The globalisation of international finance and the increased integration of emerging markets into the international monetary and financial system have had major implications for the conduct of monetary policy. For example, the traditional monetary transmission mechanism depends more and more on global factors that influence domestic credit, exchange rates and long-term interest rates. Moreover, new channels of monetary transmission as well as new tools for analysing them have been identified. In addition, monetary as well as financial stability considerations now include an assessment of the behaviour of global banks that extend credit internationally as well as of international investors that purchase debt securities issued by firms in emerging markets. All of these factors have led to a lively debate whether emerging market economies’ central banks have diminished control over domestic monetary and financial conditions. This course will cover these developments and bring participants to the forefront of the theoretical and policy debates.
At the end of the course, participants will be able to: (1) analyse different facets of financial globalisation, monetary and financial spillovers and their consequences for monetary and financial stability; (2) recognise the changes that have taken place in the implementation of monetary policy and liquidity management; (3) use empirical tools to evaluate the channels of monetary policy transmission; and (4) quantify the changes in interest rate pass-through as a result of these developments.
Experienced senior economists or technical staff from central banks or monetary authorities who are actively involved in research on monetary policy transmission mechanisms. They are also expected to have excellent quantitative skills and extensive experience using econometric computer programs such as EViews.
This is an intensive and highly interactive event involving frank discussions and exchanges of views. Participants will be expected to confidently and authoritatively share, explain and discuss their central bank’s monetary policy strategy, operations and transmission, which requires a sound knowledge of the subject matter. The Signature Couse is not intended to serve as an introduction to – or a refresher of – aspects of monetary policy.
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