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Assessing IMF Lending: a Model of Sample Selection

Assessing IMF Lending: a Model of Sample Selection »

Source: Assessing IMF Lending: a Model of Sample Selection

Volume/Issue: 2019/157

Series: IMF Working Papers

Author(s): Nicolas Mäder , Jean-Guillaume Poulain , and Julien Reynaud

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 July 2019

ISBN: 9781498324618

Keywords: Supply and demand, Financial crises, Exchange rate depreciation, Foreign exchange reserves, Economic integration, IMF lending, Sample selection, VIX, Poulain, potential need

Extending previous work on the determinants of IMF lending in an interconnected world, we introduce a model of sample selection in which both selection and size dimensions of individual IMF arrangements are present...

The Nonlinear Relationship Between Public Debt and Sovereign Credit Ratings

The Nonlinear Relationship Between Public Debt and Sovereign Credit Ratings »

Source: The Nonlinear Relationship Between Public Debt and Sovereign Credit Ratings

Volume/Issue: 2019/162

Series: IMF Working Papers

Author(s): Metodij Hadzi-Vaskov , and Luca Ricci

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 July 2019

ISBN: 9781498325059

Keywords: Sovereign credit ratings, Credit ratings, Development, Financial markets, Financial management, Public debt, Credit rating agencies, Advanced economies, Emerging markets, Non-linearities

This study investigates the nonlinear relationship between public debt and sovereign credit ratings, using a wide sample of over one hundred advanced, emerging, and developing economies. It finds that: i) higher pu...

Assessing Reserve Adequacy - Further Considerations

Assessing Reserve Adequacy - Further Considerations »

Source: Assessing Reserve Adequacy - Further Considerations

Volume/Issue: 2013/089

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 November 2013

ISBN: 9781498341110

Keywords: Dollarization, Reserve assets, Reserves, Reserves adequacy, Financial crises, Central banks, Central banking and monetary issues, Financial institutions, Exchange markets, coef

Reserves remain a critical liquidity buffer for most countries. They are generally associated with lower crisis risks (crisis prevention) as well as space for authorities to respond to shocks (crisis mitigation). W...

How Important is the Global Financial Cycle? Evidence from Capital Flows*

How Important is the Global Financial Cycle? Evidence from Capital Flows* »

Source: How Important is the Global Financial Cycle? Evidence from Capital Flows

Volume/Issue: 2017/193

Series: IMF Working Papers

Author(s): Eugenio Cerutti , Stijn Claessens , and Andrew Rose

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2017

ISBN: 9781484316603

Keywords: Capital flows, Globalization, Monetary policy, Financial cycles, Panel analysis, Cross-country analysis, Capital market volatility, empirical; data; center; country; panel; fit; VIX; equity; bonds; FDI; credit, empirical, data

This study quantifies the importance of a Global Financial Cycle (GFCy) for capital flows. We use capital flow data dis-aggregated by direction and type between 1990Q1 and 2015Q5 for 85 countries, and conventional...

2013 Spillover Report - Analytical Underpinnings and Other Background

2013 Spillover Report - Analytical Underpinnings and Other Background »

Source: 2013 Spillover Report - Analytical Underpinnings and Other Background

Volume/Issue: 2013/060

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 July 2013

ISBN: 9781498341547

Keywords: Background papers, Capital flows, China, Europe, Fiscal policy, Monetary policy, Spillovers, Real sector, Financial crises, Economic conditions

High uncertainty in general, and high policy uncertainty more specifically, can have important impact on global investment and output growth. Much of the recent policy uncertainty emanated from the United States an...

Global Liquidity - Issues for Surveillance

Global Liquidity - Issues for Surveillance »

Source: Global Liquidity - Issues for Surveillance

Volume/Issue: 2014/086

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 December 2014

ISBN: 9781498343657

Keywords: Asset management, Developed countries, Emerging markets, International financial system, Liquidity, Monetary policy, Surveillance, Central banking and monetary issues, Financial crises, Financial markets

The paper starts by presenting evidence of commonality in global financial conditions. This commonality is then related to specific drivers of global financial conditions through a range of transmission channels, i...

Capital Flows: The Role of Bank and Nonbank Balance Sheets

Capital Flows: The Role of Bank and Nonbank Balance Sheets »

Source: Capital Flows: The Role of Bank and Nonbank Balance Sheets

Volume/Issue: 2019/85

Series: IMF Working Papers

Author(s): Yuko Hashimoto , and Signe Krogstrup

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 April 2019

ISBN: 9781498311472

Keywords: Bank credit, Central banks, Private capital flows, Foreign currency exposure, International financial markets, foreign exposure, global factor, risk aversion, global financial crisis, forward contract

This paper assesses the role of bank and nonbank financial institutions' balance sheet foreign exposures and risk management practices in driving capital flow responses to global risk. Using a unique and previously...

Anatomy of Sudden Yen Appreciations

Anatomy of Sudden Yen Appreciations »

Source: Anatomy of Sudden Yen Appreciations

Volume/Issue: 2019/136

Series: IMF Working Papers

Author(s): Fei Han , and Niklas Westelius

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2019

ISBN: 9781498317344

Keywords: Interest rate differential, Interest rate increases, International financial markets, Interest rates, Exchange rate policy, Carry trade, safe haven effects, exchange rate appreciations, Japan, VIX

The yen is an important barometer for the Japanese economy. Depreciations are typically associated with favorable economic developments such as increased corporate profits, rising equity prices, and upward pressure...

Assessing IMF Lending: a Model of Sample Selection

Assessing IMF Lending: a Model of Sample Selection »

Volume/Issue: 2019/157

Series: IMF Working Papers

Author(s): Nicolas Mäder , Jean-Guillaume Poulain , and Julien Reynaud

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 July 2019

DOI: http://dx.doi.org/10.5089/9781498324618.001

ISBN: 9781498324618

Keywords: Supply and demand, Financial crises, Exchange rate depreciation, Foreign exchange reserves, Economic integration, IMF lending, Sample selection, VIX, Poulain, potential need

Extending previous work on the determinants of IMF lending in an interconnected world, we introduce a model of sample selection in which both selection and size dimensions of individual IMF arrangements are present...

The Nonlinear Relationship Between Public Debt and Sovereign Credit Ratings

The Nonlinear Relationship Between Public Debt and Sovereign Credit Ratings »

Volume/Issue: 2019/162

Series: IMF Working Papers

Author(s): Metodij Hadzi-Vaskov , and Luca Ricci

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 July 2019

DOI: http://dx.doi.org/10.5089/9781498325059.001

ISBN: 9781498325059

Keywords: Sovereign credit ratings, Credit ratings, Development, Financial markets, Financial management, Public debt, Credit rating agencies, Advanced economies, Emerging markets, Non-linearities

This study investigates the nonlinear relationship between public debt and sovereign credit ratings, using a wide sample of over one hundred advanced, emerging, and developing economies. It finds that: i) higher pu...