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Using Credit Subsidies to Counteract a Credit Bust

Using Credit Subsidies to Counteract a Credit Bust »

Source: Using Credit Subsidies to Counteract a Credit Bust : Evidence From Serbia

Volume/Issue: 2011/285

Series: IMF Working Papers

Author(s): Jiri Podpiera

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2011

ISBN: 9781463927196

Keywords: Credit Subsidy, Financial Accelerator, Countercyclical Policy, subsidies, subsidy, financial sector

Emerging markets are particularly vulnerable to boom-bust credit cycles, due to excessive capital flows, shallow equity markets, and companies' high leverage and open FX positions. While the policy debate on how to...

International Debt and the Price of Domestic Assets

International Debt and the Price of Domestic Assets »

Source: International Debt and the Price of Domestic Assets

Volume/Issue: 2000/177

Series: IMF Working Papers

Author(s): Roberto Garcia-Saltos , and Leonardo Auernheimer

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2000

ISBN: 9781451858860

Keywords: Collateral, International Debt, Financial Accelerator, subsidy, subsidies, subsidizing

This paper examines the behavior of indebtedness, consumption, and asset prices in a small open economy in which the foreign real interest rate depends not only on an exogenous world interest rate and on indebtedne...

Balance-Sheet Shocks and Recapitalizations

Balance-Sheet Shocks and Recapitalizations »

Source: Balance-Sheet Shocks and Recapitalizations

Volume/Issue: 2012/68

Series: IMF Working Papers

Author(s): Damiano Sandri , and Fabian Valencia

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2012

ISBN: 9781463938451

Keywords: Financial accelerator, leverage, balance-sheet shocks, financial sector, financial intermediaries, deposit rate, financial intermediation,

We develop a dynamic stochastic general equilibrium model with financial frictions on both financial intermediaries and goods-producing firms. In this context, due to high leverage of financial intermediaries, bala...

Banks in The Global Integrated Monetary and Fiscal Model

Banks in The Global Integrated Monetary and Fiscal Model »

Source: Banks in The Global Integrated Monetary and Fiscal Model

Volume/Issue: 2015/150

Series: IMF Working Papers

Author(s): Michal Andrle , Michael Kumhof , Douglas Laxton , and Dirk Muir

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 July 2015

ISBN: 9781513532967

Keywords: Multi-Region DSGE Models, Financial Accelerator, Macro-Financial Linkages, banks, bank, capital, lending, interest, Other,

The Global Integrated Monetary and Fiscal model (GIMF) is a multi-region DSGE model developed by the Economic Modeling Division of the IMF for policy and scenario analysis. This paper compares two versions of GIMF,...

Credit Matters

Credit Matters »

Source: Credit Matters : Empirical Evidence on U.S. Macro-Financial Linkages

Volume/Issue: 2008/169

Series: IMF Working Papers

Author(s): Tamim Bayoumi , and Ola Melander

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2008

ISBN: 9781451870275

Keywords: Macro-Financial, Lending Standards, Financial Accelerator, standards, bank credit, capital adequacy, bank balance sheets,

This paper develops a framework for analyzing macro-financial linkages in the United States. We estimate the effects of a negative shock to banks' capital/assetratio on lending standards, which in turn affect consu...

'Monetary and Fiscal Rules in an Emerging Small Open Economy'

'Monetary and Fiscal Rules in an Emerging Small Open Economy' »

Source: 'Monetary and Fiscal Rules in an Emerging Small Open Economy'

Volume/Issue: 2009/22

Series: IMF Working Papers

Author(s): Paul Levine , Joseph Pearlman , and Nicoletta Batini

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2009

ISBN: 9781451871692

Keywords: emerging economies, fiscal and monetary rules, financial accelerator, liability dollarization, inflation, fiscal rule, nominal interest rate,

We develop a optimal rules-based interpretation of the 'three pillars macroeconomic policy framework': a combination of a freely floating exchange rate, an explicit target for inflation, and a mechanism than ensure...

Credit Booms and Lending Standards

Credit Booms and Lending Standards »

Source: Credit Booms and Lending Standards : Evidence From the Subprime Mortgage Market

Volume/Issue: 2008/106

Series: IMF Working Papers

Author(s): Giovanni Dell'Ariccia , Luc Laeven , and Deniz Igan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2008

ISBN: 9781451869675

Keywords: credit boom, lending standards, subprime loans, financial accelerators, applications, mortgage, mortgage market, mortgage lenders,

This paper links the current sub-prime mortgage crisis to a decline in lending standards associated with the rapid expansion of this market. We show that lending standards declined more in areas that experienced la...

Did Korean Monetary Policy Help Soften the Impact of the Global Financial Crisis of 2008-2009?

Did Korean Monetary Policy Help Soften the Impact of the Global Financial Crisis of 2008-2009? »

Source: Did Korean Monetary Policy Help Soften the Impact of the Global Financial Crisis of 2008-2009?

Volume/Issue: 2012/5

Series: IMF Working Papers

Author(s): Subir Lall , Selim Elekdag , and Harun Alp

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2012

ISBN: 9781463930547

Keywords: financial accelerator, Bayesian estimation, DSGE model, Korea, emerging economies, exchange rate, inflation, economy,

Korea was one of the Asian economies hardest hit by the global financial crisis. Anticipating the downturn that would follow the episode of extreme financial stress, the Bank of Korea (BOK) let the exchange rate de...

An Estimated Model with Macrofinancial Linkages for India

An Estimated Model with Macrofinancial Linkages for India »

Source: An Estimated Model with Macrofinancial Linkages for India

Volume/Issue: 2010/21

Series: IMF Working Papers

Author(s): Magnus Saxegaard , Rahul Anand , and Shanaka Peiris

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2010

ISBN: 9781451962321

Keywords: financial accelerator, macro-financial linkages, optimal policy, bayesian estimation, inflation, foreign currency, nominal interest rate, monetary economics,

This paper develops a small open economy dynamic stochastic general-equilibrium model with macrofinancial linkages. The model includes a financial accelerator--entrepreneurs are assumed to partially finance investm...

The Composition of Fiscal Consolidation Matters

The Composition of Fiscal Consolidation Matters »

Source: The Composition of Fiscal Consolidation Matters : Policy Simulations for Hungary

Volume/Issue: 2013/207

Series: IMF Working Papers

Author(s): Alejandro Guerson

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 October 2013

ISBN: 9781484305225

Keywords: DSGE models, overlapping generations households, liquidity constrained households, financial accelerator, macro-financial linkages, investment, goods, consumption, gdp, taxes

This paper evaluates policy alternatives to achieve permanent fiscal consolidation in Hungary, based on a general equilibrium calibration. The main finding is that the composition of the consolidation, as determine...