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Financial Development, Inequality and Poverty

Financial Development, Inequality and Poverty »

Source: Financial Development, Inequality and Poverty : Some International Evidence

Volume/Issue: 2016/32

Series: IMF Working Papers

Author(s): Sami Ben Naceur , and RuiXin Zhang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 February 2016

ISBN: 9781498359283

Keywords: Financial Development, Income Inequality, Poverty, stock, market, General, All Countries,

This paper provides evidence on the link between financial development and income distribution. Several dimensions of financial development are considered: financial access, efficiency, stability, and liberalizatio...

Contingent Liabilities from Banks

Contingent Liabilities from Banks »

Source: Contingent Liabilities from Banks : How to Track Them?

Volume/Issue: 2015/255

Series: IMF Working Papers

Author(s): Serkan Arslanalp , and Yin Liao

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 December 2015

ISBN: 9781513568560

Keywords: bank, banks, banking, risk, Government Policy and Regulation, All Countries,

In this paper, we develop a methodology to assess potential losses to the government that could arise from bank failures. The approach is intended to be simple, parsimonious, and used in real time. It generates an...

Stochastic Trends, Debt Sustainability and Fiscal Policy

Stochastic Trends, Debt Sustainability and Fiscal Policy »

Source: Stochastic Trends, Debt Sustainability and Fiscal Policy

Volume/Issue: 2016/59

Series: IMF Working Papers

Author(s): Karim Barhoumi , Reda Cherif , and Nooman Rebei

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 March 2016

ISBN: 9781513574677

Keywords: Cyclicality, debt, future, government spending, permanent shocks, General, All Countries,

We study empirically the reaction of fiscal policy to changes in the permanent and transitory components of GDP in a panel of countries. We find evidence that government spending tends to be counter-cyclical condit...

Natural Resource Booms in the Modern Era

Natural Resource Booms in the Modern Era »

Source: Natural Resource Booms in the Modern Era : Is the curse still alive?

Volume/Issue: 2015/237

Series: IMF Working Papers

Author(s): Andrew Warner

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 November 2015

ISBN: 9781513507224

Keywords: Resource Booms, gdp, economy, investment, capital, value, Infrastructures, All Countries,

The global boom in hydrocarbon, metal and mineral prices since the year 2000 created huge economic rents - rents which, once invested, were widely expected to promote productivity growth in other parts of the boomi...

The Fiscal Costs of Contingent Liabilities

The Fiscal Costs of Contingent Liabilities »

Source: The Fiscal Costs of Contingent Liabilities

Volume/Issue: 2016/14

Series: IMF Working Papers

Author(s): Elva Bova , Marta Ruiz-Arranz , Frederik Toscani , and H. Elif Ture

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 February 2016

ISBN: 9781498303606

Keywords: Fiscal Crisis, General, All Countries,, Budget deficits, Public debt, Contingent liabilities

We construct the first comprehensive dataset of contingent liability realizations in advanced and emerging markets for the period 1990–2014. We find that contingent liability realizations are a major source of fisc...

Winning the Oil Lottery

Winning the Oil Lottery »

Source: Winning the Oil Lottery : The Impact of Natural Resource Extraction on Growth

Volume/Issue: 2016/61

Series: IMF Working Papers

Author(s): Tiago Cavalcanti , Daniel Da Mata , and Frederik Toscani

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 March 2016

ISBN: 9781513587752

Keywords: Oil and Gas, Urbanization, oil, drilling, oil discoveries, oil production, gas, General, All Countries,

This paper provides evidence of the causal impact of oil discoveries on development. Novel data on the drilling of 20,000 oil wells in Brazil allows us to exploit a quasi-experiment: Municipalities where oil was di...

Bank Solvency and Funding Cost

Bank Solvency and Funding Cost »

Source: Bank Solvency and Funding Cost

Volume/Issue: 2016/64

Series: IMF Working Papers

Author(s): Christoph Aymanns , Carlos Caceres , Christina Daniel , and Liliana Schumacher

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 March 2016

ISBN: 9781513591131

Keywords: Solvency, funding cost, bank fundamentals, bank, banks, interest, capital, risk, General, All Countries,

Understanding the interaction between bank solvency and funding cost is a crucial pre-requisite for stress-testing. In this paper we study the sensitivity of bank funding cost to solvency measures while controlling...

Corporate Investment in Emerging Markets

Corporate Investment in Emerging Markets »

Source: Corporate Investment in Emerging Markets : Financing vs. Real Options Channel

Volume/Issue: 2015/285

Series: IMF Working Papers

Author(s): Delong Li , Nicolas Magud , and Fabian Valencia

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 December 2015

ISBN: 9781513539935

Keywords: financial frictions, real options, uncertainty shocks, interest, interest rates, markets, cash flows, General, All Countries,

We examine how firm and country heterogeneity shape the response of corporate investment in emerging markets to changes in global interest rates and volatility. We test for the presence of (i) a financing channel o...

The Welfare Multiplier of Public Infrastructure Investment

The Welfare Multiplier of Public Infrastructure Investment »

Source: The Welfare Multiplier of Public Infrastructure Investment

Volume/Issue: 2016/40

Series: IMF Working Papers

Author(s): Giovanni Ganelli , and Juha Tervala

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 February 2016

ISBN: 9781475516678

Keywords: Public Infrastructure, investment, consumption, multipliers, elasticity, Open Economy Macroeconomics, Publicly Provided Private Goods, Infrastructures, All Countries,

We analyze the welfare multipliers of public spending (the consumption equivalent change in welfare for one dollar change in public spending) in a DSGE model. The welfare multipliers of public infrastructure invest...

Emerging Market Portfolio Flows

Emerging Market Portfolio Flows »

Source: Emerging Market Portfolio Flows : The Role of Benchmark-Driven Investors

Volume/Issue: 2015/263

Series: IMF Working Papers

Author(s): Serkan Arslanalp , and Takahiro Tsuda

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 December 2015

ISBN: 9781513570655

Keywords: Portfolio Choice, Investment Decisions, markets, currency, investors, government debt, debt, General, All Countries, and Investment Decisions,

Portfolio flows to emerging markets (EMs) tend to be correlated. A possible explanation is the role global benchmarks play in allocating capital internationally, the so-called 'benchmark effect.' This paper finds t...