IDEAS home Printed from https://ideas.repec.org/a/agr/journl/v2(567)y2012i2(567)p13-30.html
   My bibliography  Save this article

Amplification Effects and Unconventional Monetary Policies

Author

Listed:
  • Cécile BASTIDON GILLES

    (Université du Sud-Toulon Var, France)

  • Nicolas HUCHET

    (Université du Sud-Toulon Var, France)

  • Philippe GILLES

    (Université du Sud-Toulon Var, France)

Abstract

Global financial crises trigger off amplification effects, which allow relatively small shocks to propagate through the whole financial system. For this reason, the range of Central banks policies is now widening beyond conventional monetary policies and lending of last resort. The aim of this paper is to establish a rule for this practice. The model is based on the formalization of funding conditions in various types of markets. We conduct a comprehensive analysis of the “unconventional monetary policies”, and especially quantify government bonds purchases by the Central bank.

Suggested Citation

  • Cécile BASTIDON GILLES & Nicolas HUCHET & Philippe GILLES, 2012. "Amplification Effects and Unconventional Monetary Policies," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 0(2(567)), pages 13-30, February.
  • Handle: RePEc:agr:journl:v:2(567):y:2012:i:2(567):p:13-30
    as

    Download full text from publisher

    File URL: http://store.ectap.ro/articole/685.pdf
    Download Restriction: no

    File URL: http://www.ectap.ro/articol.php?id=685&rid=83
    Download Restriction: no

    References listed on IDEAS

    as
    1. Sarfaraz Khan Qureshi, 1995. "Credit for Rural Poor in Pakistan," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 34(4), pages 769-778.
    2. Engle, Robert & Granger, Clive, 2015. "Co-integration and error correction: Representation, estimation, and testing," Applied Econometrics, Publishing House "SINERGIA PRESS", vol. 39(3), pages 106-135.
    3. Habib A. Zuberi, 1989. "Production Function, Institutional Credit and Agricultural Development in Pakistan," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 28(1), pages 43-56.
    4. Rosenzweig, Mark R & Wolpin, Kenneth I, 1993. "Credit Market Constraints, Consumption Smoothing, and the Accumulation of Durable Production Assets in Low-Income Countries: Investment in Bullocks in India," Journal of Political Economy, University of Chicago Press, vol. 101(2), pages 223-244, April.
    5. Shujat Ali, 2004. "Total Factor Productivity Growth in Pakistan’s Agriculture: 1960–1996," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 43(4), pages 493-513.
    6. Sohail J. Malik & Mohammad Mushtaq & Manzoor A. Gill, 1991. "The Role of Institutional Credit in the Agricultural Development of Pakistan," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 30(4), pages 1039-1048.
    7. Dickey, David A & Fuller, Wayne A, 1981. "Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root," Econometrica, Econometric Society, vol. 49(4), pages 1057-1072, June.
    8. Johansen, Soren & Juselius, Katarina, 1990. "Maximum Likelihood Estimation and Inference on Cointegration--With Applications to the Demand for Money," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 52(2), pages 169-210, May.
    9. Schultz, Theodore W, 1980. "Nobel Lecture: The Economics of Being Poor," Journal of Political Economy, University of Chicago Press, vol. 88(4), pages 639-651, August.
    10. Sohail Jehangir Malik & Hina Nazli, 1999. "Rural Poverty and Credit Use: Evidence from Pakistan," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 38(4), pages 699-716.
    11. Christopher Udry, 1994. "Risk and Insurance in a Rural Credit Market: An Empirical Investigation in Northern Nigeria," Review of Economic Studies, Oxford University Press, vol. 61(3), pages 495-526.
    12. Amjad, Rashid, 1984. "The management of Pakistan's economy 1947-82," MPRA Paper 35850, University Library of Munich, Germany.
    13. Sohail J. Malik & Mohammad Mushtaq & Manzoor Ahmed Gill, 1989. "Differential Access and the Rural Credit Market in Pakistan: Some Recent Evidence," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 28(4), pages 709-716.
    14. M. Hashem Pesaran & Yongcheol Shin & Richard J. Smith, 2001. "Bounds testing approaches to the analysis of level relationships," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 16(3), pages 289-326.
    15. M. Ghaffar Chaudhry, 1986. "Mechanization and Agricultural Development in Pakistan," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 25(4), pages 431-449.
    16. Udry, Christopher, 1990. "Credit Markets in Northern Nigeria: Credit as Insurance in a Rural Economy," World Bank Economic Review, World Bank Group, vol. 4(3), pages 251-269, September.
    17. Granger, C. W. J. & Newbold, P., 1974. "Spurious regressions in econometrics," Journal of Econometrics, Elsevier, vol. 2(2), pages 111-120, July.
    18. Sidhu, R.S. & Vatta, Kamal & Kaur, Arjinder, 2008. "Dynamics of institutional agricultural credit and growth in Punjab: contribution and demand-supply gap," Agricultural Economics Research Review, Agricultural Economics Research Association (India), vol. 21(2008).
    19. Toda, Hiro Y. & Yamamoto, Taku, 1995. "Statistical inference in vector autoregressions with possibly integrated processes," Journal of Econometrics, Elsevier, vol. 66(1-2), pages 225-250.
    20. Carter, Michael R., 1989. "The impact of credit on peasant productivity and differentiation in Nicaragua," Journal of Development Economics, Elsevier, pages 13-36.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Philippe Gilles, 2013. "Guest Editor Introduction: European Debt Crisis," The Journal of European Theoretical and Applied Studies, The Center for European Studies at Kirklareli University - Turkey, vol. 1(1), pages 1-10.
    2. Cécile Bastidon, 2013. "Un modèle théorique d'intermédiation : transmission et gestion des chocs," Post-Print hal-00806524, HAL.
    3. Cécile Bastidon & Philippe Gilles & Nicolas Huchet, 2016. "The ECB, Between Conservatism and Pragmatism," Journal of Central Banking Theory and Practice, Central bank of Montenegro, pages 25-52.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:agr:journl:v:2(567):y:2012:i:2(567):p:13-30. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Marin Dinu). General contact details of provider: http://edirc.repec.org/data/agerrea.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.