scholarly journals Dealing with Quantitative Easing Spillovers in East Asia: The Role of Institutions and Macroprudential Policy

2016 ◽  
Author(s):  
Ayako Saiki ◽  
Ulrich Volz
Keyword(s):  
East Asia ◽  
Quantitative Easing ◽  
Macroprudential Policy

The Impact of Quantitative Easing on Emerging Markets – Literature Review

e-Finanse ◽  
2018 ◽  
Vol 14 (4) ◽  
pp. 67-76
Author(s):  
Piotr Bartkiewicz
Keyword(s):  
Emerging Markets ◽  
Large Scale ◽  
Empirical Literature ◽  
Quantitative Easing ◽  
Methodological Choices ◽  
The Subject ◽  
Methodological Approaches ◽  
The Impact ◽  
Sufficient Precision

AbstractThe article presents the results of the review of the empirical literature regarding the impact of quantitative easing (QE) on emerging markets (EMs). The subject is of interest to policymakers and researchers due to the increasingly larger role of EMs in the world economy and the large-scale capital flows occurring after 2009. The review is conducted in a systematic manner and takes into consideration different methodological choices, samples and measurement issues. The paper puts the summarized results in the context of transmission channels identified in the literature. There are few distinct methodological approaches present in the literature. While there is a consensus regarding the direction of the impact of QE on EMs, its size and durability have not yet been assessed with sufficient precision. In addition, there are clear gaps in the empirical findings, not least related to relative underrepresentation of the CEE region (in particular, Poland).

scholarly journals On the Limits of Macroprudential Policy

2020 ◽  
Vol 0 (0) ◽  
Author(s):  
Marcin Kolasa
Keyword(s):  
Monetary Policy ◽  
Policy Instruments ◽  
New Keynesian ◽  
Output Volatility ◽  
Macroprudential Policy ◽  
Collateral Constraints ◽  
Keynesian Model ◽  
Additional Stabilization ◽  
The Interest Rate

AbstractThis paper studies how macroprudential policy tools applied to the housing market can complement the interest rate-based monetary policy in achieving one additional stabilization objective, defined as keeping either economic activity or credit at some exogenous (and possibly time-varying) levels. We show analytically in a canonical New Keynesian model with housing and collateral constraints that using the loan-to-value (LTV) ratio, tax on credit or tax on property as additional policy instruments does not resolve the inflation-output volatility tradeoff. Perfect targeting of inflation and credit with monetary and macroprudential policy is possible only if the role of housing debt in the economy is sufficiently small. The identified limits to the considered policies are related to their predominantly intertemporal impact on decisions made by financially constrained agents, making them poor complements to monetary policy, which also operates at an intertemporal margin. These limits can be overcome if macroprudential policy is instead designed such that it sufficiently redistributes income between savers and borrowers.

‘Chinese’ hegemony from a Korean shi perspective: aretocracy in the early modern East Asia

2020 ◽  
Author(s):  
Inho Choi
Keyword(s):  
Early Modern ◽  
East Asia ◽  
Global Governance ◽  
World Order ◽  
Legitimate Authority ◽  
Normative Influence ◽  
Global Order ◽  
Modern Chinese ◽  
Chinese State

Abstract The study of pre-modern Chinese hegemony is crucial for both theorizing hegemony and envisioning a new global order. I argue the pre-modern Chinese hegemony was a reciprocal rule of virtue, or aretocracy, driven by the transnational sociocultural elites shi. In contrast to the prevailing models of Chinese hegemony, the Early Modern East Asia was not dominated by the unilateral normative influence of the Chinese state. The Chinese and non-Chinese shi as non-statist sociocultural elites co-produced, through their shared civilizational heritage, a hegemonic order in which they had to show excellence in civil virtues to wield legitimate authority. In particular, the Ming and Chosŏn shi developed a tradition of envoy poetry exchanges as a medium for co-constructing Chinese hegemony as aretocracy. The remarkable role of excellent ethos for world order making in Early Modern East Asia compels us to re-imagine how we conduct our global governance.

