Abstract

http://ssrn.com/abstract=1967114
 


 



The Influence of External Factors on Monetary Policy Frameworks and Operations


Renzo Rossini


Central Reserve Bank of Peru

Zenon Quispe


Central Reserve Bank of Peru

Donita Rodríguez


affiliation not provided to SSRN

Diwa C. Guinigundo


Central Bank of the Philippines - Monetary Stability Sector

Piotr Banbula


National Bank of Poland

Witold Koziński


National Bank of Poland

Michał Rubaszek


National Bank of Poland; Warsaw School of Economics (SGH)

Abdulrahman Al-Hamidy


Saudi Arabian Monetary Agency

Mahir Binici


Central Bank of Turkey

Mehmet Yorukoglu


University of Chicago - Department of Economics; University of Rochester

Dubravko Mihaljek


Bank for International Settlements (BIS) - Monetary and Economic Department

Elod Takats


Bank for International Settlements (BIS)

Andrew J. Filardo


Bank for International Settlements (BIS) - Monetary and Economic Department

Guonan Ma


Bank for International Settlements (BIS)

Ramon Moreno


Bank for International Settlements (BIS)

Agne Subelyte


Bank for International Settlements (BIS)

Miguel Angel Pesce


Central Bank of Argentina

Kevin Cowan


Inter-American Development Bank (IDB)

Carla Valdivia


affiliation not provided to SSRN

Xiaoyi Wang Sr.


affiliation not provided to SSRN

Hernando Vargas H.


Independent

Mojmir Hampl


Czech National Bank (CNB)

Michal Skorepa


Institute of Economic Studies

Aron Gereben


affiliation not provided to SSRN

Karvalits Ferenc


affiliation not provided to SSRN

Zalan Kocsis


Independent

Subir Gokarn


affiliation not provided to SSRN

Bhupal Singh


Reserve Bank of India

Zvi Eckstein


Tel Aviv University - Eitan Berglas School of Economics; Centre for Economic Policy Research (CEPR); Institute for the Study of Labor (IZA)

Amit Friedman


affiliation not provided to SSRN

Sukudhew Singh


affiliation not provided to SSRN

José Sidaoui


Bank of Mexico

Manuel Ramos-Francia


Banco de México

J. Gabriel Cuadra Garcia


affiliation not provided to SSRN

Agustin Villar


Bank for International Settlements (BIS)

Jong H. Kim


affiliation not provided to SSRN

October 1, 2011

BIS Paper No. 57

Abstract:     
Economic and financial integration has reshaped the monetary policy frameworks and transmission channels in the emerging market economies (EMEs) over the past two decades. Economic and financial linkages have become stronger, resulting in greater synchronization of business cycles across advanced and emerging market economies. This has led to the faster transmission of shocks, especially through financial channels.

Against this background, the 16th annual meeting of Deputy Governors from the major emerging market economies, held at the BIS in Basel in February 2011, addressed the question of how external factors had affected monetary policy in EMEs over the past few years. The present volume brings together papers prepared for that meeting. The discussion was organized around four broad topics: international banks, new liquidity rules and monetary policy in EMEs; exchange rates and monetary policy frameworks in EMEs; the implications of foreign exchange market intervention for central bank balance sheets; and additional supporting policies that central banks can use to address the policy dilemmas from the influence of external factors.

One of the main conclusions of the meeting was that financial globalization has multiplied the number of transmission channels and associated risks through which external factors influence domestic economic and financial conditions in EMEs. This complicates the assessment of the outlook for inflation and growth. It also introduces an additional dimension - the evaluation of financial stability risks - to the objectives of central banks. Monetary policy in EMEs has become much more complex as a result.

Number of Pages in PDF File: 350

JEL Classification: E42, E44, E52, E58, F31, F34, F36, F42, F53, G21, G28, P52

Accepted Paper Series





Download This Paper

Date posted: February 8, 2012  

Suggested Citation

Rossini, Renzo and Quispe, Zenon and Rodríguez, Donita and Guinigundo, Diwa C. and Banbula, Piotr and Koziński, Witold and Rubaszek, Michał and Al-Hamidy, Abdulrahman and Binici, Mahir and Yorukoglu, Mehmet and Mihaljek, Dubravko and Takats, Elod and Filardo, Andrew J. and Ma, Guonan and Moreno, Ramon and Subelyte, Agne and Pesce, Miguel Angel and Cowan, Kevin and Valdivia, Carla and Wang, Xiaoyi and H., Hernando Vargas and Hampl, Mojmir and Skorepa, Michal and Gereben, Aron and Ferenc, Karvalits and Kocsis, Zalan and Gokarn, Subir and Singh, Bhupal and Eckstein, Zvi and Friedman, Amit and Singh, Sukudhew and Sidaoui, José and Ramos-Francia, Manuel and Cuadra Garcia, J. Gabriel and Villar, Agustin and Kim, Jong H., The Influence of External Factors on Monetary Policy Frameworks and Operations (October 1, 2011). BIS Paper No. 57. Available at SSRN: http://ssrn.com/abstract=1967114

