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Japanese banking problems: implications for Southeast Asia
During the late 1980s, Japanese banks substantially increased their global presence. In part the expansion was undertaken to help service Japanese companies that were increasingly involved in foreign direct investment. However, this expansion also can be attibuted to Japan's positio as the world's ...
Overshootings and reversals: the role of monetary policy
Does tight monetary policy stabilize the currency after a collapse?. Does the effect of high interest rates on the exchange rate depend on the condition of the banking system? The East Asian crises and other recent currency crises have put these questions at the center of economic policymaking decisions.
Monetary policy functions and transmission mechanisms: an overview
Monetary policy comprises the rules and actions adopted by the central bank to achieve its objectives. In most countries the primary goal of monetary policy is price stability. However, the mandate of many central banks also encompasses other objectives, including attainment of fullemployment, domestic ...
The leverage cycle default and foreclosure
At least since the time of Irving Fisher economists as well as the general public have regarded the interest rate as the most important variable in the economy. But in times of crisis collateral rates (margins or leverage equivalently) are far more important. Despite the cries of newspapers to lower ...
Macro-prudential policy and the conduct of monetary policy
The 'Great Contraction' in global economic activity triggered by the financial crisis and the extraordinary fiscal and monetary measures that public authorities had to undertake in order to put the economy back on track by putting public finances under heavy strains and leading to extremely low ...
Capital mobility and monetary policy: an overview
The papers that comprise the different chapters of this volume were presented in the XVII Annual Conference on Central Banking that took place at the Central Bank of Chile Santiago during November 14 and 15 2011. While the global economic environment has changed considerably from the end of 2011 to ...
Sterilized foreign exchange interventions under inflation targeting
Inflation targeting needs exchange rate flexibility. If the policy interest rate is geared to achieving the inflation target the central bank must be willing to accept the resulting exchange rate. Simply put if the central bank has both an inflation target and an exchange rate target the private sector ...
Monetary policy and macro-prudential regulation: the risk-sharing paradigm
Economic history is replete with episodes of financial crises creating havoc for the real economy. These episodes typically have three important ingredients. First there are large financial flows to finance a bubbling asset class such as sovereigns or housing with 'safe' debt. Second there is a sharp ...
A historical perspective on the crisis of 2007-08
The current international financial crisis is part of a perennial pattern. Today’s events echo earlier big international financial crises that were triggered by events in the U.S. financial system. Examples include the crises of 1857 1893 1907 and 1929–33. This crisis has many similarities to those ...
Financial stability monetary policy and Central Banking: an overview
The financial developments of the last decade had a large impact on the management of risk providing more diversified portfolios to investors. Based on these complex financial contracts investors were able to shift the investment possibilities frontier outward however that movement generated intricate ...