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Debt Service and Default: Calibrating Macroprudential Policy Using Micro Data1

Debt Service and Default: Calibrating Macroprudential Policy Using Micro Data1 »

Source: Debt Service and Default: Calibrating Macroprudential Policy Using Micro Data

Volume/Issue: 2019/182

Series: IMF Working Papers

Author(s): Erlend Nier , Radu Popa , Maral Shamloo , and Liviu Voinea

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 August 2019

ISBN: 9781513509099

Keywords: Interest rates on loans, Interest rates, Financial crises, Financial institutions, Macroprudential policies and financial stability, Macroprudential policy, Household credit, Romania, WP, consumer loan

We provide empirical evidence to support the calibration of a limit on household indebtedness levels, in the form of a cap on the debt-service-to-income (DSTI) ratio, in order to reduce the probability of borrower...

Optimal Macroprudential Policy and Asset Price Bubbles

Optimal Macroprudential Policy and Asset Price Bubbles »

Source: Optimal Macroprudential Policy and Asset Price Bubbles

Volume/Issue: 2019/184

Series: IMF Working Papers

Author(s): Nina Biljanovska , Lucyna Gornicka , and Alexandros Vardoulakis

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 August 2019

ISBN: 9781513511078

Keywords: Economic conditions, Financial crises, Demand, Economic stabilization, Price indexes, Collateral constraints, rational bubbles, macroprudential regulation, optimal policy, WP

An asset bubble relaxes collateral constraints and increases borrowing by credit-constrained agents. At the same time, as the bubble deflates when constraints start binding, it amplifies downturns. We show analytic...

What Happens if Central Banks Misdiagnose a Slowdown in Potential Output

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What Happens if Central Banks Misdiagnose a Slowdown in Potential Output »

Source: What Happens if Central Banks Misdiagnose a Slowdown in Potential Output

Volume/Issue: 2019/208

Series: IMF Working Papers

Author(s): Bas Bakker

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 September 2019

ISBN: 9781513512532

Keywords: Real sector, Real interest rates, Return on investment, Unemployment, Investment, Monetary policy, potential output, Solow-Swan, WP, investment rate

In the last few decades, real GDP growth and investment in advanced countries have declined in tandem. This slowdown was not the result of weak demand (there has been no shift along the Okun curve), but of a declin...

Credit Misallocation and Economic Growth in Vietnam*

Credit Misallocation and Economic Growth in Vietnam* »

Source: Credit Misallocation and Economic Growth in Vietnam

Volume/Issue: 2019/189

Series: IMF Working Papers

Author(s): Mitsuru Katagiri

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 September 2019

ISBN: 9781513511764

Keywords: Macroprudential policies and financial stability, Bank credit, Credit, Bank capital, Economic growth, credit misallocation, state owned enterprises, political economy, WP, SOEs

The legacy of non-performing loans and high opportunity cost of government financing of bank recapitalization impeded the efficiency of financial intermediation and are an important policy issue in Vietnam. This pa...

Advancing Inclusive Growth in Cambodia

Advancing Inclusive Growth in Cambodia »

Source: Advancing Inclusive Growth in Cambodia

Volume/Issue: 2019/187

Series: IMF Working Papers

Author(s): Niels-Jakob Hansen , and Albe Gjonbalaj

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 September 2019

ISBN: 9781513510552

Keywords: National accounts, Tax revenue, Disposable income, Consumption, Employment, Inequality, Public Investment, Cambodia., WP, property taxation

We evaluate the impact of fiscal reforms on growth and inequality in Cambodia using a calibrated general equilibrium model with heterogeneous agents (Peralta-Alva et al., 2018). Over the last two decades, Cambodia'...

Reallocating Public Spending to Reduce Income Inequality: Can It Work?

Reallocating Public Spending to Reduce Income Inequality: Can It Work? »

Source: Reallocating Public Spending to Reduce Income Inequality: Can It Work?

Volume/Issue: 2019/188

Series: IMF Working Papers

Author(s): Djeneba Doumbia , and Tidiane Kinda

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 September 2019

ISBN: 9781513511863

Keywords: Economic policy, Financial crises, Expenditure efficiency, Unemployment, Education spending, Income inequality, public spending reallocation, institutions, WP, health spend

Can a government reduce income inequality by changing the composition of public spending while keeping the total level of expenditure fixed? Using newly assembled data on spending composition for 83 countries acros...

How Informative Are Real Time Output Gap Estimates in Europe?

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How Informative Are Real Time Output Gap Estimates in Europe? »

Source: How Informative Are Real Time Output Gap Estimates in Europe?

Volume/Issue: 2019/200

Series: IMF Working Papers

Author(s): Alvar Kangur , Koralai Kirabaeva , Jean-Marc Natal , and Simon Voigts

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 September 2019

ISBN: 9781513512549

Keywords: Real interest rates, Economic theory, Potential output, Structural fiscal balance, Capacity utilization, Business Cycles, Fiscal Policy, Monetary Policy, WP, output gap

We study the properties of the IMF-WEO estimates of real-time output gaps for countries in the euro area as well as the determinants of their revisions over 1994-2017. The analysis shows that staff typically saw ec...

State-Owned Enterprises in Bosnia and Herzegovina: Assessing Performance and Oversight

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State-Owned Enterprises in Bosnia and Herzegovina: Assessing Performance and Oversight »

Source: State-Owned Enterprises in Bosnia and Herzegovina: Assessing Performance and Oversight

Volume/Issue: 2019/201

Series: IMF Working Papers

Author(s): Bobana Cegar , and Francisco Parodi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 September 2019

ISBN: 9781513512181

Keywords: Economic reforms, Social safety nets, Financial indicators, Financial statements, Fiscal policy, State-Owned Enterprises, Bosnia and Herzegovina, Financial Performance, SOE Governance, WP

Based on a new database of State-Owned Enterprise (SOE) financial statements, we find that SOEs in Bosnia and Herzegovina are mostly in poor financial shape. We estimate the overall size and composition of the SOE...

Is Military Spending Converging Across Countries? An Examination of Trends and Key Determinants1

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Is Military Spending Converging Across Countries? An Examination of Trends and Key Determinants1 »

Source: Is Military Spending Converging Across Countries? An Examination of Trends and Key Determinants

Volume/Issue: 2019/196

Series: IMF Working Papers

Author(s): Benedict Clements , Sanjeev Gupta , and Saida Khamidova

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 September 2019

ISBN: 9781513509877

Keywords: Military expenditures, Age-related spending, Capital expenditure, Education spending, Government expenditures, Military spending, social spending, convergence., WP, military spend

This paper studies the evolution of worldwide military spending during 1970-2018. It finds that military spending in relation to GDP is converging, but into three separate groups of countries. In the largest group,...

Financial Openness and Capital Inflows to Emerging Markets: In Search of Robust Evidence

Financial Openness and Capital Inflows to Emerging Markets: In Search of Robust Evidence »

Source: Financial Openness and Capital Inflows to Emerging Markets: In Search of Robust Evidence

Volume/Issue: 2019/194

Series: IMF Working Papers

Author(s): Diego Cerdeiro , and Andras Komaromi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 September 2019

ISBN: 9781513509839

Keywords: Balance of payments, Capital flows, Capital inflows, Economic theory, Financial account, financial openness, capital flow management, capital controls., WP, capital flow

We reassess the connection between capital account openness and capital flows in an empirical framework that is grounded in theory and makes use of previously unexplored variation in the data. We demonstrate how o...