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180614 ||| eng |
| 020 |
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|a 9781484311424
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| 100 |
1 |
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|a Csonto, Balazs
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| 245 |
0 |
0 |
|a Uphill Capital Flows and the International Monetary System
|c Balazs Csonto, Camilo Tovar Mora
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 2017
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| 300 |
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|a 30 pages
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| 651 |
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4 |
|a United States
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| 653 |
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|a Interest rates
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| 653 |
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|a Foreign exchange reserves
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| 653 |
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|a Finance
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| 653 |
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|a Securities
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| 653 |
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|a Financial institutions
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| 653 |
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|a Financial services
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| 653 |
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|a Balance of payments
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| 653 |
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|a Long-term Capital Movements
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| 653 |
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|a Exports and Imports
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| 653 |
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|a General Financial Markets: General (includes Measurement and Data)
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| 653 |
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|a International economics
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| 653 |
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|a Globalization: Macroeconomic Impacts
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| 653 |
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|a Yield curve
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| 653 |
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|a Central banks
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| 653 |
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|a International Financial Markets
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| 653 |
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|a Reserves accumulation
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| 653 |
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|a Capital flows
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| 653 |
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|a International Policy Coordination and Transmission
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| 653 |
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|a Financial instruments
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| 653 |
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|a International reserves
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| 653 |
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|a Banks and Banking
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| 653 |
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|a Investments: General
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| 653 |
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|a Financial Markets and the Macroeconomy
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| 653 |
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|a Banking
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| 653 |
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|a Interest Rates: Determination, Term Structure, and Effects
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| 653 |
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|a Central Banks and Their Policies
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| 653 |
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|a Capital movements
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| 653 |
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|a Investment & securities
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| 653 |
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|a Monetary Policy
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| 653 |
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|a International Investment
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| 700 |
1 |
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|a Tovar Mora, Camilo
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| 041 |
0 |
7 |
|a eng
|2 ISO 639-2
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| 989 |
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|b IMF
|a International Monetary Fund
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| 490 |
0 |
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|a IMF Working Papers
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| 028 |
5 |
0 |
|a 10.5089/9781484311424.001
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| 856 |
4 |
0 |
|u https://elibrary.imf.org/view/journals/001/2017/174/001.2017.issue-174-en.xml?cid=45113-com-dsp-marc
|x Verlag
|3 Volltext
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| 082 |
0 |
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|a 330
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| 520 |
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|a Uphill capital flows constitute a key transmission channel through which reserve accumulation can distort the stability of the international monetary system. This paper examines and quantifies the importance of this transmission channel by examining how foreign official purchases of U.S. Treasuries influences the U.S. yield curve at different maturities. Our findings suggest that a percentage point increase in foreign official holdings relative to outstanding marketable securities reduces the term premium by 2.0–2.4 basis points at maturities of 2–3 years. These estimates are then used to gauge the role of a global policy in reducing excess reserve accumulation?e.g., a composite global reserve asset or through global liquidity facilities. Findings show that a policy that reduces the demand for Treasuries by $100 billion would increase yields by 1.5–1.8 basis points
|