This paper assesses the transmission of monetary policy shocks on oil prices using a VAR model. The authors identify monetary policy and financial activity shocks disentangled from demand and oil supply shocks using sign restrictions. They obtain the following main findings. (i) Monetary policy and financial activity shocks both have a significant effect [...]
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Posted on December 19th, 2012
Posted on November 22nd, 2012
ISDA has pubkished standard form disclosures relating primarily to the requirements of Commodity Futures Trading Commission External Business Conduct rules. Posted on November 19th, 2012
The rising interest of institutional investors for commodities since the early 2000s prompted remarkable financial engineering in the commodity index space which is now in its third generation. The purpose of this article is to review this evolution and to give an assessment of index performance. Long-only second generation indices, which attempt to [...] Posted on October 31st, 2012
The authors of this paper employ a set of sign restrictions on the generalized impulse responses of a Global VAR model, estimated for 38 countries/regions over the period 1979Q2–2011Q2, to discriminate between supply-driven and demand-driven oil-price shocks and to study the time profile of their macroeconomic effects for different countries. The results indicate [...] Posted on October 29th, 2012
Although the global economic environment has deteriorated since the start of this year — impacting on the outlook for rapid-growth markets (RGMs) exports and their ability to attract foreign direct investment (FDI) — but this will be a temporary phenomenon, according to Ernst & Young’s quarterly Rapid-Growth Markets Forecast (RGMF). Despite the [...] 26 pages
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