on ECCU business cycles and identifies possible transmission channels. Using two different approaches (the common trends and common cycles approach of Vahid and Engle (1993) and the standard VAR analysis), it finds that the ECCU economies are very sensitive to both temporary and permanent movements in the U.S. economy and that such linkages have strengthened over time. There is, however, less clear-cut evidence on the transmission channels. United States monetary policy does not appear to be an important channel of influence, while tourism is important for only one ECCU country.

Average ratings

N/A

Write a review

Solve jigsaw puzzle

Age

Page Count

Publisher

International Monetary Fund

Published Date

ISBN 10

1451916531

ISBN 13

9781451916539

Some Evidenceon Exchange Rate Determination in Major Industrial Countries

By: Mr. Yan Sun,Mr. R. B. Johnston

Write a review Read reviews Take a Quiz Solve Book Puzzle

Some Evidenceon Exchange Rate Determination in Major Industrial Countries

By: Mr. Yan Sun,Mr. R. B. Johnston

This paper examines the role of long-run monetary and cyclical factors in determining exchange rate movements. Results of empirical study using a data set that includes Canada, Germany, Japan, the United Kingdom, and the United States support the view that exchange rate movements can be explained by the efficient or rational adjustment of foreign exchange markets to economic fundamentals. In the long run, the exchange rate is determined consistent with a monetary approach to exchange rates, while cyclical factors have an impact on short-run exchange rate dynamics. Estimated equations outperform random walk models of exchange rates.

Average ratings

N/A

Write a review

Solve jigsaw puzzle

Age

Page Count

Publisher

International Monetary Fund

Published Date

ISBN 10

1451897863

ISBN 13

9781451897869

Potential Growth of Australia and New Zealand in the Aftermath of the Global Crisis

By: Mr. Yan Sun

Write a review Read reviews Take a Quiz Solve Book Puzzle

Potential Growth of Australia and New Zealand in the Aftermath of the Global Crisis

By: Mr. Yan Sun

Using a production function method, this paper assesses the impact of the global crisis on the potential growth of Australia and New Zealand. The two countries have not been hit hard by the global crisis, but have large net external liabilities. The paper finds that the main negative impact of the global crisis is likely to come through higher costs of capital, offset partly by a higher return to capital from strong demand for commodities by emerging Asia. It estimates medium-term potential growth of about 3 percent for Australia and 2. percent for New Zealand, higher than that of many other advanced economies.

Average ratings

N/A

Write a review

Solve jigsaw puzzle

Age

Page Count

Publisher

International Monetary Fund

Published Date

ISBN 10

145520031X

ISBN 13

9781455200313

Book's by Mr.Yan

Username

Password

Password again

Birthday

Email