Informality, Frictions, and Macroprudential Policy - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Informality, Frictions, and Macroprudential Policy write by Moez Ben Hassine. This book was released on 2019-11-27. Informality, Frictions, and Macroprudential Policy available in PDF, EPUB and Kindle. We analyze the effects of macroprudential policies through the lens of an estimated dynamic stochastic general equilibrium (DSGE) model tailored to developing markets. In particular, we explicitly introduce informality in the labor and goods markets within a small open economy embedding financial frictions, nominal and real rigidities, labor search and matching, and an explicit banking sector. We use the estimated version of the model to run welfare analysis under optimized monetary and macroprudential rules. Results show that although informality reduces the efficiency of macroprudential policies following a convex fashion, combining the latter with an inflation targeting objective could be beneficial.
Monetary Policy and Macroprudential Regulation with Financial Frictions
Monetary Policy and Macroprudential Regulation with Financial Frictions - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Monetary Policy and Macroprudential Regulation with Financial Frictions write by Pierre-Richard Agenor. This book was released on 2020-11-10. Monetary Policy and Macroprudential Regulation with Financial Frictions available in PDF, EPUB and Kindle. An integrated analysis of how financial frictions can be accounted for in macroeconomic models built to study monetary policy and macroprudential regulation. Since the global financial crisis, there has been a renewed effort to emphasize financial frictions in designing closed- and open-economy macroeconomic models for monetary and macroprudential policy analysis. Drawing on the extensive literature of the past decade as well as his own contributions, in this book Pierre-Richard Age&́nor provides a unified set of theoretical and quantitative macroeconomic models with financial frictions to explore issues that have emerged in the wake of the crisis. These include the need to understand better how the financial system amplifies and propagates shocks originating elsewhere in the economy; how it can itself be a source of aggregate fluctuations; the extent to which central banks should account for financial stability considerations in the conduct of monetary policy; whether national central banks and regulators should coordinate their policies to promote macroeconomic and financial stability; and how much countercyclical macroprudential policies should be coordinated at the international level to mitigate financial spillovers across countries.
Informality, Frictions, and Macroprudential Policy
Informality, Frictions, and Macroprudential Policy - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Informality, Frictions, and Macroprudential Policy write by Moez Ben Hassine. This book was released on 2019-12-27. Informality, Frictions, and Macroprudential Policy available in PDF, EPUB and Kindle. We analyze the effects of macroprudential policies through the lens of an estimated dynamic stochastic general equilibrium (DSGE) model tailored to developing markets. In particular, we explicitly introduce informality in the labor and goods markets within a small open economy embedding financial frictions, nominal and real rigidities, labor search and matching, and an explicit banking sector. We use the estimated version of the model to run welfare analysis under optimized monetary and macroprudential rules. Results show that although informality reduces the efficiency of macroprudential policies following a convex fashion, combining the latter with an inflation targeting objective could be beneficial.
Macroprudential Rules and Monetary Policy when Financial Frictions Matter
Macroprudential Rules and Monetary Policy when Financial Frictions Matter - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Macroprudential Rules and Monetary Policy when Financial Frictions Matter write by Jeannine N. Bailliu. This book was released on 2012. Macroprudential Rules and Monetary Policy when Financial Frictions Matter available in PDF, EPUB and Kindle.
Drivers of Financial Access: the Role of Macroprudential Policies
Drivers of Financial Access: the Role of Macroprudential Policies - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Drivers of Financial Access: the Role of Macroprudential Policies write by Corinne Deléchat. This book was released on 2020-05-29. Drivers of Financial Access: the Role of Macroprudential Policies available in PDF, EPUB and Kindle. This study analyzes the drivers of the use of formal vs. informal financial services in emerging and developing countries using the 2017 Global FINDEX data. In particular, we investigate whether individuals’ choice of financial services correlates with macro-financial and macro-structural policies and conditions, in addition to individual and country characteristics. We start our analysis on middle and low-income countries, and then zoom in on sub-Saharan Africa, currently the region that most relies on informal financial services, and which has the largest uptake of mobile banking. We find robust evidence of an association between macroprudential policies and individuals’ choice of financial access after controlling for personal and country-level characteristics. In particular, macroprudential policies aimed at controlling credit supply seem to be associated with greater resort to informal financial services compared with formal, bank-based access. This highlights the importance for central bankers and financial sector regulators to consider the potential spillovers of monetary policy and financial stability measures on financial inclusion.
