Can Countries Manage Their Financial Conditions Amid Globalization? /:
This paper examines the evolving importance of common global components underlying domestic financial conditions. It develops financial conditions indices (FCIs) that make it possible to compare a large set of advanced and emerging market economies. It finds that a common component, 'global fin...
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| Hauptverfasser: | , , , , |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
[Washington, D.C.] :
International Monetary Fund,
[2018]
|
| Schriftenreihe: | IMF working paper ;
WP/18/15. |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | This paper examines the evolving importance of common global components underlying domestic financial conditions. It develops financial conditions indices (FCIs) that make it possible to compare a large set of advanced and emerging market economies. It finds that a common component, 'global financial conditions, ' accounts for about 20 percent to 40 percent of the variation in countries' domestic FCIs, with notable heterogeneity across countries. Its importance, however, does not seem to have increased markedly over the past two decades. Global financial conditions loom large, but evidence suggests that, on average, countries still appear to hold considerable sway over their own financial conditions-specifically, through monetary policy. Nevertheless, the rapid speed at which foreign shocks affect domestic financial conditions may also make it difficult to react in a timely and effective manner, if deemed necessary. |
| Beschreibung: | Available in PDF, ePUB, and Mobi formats on the Internet. |
| Beschreibung: | 1 online resource (44 pages) |
| ISBN: | 1484338618 9781484338612 1484339096 9781484339091 |
Internformat
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| 520 | 3 | |a This paper examines the evolving importance of common global components underlying domestic financial conditions. It develops financial conditions indices (FCIs) that make it possible to compare a large set of advanced and emerging market economies. It finds that a common component, 'global financial conditions, ' accounts for about 20 percent to 40 percent of the variation in countries' domestic FCIs, with notable heterogeneity across countries. Its importance, however, does not seem to have increased markedly over the past two decades. Global financial conditions loom large, but evidence suggests that, on average, countries still appear to hold considerable sway over their own financial conditions-specifically, through monetary policy. Nevertheless, the rapid speed at which foreign shocks affect domestic financial conditions may also make it difficult to react in a timely and effective manner, if deemed necessary. | |
| 505 | 0 | |a Cover; Contents; Abstract; I. Introduction; II. An Overview of Financial Conditions; A. Financial Conditions: Main Concepts and a Selected Review of the Literature; B. The Transmission of Financial Conditions Across Countries; C. Constructing Financial Conditions Indices Across Advanced and Emerging Market Economies; III. Financial Conditions around the World; A. Financial Conditions Indices: Selected Countries; B. The Evolution of Financial Conditions Around the World; C. Country Characteristics and Sensitivity to Global Financial Conditions. | |
| 505 | 8 | |a IV. Can Countries Manage Domestic Financial Conditions Amid Global Financial Integration?A. Transmission of Global Financial and Domestic Monetary Policy Shocks to Domestic FCIs; C. Recognizing Country Heterogeneity; D.A More Refined Approach to Identifying Monetary Policy Shocks; E. The Influence of Global Financial Conditions: 2001-07 versus 2010-16; V. Conclusion; Tables; 1. Summary: Determinants of the Sensitivity of Domestic FCIs; 2. Determinants of Sensitivity to Global Financial Conditions; 3. Robustness: Determinants of Sensitivity to Global Financial Conditions. | |
| 505 | 8 | |a 4. Summary: Panel VAR Robustness: Impulse Response of Domestic FCI to5. Summary: Individual Country VAR Robustness Impulse Response; 6. Summary Panel VAR Robustness: Share of Domestic FCI Variation; 7. Summary: Individual Country VAR Robustness: Share of Domestic FCI; Figures; 1. United States: Financial Conditions Indices, 1991-2016; 2. Selected Advanced and Emerging Market Economies; 3. Three-Factor Model Based on Financial Conditions Index, 1995-2016; 4. Single Factor Versus Principal Component Analysis, 1995-2015; 5. Variance Accounted for by One and Three Factor Models. | |
