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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...

Bidder Participation and Information in Currency Auctions

Bidder Participation and Information in Currency Auctions »

Source: Bidder Participation and Information in Currency Auctions

Volume/Issue: 2005/157

Series: IMF Working Papers

Author(s): Rafael Romeu , and Lawrence Ausubel

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2005

ISBN: 9781451861761

Keywords: currency auctions, asymmetric information, bidders, bidder, derivative, bids, winning bid,

This paper studies the participation and performance of sophisticated versus unsophisticated auction participants in an environment with numerous bidders, uncertainty, and asymmetric information. We examine multi-u...

Bank Competition and Firm Creation

Bank Competition and Firm Creation »

Source: Bank Competition and Firm Creation

Volume/Issue: 2001/21

Series: IMF Working Papers

Author(s): Giovanni Dell'Ariccia

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2001

ISBN: 9781451843910

Keywords: bank competition, banking industry, degree of competition, Asymmetric Information, Growth,

This paper investigates the empirical relationship between competition in the financial sector and the creation of firms in the non-financial sector. It finds that bank competition has an overall positive effect on...

Limits of Conditionality in Poverty Reduction Programs

Limits of Conditionality in Poverty Reduction Programs »

Source: Limits of Conditionality in Poverty Reduction Programs

Volume/Issue: 2002/115

Series: IMF Working Papers

Author(s): Giovanni Dell'Ariccia , and Tito Cordella

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2002

ISBN: 9781451853872

Keywords: Asymmetric Information, social spending, poverty alleviation, Information And Uncertainty, Welfare And Poverty,

When donors and recipients have different preferences over budgetary allocations, conditionality helps the implementation of donor-financed poverty reduction programs. However, if donors cannot perfectly monitor al...

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...

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...

Debt Maturity, Risk, and Asymmetric Information

Debt Maturity, Risk, and Asymmetric Information »

Source: Debt Maturity, Risk, and Asymmetric Information

Volume/Issue: 2005/201

Series: IMF Working Papers

Author(s): Marco Espinosa-Vega , Allen Berger , Nathan Miller , and W. Scott Frame

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2005

ISBN: 9781451862201

Keywords: Debt maturity, risk, asymmetric information, credit scoring, short-term debt, long-term debt, predictions, samples,

We test the implications of Flannery's (1986) and Diamond's (1991) models concerning the effects of risk and asymmetric information in determining debt maturity, and we examine the overall importance of information...

An Incentive Approach to Identifying Financial System Vulnerabilities

An Incentive Approach to Identifying Financial System Vulnerabilities »

Source: An Incentive Approach to Identifying Financial System Vulnerabilities

Volume/Issue: 2000/211

Series: IMF Working Papers

Author(s): Jingqing Chai , and R. Johnston

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2000

ISBN: 9781451874839

Keywords: asymmetric information, market structure, incentive assessments, financial system, moral hazard, deposit insurance, risk taking

This paper underscores the importance of the assessment of incentives of the main agents in a financial system as a key element in the analysis of financial system vulnerability and the surveillance over the financ...

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...