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Monetary policy and global spillovers: mechanisms, effects and policy measures
Central Banks in emerging markets have been forced in the last decade to deal with spillovers from the crises in the United States and Europe and from the extraordinary measures respectively taken by the Federal Reserve and the European Central Bank. This volume provides a comprehensive study of the ...
Monetary policy through asset markets: lessons from unconventional measures and implications for an integrated world
The global financial crisis of 2008 and its aftermath brought many new challenges for the world’s central banks. These new challenges have resulted, in turn, in bold experimentation—not just the vigorous application of traditional policy tools, but the use of new ones, or at least ones that were rarely ...
External vulnerability and preventive policies
Emerging market economies endure significant macroeconomic volatility. The large correlation between external factors, e.g., terms of trade and world interest rate shocks, and domestic macroeconomic volatility is highly suggestive of their key role, but it does not explain the mechanism through which ...
Financial stability, monetary policy, and Central Banking
The financial developments of the last decade have had a large impact on the range of risk diversification contracts available to investors. Based on these complex instruments, the investment possibility frontier was shifted outward and increasingly intricate networks were created. At the same time, ...
Macroeconomic and financial stability: challenges for monetary policy
On September 2008, Lehman Brothers filed for bankruptcy and the world became aware that the financial crisis that had been unfolding for months was far more serious than expected. Months later, it became clear that the financial crisis of 2008-2009 was the worst economic downturn since the Great ...