A Financial Conditions Index for Greece:
We construct a Financial Conditions Index (FCI) for Greece as a surveillance tool to quantify the degree of the stress in the financial sector. We use principal component analysis to capture the information content of several financial indicators through a single index. We also construct an alternat...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2015
|
| Schriftenreihe: | IMF Working Papers: Working Paper No. 15 / 220
|
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Zusammenfassung: | We construct a Financial Conditions Index (FCI) for Greece as a surveillance tool to quantify the degree of the stress in the financial sector. We use principal component analysis to capture the information content of several financial indicators through a single index. We also construct an alternative FCI by purging the business cycle and monetary policy effects on the input variables, and argue that this alternative index is a better indicator of exogenous financial shocks, and thus could be interpreted as a measure of the efficacy of transmission mechanism. We replicate the index for the euro area (EA) as a whole and show that although the developments in the EA were qualitatively in line with those in Greece, they were quantitatively much milder. Our results confirm that monetary transmission was less effective in Greece compared to the EA as a whole. Finally, we argue that our index can be a potentially useful forecasting tool for credit growth |
| Beschreibung: | 1 Online-Ressource (29 p) |
| ISBN: | 1513520237 9781513520230 |
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| illustrated | Not Illustrated |
| index_date | 2024-07-03T20:13:37Z |
| indexdate | 2024-07-10T09:35:47Z |
| institution | BVB |
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| language | English |
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| owner | DE-20 DE-824 DE-70 DE-155 DE-BY-UBR DE-29 DE-22 DE-BY-UBG DE-473 DE-BY-UBG DE-1102 DE-703 DE-859 DE-706 DE-384 DE-860 DE-19 DE-BY-UBM DE-739 DE-355 DE-BY-UBR DE-Aug4 DE-1049 DE-12 DE-91 DE-BY-TUM |
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| physical | 1 Online-Ressource (29 p) |
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| publishDate | 2015 |
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| publisher | International Monetary Fund |
| record_format | marc |
| series2 | IMF Working Papers: Working Paper No. 15 / 220 |
| spelling | Manning, Jonathan F Verfasser aut A Financial Conditions Index for Greece Manning, Jonathan F Washington, D.C International Monetary Fund 2015 1 Online-Ressource (29 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers: Working Paper No. 15 / 220 We construct a Financial Conditions Index (FCI) for Greece as a surveillance tool to quantify the degree of the stress in the financial sector. We use principal component analysis to capture the information content of several financial indicators through a single index. We also construct an alternative FCI by purging the business cycle and monetary policy effects on the input variables, and argue that this alternative index is a better indicator of exogenous financial shocks, and thus could be interpreted as a measure of the efficacy of transmission mechanism. We replicate the index for the euro area (EA) as a whole and show that although the developments in the EA were qualitatively in line with those in Greece, they were quantitatively much milder. Our results confirm that monetary transmission was less effective in Greece compared to the EA as a whole. Finally, we argue that our index can be a potentially useful forecasting tool for credit growth Online-Ausg Shamloo, Maral Sonstige oth http://www.elibrary.imf.org/view/IMF001/22877-9781513520230/22877-9781513520230/22877-9781513520230.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Manning, Jonathan F A Financial Conditions Index for Greece |
| title | A Financial Conditions Index for Greece |
| title_auth | A Financial Conditions Index for Greece |
| title_exact_search | A Financial Conditions Index for Greece |
| title_exact_search_txtP | A Financial Conditions Index for Greece |
| title_full | A Financial Conditions Index for Greece Manning, Jonathan F |
| title_fullStr | A Financial Conditions Index for Greece Manning, Jonathan F |
| title_full_unstemmed | A Financial Conditions Index for Greece Manning, Jonathan F |
| title_short | A Financial Conditions Index for Greece |
| title_sort | a financial conditions index for greece |
| url | http://www.elibrary.imf.org/view/IMF001/22877-9781513520230/22877-9781513520230/22877-9781513520230.xml |
| work_keys_str_mv | AT manningjonathanf afinancialconditionsindexforgreece AT shamloomaral afinancialconditionsindexforgreece |