| 505 | 8 | |a 6. Variance Attributable to Global Conditions, 1995-20167. Robustness: Attributable to Global Financial Conditions, 1995-2016; 8. Robustness: Variance Attributable to Global Financial Conditions, ; 9. Response of Domestic Financial Conditions to Shocks; 10. Share of Domestic Financial Conditions Index Fluctuations Attributable to; 11. Share of Domestic Financial Conditions Index Fluctuations Attributable to; 12. Selected Advanced Economies: Response of Financial Conditions Index; 13. Share of Domestic Financial Index Fluctuations Attributable to Global Financial; Appendix Tables. | |
| 505 | 8 | |a 1. Country Coverage2. Data Sources; References. | |
| 588 | 0 | |a Online resource; title from PDF title page (IMF, viewed Apr. 30, 2020). | |
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| 700 | 1 | |a Gelos, R., |e author. | |
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| 776 | 0 | 8 | |i Print Version: |a Arregui, Nicolas. |t Can Countries Manage Their Financial Conditions Amid Globalization? |d Washington, D.C. : International Monetary Fund,2018 |z 9781484338612 |
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| author | Arregui, Nicolás Elekdag, Selim Seneviratne, Dulani Lafarguette, Romain Gelos, R. |
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| contents | Cover; Contents; Abstract; I. Introduction; II. An Overview of Financial Conditions; A. Financial Conditions: Main Concepts and a Selected Review of the Literature; B. The Transmission of Financial Conditions Across Countries; C. Constructing Financial Conditions Indices Across Advanced and Emerging Market Economies; III. Financial Conditions around the World; A. Financial Conditions Indices: Selected Countries; B. The Evolution of Financial Conditions Around the World; C. Country Characteristics and Sensitivity to Global Financial Conditions. IV. Can Countries Manage Domestic Financial Conditions Amid Global Financial Integration?A. Transmission of Global Financial and Domestic Monetary Policy Shocks to Domestic FCIs; C. Recognizing Country Heterogeneity; D.A More Refined Approach to Identifying Monetary Policy Shocks; E. The Influence of Global Financial Conditions: 2001-07 versus 2010-16; V. Conclusion; Tables; 1. Summary: Determinants of the Sensitivity of Domestic FCIs; 2. Determinants of Sensitivity to Global Financial Conditions; 3. Robustness: Determinants of Sensitivity to Global Financial Conditions. 4. Summary: Panel VAR Robustness: Impulse Response of Domestic FCI to5. Summary: Individual Country VAR Robustness Impulse Response; 6. Summary Panel VAR Robustness: Share of Domestic FCI Variation; 7. Summary: Individual Country VAR Robustness: Share of Domestic FCI; Figures; 1. United States: Financial Conditions Indices, 1991-2016; 2. Selected Advanced and Emerging Market Economies; 3. Three-Factor Model Based on Financial Conditions Index, 1995-2016; 4. Single Factor Versus Principal Component Analysis, 1995-2015; 5. Variance Accounted for by One and Three Factor Models. 6. Variance Attributable to Global Conditions, 1995-20167. Robustness: Attributable to Global Financial Conditions, 1995-2016; 8. Robustness: Variance Attributable to Global Financial Conditions, ; 9. Response of Domestic Financial Conditions to Shocks; 10. Share of Domestic Financial Conditions Index Fluctuations Attributable to; 11. Share of Domestic Financial Conditions Index Fluctuations Attributable to; 12. Selected Advanced Economies: Response of Financial Conditions Index; 13. Share of Domestic Financial Index Fluctuations Attributable to Global Financial; Appendix Tables. 1. Country Coverage2. Data Sources; References. |
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| dewey-search | 339.53 |
| dewey-sort | 3339.53 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| format | Electronic eBook |
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| indexdate | 2024-11-26T14:49:30Z |
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| series2 | IMF Working Paper ; |
| spelling | Arregui, Nicolás, author. http://id.loc.gov/authorities/names/no2013072795 Can Countries Manage Their Financial Conditions Amid Globalization? / Nicolas Arregui. [Washington, D.C.] : International Monetary Fund, [2018] ©2018 1 online resource (44 pages) text txt rdacontent computer c rdamedia online resource cr rdacarrier data file rda IMF Working Paper ; WP/18/15 Available in PDF, ePUB, and Mobi formats on the Internet. This paper examines the evolving importance of common global components underlying domestic financial conditions. It develops financial conditions indices (FCIs) that make it possible to compare a large set of advanced and emerging market economies. It finds that