Modeling with Macro-Financial Linkages : Credit and Policy Shocks in Emerging Markets /

This paper develops a stylized, small, open economy macro model that incorporates an explicit and non-trivial role for financial intermediation. It illustrates how such a model could be used for policy analysis in an emerging market economy where policymakers are concerned about risks associated wit...

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Bibliografski detalji
Glavni autor: Benes, Jaromir
Daljnji autori: Otker, Inci, Vavra, David
Format: Žurnal
Jezik:English
Izdano: Washington, D.C. : International Monetary Fund, 2009.
Serija:IMF Working Papers; Working Paper ; No. 2009/123
Online pristup:Full text available on IMF
Opis
Sažetak:This paper develops a stylized, small, open economy macro model that incorporates an explicit and non-trivial role for financial intermediation. It illustrates how such a model could be used for policy analysis in an emerging market economy where policymakers are concerned about risks associated with rapid credit growth, financial dollarization, and foreign borrowing, while lacking traditional tools to effect monetary policy transmission, and hence could resort to more direct instruments, such as foreign exchange market intervention and regulatory and administrative measures. Calibrating the model to a stylized emerging European economy, the paper simulates real and financial sector implications of various external and policy-related shocks that could be used as input for monetary policy making.
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Opis:1 online resource (34 pages)
Format:Mode of access: Internet
ISSN:1018-5941
Pristup:Electronic access restricted to authorized BRAC University faculty, staff and students