Contact Information

Renzo Rossini
Central Reserve Bank of Peru
Jirón Miroquesada 441
Lima, Lima 1
Peru
Zenon Quispe
Central Reserve Bank of Peru ( email )
Jirón Miroquesada 441
Lima, Lima 1
Peru
Donita Rodríguez
affiliation not provided to SSRN
No Address Available
Diwa C. Guinigundo
Central Bank of the Philippines - Monetary Stability Sector
Philippines
Piotr Banbula
National Bank of Poland ( email )
00-919 Warsaw
Poland
Witold Koziński
National Bank of Poland
00-919 Warsaw
Poland
Michal Rubaszek
National Bank of Poland ( email )
00-919 Warsaw
Poland
Warsaw School of Economics (SGH) ( email )
Niepodleglosci 162
PL-Warsaw, 02-554
Poland
Abdulrahman Al-Hamidy
Saudi Arabian Monetary Agency
Saudi Arabia
Mahir Binici
Central Bank of Turkey ( email )
Ankara
Turkey
Mehmet Yorukoglu
University of Chicago - Department of Economics ( email )
1126 East 59th Street
Chicago, IL 60637
United States
773-702-8254 (Phone)
University of Rochester
Rochester, NY 14627
United States
Dubravko Mihaljek (Contact Author)
Bank for International Settlements (BIS) - Monetary and Economic Department ( email )
Centralbahnplatz 2
CH-4002 Basel
Switzerland
Elod Takats
Bank for International Settlements (BIS) ( email )
Centralbahnplatz 2
Basel, Basel-Stadt 4002
Switzerland
Andrew J. Filardo
Bank for International Settlements (BIS) - Monetary and Economic Department ( email )
Centralbahnplatz 2
CH-4002 Basel
Switzerland
Guonan Ma
Bank for International Settlements (BIS) ( email )
CH-4002 Basel, Basel-Stadt
Switzerland
Ramon Moreno
Bank for International Settlements (BIS) ( email )
CH-4002 Basel, Basel-Stadt
Switzerland
Agne Subelyte
Bank for International Settlements (BIS) ( email )
Miguel Angel Pesce
Central Bank of Argentina
Reconquista 266
Edificio Central, piso 7
Buenos Aires, 1003
United States
Kevin Cowan
Inter-American Development Bank (IDB) ( email )
1300 New York Avenue NW
Washington, DC 20577
United States
202-623-2607 (Phone)
Carla Valdivia
affiliation not provided to SSRN
No Address Available
Xiaoyi Wang Sr.
affiliation not provided to SSRN ( email )
Hernando Vargas H.
Independent
No Address Available
United States
Mojmir Hampl
Czech National Bank (CNB)
Na Prikope 28
CZ-11503 Praha 1
Czech Republic
Michal Skorepa
Institute of Economic Studies ( email )
Opletalova St. 26
Prague, 11000
Czech Republic
Aron Gereben
affiliation not provided to SSRN ( email )
Karvalits Ferenc
affiliation not provided to SSRN ( email )
Zalan Kocsis
Independent ( email )
No Address Available
United States
Subir Gokarn
affiliation not provided to SSRN
No Address Available
Bhupal Singh
Reserve Bank of India ( email )
Mumbai, Maharashtra 400001
India
91-22-25690041 (Phone)
Zvi Eckstein
Tel Aviv University - Eitan Berglas School of Economics ( email )
P.O. Box 39040
Ramat Aviv, Tel Aviv, 69978
Israel
+972 3 640 9914 (Phone)
+972 3 640 9908 (Fax)
Centre for Economic Policy Research (CEPR)
77 Bastwick Street
London, EC1V 3PZ
United Kingdom
Institute for the Study of Labor (IZA)
P.O. Box 7240
Bonn, D-53072
Germany
Amit Friedman
affiliation not provided to SSRN
No Address Available
Sukudhew Singh
affiliation not provided to SSRN
No Address Available
José Sidaoui
Bank of Mexico
Av. 5 de Mayo 18
Piso 4
Mexico City, 06059
Mexico
Manuel Ramos-Francia
Banco de México
J. Gabriel Cuadra Garcia
affiliation not provided to SSRN ( email )
Agustin Villar
Bank for International Settlements (BIS) ( email )
Centralbahnplatz 2
Basel, Basel-Stadt 4002
Switzerland
Jong H. Kim
affiliation not provided to SSRN ( email )
Feedback to SSRN


Paper statistics
Abstract Views: 1,189
Downloads: 157
Download Rank: 114,198

© 2014 Social Science Electronic Publishing, Inc. All Rights Reserved.  FAQ   Terms of Use   Privacy Policy   Copyright   Contact Us
This page was processed by apollo7 in 0.500 seconds