a common component, 'global financial conditions, ' accounts for about 20 percent to 40 percent of the variation in countries' domestic FCIs, with notable heterogeneity across countries. Its importance, however, does not seem to have increased markedly over the past two decades. Global financial conditions loom large, but evidence suggests that, on average, countries still appear to hold considerable sway over their own financial conditions-specifically, through monetary policy. Nevertheless, the rapid speed at which foreign shocks affect domestic financial conditions may also make it difficult to react in a timely and effective manner, if deemed necessary. Cover; Contents; Abstract; I. Introduction; II. An Overview of Financial Conditions; A. Financial Conditions: Main Concepts and a Selected Review of the Literature; B. The Transmission of Financial Conditions Across Countries; C. Constructing Financial Conditions Indices Across Advanced and Emerging Market Economies; III. Financial Conditions around the World; A. Financial Conditions Indices: Selected Countries; B. The Evolution of Financial Conditions Around the World; C. Country Characteristics and Sensitivity to Global Financial Conditions. IV. Can Countries Manage Domestic Financial Conditions Amid Global Financial Integration?A. Transmission of Global Financial and Domestic Monetary Policy Shocks to Domestic FCIs; C. Recognizing Country Heterogeneity; D.A More Refined Approach to Identifying Monetary Policy Shocks; E. The Influence of Global Financial Conditions: 2001-07 versus 2010-16; V. Conclusion; Tables; 1. Summary: Determinants of the Sensitivity of Domestic FCIs; 2. Determinants of Sensitivity to Global Financial Conditions; 3. Robustness: Determinants of Sensitivity to Global Financial Conditions. 4. Summary: Panel VAR Robustness: Impulse Response of Domestic FCI to5. Summary: Individual Country VAR Robustness Impulse Response; 6. Summary Panel VAR Robustness: Share of Domestic FCI Variation; 7. Summary: Individual Country VAR Robustness: Share of Domestic FCI; Figures; 1. United States: Financial Conditions Indices, 1991-2016; 2. Selected Advanced and Emerging Market Economies; 3. Three-Factor Model Based on Financial Conditions Index, 1995-2016; 4. Single Factor Versus Principal Component Analysis, 1995-2015; 5. Variance Accounted for by One and Three Factor Models. 6. Variance Attributable to Global Conditions, 1995-20167. Robustness: Attributable to Global Financial Conditions, 1995-2016; 8. Robustness: Variance Attributable to Global Financial Conditions, ; 9. Response of Domestic Financial Conditions to Shocks; 10. Share of Domestic Financial Conditions Index Fluctuations Attributable to; 11. Share of Domestic Financial Conditions Index Fluctuations Attributable to; 12. Selected Advanced Economies: Response of Financial Conditions Index; 13. Share of Domestic Financial Index Fluctuations Attributable to Global Financial; Appendix Tables. 1. Country Coverage2. Data Sources; References. Online resource; title from PDF title page (IMF, viewed Apr. 30, 2020). Monetary policy. http://id.loc.gov/authorities/subjects/sh85086787 Finance, Public. http://id.loc.gov/authorities/subjects/sh85048270 Capitalism. http://id.loc.gov/authorities/subjects/sh85019958 Macroeconomics. http://id.loc.gov/authorities/subjects/sh85079443 Politique monétaire. Finances publiques. Macroéconomie. Financial Markets And The Macroeconomy. imf International Finance. imf General. imf Macroeconomic Aspects Of International Trade And Finance. imf Elekdag, Selim, author. http://id.loc.gov/authorities/names/no2004039673 Seneviratne, Dulani, author. http://id.loc.gov/authorities/names/no2011116963 Lafarguette, Romain, author. http://id.loc.gov/authorities/names/nb2019022841 Gelos, R., author. International Monetary Fund. http://id.loc.gov/authorities/names/n81052755 IMF eLibrary. has work: Can Countries Manage Their Financial Conditions Amid Globalization? (Text) https://id.oclc.org/worldcat/entity/E39PCGCyCJ88HxqWQkjy3TpFJC https://id.oclc.org/worldcat/ontology/hasWork Print Version: Arregui, Nicolas. Can Countries Manage Their Financial Conditions Amid Globalization? Washington, D.C. : International Monetary Fund,2018 9781484338612 IMF working paper ; WP/18/15. http://id.loc.gov/authorities/names/no89010263 FWS01 ZDB-4-EBU FWS_PDA_EBU https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=1712583 Volltext |
