Person:
Pennings, Steven

Macroeconomic and Growth Team, Development Research Group
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Fields of Specialization
Fiscal policy, Monetary policy, Growth, Business cycles, Macroeconomics, International economics, Development economics
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Macroeconomic and Growth Team, Development Research Group
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Last updated: March 22, 2024
Biography
Steven Pennings is a Senior Economist in the Macroeconomics and Growth Team of the World Bank Development Research Group. His research interests include fiscal policy (especially fiscal transfers), economic growth, political economy, exchange rate pass-through, and monetary policy. He also a co-leads the World Bank’s Long Term Growth Model Project. He has published in a number of academic journals, including the American Economic Review, the Journal of International Economics and the European Economic Review. Prior to joining the World Bank, he worked at the Reserve Bank of Australia and Save the Children (Vietnam). He holds a PhD in Economics from New York University and a Bachelor of Economics (Hons.) from the Australian National University.
Citations 42 Scopus

Publication Search Results

Now showing 1 - 1 of 1
  • Publication
    The Impact of Monetary Policy on Financial Markets in Small Open Economies: More or Less Effective During the Global Financial Crisis?
    (Elsevier, 2015-06) Pennings, Steven; Tang, Hsiao Chink
    This paper estimates the impact of monetary policy on exchange rates and stock prices of eight small open economies: Australia, Canada, the Republic of Korea, New Zealand, the United Kingdom, Indonesia, Malaysia, and Thailand. On average across these countries in the full sample, a one percentage point surprise rise in official interest rates leads to a 1% appreciation of the exchange rate and a 0.5–1% fall in stock prices, with somewhat stronger effects in OECD countries than non-OECD countries (though differences are sometimes not significant). We find little robust evidence of a change in the effect of monetary policy surprises during the recent financial crisis.