http://www.bis.org/cbhub/list/author/author_5379/index.rss Research hub papers by author Brahima Coulibaly en http://www.federalreserve.gov/pubs/ifdp/2012/1042/ifdp1042.pdf Board of Governors of the Federal Reserve System International Financial Discussion Papers by Brahima Coulibaly Monetary Policy in Emerging Market Economies: What Lessons From the Global Financial Crisis? 2012-02-29T06:23:59Z Brahima Coulibaly. During the 2008-2009 global financial crisis, emerging market economies (EMEs) loosened monetary policy considerably to cushion the shock. In previous crises episodes, by contrast, EMEs generally had to tighten monetary policy to defend the value of their currencies, to contain capital flight, and to bolster policy credibility. Our study aims to understand the factors that enabled this remarkable shift in monetary policy, and also to assess whether this marks a new era in which EMEs can now conduct countercyclical policy, more in line with advanced economies. The results indicate statistically significant linkages between some characteristics of the economies and their ability to conduct countercyclical monetary policy. We find that macroeconomic fundamentals and lower vulnerabilities, openness to trade, and international capital flows, financial reforms, and the adoption of inflation targeting all facilitated the conduct of countercyclical policy. Of these factors, the most important have been the financial reforms achieved over the past decades and the adoption of inflation targeting. As long as EMEs maintain these strong economic fundamentals, continue to reform their financial sector, and adopt credible and transparent monetary policy frameworks such as inflation targeting, the conduct of countercyclical monetary policy will likely be sustainable. Monetary Policy in Emerging Market Economies: What Lessons From the Global Financial Crisis? 2012-02-29T06:23:59Z Abstract http://www.federalreserve.gov/pubs/ifdp/2012/1042/default.htm Full text http://www.federalreserve.gov/pubs/ifdp/2012/1042/ifdp1042.pdf Brahima Coulibaly Brahima Coulibaly 2012-02-27 Board of Governors of the Federal Reserve System International Financial Discussion Papers E52 E58 E63 http://www.federalreserve.gov/pubs/ifdp/2011/1020/ifdp1020.pdf Board of Governors of the Federal Reserve System International Financial Discussion Papers by Brahima Coulibaly, Horacio Sapriza, and Andrei Zlate Trade Credit and International Trade During the 2008-09 Global Financial Crisis 2011-06-28T06:25:00Z Brahima Coulibaly, Horacio Sapriza, and Andrei Zlate. This paper studies the role of the credit crunch in the severe contraction of trade and economic activity at the height of the 2008-09 global financial crisis, using firm-level data from six emerging market economies in Asia. We construct firm-specific measures of global demand, which allow us to disentangle the effect of falling demand from that of financial constraints on sales. The results indicate that: (1) Although the fall in demand adversely affected the sales of all firms during the crisis, sales declined by less for firms with better pre-crisis financial conditions. (2) In the face of the decline in external financing opportunities, some firms relied more on trade credit from suppliers to supplement operating capital during the crisis, which allowed them to post relatively better sales. (3) Export-intensive firms with comparable financial vulnerability resorted less to trade credit as an alternative source of finance, and hence experienced sharper declines in sales than the domestically-oriented firms. These findings point to the presence of credit frictions among the factors that contributed to the disproportionately large decline in international trade during the crisis. Trade Credit and International Trade During the 2008-09 Global Financial Crisis 2011-06-28T06:25:00Z Abstract http://www.federalreserve.gov/pubs/ifdp/2011/1020/default.htm Full text http://www.federalreserve.gov/pubs/ifdp/2011/1020/ifdp1020.pdf Andrei Zlate Horacio Sapriza Brahima Coulibaly Brahima Coulibaly, Horacio Sapriza, and Andrei Zlate 2011-06-27 Board of Governors of the Federal Reserve System International Financial Discussion Papers http://www.federalreserve.gov/pubs/ifdp/2009/974/ifdp974.pdf Board of Governors of the Federal Reserve System International Financial Discussion Papers by Brahima Coulibaly and Trevon D. Logan South Africa's Post-Apartheid Two-Step: Social Demands versus Macro Stability 2009-06-24T10:57:00Z South Africa's Post-Apartheid Two-Step: Social Demands versus Macro Stability 2009-06-24T10:57:00Z Abstract http://www.federalreserve.gov/pubs/ifdp/2009/974/default.htm Full text http://www.federalreserve.gov/pubs/ifdp/2009/974/ifdp974.pdf Brahima Coulibaly Trevon D. Logan Brahima Coulibaly and Trevon D. Logan 2009-05 Board of Governors of the Federal Reserve System International Financial Discussion Papers D6 E6 H1 I0 O2 http://www.federalreserve.gov/pubs/ifdp/2008/942/ifdp942.pdf Board of Governors of the Federal Reserve System International Financial Discussion Papers by Brahima Coulibaly and Jonathan Millar The Asian Financial Crisis, Uphill Flow of Capital, and Global Imbalances: Evidence from a