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Global Financial Stability Report, October 2015
			: Vulnerabilities, Legacies, and Policy Challenges - Risks Rotating to Emerging Markets

Global Financial Stability Report, October 2015 : Vulnerabilities, Legacies, and Policy Challenges - Risks Rotating to Emerging Markets »

Series: Global Financial Stability Report

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 October 2015

DOI: http://dx.doi.org/10.5089/9781513582047.082

ISBN: 9781513582047

Keywords: Liquidity, global financial crisis, securities markets, corporate debt, commodity prices, corporate bonds, regulations, equity bubble, normalization, risk premiums

The October 2015 Global Financial Stability Report finds that, despite an improvement in financial stability in advanced economies, risks continue to rotate toward emerging markets. The global financial outlook is...

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...

Consequences of Asset Shortages in Emerging Markets

Consequences of Asset Shortages in Emerging Markets »

Source: Consequences of Asset Shortages in Emerging Markets

Volume/Issue: 2012/102

Series: IMF Working Papers

Author(s): Patrick Imam , and Jiaqian Chen

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2012

ISBN: 9781475502923

Keywords: Asset Shortage, Emerging Market, Crisis, Asset Bubble, financial assets, bond, bonds, asset bubbles, Money and Interest Rates: General, Financial Economics: General,

We assess econometrically the impact of asset shortages on economic growth, asset bubbles, the probability of a crisis, and the current account for a group of 41 Emerging markets for 1995-2008. The econometric esti...

Property Prices and Speculative Bubbles

Property Prices and Speculative Bubbles »

Source: Property Prices and Speculative Bubbles : Evidence From Hong Kong SAR

Volume/Issue: 2000/2

Series: IMF Working Papers

Author(s): Christoph Duenwald

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2000

ISBN: 9781451841756

Keywords: Hong Kong SAR, property prices, speculative bubbles, real property, real estate, real property prices, statistics

This paper examines the determinants of residential property prices in Hong Kong SAR during 1980–98. It uses time-series analysis techniques to characterize price developments, establish empirical regulariti...

The Rise in Comovement Across National Stock Markets

The Rise in Comovement Across National Stock Markets »

Source: The Rise in Comovement Across National Stock Markets : Market Integration or Global Bubble?

Volume/Issue: 2002/147

Series: IMF Working Papers

Author(s): Robin Brooks , and Marco Del Negro

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2002

ISBN: 9781451856743

Keywords: Diversification, risk, country effects, stock market, stock markets, equity markets, stock market bubble,

The degree of comovement across national stock markets has increased dramatically since the mid-1990s. This has overturned a stylized fact in the international portfolio diversification literature that diversifying...

Asset Price Bubbles

Asset Price Bubbles »

Source: Asset Price Bubbles : A Selective Survey

Volume/Issue: 2013/45

Series: IMF Working Papers

Author(s): Anna Scherbina

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 February 2013

ISBN: 9781475515299

Keywords: Bubbles, Limits to Arbitrage, stock market, discount rate, mortgage, cash flows, financial economics, General,

Why do asset price bubbles continue to appear in various markets? This paper provides an overview of recent literature on bubbles, with significant attention given to behavioral models and rational models with fric...

Japan's Stagnant Nineties

Japan's Stagnant Nineties »

Source: Japan's Stagnant Nineties : A Vector Autoregression Retrospective

Volume/Issue: 1999/45

Series: IMF Working Papers

Author(s): Christel Rendu , and Ramana Ramaswamy

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 1999

ISBN: 9781451846454

Keywords: vector autoregression, shocks, bubble, private consumption, fiscal policies, fiscal stimulus, household wealth

This paper uses a vector autoregression (VAR) approach to identify the driving forces of the growth slowdown in Japan during the 1990s. Negative shocks to both residential and nonresidential investment are shown to...

Lending Booms, Real Estate Bubbles and the Asian Crisis

Lending Booms, Real Estate Bubbles and the Asian Crisis »

Source: Lending Booms, Real Estate Bubbles and the Asian Crisis

Volume/Issue: 2002/20

Series: IMF Working Papers

Author(s): Abdelhak Senhadji , and Charles Collyns

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2002

ISBN: 9781451843859

Keywords: Lending Booms, Real Estate Bubbles, Asia Crisis, real estate, stock market, real estate prices, moral hazard, Asian Crisis,

This paper examines the link between lending booms, asset price cycles, and financial crises across East Asian countries. Both theoretical arguments and empirical evidence support a strong relationship between bank...

The Housing Cycle in Emerging Middle Eastern Economies and its Macroeconomic Policy Implications

The Housing Cycle in Emerging Middle Eastern Economies and its Macroeconomic Policy Implications »

Source: The Housing Cycle in Emerging Middle Eastern Economies and its Macroeconomic Policy Implications

Volume/Issue: 2009/288

Series: IMF Working Papers

Author(s): Samya Beidas-Strom , Weicheng Lian , and Ashwaq Maseeh

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2009

ISBN: 9781451874334

Keywords: Housing finance, mortgage market, housing and rental price dynamics and bubbles, panel data analysis, mortgage, real estate, mortgage markets,

This paper examines housing finance and housing price dynamics in selected emerging Middle Eastern economies over the past two decades. It finds that (i) mortgage markets have experienced rapid development, which h...

Financial Crises in DSGE Models: Selected Applications of MAPMOD

Financial Crises in DSGE Models: Selected Applications of MAPMOD »

Source: Financial Crises in DSGE Models : Selected Applications of MAPMOD

Volume/Issue: 2014/56

Series: IMF Working Papers

Author(s): Jaromir Benes , Michael Kumhof , and Douglas Laxton

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 April 2014

ISBN: 9781475540239

Keywords: lending boom, credit crunch, financial cycle, asset price bubble, capital adequacy, capital adequacy ratio, capital adequacy ratios, capital inflow, Financial Markets and the Macroeconomy, Forecasting and Simulation,

This paper, together with a technical companion paper, presents MAPMOD, a new IMF model designed to study vulnerabilities associated with excessive credit expansions, and to support macroprudential policy analysis....