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Loose Financial Conditions, Rising Leverage, and Risks to Macro-Financial Stability

Author/Editor: Adolfo Barajas, Woon Gyu Choi, Ken Zhi Gan, Pierre Guérin, Samuel Mann, Manchun Wang, Yizhi Xu.

Release Date:August, 2021

After a steady increase following the global financial crisis, private nonfinancial sector leverage rose further during the COVID-19 on the back of easy financial conditions induced by unprecedented more...



Price: $5.00
Policy Conflicts and Inflation Targeting: The Role of Credit Markets

Author/Editor: Woon Gyu Choi, David Cook.

Release Date:April, 2018

This paper shows that stabilizing volatility in credit growth often conflicts with price stability: unusual credit expansions often occur when inflation is low relative to goals, and credit slumps more...



Price: $18.00
Global Liquidity Transmission to Emerging Market Economies, and Their Policy Responses

Author/Editor: Woon Gyu Choi, Taesu Kang, Geun-Young Kim, Byongju Lee.

Release Date:October, 2017

This paper distills and identifies global liquidity (GL) momenta from the macro-financial data of advanced economies through a factor model with sign restrictions as policy-driven, more...



Price: $18.00
Monetary Transmission of Global Imbalances in Asian Countries

Author/Editor: Il Houng Lee, Woon Gyu Choi.

Release Date:September, 2010

The paper explores the linkages between the global and domestic monetary gaps, and estimates the effects of monetary gaps on output growth, inflation, and net saving rates using panel data for 20 more...



Price: $18.00
Fire Sales and the Financial Accelerator

Author/Editor: Woon Gyu Choi, David Cook.

Release Date:June, 2010

During periods of financial turmoil, increases in risk lead to higher default, foreclosure, and fire sales. This paper introduces a costly liquidation process for foreclosed collateral and endogenous more...



Price: $18.00
Dissecting Taylor Rules in a Structural VAR

Author/Editor: Woon Gyu Choi, Yi Wen.

Release Date:January, 2010

This paper uncovers Taylor rules from estimated monetary policy reactions using a structural VAR on U.S. data from 1959 to 2009. These Taylor rules reveal the dynamic nature of policy responses to more...



Price: $18.00
New Keynesian Exchange Rate Pass-Through

Author/Editor: David Cook, Woon Gyu Choi.

Release Date:September, 2008

Using the theory of optimal local currency pricing, this paper constructs a structural equation to estimate the rate at which foreign producer prices pass through the local currency prices of more...



Price: $18.00
Capital Flows, Financial Integration, and International Reserve Holdings : The Recent Experience of Emerging Markets and Advanced Economies

Author/Editor: Sunil Sharma, Woon Gyu Choi, Maria Strömqvist.

Release Date:July, 2007

This paper examines the interaction between capital flows and international reserve holdings in the context of increasing financial integration. For emerging markets the sensitivity of reserves to more...



Price: $18.00
Financial Market Risk and U.S. Money Demand

Author/Editor: David Cook, Woon Gyu Choi.

Release Date:April, 2007

This paper examines empirically U.S. broad money demand emphasizing the role of financial market risk. We find that money demand rises with the liquidity risk of stock markets or the credit risk of more...



Price: $18.00
Stock Market Liquidity and the Macroeconomy : Evidence from Japan

Author/Editor: Woon Gyu Choi, David Cook.

Release Date:January, 2005

In a liquid financial market, investors are able to sell large blocks of assets without substantially changing the price. We document a steep drop in the liquidity of the Japanese stock market in the more...



Price: $15.00
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