Monetary Policy Coordination and the Role of Central Banks

The unconventional monetary policies (UMPs) pursued by the advanced economies (AEs) have posed macroeconomic challenges for the emerging market economies (EMEs) through volatile capital flows and exchange rates. AE central banks need to acknowledge and appreciate the spillovers resulting from such U...

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Bibliographic Details
Main Author: Mohan, Rakesh
Other Authors: Kapur, Muneesh
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 2014
Series:IMF Working Papers
Subjects:
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
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653 |a Banks 
653 |a Finance 
653 |a Financial crises 
653 |a Banks and banking 
653 |a Financial sector policy and analysis 
653 |a Exports and Imports 
653 |a Mortgages 
653 |a Unconventional monetary policies 
653 |a Capital flows 
653 |a Policy Coordination 
653 |a Policy Objectives 
653 |a Macroeconomics 
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653 |a Economic & financial crises & disasters 
653 |a Externalities 
653 |a Financial sector stability 
653 |a Monetary economics 
653 |a Policy Designs and Consistency 
653 |a General Financial Markets: Government Policy and Regulation 
653 |a Micro Finance Institutions 
653 |a Balance of payments 
653 |a Long-term Capital Movements 
653 |a International economics 
653 |a Spillovers 
653 |a International Policy Coordination and Transmission 
653 |a Banks and Banking 
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653 |a Central Banks and Their Policies 
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520 |a The unconventional monetary policies (UMPs) pursued by the advanced economies (AEs) have posed macroeconomic challenges for the emerging market economies (EMEs) through volatile capital flows and exchange rates. AE central banks need to acknowledge and appreciate the spillovers resulting from such UMPs. Central banks of the AEs, who have set up standing mutual swap facilities, should explore similar arrangements with other significant EMEs with appropriate risk mitigation measures. These initiatives could do much to actually curb volatility in global financial markets and hence in capital flows to EMEs, thus obviating the need for defensive policy actions on the part of EMEs