Bank Balance Sheets and External Shocks in Asia: The Role of Fxi, Mpms and Cfms
Bank Balance Sheets and External Shocks in Asia: The Role of Fxi, Mpms and Cfms
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亚洲银行资产负债表和外部冲击：Fxi、Mpms 和 Cfms 的作用
DOI：
10.5089/9781513566832.001.a001
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发表时间：
2021
期刊：
影响因子：
--
通讯作者：
S. Peiris
中科院分区：
文献类型：
--
作者：
Zefeng Chen;Sanaa Nadeem;S. Peiris
在亚洲新兴市场，银行是消费和投资融资的主要来源，银行资产负债表包括大量外汇资产和负债。本文扩展了Gertler和Karadi（2011）的DSGE模型，以纳入这些关键特征，并估计了十个亚洲经济体的面板向量自回归，以了解银行业在将全球金融周期的溢出效应传递到小型开放经济体方面的作用。并对外汇干预的有效性进行评估
(FXI)和其他宏观经济政策以应对外部融资冲击。外部金融冲击影响到银行的净对外负债和汇率，导致银行和投资的信贷供应发生变化。例如，资本外流冲击会导致贬值，从而降低银行的净资产和承担外币负债的中介能力。在这种情况下，汇率起到了震荡放大器的作用，而亚洲经济体经常使用的冲销式外汇储备可以帮助缓冲经济。相比之下，在真实的冲击中，汇率起着减震器的作用，任何削弱这一功能的FXI都可能付出高昂的代价。我们还探讨了货币政策利率，宏观审慎政策（MPM）和资本流动管理措施（CFM）的有效性。
In emerging Asia, banks constitute the dominant source of financing consumption and investment, and bank balance sheets comprise large gross FX assets and liabilities. This paper extends the DSGE model of Gertler and Karadi (2011) to incorporate these key features and estimates a panel vector autoregression on ten Asian economies to understand the role of the banking sector in transmitting spillovers from the global financial cycle to small open economies. It also evaluates the effectiveness of foreign exchange intervention
(FXI) and other macroeconomic policies in responding to external financing shocks. External financial shocks affect net external liabilities of banks and the exchange rate, leading to changes in credit supply by banks and investment. For example, a capital outflow shock leads to a deprecation that reduces the net worth and intermediation capacity of banks exposed to foreign currency liabilities. In such cases, the exchange rate acts as shock amplifier and sterilized FXI, often deployed by Asian economies, can help cushion the economy. By contrast, with real shocks, the exchange rate serves as a shock absorber, and any FXI that weakens that function can be costly. We also explore the effectiveness of the monetary policy interest rate, macroprudential policies (MPMs) and capital flow management measures (CFMs).
DOI：
10.2139/ssrn.2364086
发表时间：
2014-01
期刊：
International Trade eJournal
影响因子：
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作者：
X. Gabaix;Matteo Maggiori;Ariel Burstein;J. Campbell;Nicolas Coeurdacier;Alessandro Dovis;Bernard Dumas;E. Farhi;Luca Fornaro;Kenneth A. Froot;Nicolae Gârleanu;G. Gopinath;Pierre-Olivier Gourinchas;Oleg Itskhoki;Andrew Karolyi;N. Kiyotaki;Anton Korinek;A. Krishnamurthy;G. Lorenzoni;Brent Neiman;M. Obstfeld;Stavros Panageas;Anna Pavlova;F. Perri;Helen Rey;Ken Rogoff;Lucio Sarno;Hyun Song Shin;A. Shleifer;Jeremy Stein;Adrien Verdelhan
通讯作者：
X. Gabaix;Matteo Maggiori;Ariel Burstein;J. Campbell;Nicolas Coeurdacier;Alessandro Dovis;Bernard Dumas;E. Farhi;Luca Fornaro;Kenneth A. Froot;Nicolae Gârleanu;G. Gopinath;Pierre-Olivier Gourinchas;Oleg Itskhoki;Andrew Karolyi;N. Kiyotaki;Anton Korinek;A. Krishnamurthy;G. Lorenzoni;Brent Neiman;M. Obstfeld;Stavros Panageas;Anna Pavlova;F. Perri;Helen Rey;Ken Rogoff;Lucio Sarno;Hyun Song Shin;A. Shleifer;Jeremy Stein;Adrien Verdelhan
贸易冲击在亚洲的传导
DOI：
--
发表时间：
2019
期刊：
影响因子：
--
作者：
J. Tao;K. Nagai;Nagendra Shrestha
通讯作者：
Nagendra Shrestha