"Systemic Risk, SMEs’ Government-Supported Financing for Inclusive Growth and the Limit of Monetary Policy"

2018 ◽  
Vol 40 (4) ◽  
pp. 95-116
Author(s):  
Chong-Ook Rhee
Keyword(s):  
Monetary Policy ◽  
Systemic Risk ◽  
Inclusive Growth

scholarly journals Fiscal-Monetary-Financial Stability Interactions in a Data-Rich Environment

2018 ◽  
Vol 18 (3) ◽  
pp. 195-224 ◽  
Author(s):  
Martin Hodula ◽  
Lukáš Pfeifer
Keyword(s):  
Monetary Policy ◽  
Systemic Risk ◽  
Financial Stability ◽  
House Prices ◽  
Empirical Support ◽  
Financial Sector ◽  
Economic Policies ◽  
Real Economy ◽  
Monetary Policies ◽  
Fiscal And Monetary Policy

Abstract In this paper, we shed some light on the mutual interplay of economic policy and the financial stability objective. We contribute to the intense discussion regarding the influence of fiscal and monetary policy measures on the real economy and the financial sector. We apply a factor-augmented vector autoregression model to Czech macroeconomic data and model the policy interactions in a data-rich environment. Our findings can be summarized in three main points: First, loose economic policies (especially monetary policy) may translate into a more stable financial sector, albeit only in the short term. In the medium term, an expansion-focused mix of monetary and fiscal policy may contribute to systemic risk accumulation, by substantially increasing credit dynamics and house prices. Second, we find that fiscal and monetary policy impact the financial sector in differential magnitudes and time horizons. And third, we confirm that systemic risk materialization might cause significant output losses and deterioration of public finances, trigger deflationary pressures, and increase the debt service ratio. Overall, our findings provide some empirical support for countercyclical fiscal and monetary policies.

scholarly journals MONETARY POLICY OF THE REPUBLIC OF KAZAKHSTAN

2019 ◽  
Vol 7 (5) ◽  
pp. 103-110
Author(s):  
Ilyasova Gulmira Garifollaevna ◽  
Bekmukhametova Assemgul Bauirzhanovna
Keyword(s):  
Sustainable Development ◽  
Monetary Policy ◽  
Central Banks ◽  
Inclusive Growth ◽  
External Shocks ◽  
Credit Policy ◽  
Methodological Research ◽  
National Bank ◽  
The Republic ◽  
Near Future

Purpose: Currently due to Kazakhstan's high vulnerability to external shocks, Kazakhstan needs new growth factors to accelerate and provide more inclusive growth. The National Bank of Kazakhstan, as the central bank, is responsible for the development and implementation of state monetary and credit policy within the framework of powers provided by current legislation. Objectives of monetary policy are primarily carried out to achieve this goal. Restoration of trust to actions of economic authorities is possible only if a balanced and responsible policy, supported by concrete actions and results, is implemented. Methodology: This study provides a literature review of domestic and foreign authors, who conducted the study of monetary policy of Central Banks of countries in various aspects of international experience.  The study gives an analytical overview of the current monetary policy of the Republic of Kazakhstan. Main Findings: The study discusses the importance of Kazakhstan’s monetary-credit regulation as only by means of effective monetary policy state can mitigate economic crises, restrain inflation growth and stimulate investments in various sectors of country's economy. The studies are systematized theoretical and methodological research aspects of the monetary policy of Kazakhstan of which the conclusions and recommendations proposed to improve the economy of our country. Implications/Applications:  This suggests that we should work in the near future, look for drivers of growth, so as to ensure not just an anti-crisis manual management of the economy, but to enter the rails of sustainable development.

scholarly journals Liberia

2021 ◽  
Vol 21 (9) ◽  
Author(s):  
Keyword(s):  
Monetary Policy ◽  
Exchange Rate ◽  
Central Bank ◽  
Financial Management ◽  
Purchasing Power ◽  
Inclusive Growth ◽  
Public Financial Management ◽  
The Poor ◽  
Bank Financing ◽  
High Inflation

Restoring macroeconomic stability, providing a foundation for sustainable inclusive growth, and addressing weaknesses in governance remain the main objectives of this program. While allowing for a slight fiscal loosening to meet humanitarian needs during the COVID-19 pandemic, tight monetary policy, much improved public financial management, domestic revenue mobilization, and zero central bank financing have supported the administration’s efforts to achieve price and exchange rate stability. This has helped to preserve the purchasing power of the poor who were the most affected by the high inflation environment at the program’s inception. The authorities consider bringing the ECF-supported program back on track of utmost importance and are committed to their development plan, the Pro-Poor Agenda for Prosperity and Development (PAPD).

Monetary Policy and Systemic Risk

2015 ◽  
pp. 291-328
Author(s):  
Xavier Freixas ◽  
Luc Laeven ◽  
José-Luis Peydró
Keyword(s):  
Monetary Policy ◽  
Systemic Risk

Shadow banking, monetary policy and systemic risk

2020 ◽  
pp. 1-22
Author(s):  
Xiao-Li Gong ◽  
Xiong Xiong ◽  
Wei Zhang
Keyword(s):  
Monetary Policy ◽  
Systemic Risk ◽  
Shadow Banking

scholarly journals Monetary Policy and Cyclical Systemic Risk - Friends or Foes?

2018 ◽  
Vol 27 (5) ◽  
pp. 522-540 ◽  
Author(s):  
Łukasz Kurowski ◽  
Paweł Smaga
Keyword(s):  
Monetary Policy ◽  
Systemic Risk

scholarly journals Review of the Bank of Russia – NES Workshop ‘Main Challenges in Banking: Risks, Liquidity, Pricing, and Digital Currencies’

2021 ◽  
Vol 80 (4) ◽  
pp. 124-136
Author(s):  
Ivan Khotulev ◽  
Keyword(s):  
Monetary Policy ◽  
Central Bank ◽  
Systemic Risk ◽  
Credit Spreads ◽  
Information Flows ◽  
Real Economy ◽  
The Real ◽  
Market Participants ◽  
Central Bankers ◽  
Liquidity Pricing

In October 2021, the Bank of Russia and the New Economic School (NES) hosted a joint international online workshop titled ‘Main Challenges in Banking: Risks, Liquidity, Pricing, and Digital Currencies’. Five papers were presented. They addressed various issues in banking which are currently of paramount importance to central bankers, market participants, and academics: the connections between systemic risk and the real economy, the digitalisation of finance and information asymmetries, credit spreads and monetary policy, the improvement of information flows and outcomes in credit markets, the introduction of central bank digital currencies, and bank intermediation.

Monetary policy and systemic risk-taking in the euro area banking sector

2020 ◽  
Vol 91 ◽  
pp. 736-758 ◽  
Author(s):  
Alain Kabundi ◽  
Francisco Nadal De Simone
Keyword(s):  
Monetary Policy ◽  
Euro Area ◽  
Risk Taking ◽  
Systemic Risk ◽  
Banking Sector
Sign in / Sign up

Export Citation Format

Share Document