Should Unconventional Balance Sheet Policies Be Added To The Central Bank Toolkit A Review Of The Experience So Far
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Should Unconventional Balance Sheet Policies Be Added to the Central Bank toolkit? a Review of the Experience so Far
Author: Mr.Mark R. Stone
language: en
Publisher: International Monetary Fund
Release Date: 2011-06-01
What is the case for adding the unconventional balance sheet policies used by major central banks since 2007 to the standard policy toolkit? The record so far suggests that the new liquidity providing policies in support of financial stability generally warrant inclusion. As the balance sheet policies aimed at macroeconomic stability were used only by a small number of highly credible central banks facing a lower bound constraint on conventional interest rate policy, they are not relevant for most central banks or states of the world. Best practices of these policies are documented in this paper.
Responding to Financial Crisis
Author: Adam S. Posen
language: en
Publisher: Peterson Institute for International Economics
Release Date: 2013
The Asian financial crisis of 1997–98 was devastating for the region, but policymakers at least believed that they gained a great deal of knowledge on how to prevent, mitigate, and resolve crises in the future. Fifteen years later, the Asian developing countries escaped the worst effects of the global crisis of 2008–10, in part because they had learned the right lessons from their own experience. In this important study, the Asian Development Bank and Peterson Institute for International Economics join forces to illuminate the con¬trast between Asia’s performance during the more recent crisis with its performance during its own crisis and the gap between what the United States and European Union leaders recommended to Asia then and what they have practiced on themselves since then. The overriding lessons emerging from the essays in this volume are that countries need to prepare for crises as if they cannot be prevented, make room for stabili¬zation policies and deploy them rapidly when crises hit, and address the need for self-insurance globally if they can, or regionally if they must. Contributors include Simon Johnson, William R. Cline, Joseph E. Gagnon, Stephan Haggard, Masahiro Kawai, Peter Morgan, Donghyun Park, Arief Ramayandi, Kwanho Shin, Edwin M. Truman, Shahin Vallee, Changyong Rhee, and Lea Sumulong
The Foreign Exchange Matrix
Author: Barbara Rockefeller
language: en
Publisher: Harriman House Limited
Release Date: 2013-02-11
The foreign exchange market is huge, fascinating and yet widely misunderstood by participants and non-participants alike. This is because its unanswered questions are numerous. For instance, what is the purpose of the $4 trillion per day trading volume? What determines currency trends and who are the players in the FX arena? Does FX drive other financial markets, or is it the passive end-product of all the other markets? FX is without clear supply and demand factors, so how do traders determine sentiment and price direction? Much is written in an effort to answer these questions, but a lot of it is just noise. In the 12 pieces here, Barbara Rockefeller and Vicki Schmelzer draw on their combined 50 years' experience in foreign exchange to cut through the clutter and provide an elegant and razor-sharp look at this market. Their analysis is accurate, useful and enlivened by many anecdotes and examples from historic market events. They cover: - How the matrix concept can help observers understand foreign exchange market action - What professional FX traders take into consideration before entering into positions - Whether the FX market can be forecast - The interplay between foreign exchange and other financial markets - How technology has levelled the playing field between big and small players, and at what cost - Whether the prospect of reserve currency diversification away from the dollar is likely - The toolkit that central banks use to manage national economies and the effect of this on currencies 'The Foreign Exchange Matrix' is the go-to book for anyone seeking a deeper understanding of the world of foreign exchange.