10.5089/9798400252792.063
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10.5089/9798400254116.086
Semi-Structural Modeling; Monetary Policy; Fiscal Policy; Foreign Exchange Intervention; Forecasting; Imperfect Capital Mobility
Asia and the Pacific is continuing its solid economic recovery thanks to healthy domestic demand, stable financial conditions, and a resilient services sector, while inflation in the region is receding.
Central Bank Digital Currencies; CBDC; CBDC Pilots; Monetary Policy; Islamic Finance
Inflation decomposition; demand vs supply; Phillips curve; monetary policy; supply chain pressures
This edition shows how a modest improvement in economic fundamentals has buoyed East Asia’s local currency bond (LCY) markets, but potential renewed increases in inflation and further interest rate hikes could pose risks for the region’s borrowers.
Policy mix; monetary policy; fiscal policy; policy coordination
Jordan; Forecasting and Policy Analysis; Quarterly Projection Model; Monetary Policy; Transmission Mechanism
Inflation expectations; monetary policy; fiscal dominance; debt
Integrated Policy Framework; Emerging Markets; Monetary Policy; Foreign Exchange Intervention; Endogenous Risks; Incomplete Financial Markets; Bayesian Estimation
This edition presents recent developments in emerging East Asian local currency bond markets and features a special section about how increased climate risk awareness can influence investors’ trading decisions.
monetary standard
Exports from developing Asia weakened in the first quarter of 2023 as global demand slowed. However, consumption and investment are forecast to boost aggregate regional growth to 4.8% in 2023, as earlier forecast, with the projection for 2024 revised down only marginally to 4.7%.
Macroprudential Policies; Banks; Systemic Risk; Monetary Policy, Inflation Targeting
To study implications of an interest-bearing CBDC on the economy, we integrate a New Monetarist-type decentralised market that explicitly accounts for the means-of-exchange function of bank deposits and CBDC into a New Keynesian model with financial frictions. The central bank influences the store-of-value function of money through a conventional Taylor rule while it affects the means-of-exchange function of money through CBDC operations. Peak responses to monetary policy shocks remain similar in the presence of an interest-bearing CBDC, implying that monetary transmission is not impaired. At the same time however, the provision of CBDC helps smooth responses to macroeconomic shocks. By supplying CBDC, the central bank contributes to stabilising the liquidity premium, thereby affecting bank funding conditions and the opportunity costs of money, which dampens and smoothes the reaction of investment and consumption to macroeconomic shocks.
This edition notes slowing growth in the last quarter of 2022 in emerging East Asia’s local currency (LCY) bond market, though aggregate issuance of LCY bonds by these economies reached a record high in 2022.
This publication highlights brighter economic prospects for Asia and the Pacific amid ongoing challenges. It forecasts growth across the region’s developing economies of 4.8% this year and in 2024, up from 4.2% in 2022.
This brief shows how US Federal Reserve interest rate hikes risk sparking a wave of capital withdrawals from Asia’s emerging markets and outlines how speeding up much needed reforms can help governments cushion vulnerable economies.
Inflation; global supply chains; sub-Saharan Africa; shipping costs; monetary policy; core inflation; food prices; oil price
Inflation dynamics; inflation risk; monetary policy; linearized model; nonlinear model; real rigidities
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10.5089/9798400252792.063