THE FINANCIAL CRISIS, FINANCIAL SYSTEM INSTABILITY AND MONETARY TRANSMISSION MECHANISM
نویسندگان
چکیده
منابع مشابه
Crisis Transmission: Global Financial Crisis
The aim of this paper is to explore, empirically, the channels of crisis transmission with regard to the Global financial crisis. EMP-based crisis proxy is used for eight countries, which include Argentina, Brazil, Canada, Indonesia, Japan, Korea, Mexico and Russia. The period considered for estimation was Q1 2001 Q2 2010. Based on the Vector AutoRegression (VAR) and Ordinary Least Squares (OLS...
متن کاملFinancial Globalization and Monetary Transmission
This paper analyzes the way in which international …nancial integration a¤ects the transmission of monetary policy in a New Keynesian open economy framework. It extends Woodford's (2010) analysis to a model with a richer …nancial markets structure, allowing for international trading in multiple assets and subject to …nancial intermedia-tion costs. Two di¤erent forms of …nancial integration are ...
متن کاملMonetary Policy, Fiscal Policy, and the Efficiency of Our Financial System: Lessons from the Financial Crisis
I am enormously grateful to Rich Clarida and Jeff Fuhrer for their kind and thoughtful initiative, first in conceiving the idea for this conference and then in organizing it so successfully; to Eric Rosengren and the Federal Reserve Bank of Boston for the marvelous hospitality we have all enjoyed these past two days; to the many fine economists who devoted their valuable time to writing papers ...
متن کاملFinancial instability, oligopolistic banking, and monetary growth
This paper analyses the dynamics of a monetary economy which is characterized by increasing returns to scale in ...nancial intermediation. Due to the non–convexity, two stationary monetary equilibria may exist. The ...rst equilibrium is a saddle with high economic activity and high competition in banking. In the second equilibrium, competition between banks and economic activity are low. Under ...
متن کاملMonetary policy in a financial crisis
What are the economic effects of an interest rate cut when an economy is in the midst of a financial crisis? Under what conditions will a cut stimulate output and employment, and raise welfare? Under what conditions will a cut have the opposite effects? We answer these questions in a general class of open economy models, where a financial crisis is modelled as a time when collateral constraints...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: JOURNAL OF INTERNATIONAL STUDIES
سال: 2011
ISSN: 2071-8330,2306-3483
DOI: 10.14254/2071-8330.2011/4-1/3