scholarly journals Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries

Policy Papers ◽  
2015 ◽  
Vol 15 ◽  
Author(s):  
Keyword(s):  
Monetary Policy ◽  
Low Income ◽  
Global Financial Crisis ◽  
Middle Income ◽  
Global Capital ◽  
Middle Income Countries ◽  
Advanced Economies ◽  
Policy Frameworks ◽  
Modernization Process ◽  
The Global Financial Crisis

Over the past two decades, many low- and lower-middle income countries (LLMICs) have improved control over fiscal policy, liberalized and deepened financial markets, and stabilized inflation at moderate levels. Monetary policy frameworks that have helped achieve these ends are being challenged by continued financial development and increased exposure to global capital markets. Many policymakers aspire to move beyond the basics of stability to implement monetary policy frameworks that better anchor inflation and promote macroeconomic stability and growth. Many of these LLMICs are thus considering and implementing improvements to their monetary policy frameworks. The recent successes of some LLMICs and the experiences of emerging and advanced economies, both early in their policy modernization process and following the global financial crisis, are valuable in identifying desirable features of such frameworks. This paper draws on those lessons to provide guidance on key elements of effective monetary policy frameworks for LLMICs.

scholarly journals Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries — Background Paper — Country Experiences

Policy Papers ◽  
2015 ◽  
Vol 15 ◽  
Author(s):  
Keyword(s):  
Developing Countries ◽  
Monetary Policy ◽  
Low Income ◽  
Currency Unions ◽  
Policy Regimes ◽  
Franc Zone ◽  
Advanced Economies ◽  
Policy Frameworks ◽  
Modernization Process ◽  
Rich Countries

This background paper focuses on the experiences of evolving monetary policy frameworks in nine individual countries and three thematic groupings of countries. The country case studies are complemented by analyses of common issues faced by countries in currency unions in the CFA franc zone, selected resource rich countries, and advanced economies and emerging markets during their modernization process of monetary policy regimes. Finally, the background paper also contains a discussion on the benefits of effective communication in conducting monetary policy.

Conclusions

2017 ◽  
Author(s):  
Yilmaz Akyüz
Keyword(s):  
Monetary Policy ◽  
Financial Crisis ◽  
Interest Rates ◽  
Global Financial Crisis ◽  
Developing Economies ◽  
Quantitative Easing ◽  
Unconventional Monetary Policy ◽  
Advanced Economies ◽  
The Global Financial Crisis ◽  
Zero Bound

The preceding chapters have examined the deepened integration of emerging and developing economies (EDEs) into the international financial system in the new millennium and their changing vulnerabilities to external financial shocks. They have discussed the role that policies in advanced economies played in this process, including those that culminated in the global financial crisis and the unconventional monetary policy of zero-bound interest rates and quantitative easing adopted in response to the crisis, as well as policies in EDEs themselves....

What do we (not) know about the effectiveness of the monetary policy tools in the modern world?

2021 ◽  
pp. 5-34
Author(s):  
E. L. Goryunov ◽  
S. M. Drobyshevsky ◽  
V. A. Mau ◽  
P. V. Trunin
Keyword(s):  
Monetary Policy ◽  
Phillips Curve ◽  
Global Financial Crisis ◽  
Dominant Role ◽  
Modern World ◽  
Policy Tools ◽  
Real Rate ◽  
Advanced Economies ◽  
Monetary Policy Effectiveness ◽  
The Global Financial Crisis

Monetary policy played a dominant role in ensuring macroeconomic stability in the advanced economies for two decades, from the mid-1980s to 2007, and appeared to be a very effective tool for smoothing economic cycles and maintaining price stability. After the global financial crisis of 2007—2009 the effectiveness of monetary policy was put under question, since it did not succeed in ensuring rapid economic recovery in the advanced economies despite massive use of both conventional and unconventional monetary tools. The paper addresses the factors which are responsible for the weakening of the monetary policy effectiveness including global disinflation, the Phillips curve flattening, the effective lower bound problem and the neutral real rate decline. Unconventional monetary policy tools, such as the “helicopter money”, targeted refinancing and other prospective tools, are analyzed. We critically assess recommendations of the Modern Monetary Theory (MMT) as the most consistent heterodox theory. Based on the analysis, we draw conclusions about the possibility of monetary policy weakening in Russia in the foreseeable future and desirability of the implementation of the hybrid fiscal-monetary measures.

Is Globalization Reducing the Ability of Central Banks to Control Inflation? A Literature Review with an Application to the Euro Area

2016 ◽  
Vol 67 (3) ◽  
Author(s):  
Salomon Fiedler ◽  
Nils Jannsen ◽  
Stefan Reitz ◽  
Maik Wolters
Keyword(s):  
Monetary Policy ◽  
Literature Review ◽  
Euro Area ◽  
Global Financial Crisis ◽  
Central Banks ◽  
Price Stability ◽  
Review Of The Literature ◽  
Inflation Target ◽  
Advanced Economies ◽  
The Global Financial Crisis

AbstractGlobalization influences inflation and the transmission channels of monetary policy in various ways. The effects of globalization on the ability of monetary policy to control inflation have been discussed intensively. However, in the light of recent experiences following the global financial crisis with extended periods of disinflation in many advanced economies, the question whether the ability of monetary policy to control inflation has suffered significantly from increasing globalization has received new relevance. Based on a review of the literature, this paper discusses whether globalization is reducing the ability of central banks to control inflation and draws conclusion for the current situation in the euro area. We find that globalization has made it more complicated for central banks to ensure price stability and that it has tended to reduce the ability of monetary policy to control inflation in the short- to medium-run. However, in principle the ECB is still able to control inflation but may have to tolerate deviations from its inflation target for somewhat longer periods.

scholarly journals The Global Financial Crisis and Healthcare Inequality in Japan

2021 ◽  
Author(s):  
Sayaka Sakoda ◽  
Masaoki Tamura ◽  
Naohiko Wakutsu
Keyword(s):  
Health Care ◽  
Financial Crisis ◽  
Low Income ◽  
Global Financial Crisis ◽  
Health Care Expenditure ◽  
Care Needs ◽  
Middle Income ◽  
Income Class ◽  
The Rich ◽  
The Global Financial Crisis

AbstractThe aim of this study is to clarify whether health-care inequality in Japan widens during a depression, even though Japan has a universal health-care system. To this end, we investigate the time-series fluctuations in health-care expenditure inequalities in Japan for the period 2008–2017, which includes the period during which the global financial crisis affected Japan. We construct an economy-wide inequality index comparing the actual health-care expenditure at various income levels (low, middle and high) against the estimated health-care needs. The findings of the study are as follows. First, the rich (the top 20% income class) spend far more than their estimated needs on health care, whereas the poor (bottom 20%) spend far less. Second, during the global financial crisis, health-care inequality especially among the working generation became greater in Japan, mainly because not only the low-income class but also the middle-income class (the bottom 30–60%) was unable to pay for health care.

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