Conventional empirical models of monetary policy transmission in emerging market economies produce puzzling results: monetary tightening often leads to an increase in prices (the price puzzle) and depreciation...
Most forward-looking indicators and a strong labor market suggest near-term expansion although manufacturing exports weakened. Sustained disinflation has allowed the Bangko Sentral ng Pilipinas (BSP)...
This paper analyzes cycles in policy interest rates in 24 advanced economies over 1970–2024, combining a new application of business cycle methodology with rich time-series decompositions of...
This paper examines the implications of different types of interest rate shocks in the United States for emerging market and developing economies (EMDEs). It first classifies changes in U.S. interest...
This paper analyzes the macroeconomic effects of macroprudential policy—in the form of legal reserve requirements—in three Latin American countries (Argentina, Brazil, and Uruguay). To ...
The Bank has received a public access request for Board and Board Committees related to the work of Joaquin Gutierrez Cano, Executive Director for Spain, during 1966-1967. All the transcripts listed...
Ratings for the Local Development Investment Funds Project for Vietnam were as follows: outcomes were moderately satisfactory, risk to development outcome was moderate, Bank performance was moderately ...
Some of the headings included in this issue of the Development Economics Prospects Group (DECPG) daily economic news are as follows: financial markets; high income economies; and developing economies...
Some of the headings included in this issue of the Development Economics Prospects Group (DECPG) weekly global economic newsletter are as follows: global equity markets experienced a generalized correction...
Using a new, large data set on quarterly reserve requirements for the period 1970-2011, this paper provides new evidence on the use of reserve requirements as a countercyclical macroprudential tool...
The active use of prudential instruments to regulate the level of credit and influence its allocation, popular in the 1970s and 1980s, fell somehow into disgrace in the 1990s, when the regulatory pendulum ...
Romania Economic growth picked up in the first half of 2013 with real GDP growing 1.8 percent, supported by strong exports performance while domestic demand remained subdued. CPI inflation dropped more...
Romania’s inflation and interest rate have fallen. The economy is starting to expand led exports (export of goods expanded by 10.8 percent from June to July; seasonally adjusted). However, investment...
Romania’s recent economic performance has been favorable – downward trend for inflation (4.4 percent in July); high growth of industrial production and exports (both grew by about 6 percent from the...
Some of the headings included in this issue of the Development Economics Prospects Group (DECPG) daily brief economics and financial market commentary newsletter are as follows: market rally fades as...
The paper studies monetary policy and the monetary transmission mechanism in Thailand in light of the Asian crisis in 1997. Existing studies that adopt structural vector auto-regression (VAR) approaches...
Some of the headings included in this issue of the Development Economics Prospects Group (DECPG) daily brief economics and financial market commentary newsletter are as follows: U.S. Consumer Price...
Critics of the tight monetary policies pursued by some of the countries hurt by the 1997 Asian financial crisis have questioned the presumption that tight money can help sustain the value of a currency...