 | What Drives Credit Growth in Emerging Asia? Author/Editor: Selim Elekdag, Fei Han. Release Date:February, 2012 This paper seeks to uncover the main drivers of credit growth in emerging Asia using a multi-country structural vector autoregressive (SVAR) model. Taking a novel approach, we developed a two-block more...
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 | Did Korean Monetary Policy Help Soften the Impact of the Global Financial Crisis of 2008“09? Author/Editor: Harun Alp, Selim Elekdag, Subir Lall. Release Date:January, 2012 Korea was one of the Asian economies hardest hit by the global financial crisis. Anticipating the downturn that would follow the episode of extreme financial stress, the Bank of Korea (BOK) let the more...
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 | An Assessment of Malaysian Monetary Policy during the Global Financial Crisis of 2008-09 Author/Editor: Harun Alp, Selim Elekdag, Subir Lall. Release Date:January, 2012 Malaysia was hit hard by the global financial crisis of 2008-09. Anticipating the downturn that would follow the episode of extreme financial turbulence, Bank Negara Malaysia (BNM) let the exchange more...
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 | Rapid Credit Growth : Boon or Boom-Bust? Author/Editor: Selim Elekdag, Yiqun Wu. Release Date:October, 2011 Episodes of rapid credit growth, especially credit booms, tend to end abruptly, typically in the form of financial crises. This paper presents the findings of a comprehensive event study focusing on more...
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 | The Role of Monetary Policy in Turkey During the Global Financial Crisis Author/Editor: Selim Elekdag, Harun Alp. Release Date:June, 2011 Turkey is an interesting case study because it was one of the hardest hit emerging economies by the global financial crisis, with a year-over-year contraction of 15 percent during the first quarter more...
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 | Incorporating Market Information into the Construction of the Fan Chart Author/Editor: Prakash Kannan, Selim Elekdag. Release Date:August, 2009 This paper develops a simple procedure for incorporating market-based information into the construction of fan charts. Using the International Monetary Fund (IMF)'s global growth forecast as a more...
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 | The Transmission of Financial Stress from Advanced to Emerging Economies Author/Editor: Stephan Danninger, Irina Tytell, Ravi Balakrishnan, Selim Elekdag. Release Date:June, 2009 This paper studies how financial stress is transmitted from advanced to emerging economies, using a new financial stress index for emerging economies. An episode of financial stress is defined as a more...
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 | Financial Stress, Downturns, and Recoveries Author/Editor: Subir Lall, Roberto Cardarelli, Selim Elekdag. Release Date:May, 2009 This paper examines why some financial stress episodes lead to economic downturns. The paper identifies episodes of financial turmoil using a financial stress index (FSI), and proposes an analytical more...
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 | Capital Inflows : Macroeconomic Implications and Policy Responses Author/Editor: Selim Elekdag, Ayhan Kose, Roberto Cardarelli. Release Date:March, 2009 This paper examines the macroeconomic implications of, and policy responses to surges in private capital inflows across a large group of emerging and advanced economies. In particular, we identify more...
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 | Can a Rule-Based Monetary Policy Framework Work in a Developing Country? The Case of Yemen Author/Editor: Selim Elekdag, Nabil Ben Ltaifa, Todd Schneider, Saade Chami. Release Date:January, 2007 Monetary policy in Yemen is largely rudimentary and ad hoc in nature. The Central Bank of Yemen's (CBY) approach has been based on discretionary targeting of broad money without any clear target to more...
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