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Conformism and Public News

Conformism and Public News »

Source: Conformism and Public News

Volume/Issue: 2011/33

Series: IMF Working Papers

Author(s): Celine Rochon , and Gabriel Desgranges

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2011

ISBN: 9781455217939

Keywords: Asymmetric Information, Conformism, Beauty Contest, investors, equation, correlation, polynomial, investment decisions, Asymmetric and Private Information,

We study a model where investment decisions are based on investors' information about the unknown and endogenous return of the investment. The information of investors consists of endogenously determined messages s...

Are Immigrant Remittance Flows a Source of Capital for Development?

Are Immigrant Remittance Flows a Source of Capital for Development? »

Source: Are Immigrant Remittance Flows a Source of Capital for Development?

Volume/Issue: 2003/189

Series: IMF Working Papers

Author(s): Samir Jahjah , Ralph Chami , and Connel Fullenkamp

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2003

ISBN: 9781451859638

Keywords: altruism, asymmetric information, private income transfers, worker, worker remittances, migration, remittance, Asymmetric and Private Information, Household Behavior, International Factor Movements and International Business,

The role of remittances in development and economic growth is not well understood. This is partly because the literatures on the causes and effects of remittances remain separate. We develop a framework that links...

Imperfect Information and Saving in a Small Open Economy

Imperfect Information and Saving in a Small Open Economy »

Source: Imperfect Information and Saving in a Small Open Economy

Volume/Issue: 2011/60

Series: IMF Working Papers

Author(s): Agustin Roitman , and Christian Daude

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2011

ISBN: 9781455221042

Keywords: saving, uncertainty, Bayesian learning, Markov switching, autocorrelation, stochastic process, correlation, probabilities, statistics, Asymmetric and Private Information,

Emerging markets are more volatile and face different types of shocks, in size and nature, compared to their developed counterparts. Accurate identification of the stochastic properties of shocks is difficult. We s...

Testing the Transparency Benefits of Inflation Targeting

Testing the Transparency Benefits of Inflation Targeting »

Source: Testing the Transparency Benefits of Inflation Targeting : Evidence from Private Sector Forecasts

Volume/Issue: 2006/289

Series: IMF Working Papers

Author(s): Christopher Crowe

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2006

ISBN: 9781451865493

Keywords: inflation forecasts, central bank transparency, propensity score matching, central bank, Asymmetric and Private Information,

I test whether inflation targeting (IT) enhances transparency using inflation forecast data for 11 IT adoption countries. IT adoption promotes convergence in forecast errors, suggesting that it enhances transparenc...

Trust As a Means of Improving Corporate Governance and Efficiency

Trust As a Means of Improving Corporate Governance and Efficiency »

Source: Trust As a Means of Improving Corporate Governance and Efficiency

Volume/Issue: 2002/33

Series: IMF Working Papers

Author(s): Ralph Chami , and Connel Fullenkamp

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2002

ISBN: 9781451845198

Keywords: asymmetric information, efficiency, trust, altruism, wage, profit sharing, compensation, Relation of Economics to Social Values, Production and Organizations: General, Asymmetric and Private Information

Agency problems within the firm are a significant hindrance to efficiency. We propose trust between coworkers as a superior alternative to the standard tools used to mitigate agency problems: increased monitoring a...

On the Optimal Adherence to Money Targets in a New-Keynesian Framework

On the Optimal Adherence to Money Targets in a New-Keynesian Framework »

Source: On the Optimal Adherence to Money Targets in a New-Keynesian Framework : An Application to Low-Income Countries

Volume/Issue: 2010/134

Series: IMF Working Papers

Author(s): Andrew Berg , Filiz Unsal , and Rafael Portillo

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2010

ISBN: 9781455201174

Keywords: Incomplete Information, Money Targets, Low-Income Countries, inflation, central bank, money demand, money growth, Asymmetric and Private Information,

Many low-income countries continue to describe their monetary policy framework in terms of targets on monetary aggregates. This contrasts with most modern discussions of monetary policy, and with most practice. We...

Currency Crises and Uncertainty About Fundamentals

Currency Crises and Uncertainty About Fundamentals »

Source: Currency Crises and Uncertainty About Fundamentals

Volume/Issue: 2002/3

Series: IMF Working Papers

Author(s): M. Sbracia , and Alessandro Prati

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2002

ISBN: 9781451841916

Keywords: Speculative attack, exchange rate crisis, public and private information, exchange rate, exchange rate pressures, probability, equation, predictions, Asymmetric and Private Information,

This paper studies how uncertainty about fundamentals contributed to currency crises from both a theoretical and an empirical perspective. We find evidenceCbased on a monthly dataset of Consensus forecasts for six...

Lending Resumption After Default

Lending Resumption After Default »

Source: Lending Resumption After Default : Lessons from Capital Markets During the 19th Century

Volume/Issue: 2006/176

Series: IMF Working Papers

Author(s): Juan Sole

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2006

ISBN: 9781451864366

Keywords: costly state verification, debt contract, repayments, international capital markets, Asymmetric and Private Information, International Lending and Debt Problems,

This paper mines the experience of capital markets during the 19th century to propose an alternative way of interpreting international default episodes. The standard view is that defaulting on sovereign debt entail...

Financial Crisis, Economic Recovery and Banking Development in Russia, Ukraine, and Other FSU Countries1

Financial Crisis, Economic Recovery and Banking Development in Russia, Ukraine, and Other FSU Countries1 »

Source: Financial Crisis, Economic Recovery and Banking Development in Russia, Ukraine, and Other FSU Countries

Volume/Issue: 2004/105

Series: IMF Working Papers

Author(s): Dalia Marin , Haizhou Huang , and Chenggang Xu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2004

ISBN: 9781451852851

Keywords: banking development, institutional trap, banking, information asymmetry, bank lending, banking sector, commercial banks, Socialist Institutions and Their Transitions: Financial Economics, Asymmetric and Private Information, Corporate Finance and Governance,

This paper provides a unified analysis for the onset of the 1998 financial crisis and the strong economic recovery afterward in Russia and other former Soviet Union countries. Before the crisis a banking failure ar...

Monitoring and Commitment in Bank Lending Behavior

Monitoring and Commitment in Bank Lending Behavior »

Source: Monitoring and Commitment in Bank Lending Behavior

Volume/Issue: 2005/222

Series: IMF Working Papers

Author(s): Rodolphe Blavy

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2005

ISBN: 9781451862416

Keywords: Bank, monitoring, commitment, asymmetry of information, probability, equation, bank lending, loan commitment, Asymmetric and Private Information, Financial Markets and the Macroeconomy,

The paper proposes a theoretical argument on the nature of bank lending, based on the idea that, through commitment and monitoring, banks overcome basic informational asymmetries with borrowers. By bringing togethe...