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Using Credit Subsidies to Counteract a Credit Bust

Using Credit Subsidies to Counteract a Credit Bust »

Source: Using Credit Subsidies to Counteract a Credit Bust : Evidence From Serbia

Volume/Issue: 2011/285

Series: IMF Working Papers

Author(s): Jiri Podpiera

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2011

ISBN: 9781463927196

Keywords: Credit Subsidy, Financial Accelerator, Countercyclical Policy, subsidies, subsidy, financial sector

Emerging markets are particularly vulnerable to boom-bust credit cycles, due to excessive capital flows, shallow equity markets, and companies' high leverage and open FX positions. While the policy debate on how to...

The Big Split: Why Did Output Trajectories in the ASEAN-4 Diverge after the Global Financial Crisis?

The Big Split: Why Did Output Trajectories in the ASEAN-4 Diverge after the Global Financial Crisis? »

Source: The Big Split : Why Did Output Trajectories in the ASEAN-4 Diverge after the Global Financial Crisis?

Volume/Issue: 2013/222

Series: IMF Working Papers

Author(s): Agnes Isnawangsih , Vladimir Klyuev , and Longmei Zhang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 October 2013

ISBN: 9781475588774

Keywords: Global Financial Crisis, ASEAN, Countercyclical Policies, trading partner, domestic demand, trading partners, trade openness, General, International Business Cycles, Countercyclical Policies.,

The global financial crisis originated in advanced economies, but had a major impact on emerging markets. The impact, however, was not uniform. Even in a relatively homogenous group of countries such as ASEAN-4 (In...

Regional Economic Outlook, April 2013, Asia and Pacific
			: Shifting Risks, New Foundations for Growth

Regional Economic Outlook, April 2013, Asia and Pacific : Shifting Risks, New Foundations for Growth »

Series: Regional Economic Outlook

Author(s): International Monetary Fund. Asia and Pacific Dept

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 April 2013

DOI: http://dx.doi.org/10.5089/9781484360835.086

ISBN: 9781484360835

Keywords: Fiscal policy, Business cycles, Market economies, Human capital, Capital accumulation, Financial crises, Economies, capital inflows, domestic demand, capital flow

Growth in the Asia-Pacific region shows signs of improving as extreme risks emanating from advanced economies have receded and domestic demand remains resilient, supported by relatively easy financial conditions an...

Simple, Implementable Fiscal Policy Rules

Simple, Implementable Fiscal Policy Rules »

Source: Simple, Implementable Fiscal Policy Rules

Volume/Issue: 2009/76

Series: IMF Working Papers

Author(s): Michael Kumhof , and Douglas Laxton

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2009

ISBN: 9781451872231

Keywords: Fiscal policy rules, balanced budget rules, countercyclical fiscal policy, welfare analysis, tax revenue, fiscal instruments, inflation,

This paper analyzes the scope for systematic rules-based fiscal activism in open economies. Relative to a balanced budget rule, automatic stabilizers significantly improve welfare. But they minimize fiscal instrume...

Credit Cycle and Capital Buffers in Central America, Panama, and the Dominican Republic

Credit Cycle and Capital Buffers in Central America, Panama, and the Dominican Republic »

Source: Credit Cycle and Capital Buffers in Central America, Panama, and the Dominican Republic

Volume/Issue: 2019/39

Series: IMF Working Papers

Author(s): Valentina Flamini , Pierluigi Bologna , Fabio Di Vittorio , and Rasool Zandvakil

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 February 2019

ISBN: 9781484397992

Keywords: Exchange rate policy, Credit booms, Central banks, Credit pricing, Credit risk, Credit cycle;Financial crises;Countercyclical capital buffer;Basel III;CPI inflation;GFC;countercyclical;synchronicity

Credit is key to support healthy and sustainable economic growth but excess aggregate credit growth can signal the build-up of imbalances and lead to systemic financial crisis. Hence, monitoring the credit cycle is...

Fiscal Rules and Countercyclical Policy

Fiscal Rules and Countercyclical Policy »

Source: Fiscal Rules and Countercyclical Policy : Frank Ramsey Meets Gramm-Rudman-Hollings

Volume/Issue: 2003/220

Series: IMF Working Papers

Author(s): Evan Tanner

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2003

ISBN: 9781451875225

Keywords: Ramsey approach, tax smoothing, countercyclical policy, primary deficit, tax rates, tax rate, fiscal rules, fiscal rule,

Fiscal rules—legal restrictions on government borrowing, spending, or debt accumulation (like the Gramm-Rudman-Hollings Act in the United States)—have recently been adopted or considered in several co...

Fiscal Policy Through Time-Varying Tax Rates

Fiscal Policy Through Time-Varying Tax Rates »

Source: Fiscal Policy Through Time-Varying Tax Rates : If and How

Volume/Issue: 2000/170

Series: IMF Working Papers

Author(s): Martin Kaufman

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2000

ISBN: 9781451858419

Keywords: Counter-cyclical fiscal policy, credit constraint, hyperbolic discounting, tax rate, labor income

This paper investigates if there are circumstances where time-varying tax rates could improve welfare and whether such policy can effectively be implemented in practice. While, in principle, variable taxes could im...

Monetary Policy in Emerging Markets

Monetary Policy in Emerging Markets »

Source: Monetary Policy in Emerging Markets : Taming the Cycle

Volume/Issue: 2013/96

Series: IMF Working Papers

Author(s): Donal McGettigan , Kenji Moriyama , Jean Noah Ndela Ntsama , Francois Painchaud , Haonan Qu , and Chad Steinberg

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 May 2013

ISBN: 9781484381847

Keywords: Countercyclical Policy, inflation, real interest rates, real interest rate, Monetary Policy (Targets, Instruments, and Effects), Open Economy Macroeconomics,

In contrast to advanced markets (AMs), procyclical monetary policy has been a problem for emerging markets (EMs), with macroeconomic policies amplifying economic upswings and deepening downturns. The stark differen...

Credit Growth and the Effectiveness of  Reserve Requirements and Other Macroprudential Instruments in Latin America*

Credit Growth and the Effectiveness of Reserve Requirements and Other Macroprudential Instruments in Latin America* »

Source: Credit Growth and the Effectiveness of Reserve Requirements and Other Macroprudential Instruments in Latin America

Volume/Issue: 2012/142

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2012

ISBN: 9781475503999

Keywords: countercyclical policy, interest rate spreads, bank credit, banking, monetary policy, central bank, Financial Institutions and Services: Government Policy and Regulation, Counter Cyclical Policy,

Over the past decade policy makers in Latin America have adopted a number of macroprudential instruments to manage the procyclicality of bank credit dynamics to the private sector and contain systemic risk. Reserve...

Mitigating the Deadly Embrace in Financial Cycles

Mitigating the Deadly Embrace in Financial Cycles »

Source: Mitigating the Deadly Embrace in Financial Cycles : Countercyclical Buffers and Loan-to-Value Limits

Volume/Issue: 2016/87

Series: IMF Working Papers

Author(s): Jaromir Benes , Douglas Laxton , and Joannes Mongardini

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 April 2016

ISBN: 9781484323052

Keywords: lending booms, credit crunch, financial crisis, financial cycle, housing market, countercyclical buffers, loan-to-value limits, macroprudential policies

This paper presents a new version of MAPMOD (Mark II) to study the effectiveness of macroprudential regulations. We extend the original model by explicitly modeling the housing market. We show how household demand...