Interest rate channel

This study aims to analyze the impact of transmission channels of financial policy on private economic development. In addition, the study also focuses on macro-regulatory factors affecting private economic development.

10p vigrab 02-02-2024 10 2   Download

Mm-wave is currently of interest due to its ability to enhance large bandwidth, which can fully meet the speed of 5G information systems. The beamforming techniques are studied for this wave such as beam weights updating at the receiver to ensure the fastest convergence rate of the weighting algorithm. We need to specify algorithms such as mean least squares (LMS), recursive least squares (RLS), sampling matrix inverse (SMI), conjugate gradient methods (CGM). There are many articles related to the comparison of these algorithms on convergence weighting speed, transmission capacity.

9p vilarrypage 19-11-2021 17 2   Download

Capital markets are the channels through which firms obtain financial resources to buy physical factors of production that economists call capital. The available financial resources come from savings. The real interest rate is the return on capital and is the “price” determined in the capital market. This chapter provides knowledge of capital markets.

52p larachdumlanat124 28-11-2020 17 1   Download

In this article, the research team systematized the theoretical basis of the monetary transmission mechanism and the impact of interest rate channel in monetary transmission mechanism by Mishkin's approach and used the vector error correction model (VECM) to test the impact of interest rate channel in the monetary transmission mechanism in Vietnam in the period 2005 – 2019.

12p kelseynguyen 26-05-2020 32 0   Download

The combination of the kernel trick and the least-mean-square (LMS) algorithm provides an interesting sample by sample update for an adaptive equalizer in reproducing Kernel Hilbert Spaces (RKHS), which is named here the KLMS. This paper shows that in the finite training data case, the KLMS algorithm is well-posed in RKHS without the addition of an extra regularization term to penalize solution norms.

4p sabiendo 06-02-2020 12 0   Download

This paper investigates whether policy interest rates affect bank risk-taking behavior and banking stability for 14 emerging countries over the period 2000-2014. The empirical findings do not show that lower interest rates increase bank risk taking behavior with presence of risk-taking channel for those emerging countries. Whereas, interest rates do have significant and positive relation with the bank risk-taking behavior because the repayment for borrowers is difficult with higher interest rates.

11p trinhthamhodang2 21-01-2020 26 1   Download

Under the framework of overshooting model and portfolio balance theory, this paper analyses the short-term spillover effect of Fed’s QE on asset prices in China. Policy shocks "overall events" have a significant impact on China's financial market. China's debt full price index, Shanghai-Shenzhen 300 and Nan-Hua Futures Composite Index have increased significantly, while the "single event" issuance has no notable impact.

22p chauchaungayxua2 19-01-2020 17 2   Download

The paper employs the VAR model to examine the impact of monetary policy on the economy through interest rate channel (IRC) and levels of transmission before and after the 2008 crisis.

25p danhnguyentuongvi27 18-12-2018 27 0   Download

The role of different channels in transmitting monetary policy into output and price in Vietnam. The paper investigates the mechanism of monetary transmission in Vietnam through different channels - namely the interest rate channel, the exchange rate channel, the asset channel and the credit channel for the period January 1995 - October 2009.

21p tranminhluanluan 28-05-2018 45 2   Download

In short, there is little reason to believe that a fiscal adjustment will lead to a substantial improvement in the United States’ trade position any time in the near future. This channel for offsetting the contractionary impact of deficit reduction is not very promising. The investment channel does not appear much more promising. With interest rates already at historic lows, it seems implausible that whatever further decline may occur as a result of adjustment could have very much impact.

14p loginnhanh 22-04-2013 43 4   Download

More important is the scatter plot of data points, each representing a microfinance institution. Many points are above the threshold for profitability, and many are on the left of the graph, indicating low reliance on soft (subsidized) funds. This is the hope of commercial microfinance. But note too that an ample number of institutions are above the threshold and to the right, funded by social investors of various stripes. The solid circles represent institutions with for-profit status, while the empty circles are non-profits.

33p taisaovanchuavo 23-01-2013 53 5   Download

A number of studies (see, for example, Iacoviello (2005) or Calza et al (2009)) apply the nancial accelerator to the housing market, where a similar mechanism is at work. A reduction in interest rates increases the value of collateral (housing) by increasing the discounted value of future user costs. The borrowers' debt capacity and consequently the demand for housing increases further, generating an even larger increase in house prices. Persistence and amplication would be mutually reinforcing and propagate the effect of the initial shock to interest rates on housing activity.

47p taisaovanchuavo 23-01-2013 48 5   Download

Diamond and Rajan (2009) argue that securitisation also plays an important role in the transmission of interest rate shocks to the housing market. Securitisation allows banks to share risks by moving them off their balance sheets. This leads to an increase in banks' risk appetite and strengthens the `risk-taking channel' described above. To the extent that banks become more lenient in their lending standards, the 'nancial accelerator' effect may be strengthened as well.

38p taisaovanchuavo 23-01-2013 52 5   Download

Bernanke and Gertler (1995) and Mishkin (2007) survey the literature on potential transmission channels between interest rates and the real economy. While their focus is on interest rate changes caused by monetary policy, the same channels would be in place for interest rate changes caused by capital inows. In a neoclassical world the `user cost of capital' is the only transmission channel: lower interest rates on bonds decrease the opportunity costs of buying a house and increase the demand for houses.

63p taisaovanchuavo 23-01-2013 52 5   Download

Keynes’s liquidity preference theory touched on the maturity transformation issue. He argued that the private sector’s willingness to assume liquidity and maturity risks is not well-anchored in fundamentals. Instead it is strongly influenced by subjective factors. Hence his policy prescription was that government debt issuance should “accommodate the preferences of the public for different maturities”. It was, he argued, socially desirable that risk-averse investors should be offered some minimum, safe return on their capital.

52p taisaovanchuavo 23-01-2013 45 4   Download

In this section we look at data concerning 10-year government bond yields. Although our main interest is the default risk, this presents only one channel through which fiscal policies can affect long-term yields. There are other channels operating through monetary-fiscal interaction, which should be reflected in the evolution of yields. Therefore we start our descriptive analysis in this section by looking at yields, forward rates and inflation expectations at a weekly frequency. Then we move to an analysis of interest rate swap spreads, at a weekly and daily frequency.

47p taisaovanchuavo 23-01-2013 68 8   Download

The third result links this permanent component to monetary authorities behaviour. Recently, G¸rkaynak, Sack and Swanson (2003) show that the change in expectations of the long-run ináation rate by private agents depend on macroeconomic and monetary surprises. Moreover, the relationship between ináation, interest rates and monetary policy has been studied for a long time and, for example, since the seminal paper of Mankiw and Miron (1986), a signiÖcant number of papers have studied the relationship between monetary policy and the rational expectations theory....

36p taisaovanchuavo 23-01-2013 62 6   Download

One of our main goals in analysing the flows of corporate credit is to trace the effect of a policy shock, such as the introduction of the CBA on the determinants of these flows. The theoretical literature suggests that policy may have an effect on credit supply and demand in various ways. Thus changes in monetary policy do affect banks’ and firms’ behavior due to the existence of a transmission mechanism through which monetary shocks affect real economic performance.

51p enterroi 01-02-2013 48 4   Download

The excess demand thus drives up sales prices, which given an unchanged nominal income of private households leads to a revision of real consumption plans. The increase in sales prices in turn leads to a redistribution of real incomes from the household to the corporate sector. Thus profits in the business sectors increase which in the national accounting end up as retained profits and hence saving by the corporate sector.

37p enterroi 01-02-2013 49 4   Download