Role of Snow Depth in the Influence of El Niño on Summer Climate Anomalies over East Asia

2019 ◽  
Author(s):  
Xuguang Sun ◽  
Yanfeng Wang ◽  
Xiu-Qun Yang
Keyword(s):  
East Asia ◽  
El Niño ◽  
Snow Depth ◽  
El Nino ◽  
Climate Anomalies ◽  
Summer Climate

scholarly journals Tropospheric CO vertical profiles measured by IAGOS aircraft in 2002–2017 and the role of biomass burning

2018 ◽  
pp. 1-41
Author(s):  
Hervé Petetin ◽  
Bastien Sauvage ◽  
Mark Parrington ◽  
Hannah Clark ◽  
Alain Fontaine ◽  
...  
Keyword(s):  
East Asia ◽  
Long Range ◽  
Biomass Burning ◽  
South India ◽  
Long Range Transport ◽  
Anthropogenic Emissions ◽  
South East Asia ◽  
Vertical Profiles ◽  
Range Transport

<p><strong>Abstract.</strong> This study investigates the role of biomass burning and long-range transport in the anomalies of carbon monoxide (CO) regularly observed along the tropospheric vertical profiles measured in the framework of IAGOS. Considering the high interannual variability of biomass burning emissions and the episodic nature of pollution long-range transport, one strength of this study is the amount of data taken into account, namely 30,000 vertical profiles at 9 clusters of airports in Europe, North America, Asia, India and southern Africa over the period 2002&amp;ndash;2017. </p> <p> As a preliminary, a brief overview of the spatio-temporal variability, latitudinal distribution, interannual variability and trends of biomass burning CO emissions from 14 regions is provided. The distribution of CO mixing ratios at different levels of the troposphere is also provided based on the entire IAGOS database (125 million CO observations). </p> <p> This study focuses on the free troposphere (altitudes above 2<span class="thinspace"></span>km) where the long-range transport of pollution is favoured. Anomalies at a given airport cluster are here defined as departures from the local seasonally-averaged climatological vertical profile. The intensity of these anomalies varies significantly depending on the airport, with maximum (minimum) CO anomalies of 110&amp;ndash;150 (48)<span class="thinspace"></span>ppbv in Asia (Europe). Looking at the seasonal variation of the frequency of occurrence, the 25<span class="thinspace"></span>% strongest CO anomalies appears reasonably well distributed along the year, in contrast to the 5<span class="thinspace"></span>% or 1<span class="thinspace"></span>% strongest anomalies that exhibit a strong seasonality with for instance more frequent anomalies during summertime in northern United-States, during winter/spring in Japan, during spring in South-east China, during the non-monsoon seasons in south-east Asia and south India, and during summer/fall at Windhoek, Namibia. Depending on the location, these strong anomalies are observed in different parts of the free troposphere. </p> <p> In order to investigate the role of biomass burning emissions in these anomalies, we used the SOFT-IO v1.0 IAGOS added-value products that consist of FLEXPART 20-days backward simulations along all IAGOS aircraft trajectories, coupled with anthropogenic (MACCity) and biomass burning (GFAS) CO emission inventories and vertical injections. SOFT-IO estimates the contribution (in ppbv) of the recent (less than 20 days) primary worldwide CO emissions, tagged per source region. Biomass burning emissions are found to play an important role in the strongest CO anomalies observed at most airport clusters. The regional tags indicate a large contribution from boreal regions at airport clusters in Europe and North America during summer season. In both Japan and south India, the anthropogenic emissions dominate all along the year, except for the strongest summertime anomalies observed in Japan that are due to Siberian fires. The strongest CO anomalies at airport clusters located in south-east Asia are induced by fires burning during spring in south-east Asia and during fall in equatorial Asia. In southern Africa, the Windhoek airport was mainly impacted by fires in southern hemisphere Africa and South America. </p> <p> To our knowledge, no other studies have used such a large dataset of in situ vertical profiles for deriving a climatology of the impact of biomass burning versus anthropogenic emissions on the strongest CO anomalies observed in the troposphere, in combination with information on the source regions. This study therefore provides both qualitative and quantitative information for interpreting the highly variable CO vertical distribution in several regions of interest.</p>

The role of leverage in quantitative easing decisions: Evidence from the UK

2019 ◽  
Vol 47 ◽  
pp. 308-324 ◽  
Author(s):  
Dionisis Philippas ◽  
Stephanos Papadamou ◽  
Iuliana Tomuleasa
Keyword(s):  
Quantitative Easing ◽  
The Uk
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