Micro Study 2008-09-04T12:41:59Z The Asian Financial Crisis, Uphill Flow of Capital, and Global Imbalances: Evidence from a Micro Study 2008-09-04T12:41:59Z Abstract http://www.federalreserve.gov/pubs/ifdp/2008/942/default.htm Full text http://www.federalreserve.gov/pubs/ifdp/2008/942/ifdp942.pdf Brahima Coulibaly Jonathan N. Millar Brahima Coulibaly and Jonathan Millar 2008-08 Board of Governors of the Federal Reserve System International Financial Discussion Papers F21 F3 http://www.federalreserve.gov/pubs/feds/2007/200750/200750abs.html Board of Governors of the Federal Reserve System FEDS series by Brahima Coulibaly and Geng Li Choice of Mortgage Contracts: Evidence from the Survey of Consumer Finances 2007-10-16T19:10:59Z Choice of Mortgage Contracts: Evidence from the Survey of Consumer Finances 2007-10-16T19:10:59Z Abstract http://www.federalreserve.gov/pubs/feds/2007/200750/200750abs.html Geng Li Brahima Coulibaly Brahima Coulibaly and Geng Li 2007-10 Board of Governors of the Federal Reserve System FEDS series http://www.federalreserve.gov/pubs/ifdp/2007/904/ifdp904.pdf Board of Governors of the Federal Reserve System International Financial Discussion Papers by Jane T. Haltmaier, Shaghil Ahmed, Brahima Coulibaly, Ross Knippenberg, Sylvain Leduc, Mario Marazzi, and Beth Anne Wilson The Role of China in Asia: Engine, Conduit, or Steamroller? 2007-10-01T12:00:00Z The Role of China in Asia: Engine, Conduit, or Steamroller? 2007-10-01T12:00:00Z Abstract http://www.federalreserve.gov/pubs/ifdp/2007/904/default.htm Full text http://www.federalreserve.gov/pubs/ifdp/2007/904/ifdp904.pdf Shaghil Ahmed Ross Knippenberg Sylvain Leduc Brahima Coulibaly Jane T. Haltmaier Beth Anne Wilson Mario Marazzi Jane T. Haltmaier, Shaghil Ahmed, Brahima Coulibaly, Ross Knippenberg, Sylvain Leduc, Mario Marazzi, and Beth Anne Wilson 2007-09 Board of Governors of the Federal Reserve System International Financial Discussion Papers E32 F10 F40 http://www.federalreserve.gov/pubs/feds/2007/200725/200725pap.pdf Board of Governors of the Federal Reserve System FEDS series by Brahima Coulibaly and Jonathan Millar Estimating the Long-Run User Cost Elasticity for a Small Open Economy: Evidence Using Data from South Africa 2007-06-22T15:27:59Z This paper estimates the long run elasticity of the demand for fixed nonresidential capital (both equipment and structures) to changes in its user cost using a quarterly panel of two-digit manufacturing data from South Africa from 1970 to 2001. Using a difference specification that does not rely on cointegration, we find highly significant estimates of the user cost elasticity on the order of -0.80. These estimates contrast sharply with many previous studies that obtained small and/or statistically insignificant estimates of the user cost elasticity using U.S. data. This discrepancy may owe to the possibility that the capital demand curve is better identified in a small open economy because shocks to capital supply are more likely to be exogenous. The economic embargo imposed on South Africa from 1985 to 1993 forced its economy to become more closed and therefore provides a unique natural experiment to assess this conjecture. Estimates of the user cost elasticity over this period are small and statistically insignificant, similar to the findings of previous studies where the user cost was likely endogenous. These findings underscore the importance of identification in estimating the user cost elasticity of capital demand. Estimating the Long-Run User Cost Elasticity for a Small Open Economy: Evidence Using Data from South Africa 2007-06-22T15:27:59Z Abstract http://www.federalreserve.gov/pubs/feds/2007/200725/200725abs.html Full text http://www.federalreserve.gov/pubs/feds/2007/200725/200725pap.pdf Brahima Coulibaly Jonathan N. Millar Brahima Coulibaly and Jonathan Millar 2007-06 Board of Governors of the Federal Reserve System FEDS series C23 E22 E44 E62 http://www.federalreserve.gov/pubs/ifdp/2006/882/ifdp882.pdf Board of Governors of the Federal Reserve System International Financial Discussion Papers by Brahima Coulibaly Changes in Job Quality and Trends in Labor Hours 2007-03-04T12:37:59Z Changes in Job Quality and Trends in Labor Hours 2007-03-04T12:37:59Z Abstract http://www.federalreserve.gov/pubs/ifdp/2006/882/default.htm Full text http://www.federalreserve.gov/pubs/ifdp/2006/882/ifdp882.pdf Brahima Coulibaly Brahima Coulibaly 2006-10 Board of Governors of the Federal Reserve System International Financial Discussion Papers E24 J22 O47 http://www.federalreserve.gov/pubs/ifdp/2005/839/ifdp839.pdf Board of Governors of the Federal Reserve System International Financial Discussion Papers by Brahima Coulibaly Effects of Financial Autarky and Integration: The Case of the South Africa Embargo 2005-10-01T12:00:00Z Effects of Financial Autarky and Integration: The Case of the South Africa Embargo 2005-10-01T12:00:00Z Abstract http://www.federalreserve.gov/pubs/ifdp/2005/839/default.htm Full text http://www.federalreserve.gov/pubs/ifdp/2005/839/ifdp839.pdf Brahima Coulibaly Brahima Coulibaly 2005-09 Board of Governors of the Federal Reserve System International Financial Discussion Papers E13 F3 F41 O11 O16 O4