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Full Description
Barely two decades after the Asian financial crisis Asia was suddenly confronted with multiple challenges originating outside the region: the 2008 global financial crisis, the European debt crisis, and finally developed economies' implementation of unconventional monetary policies. The implementation of quantitative easing, ultra-low interest rate policies, and negative interest rate policies by a number of large central banks has given rise to concerns over financial stability and international capital flows. Macroeconomic Shocks and Unconventional Monetary Policy: Impacts on Emerging Markets explains how shocks stemming from the global financial crisis have affected macroeconomic and financial stability in emerging Asia.
Macroeconomic Shocks and Unconventional Monetary Policy: Impacts on Emerging Markets brings together the most up-to-date knowledge impacts of recent macroeconomic shocks on Asia's real economy; the spillover effects of macroeconomic shocks on financial markets and flows in Asia; and key challenges for monetary, exchange rate, trade and macro prudential policies of developing Asian economies. It is authored by experts in the field of international macroeconomics from leading academic institutions, central banks, and international organizations including the International Monetary Fund, the Bank for International Settlement, and the Asian Development Bank Institute.
Contents
Part I: Overview: The Empirics of Spillovers
1: Pornpinun Chantapacdepong, Matthias Helble, and Naoyuki Yoshino: An Overview of the Issues and the Book
2: Atish R. Ghosh and Mahvash S. Qureshi: Capital Flow Surges and Consequences
Part II: Mechanism Driving Financial Spillovers during the Recent Crisis: Price-Oriented and Quantity-Oriented
3: Peter Tillmann: Uncertainty about Federal Reserve Policy and its Transmission to Emerging Economies: Evidence from Twitter
4: Shin-Ichi Fukuda: Spillover Effects of Japan's Quantitative and Qualitative Easing on East Asian Economies
5: Masazumi Hattori, Ilhyock Shim, and Yoshihiko Sugihara: Volatility Contagion across the Equity Markets of Developed and Emerging Market Economies
6: Ying Xu and Hai Anh La: Spillovers of the United States' Unconventional Monetary Policy to Emerging Asia: The Bank Lending Channel
7: Joshua Aizenman, Yothin Jinjarak, and Huanhuan Zheng: Measuring Systemic Risk Contribution of International Mutual Funds
Part III: Case Studies of Implications of Spillovers on the Real Economies during the Recent Crisis
8: Qianying Chen, Andrew Filardo, Dong He, and Feng Zhu: Domestic and Cross-border Impact of US Monetary Policy at the Zero Lower Bound
9: Maria Teresa Punzi and Pornpinun Chantapacdepong: Spillover Effects of Unconventional Monetary Policy on Asia and the Pacific
10: Berry Harahap, Pakasa Bary, Linda Panjaitan, and Redianto Satyanugroho: Spillovers of United States and People's Republic of China Shocks on Small Open Economies: The Case of Indonesia
11: Hongyi Chen and Andrew Tsang: The Impacts of US Monetary Policy and Other External Shocks on the Hong Kong, China Economy: A Factor-Augmented VAR Approach
Part IV: Implications for Monetary Policy and Macroprudential Policy
12: Angsar Belke and Ulrich Volz: The role of institutions and macroprudential policy in managing spillovers from quantitative easing policies
13: Gunther Schnabl: Ultra-Low Interest Rates and Growth in Emerging East Asia from a Hayekian Perspective
