| Description |
1 online resource (77 pages) |
| Series |
IMF country report ; no. 11/203 |
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IMF country report ; no. 11/203.
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| Contents |
Cover; CONTENTS; SETTING THE SCENE: THE SIZE AND SOURCES OF U.S. SPILLOVERS; FIGURES; BACKGROUND: MAPPING THE LINKAGES; A. Direct Financial Ties; B. Trade Relationships; C. Asset Price Links; 1. Estimated Bond Yield and Exchange Rates Spillovers; D. Global Liquidity; MOTIVATION: VIEWS OF OTHER AUTHORITIES ON U.S. POLICY SPILLOVERS; ANALYSIS: POLICY SPILLOVERS; A. Monetary Policy: Quantitative Easing and Future Rate Hikes; 2. Estimated U.S. Monetary Policy Spillovers; B. Fiscal Policy: Stimulus and Consolidation; 3. Estimated U.S. Fiscal Spillovers |
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C. Financial Policy: Investment Banking and the Dodd-Frank Act4. Estimated U.S. Financial Policy Spillovers; CONCLUSIONS; Contents; I.U.S. Financial Spillovers: Typical Advanced Country Responses; Figures; 1.1: Spillovers from Shocks to Bond Yields; 1.2: Spillovers from Shocks to Stock Indices; II. U.S. Financial Spillovers: Policy Announcements; Tables; 2.1: Bank Excess Return Regressions; 2.2: Foreign Bond Yield Regressions; 2.3: Dollar Exchange Rate Regressions; III. U.S. Financial Spillovers: Emerging Market Bond Spreads; 3.1: Panel Regression Results for EM Spreads Model |
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IV. U.S. Growth Spillovers: Typical Responses4.1: Average Peak Impulse Responses of Output to Shocks in the U.S.; 4.2: International Business Cycle Transmission from Systemic Economies; 4.3: Average Impulse Responses of Output to Shocks in the United States; 4.4: Average Peak Impulse Responses of Output to Shocks in the United States; V.U.S. Trade Spillovers: Supply Chain Effects; 5.1: Measures of Vertical specialization across borders: 2004; 5.1: Nafta: source of Foreign Value Added; 5.2: Foreign Content in U.S. Manufacturing Exports |
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VI. U.S. Trade Spillovers: Typical Response to U.S. Activity6.1: Impact of a Shock in U.S. Import Demand on Partners' Net Exports; VII. U.S. Financial Spillovers: Crossborder Linkages; 7.1: S4 financial Intermediaries, 2009; 7.2: Foreign Bank claims on and in the United States, March 2010; 7.3: Consolidated U.s. Claims of BIS Reporting Banks on Ultimate Risk Basis, by foreign-Owned Large BHC or Primary Dealer, March 2010; 7.4: Foreign Owners of Larch BHCs in the United States; VIII. U.S. Monetary Policy Spillovers: Quantitative Easing and Capital Flows into Emerging Markets |
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8.1: Accumulated Responses of EM Inflows -- Baseline VAR8.2: Accumulated Responses of Selected Variables -- Extended VAR; 8.3: Accumulated Responses of VIX and Oil Prices to QE Actions; IX. U.S. Growth Spillovers: Monetary Policy; 9.1: Peak Output Gains, Typical Monetary Stimulus; 9.2: Peak Output Gains, QE1; 9.3: Peak Output Gains, QE2; 9.4: Peak Output Gains; X.U.S. Fiscal Spillovers: Global Financing Conditions; 10.1: Baseline Regressions, Dependent Variable: Spread over 10-year Treasuries; 10.2: Regressions with Interaction Terms; XI. U.S. Growth Spillovers: Fiscal Policy |
| Summary |
The size of the U.S. economy and, in particular, the global dominance of its financial markets creates uniquely large policy spillovers. Concerns that the end of QE2 could lead to a rapid reversal of emerging market capital flows appear overblown. A credible plan for a gradual U.S. fiscal consolidation would likely have limited short-term spillovers and substantial longer-term benefits. Overall, U.S. and foreign goals appear better aligned for U.S. fiscal and financial policies than for monetary policies. Fiscal consolidation and sounder financial regulation will help |
| Notes |
Online resource; title from PDF title page (IMF Web site, viewed January 4, 2012) |
| Subject |
International Monetary Fund -- United States
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| SUBJECT |
International Monetary Fund fast |
| Subject |
Banks and banking -- United States.
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Financial services industry -- United States
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Banks and banking
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Economic policy
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Financial services industry
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| SUBJECT |
United States -- Economic policy.
http://id.loc.gov/authorities/subjects/sh85140033
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| Subject |
United States
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| Form |
Electronic book
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| Author |
International Monetary Fund.
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| ISBN |
1283567164 |
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9781283567169 |
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1463901313 |
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9781463901318 |
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9781463901431 |
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1463901437 |
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