The globalization of international finance and the increased integration of emerging markets into the international monetary and financial systems have had major implications for the conduct of monetary policy. For example, the traditional monetary transmission mechanisms depend 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 analyzing them have been identified. In addition, monetary as well as financial stability considerations now include an assessment of the behavior 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.
Target Participants: 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.
At the end of the course, participants will be able to:
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