Capital flows, financial intermediation and macroprudential policies /

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Bibliographic Details
Author / Creator:	Ghilardi, Matteo F.
Imprint:	[Washington, D.C.] : International Monetary Fund, ©2014.
Description:	1 online resource (31 pages) : color illustrations
Language:	English
Series:	IMF working paper ; WP/14/157 IMF working paper ; WP/14/157.
Subject:	Capital movements -- Asia -- Econometric models. Intermediation (Finance) -- Asia -- Econometric models. Banks and banking -- Risk management -- Asia -- Econometric models. Financial risk management -- Asia -- Econometric models. Capital movements -- Econometric models. Intermediation (Finance) -- Econometric models. Asia. Electronic books.
Format:	E-Resource Book
URL for this record:	http://pi.lib.uchicago.edu/1001/cat/bib/12503259

Hidden Bibliographic Details
Other authors / contributors:	Peiris, Shanaka J. (Shanaka Jayanath), 1975- author. International Monetary Fund. Asia and Pacific Department, issuing body. International Monetary Fund. Research Department, issuing body. International Monetary Fund. Strategy, Policy, and Review Department, issuing body.
ISBN:	9781498377126 1498377122
Notes:	"August 2014"--Page 2 of pdf. "Asia Pacific Department, Research Department and Strategy, Policy and Review Department"--Page 2 of pdf. Includes bibliographical references (pages 28-30). Online resource; title from pdf title page (IMF.org Web site, viewed on August 25, 2014).
Summary:	This paper develops an open-economy DSGE model with an optimizing banking sector to assess the role of capital flows, macro-financial linkages, and macroprudential policies in emerging Asia. The key result is that macro-prudential measures can usefully complement monetary policy. Countercyclical macroprudential polices can help reduce macroeconomic volatility and enhance welfare. The results also demonstrate the importance of capital flows and financial stability for business cycle fluctuations as well as the role of supply side financial accelerator effects in the amplification and propagation of shocks. --Abstract.

Table of Contents:

Cover; Table of Contents; I. Introduction; II. Background; Figures; Figure 1. Non-Residents Non-FDI Inflows to Asia; Figure 2. Net Asia Capital Flows; Figure 3. EM Asia: Response to Increase in Net Capital Inflows; Figure 4. EM Asia: Response to Real Cost of Equity; Figure 5. EM Asia: Response to Credit to Private Sector; III. Literature Review; IV. The Model; A. Households; B. The Banking Sector; C. Non-Financial Firms; D. Central Bank; E. Equilibrium and Foreign Asset Accumulation; V. Macroprudential Policy; VI. Calibration; VII. The Role of Macroprudential Policy in Reducing Procyclicality.
TablesTable 1. Calibration; Figure 6. Impulse Response Functions to a Foreign Borrowing Shock; Figure 7. Impulse Response Functions to a Bank Capital Shock; Figure 8. Impulse Response Functions to a Technology Shock; Figure 9. Impulse Response Functions to a Monetary Policy Shock; VIII. Macroprudential and Monetary Policy Interactions; Figure 10. Impulse Response Functions to an Asset Price Shock; Table 2. Parameters of the Policy Rule; Table 3. Performance of Different Taylor Rules; IX. Conclusion; References.

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