Macroeconomic Implications for Hong Kong SAR of Accommodative U.S. Monetary Policy:
This paper discusses the potential macroeconomic implications for Hong Kong SAR of accommodative monetary policy in the United States. It shows, through model simulations, that a resumption of the credit channel in Hong Kong SAR has the potential to create inflation in both goods and asset markets....
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2009
|
| Schriftenreihe: | IMF Working Papers
Working Paper No. 09/256 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Zusammenfassung: | This paper discusses the potential macroeconomic implications for Hong Kong SAR of accommodative monetary policy in the United States. It shows, through model simulations, that a resumption of the credit channel in Hong Kong SAR has the potential to create inflation in both goods and asset markets. Expansionary financial conditions will likely have a greater impact in fueling asset price inflation, manifested in the model through a strong increase in equity prices. Higher asset prices could, in turn, through a financial accelerator mechanism, lead to further credit expansion and an upward cycle of asset prices and credit. This cycle, if unchecked, can potentially feed into volatility in consumption, output and employment and complicate macroeconomic management. The simulation results suggest there is a role for countercyclical prudential regulations to mitigate the amplitude of the cycle and lessen the financial and macroeconomic volatility associated with an unwinding of the credit-asset price cycle |
| Beschreibung: | 1 Online-Ressource (15 p) |
| ISBN: | 1451874022 9781451874020 |
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| index_date | 2024-07-03T20:13:26Z |
| indexdate | 2024-07-10T09:35:35Z |
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| series2 | IMF Working Papers |
| spelling | N'Diaye, Papa M'B. P. Verfasser aut Macroeconomic Implications for Hong Kong SAR of Accommodative U.S. Monetary Policy N'Diaye, Papa M'B. P Washington, D.C International Monetary Fund 2009 1 Online-Ressource (15 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 09/256 This paper discusses the potential macroeconomic implications for Hong Kong SAR of accommodative monetary policy in the United States. It shows, through model simulations, that a resumption of the credit channel in Hong Kong SAR has the potential to create inflation in both goods and asset markets. Expansionary financial conditions will likely have a greater impact in fueling asset price inflation, manifested in the model through a strong increase in equity prices. Higher asset prices could, in turn, through a financial accelerator mechanism, lead to further credit expansion and an upward cycle of asset prices and credit. This cycle, if unchecked, can potentially feed into volatility in consumption, output and employment and complicate macroeconomic management. The simulation results suggest there is a role for countercyclical prudential regulations to mitigate the amplitude of the cycle and lessen the financial and macroeconomic volatility associated with an unwinding of the credit-asset price cycle Online-Ausg http://elibrary.imf.org/view/IMF001/10570-9781451874020/10570-9781451874020/10570-9781451874020.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | N'Diaye, Papa M'B. P. Macroeconomic Implications for Hong Kong SAR of Accommodative U.S. Monetary Policy |
| title | Macroeconomic Implications for Hong Kong SAR of Accommodative U.S. Monetary Policy |
| title_auth | Macroeconomic Implications for Hong Kong SAR of Accommodative U.S. Monetary Policy |
| title_exact_search | Macroeconomic Implications for Hong Kong SAR of Accommodative U.S. Monetary Policy |
| title_exact_search_txtP | Macroeconomic Implications for Hong Kong SAR of Accommodative U.S. Monetary Policy |
| title_full | Macroeconomic Implications for Hong Kong SAR of Accommodative U.S. Monetary Policy N'Diaye, Papa M'B. P |
| title_fullStr | Macroeconomic Implications for Hong Kong SAR of Accommodative U.S. Monetary Policy N'Diaye, Papa M'B. P |
| title_full_unstemmed | Macroeconomic Implications for Hong Kong SAR of Accommodative U.S. Monetary Policy N'Diaye, Papa M'B. P |
| title_short | Macroeconomic Implications for Hong Kong SAR of Accommodative U.S. Monetary Policy |
| title_sort | macroeconomic implications for hong kong sar of accommodative u s monetary policy |
| url | http://elibrary.imf.org/view/IMF001/10570-9781451874020/10570-9781451874020/10570-9781451874020.xml |
| work_keys_str_mv | AT ndiayepapambp macroeconomicimplicationsforhongkongsarofaccommodativeusmonetarypolicy |