| spellingShingle | Arregui, Nicolás Elekdag, Selim Seneviratne, Dulani Lafarguette, Romain Gelos, R. Can Countries Manage Their Financial Conditions Amid Globalization? / IMF working paper ; Cover; Contents; Abstract; I. Introduction; II. An Overview of Financial Conditions; A. Financial Conditions: Main Concepts and a Selected Review of the Literature; B. The Transmission of Financial Conditions Across Countries; C. Constructing Financial Conditions Indices Across Advanced and Emerging Market Economies; III. Financial Conditions around the World; A. Financial Conditions Indices: Selected Countries; B. The Evolution of Financial Conditions Around the World; C. Country Characteristics and Sensitivity to Global Financial Conditions. IV. Can Countries Manage Domestic Financial Conditions Amid Global Financial Integration?A. Transmission of Global Financial and Domestic Monetary Policy Shocks to Domestic FCIs; C. Recognizing Country Heterogeneity; D.A More Refined Approach to Identifying Monetary Policy Shocks; E. The Influence of Global Financial Conditions: 2001-07 versus 2010-16; V. Conclusion; Tables; 1. Summary: Determinants of the Sensitivity of Domestic FCIs; 2. Determinants of Sensitivity to Global Financial Conditions; 3. Robustness: Determinants of Sensitivity to Global Financial Conditions. 4. Summary: Panel VAR Robustness: Impulse Response of Domestic FCI to5. Summary: Individual Country VAR Robustness Impulse Response; 6. Summary Panel VAR Robustness: Share of Domestic FCI Variation; 7. Summary: Individual Country VAR Robustness: Share of Domestic FCI; Figures; 1. United States: Financial Conditions Indices, 1991-2016; 2. Selected Advanced and Emerging Market Economies; 3. Three-Factor Model Based on Financial Conditions Index, 1995-2016; 4. Single Factor Versus Principal Component Analysis, 1995-2015; 5. Variance Accounted for by One and Three Factor Models. 6. Variance Attributable to Global Conditions, 1995-20167. Robustness: Attributable to Global Financial Conditions, 1995-2016; 8. Robustness: Variance Attributable to Global Financial Conditions, ; 9. Response of Domestic Financial Conditions to Shocks; 10. Share of Domestic Financial Conditions Index Fluctuations Attributable to; 11. Share of Domestic Financial Conditions Index Fluctuations Attributable to; 12. Selected Advanced Economies: Response of Financial Conditions Index; 13. Share of Domestic Financial Index Fluctuations Attributable to Global Financial; Appendix Tables. 1. Country Coverage2. Data Sources; References. Monetary policy. http://id.loc.gov/authorities/subjects/sh85086787 Finance, Public. http://id.loc.gov/authorities/subjects/sh85048270 Capitalism. http://id.loc.gov/authorities/subjects/sh85019958 Macroeconomics. http://id.loc.gov/authorities/subjects/sh85079443 Politique monétaire. Finances publiques. Macroéconomie. Financial Markets And The Macroeconomy. imf International Finance. imf General. imf Macroeconomic Aspects Of International Trade And Finance. imf |
| subject_GND | http://id.loc.gov/authorities/subjects/sh85086787 http://id.loc.gov/authorities/subjects/sh85048270 http://id.loc.gov/authorities/subjects/sh85019958 http://id.loc.gov/authorities/subjects/sh85079443 |
| title | Can Countries Manage Their Financial Conditions Amid Globalization? / |
| title_alt | IMF eLibrary. |
| title_auth | Can Countries Manage Their Financial Conditions Amid Globalization? / |
| title_exact_search | Can Countries Manage Their Financial Conditions Amid Globalization? / |
| title_full | Can Countries Manage Their Financial Conditions Amid Globalization? / Nicolas Arregui. |
| title_fullStr | Can Countries Manage Their Financial Conditions Amid Globalization? / Nicolas Arregui. |
| title_full_unstemmed | Can Countries Manage Their Financial Conditions Amid Globalization? / Nicolas Arregui. |
| title_short | Can Countries Manage Their Financial Conditions Amid Globalization? / |
| title_sort | can countries manage their financial conditions amid globalization |
| topic | Monetary policy. http://id.loc.gov/authorities/subjects/sh85086787 Finance, Public. http://id.loc.gov/authorities/subjects/sh85048270 Capitalism. http://id.loc.gov/authorities/subjects/sh85019958 Macroeconomics. http://id.loc.gov/authorities/subjects/sh85079443 Politique monétaire. Finances publiques. Macroéconomie. Financial Markets And The Macroeconomy. imf International Finance. imf General. imf Macroeconomic Aspects Of International Trade And Finance. imf |
| topic_facet | Monetary policy. Finance, Public. Capitalism. Macroeconomics. Politique monétaire. Finances publiques. Macroéconomie. Financial Markets And The Macroeconomy. International Finance. General. Macroeconomic Aspects Of International Trade And Finance. |
| url | https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=1712583 |
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