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Macroeconomic Implications for Hong Kong SAR of Accommodative U.S. Monetary Policy High quality books

Macroeconomic Implications for Hong Kong SAR of Accommodative U.S. Monetary Policy
By:Papa M'B. P. N'Diaye
Published on 2009-11-01 by International Monetary Fund

This paper discusses the potential macroeconomic implications for Hong Kong SAR of accommodative monetary policy in the United States. It shows, through model simulations, that a resumption of the credit channel in Hong Kong SAR has the potential to create inflation in both goods and asset markets. Expansionary financial conditions will likely have a greater impact in fueling asset price inflation, manifested in the model through a strong increase in equity prices. Higher asset prices could, in turn, through a financial accelerator mechanism, lead to further credit expansion and an upward cycle of asset prices and credit. This cycle, if unchecked, can potentially feed into volatility in consumption, output and employment and complicate macroeconomic management. The simulation results suggest there is a role for countercyclical prudential regulations to mitigate the amplitude of the cycle and lessen the financial and macroeconomic volatility associated with an unwinding of the credit-asset price cycle.

This Book was ranked at 40 by Google Books for keyword Credit channel.

Book ID of Macroeconomic Implications for Hong Kong SAR of Accommodative U.S. Monetary Policy's Books is 0SRrWvcDo-UC, Book which was written byPapa M'B. P. N'Diayehave ETAG "QF5phdnW4mQ"

Book which was published by International Monetary Fund since 2009-11-01 have ISBNs, ISBN 13 Code is 9781451918175 and ISBN 10 Code is 1451918178

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