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Does Trade Credit Substitute Bank Credit? Evidence From Firm-Level Data

Does Trade Credit Substitute Bank Credit? Evidence From Firm-Level Data »

Source: Does Trade Credit Substitute Bank Credit? Evidence From Firm-Level Data

Volume/Issue: 2003/166

Series: IMF Working Papers

Author(s): Guido De Blasio

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2003

ISBN: 9781451858129

Keywords: Trade Credit, Manufacturing Firms, inventory, inventories, monetary stance, monetary fund, Studies of Particular Policy Episodes,

The paper examines micro data on Italian manufacturing firms' inventory behavior to test the Meltzer (1960) hypothesis according to which firms substitute trade credit for bank credit during periods of monetary tig...

What Drives Inflation Expectations in Brazil? An Empirical Analysis

What Drives Inflation Expectations in Brazil? An Empirical Analysis »

Source: What Drives Inflation Expectations in Brazil? An Empirical Analysis

Volume/Issue: 2005/109

Series: IMF Working Papers

Author(s): Martin Cerisola , and R. Gelos

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2005

ISBN: 9781451861280

Keywords: inflation target, central bank, Open Economy Macroeconomics, Studies of Particular Policy Episodes,

This study examines the macroeconomic determinants of survey inflation expectations in Brazil since the adoption of inflation targeting in 1999. The results suggest that the inflation targeting framework has helped...

Re-Establishing Credible Nominal Anchors After a Financial Crisis

Re-Establishing Credible Nominal Anchors After a Financial Crisis »

Source: Re-Establishing Credible Nominal Anchors After a Financial Crisis : A Review of Recent Experience

Volume/Issue: 2003/76

Series: IMF Working Papers

Author(s): Alessandro Zanello , Mark Stone , Christopher Jarvis , and Andrew Berg

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2003

ISBN: 9781451849899

Keywords: nominal anchor, inflation, foreign exchange, central bank, inflation targeting, Studies of Particular Policy Episodes,

This paper studies the question of how to achieve monetary policy credibility and price stability after a financial crisis. We draw stylized facts and conclusions from ten recent cases: Brazil (1999); Bulgaria (199...

Lessons From High Inflation Epidsodes for Stabilizing the Economy in Zimbabwe

Lessons From High Inflation Epidsodes for Stabilizing the Economy in Zimbabwe »

Source: Lessons From High Inflation Epidsodes for Stabilizing the Economy in Zimbabwe

Volume/Issue: 2007/99

Series: IMF Working Papers

Author(s): Jens Clausen , Sharmini Coorey , Bakar Ould-Abdallah , Sònia Muñoz , and Norbert Funke

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2007

ISBN: 9781451866636

Keywords: High Inflation, Macroeconomic Stabilization, International Experience, monetary fund, central bank, high inflation episodes, Studies of Particular Policy Episodes,

Zimbabwe has currently the highest rate of inflation in the world (an annual rate of 1,730 percent in February, 2007). The high rates of inflation have contributed to the contraction of the economy, which has decli...

Tests of German Resilience

Tests of German Resilience »

Source: Tests of German Resilience

Volume/Issue: 2012/239

Series: IMF Working Papers

Author(s): Fabian Bornhorst , and Ashoka Mody

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 October 2012

ISBN: 9781475511307

Keywords: economic performance, producvity, labor market, unemployment, employment, labor force participation, unemployment rate, General, Studies of Particular Policy Episodes, Comparative Studies of Particular Economies,

From its early post-war catch-up phase, Germany's formidable export engine has been its consistent driver of growth. But Germany has almost equally consistently run current account surpluses. Exports have powered t...

Angola's Fragile Stabilization

Angola's Fragile Stabilization »

Source: Angola's Fragile Stabilization

Volume/Issue: 2004/83

Series: IMF Working Papers

Author(s): Jose Gasha , and Gonzalo Pastor

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2004

ISBN: 9781451850574

Keywords: monetary and exchange rate policy, inflation, foreign exchange, exchange rate, inflation rate, nominal exchange rate, Studies of Particular Policy Episodes,

This paper discusses the nature of Angola's disinflation strategy in recent years, with special emphasis on the most recent efforts by the Angolan authorities to stabilize the economy. Looking to the past, the pape...

Fiscal Sustainability and Policy Issues in the Eastern Caribbean Currency Union

Fiscal Sustainability and Policy Issues in the Eastern Caribbean Currency Union »

Source: Fiscal Sustainability and Policy Issues in the Eastern Caribbean Currency Union

Volume/Issue: 2003/162

Series: IMF Working Papers

Author(s): Anthony Pellechio , Saqib Rizavi , and Phebby Kufa

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2003

ISBN: 9781451857894

Keywords: Currency Union, public debt, debt ratio, fiscal policies, central bank, Studies of Particular Policy Episodes, National Deficit Surplus,

The fiscal position of the Eastern Caribbean Currency Union (ECCU) has deteriorated significantly in recent years, resulting in sharp increases in public debt. The sustainability of public debt is examined using th...

External Devaluations

External Devaluations »

Source: External Devaluations : Are Small States Different?

Volume/Issue: 2015/240

Series: IMF Working Papers

Author(s): Sebastian Acevedo Mejia , Aliona Cebotari , Kevin Greenidge , and Geoffrey Keim

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 November 2015

ISBN: 9781513512914

Keywords: external devaluation, devaluations, exchange rate, devaluation, currency, consumption, Studies of Particular Policy Episodes, Economic Growth of Open Economies, All Countries,

The paper investigates whether the macroeconomic effects of external devaluations have systematically different effects in small states, which are typically more open and less diversified than larger peers. Through...

Fiscal Adjustment in Transition Countries

Fiscal Adjustment in Transition Countries »

Source: Fiscal Adjustment in Transition Countries : Evidence From the 1990's

Volume/Issue: 2003/36

Series: IMF Working Papers

Author(s): Catriona Purfield

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2003

ISBN: 9781451845471

Keywords: logit regression, expenditure, fiscal imbalances, fiscal adjustments, fiscal adjustment in transition, Studies of Particular Policy Episodes, National Deficit Surplus,

In the 1990s, transition countries underwent large adjustments to address fiscal imbalances. This paper examines whether the factors identified in the literature on advanced economies, the size and composition of a...

Obstacles to Disinflation

Obstacles to Disinflation »

Source: Obstacles to Disinflation : What is the Role of Fiscal Expectations?

Volume/Issue: 2004/111

Series: IMF Working Papers

Author(s): R. Gelos , Alessandro Prati , and Oya Celasun

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2004

ISBN: 9781451853506

Keywords: stabilization, inflation dynamics, expectation formation, inflation, central bank, monetary fund, Open Economy Macroeconomics, Studies of Particular Policy Episodes,

Is backward-looking behavior in pricing or imperfect credibility of stabilization efforts responsible for the failure of inflation rates to decline to targeted levels during many disinflation programs? This paper a...