Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

This paper assesses the role of bank and nonbank financial institutions’ balance sheet foreign exposures and risk management practices in driving capital flow responses to global risk. Using a unique and previously unexplored dataset on domestic and cross border balance sheet positions of financial institutions collected by the IMF, we show that the response of overall capital flows to global risk shocks is associated with the on-balance sheet foreign exposures of nonbanks, but not with that of banks. A possible interpretation is that risk-averse and dynamically optimizing nonbanks reduce their foreign risk exposure when global risk perceptions increase, leading to capital flows, while banks tend to be hedged against these risks off balance sheet. In advanced countries, the findings suggest that nonbank portfolio adjustment to changing risk conditions may take place through derivatives transactions with banks, the hedging practices of which trigger bank related capital flows rather than portfolio flows.

Banking law. --- Banks and banking --- Law, Banking --- Financial institutions --- Law and legislation --- Accounting --- Banks and Banking --- Exports and Imports --- Money and Monetary Policy --- Industries: Financial Services --- International Investment --- Long-term Capital Movements --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Public Administration --- Public Sector Accounting and Audits --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- International economics --- Banking --- Monetary economics --- Financial reporting, financial statements --- Finance --- Capital flows --- Foreign currency exposure --- Financial statements --- Foreign assets --- Balance of payments --- Money --- Public financial management (PFM) --- External position --- Nonbank financial institutions --- Capital movements --- Foreign exchange market --- Finance, Public --- Investments, Foreign --- Financial services industry --- United States

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

Monetary policy space remains constrained by the lower bound in many countries, limiting the policy options available to address future deflationary shocks. The existence of cash prevents central banks from cutting interest rates much below zero. In this paper, we consider the practical feasibility of recent proposals for decoupling cash from electronic money to achieve a negative yield on cash which would remove the lower bound constraint on monetary policy. We discuss how central banks could design and operate such a system, and raise some unanswered questions.

Banks and Banking --- Money and Monetary Policy --- Industries: Financial Services --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Monetary Policy --- Central Banks and Their Policies --- Interest Rates: Determination, Term Structure, and Effects --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary economics --- Banking --- Distributed ledgers --- Finance --- Currencies --- Digital currencies --- Negative interest rates --- Central bank policy rate --- Money --- Technology --- Monetary policy --- Financial services --- Zero lower bound --- Interest rates --- Financial services industry --- Technological innovations --- Banks and banking --- Sweden

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

Climate change is one of the greatest challenges of this century. Mitigation requires a large-scale transition to a low-carbon economy. This paper provides an overview of the rapidly growing literature on the role of macroeconomic and financial policy tools in enabling this transition. The literature provides a menu of policy tools for mitigation. A key conclusion is that fiscal tools are first in line and central, but can and may need to be complemented by financial and monetary policy instruments. Some tools and policies raise unanswered questions about policy tool assignment and mandates, which we describe. The literature is scarce, however, on the most effective policy mix and the role of mitigation tools and goals in the overall policy framework.

Climatic changes. --- Changes, Climatic --- Changes in climate --- Climate change --- Climate change science --- Climate changes --- Climate variations --- Climatic change --- Climatic changes --- Climatic fluctuations --- Climatic variations --- Global climate changes --- Global climatic changes --- Climatology --- Climate change mitigation --- Teleconnections (Climatology) --- Environmental aspects --- Global environmental change --- Public Finance --- Taxation --- Environmental Economics --- Environmental Conservation and Protection --- Environmental Policy --- Climate --- Natural Disasters and Their Management --- Global Warming --- Monetary Policy --- Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: General --- Policy Objectives --- Policy Designs and Consistency --- Policy Coordination --- Fiscal Policy --- General Financial Markets: General (includes Measurement and Data) --- Financial Institutions and Services: General --- Taxation and Subsidies: Externalities --- Redistributive Effects --- Environmental Taxes and Subsidies --- Environmental Economics: Government Policy --- National Government Expenditures and Related Policies: Infrastructures --- Other Public Investment and Capital Stock --- Public finance & taxation --- Environmental policy & protocols --- Carbon tax --- Climate policy --- Greenhouse gas emissions --- Public investment and public-private partnerships (PPP) --- Environment --- Taxes --- Expenditure --- Environmental impact charges --- Environmental policy --- Greenhouse gases --- Public-private sector cooperation --- United Kingdom

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

Monetary Policy with Negative Interest Rates: Decoupling Cash from Electronic Money.

E-books