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H Impact of derivatives on the monetary transmission mechanism
Impact of derivatives on monetary policy indicators
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aggregate demand bank reserves bank's Call/put cash ﬂows cash market central bank reserves central banks concem credit channel delta hedging demand for money derivatives facilitate derivatives markets difﬁcult domestic currency dynamic hedging economic agents ECSC/BIS efﬁciency example exchange rate changes exchange rate channel exchange rate target exposures extent that derivatives ﬁnance ﬁnancial asset ﬁnancial innovation ﬁnancial markets ﬁnd ﬁrms ﬁrst ﬁxed ﬂoating ﬂuctuations foreign exchange market future prices futures contracts growth of derivatives impact of derivatives Implications of derivatives implied volatility increase asset substitutability inﬂation inﬂuence interest rate channel Interest rate swaps investment investors liquidity long-term interest rates marginal borrowing costs market expectations market participants market prices market sentiment market views monetary policy actions monitor non-ﬁnancial option markets options prices portfolio precautionary demand price movements provide central banks put options reduce reﬂect relative short-term interest rates signiﬁcant speculative sterilised intervention trading traditional monetary transmission mechanism underlying assets variability yield curve