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Did the Euro Crisis Affect Non-Financial Firm Stock Prices Through a Financial or Trade Channel?

Did the Euro Crisis Affect Non-Financial Firm Stock Prices Through a Financial or Trade Channel? »

Source: Did the Euro Crisis Affect Non-Financial Firm Stock Prices Through a Financial or Trade Channel?

Volume/Issue: 2011/227

Series: IMF Working Papers

Author(s): Stijn Claessens , Hui Tong , and Igor Zuccardi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2011

ISBN: 9781463904951

Keywords: Euro crisis, non-financial firms, financial channel, trade channel, bank exposure, financial dependence, stock prices, stock price, banking,

This paper analyzes through what channels the euro crisis has affected firm valuations globally. It examines stock price responses over the past year for 3045 non-financial firms in 16 countries to three key crisis...

A U.S. Financial Conditions Index

A U.S. Financial Conditions Index »

Source: A U.S. Financial Conditions Index : Putting Credit Where Credit is Due

Volume/Issue: 2008/161

Series: IMF Working Papers

Author(s): Andrew Swiston

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2008

ISBN: 9781451870190

Keywords: Financial conditions index, credit channel, macro-financial linkages, standards, inflation, long-term interest rates, monetary fund,

This paper uses vector autoregressions and impulse-response functions to construct a U.S. financial conditions index (FCI). Credit availability—proxied by survey results on lending standards—is an imp...

An Investigation of Some Macro-Financial Linkages of Securitization

An Investigation of Some Macro-Financial Linkages of Securitization »

Source: An Investigation of Some Macro-Financial Linkages of Securitization

Volume/Issue: 2009/26

Series: IMF Working Papers

Author(s): Xin Long , Mangal Goswami , and Andreas Jobst

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2009

ISBN: 9781451871739

Keywords: Securitization, structured finance, financial innovation, macro-financial linkages, monetary transmission, credit channel, interest rate channel, bank balance sheet, mortgage, capital market

Policy-makers have attributed the scale of the credit crisis and its profound impact on money markets (as well as financial sector stability) to the fast rise of securitization and the way it has arguably complicat...

The Real Effect of Banking Crises

The Real Effect of Banking Crises »

Source: The Real Effect of Banking Crises

Volume/Issue: 2005/63

Series: IMF Working Papers

Author(s): Giovanni Dell'Ariccia , Raghuram Rajan , and Enrica Detragiache

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2005

ISBN: 9781451860825

Keywords: bank lending channel, banking, banking crisis, currency crisis, bank lending, Financial Markets and the Macroeconomy,

Banking crises are usually followed by a decline in credit and growth. Is this because crises tend to take place during economic downturns, or do banking sector problems have independent negative effects on the eco...

Ownership of Capital in Monetary Economies and the Inflation Tax on Equity

Ownership of Capital in Monetary Economies and the Inflation Tax on Equity »

Source: Ownership of Capital in Monetary Economies and the Inflation Tax on Equity

Volume/Issue: 1999/167

Series: IMF Working Papers

Author(s): Thomas Cosimano , Ralph Chami , and Connel Fullenkamp

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 1999

ISBN: 9781451858167

Keywords: inflation tax, channel of monetary policy, asset pricing, equation, stock returns, equations, financial instruments, bonds

Financial instruments are subject to inflation taxes on the wealth they represent and on the nominal income flows they provide. This paper explicitly introduces financial instruments into the standard stochastic gr...

Vanishing Contagion?

Vanishing Contagion? »

Source: Vanishing Contagion?

Volume/Issue: 2006/1

Series: IMF Policy Discussion Papers

Author(s): Paolo Mauro , Tatiana Didier , and Sergio Schmukler

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2006

ISBN: 9781451946062

Keywords: Economic integration, Financial crisis, Emerging markets, crises, international integration, international transmission of shocks, contagion, investors, mutual funds, emerging market

While a number of emerging market crises were characterized by widespread contagion during the 1990s, more recent crises (notably, in Argentina) have been mostly contained within national borders. This has led some...

Monetary Policy Transmission in Emerging Asia

Monetary Policy Transmission in Emerging Asia »

Source: Monetary Policy Transmission in Emerging Asia : The Role of Banks and the Effects of Financial Globalization

Volume/Issue: 2015/207

Series: IMF Working Papers

Author(s): Nasha Ananchotikul , and Dulani Seneviratne

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 September 2015

ISBN: 9781513516233

Keywords: Monetary policy transmission, bank lending channel, financial globalization, bank, lending, credit, banking, General, Monetary Policy (Targets, Instruments

Given the heavy reliance on bank lending as the main source of financing in most Asian economies, banks could potentially play a pivotal role in monetary policy transmission. However, we find that Asia's bank lendi...

Trade Credit and the Effect of Macro-Financial Shocks

Trade Credit and the Effect of Macro-Financial Shocks »

Source: Trade Credit and the Effect of Macro-Financial Shocks : Evidence From U.S. Panel Data

Volume/Issue: 2003/127

Series: IMF Working Papers

Author(s): Yungsan Kim , and Woon Choi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2003

ISBN: 9781451855005

Keywords: Trade Credit, Accounts Payable, Accounts Receivable, Credit Channel, Panel Data, retained earnings, external financing, Financial Markets and the Macroeconomy,

Many studies examine why firms are financed by their suppliers, but few empirical studies look at the macroeconomic implications of such financial arrangements. Using disaggregated panel data, we examine how firms...

Heterogeneous Bank Lending Responses to Monetary Policy

Heterogeneous Bank Lending Responses to Monetary Policy »

Source: Heterogeneous Bank Lending Responses to Monetary Policy : New Evidence from a Real-time Identification

Volume/Issue: 2013/118

Series: IMF Working Papers

Author(s): John Bluedorn , Christopher Bowdler , and Christoffer Koch

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 May 2013

ISBN: 9781484356760

Keywords: Monetary Transmission, Lending Channel, Monetary Policy Identification, inflation, holding company, bank holding, Financial Markets and the Macroeconomy, General,

We present new evidence on how heterogeneity in banks interacts with monetary policy changes to impact bank lending. Using an exogenous policy measure identified from narratives on FOMC intentions and real-time eco...

Monetary Policy in a Developing Country

Monetary Policy in a Developing Country »

Source: Monetary Policy in a Developing Country : Loan Applications and Real Effects

Volume/Issue: 2015/270

Series: IMF Working Papers

Author(s): Charles Abuka , Ronnie Alinda , Camelia Minoiu , José-Luis Peydró , and Andrea Presbitero

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 December 2015

ISBN: 9781513529813

Keywords: Monetary policy transmission, Bank lending channel, Bank balance sheet channel, Developing countries, bank, banks, credit, lending, interest, Financial Markets and the Macroeconomy

The transmission of monetary policy to credit aggregates and the real economy can be impaired by weaknesses in the contracting environment, shallow financial markets, and a concentrated banking system. We empirical...