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Measuring Financial Conditions in Major Non-euro Area Economies
Konstantin M. Wacker
其他書名
N°1743, November 2014
出版
European Central Bank
, 2014
ISBN
9289911514
9789289911511
URL
http://books.google.com.hk/books?id=RsPruQEACAAJ&hl=&source=gbs_api
註釋
"In this paper, the authors develop financial conditions indices (FCIs) for 3 industrialized (US, Japan, UK) and 5 emerging (China, Brazil, Russia, India, Turkey) economies. The FCIs are formed as the principal component of a range of financial series for each country and are constructed to account for fluctuations in the business cycle. The authors show that these FCIs can help predict growth developments and thereby provide a potential leading indicator for the external environment of the Euro area. While the authors draw upon established methodological considerations in the literature, their main contribution lies in providing FCIs which are available for a broad set of countries, including many emerging economies, and whose movements can intuitively be interpreted. This latter fact allows us to track developments in the 8 investigated financial markets over the last decade."--Abstract