Macroeconomic Shocks and Unconventional Monetary Policy: Impacts on Emerging Markets
Shocks stemming from the global financial crisis have had wide-reaching effects on macroeconomic financial stability in emerging Asia.
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Barely two decades after the Asian financial crisis, Asia was suddenly confronted with multiple challenges originating from 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 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 Settlements, and the Asian Development Bank Institute.
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- Part I: Overview: The Empirics of Spillovers
- 1. An Overview of the Issues and the Book by Pornpinun Chantapacdepong, Matthias Helble, and Naoyuki Yoshino
- 2. Capital Flow Surges and Consequences by Atish R. Ghosh and Mahvash S. Qureshi
- Part II: Mechanism Driving Financial Spillovers during the Recent Crisis: Price-Oriented and Quantity-Oriented
- 3. Uncertainty about Federal Reserve Policy and its Transmission to Emerging Economies: Evidence from Twitter by Peter Tillmann
- 4. Spillover Effects of Japan's Quantitative and Qualitative Easing on East Asian Economies by Shin-Ichi Fukuda
- 5. Volatility Contagion across the Equity Markets of Developed and Emerging Market Economies by Masazumi Hattori, Ilhyock Shim, and Yoshihiko Sugihara
- 6. Spillovers of the United States' Unconventional Monetary Policy to Emerging Asia: The Bank Lending Channel by Ying Xu and Hai Anh La
- 7. Measuring Systemic Risk Contribution of International Mutual Funds by Joshua Aizenman, Yothin Jinjarak, and Huanhuan Zheng
- Part III: Case Studies of Implications of Spillovers on the Real Economies during the Recent Crisis
- 8. Domestic and Cross-border Impact of US Monetary Policy at the Zero Lower Bound by Qianying Chen, Andrew Filardo, Dong He, and Feng Zhu
- 9. Spillover Effects of Unconventional Monetary Policy on Asia and the Pacific by Maria Teresa Punzi and Pornpinun Chantapacdepong
- 10. Spillovers of United States and People's Republic of China Shocks on Small Open Economies: The Case of Indonesia by Berry Harahap, Pakasa Bary, Linda Panjaitan, and Redianto Satyanugroho
- 11. The Impacts of US Monetary Policy and Other External Shocks on the Hong Kong, China Economy: A Factor-Augmented VAR Approach by Hongyi Chen and Andrew Tsang
- Part IV: Implications for Monetary Policy and Macroprudential Policy
- 12. The Role of Institutions and Macroprudential Policy in Managing Spillovers from Quantitative Easing Policies by Angsar Belke and Ulrich Volz
- 13. Ultra-Low Interest Rates and Growth in Emerging East Asia from a Hayekian Perspective by Gunther Schnabl