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In the post-global financial crisis period, the central banks of the advanced economies pursued unconventional monetary policies, such as the United States (U.S.) Federal Reserve’s quantitative easing (QE). Those policies and their unwinding may significantly affect cross-border capital flows and thus destabilize the financial systems of emerging markets. For example, emerging markets experienced substantial financial instability during the taper tantrum triggered by U.S. Federal Reserve Chairman Ben Bernanke’s May 2013 announcement of the potential unwinding of QE. In this article, we examine the spillovers from the taper tantrum on emerging markets more rigorously by using econometric analysis to empirically assess the effect on equity markets in emerging markets. Our central finding that virtually all emerging-market equity markets were affected by the taper tantrum highlights the need for emerging-market authorities to remain vigilant about the effects of advanced-economy monetary policies on their financial stability. 相似文献
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Before the 2008 global financial crisis, bank monitoring focused primarily on risks to individual institutions, or what are generally referred to as prudential risks. Regulators thus failed to consider that a buildup of macroeconomic risks and vulnerabilities could pose systemic risk to the financial sector. The global credit crisis showed the inadequacy of purely prudential surveillance systems and the need for bank supervisors to better detect the buildup of macroeconomic risks before they can threaten the financial system. This article presents an empirical framework for analyzing how effectively macroprudential policies control credit growth, leverage growth, and housing price appreciation. Two significant findings emerge. Broadly, macroprudential policies can indeed promote financial stability in Asia. More specifically, different types of macroprudential policies are proved effective for different types of macroeconomic risks. 相似文献
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Evolution of Bilateral Capital Flows to Developing Countries at Intensive and Extensive Margins
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JULIANA D. ARAUJO POVILAS LASTAUSKAS CHRIS PAPAGEORGIOU 《Journal of Money, Credit and Banking》2017,49(7):1517-1554
Motivated by the rise in capital flows to low‐income countries (LICs), we examine the nature of these flows and the factors affecting foreign investors' decision. Recognizing the presence of fixed investment costs, we analyze capital flows at both intensive and extensive margins. To fix ideas, we resort to the gravity literature for the estimating relationships which we embed into a two‐tier econometric framework with cross‐sectional dependence. Our main finding is that market entry costs are statistically and economically very detrimental to LICs. We also obtain the gravity‐type relationship for the destination income unconditionally but not after conditioning on relevant variables, as well as establish labor productivity as a robust attractor of capital inflows. 相似文献
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We investigate the relationship between internationalization and the level of debt financing for more than 18,000 firm/year observations from thirty-one developing countries in the period 1991-2006. We argue that this relationship can be affected by both country-level and firm-level factors. The results show that in developing countries with relatively higher financial development, firm internationalization corresponds with a greater level of debt when firms have more growth opportunities (which also indicate a higher level of asymmetric information). This evidence suggests that relatively developed financial markets in developing countries at least partially mitigate the effect of asymmetric information and decrease the agency cost of debt for firms with higher levels of internationalization. 相似文献
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王东风 《广东金融学院学报》2009,24(2):43-49,128
随着国际资本流动规模的日益庞大,其易变性的破坏力也越来越大,而且在新兴市场国家表现得尤为强烈,这加剧了新兴市场国家金融脆弱性。国际资本易变性从冲击货币稳定、影响国际收支的可维持性以及国际游资对金融市场的高度投机三个方面加剧了新兴市场金融脆弱性。它在新兴市场表现尤为强烈的原因在于新兴市场的不稳定性和不成熟性。 相似文献
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众所周知,跨境资本无序流动容易诱发金融危机,相对于平常流动,极端流动与金融危机发生的关系更加密切。通过测算,短期资本是影响我国跨境资本流动形势的重要因素,因此我们需要对短期资本极端流动进行有效管理。本文进一步测算了我国短期跨境资本净流入的极端波动情况,运用累积分布函数模型分别分析影响激增和急停发生概率的宏观因素,同时通过回测验证了模型具有一定的预测能力,最后根据实证结果提出针对短期跨境资本极端流动实施管理的政策建议。 相似文献
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TATJANA DAHLHAUS KRISTINA HESS ABEER REZA 《Journal of Money, Credit and Banking》2018,50(2-3):545-563
The U.S. Federal Reserve responded to the great recession by implementing quantitative easing, or large‐scale asset purchases, when its conventional policy rate reached the zero lower bound. We assess the international spillover effects of this quantitative easing program on the Canadian economy in a factor‐augmented vector autoregression (FAVAR) framework, by considering a counterfactual scenario in which the Federal Reserve's long‐term asset holdings do not rise in response to the recession. We find that U.S. quantitative easing boosted Canadian output, mainly through the financial channel. 相似文献