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When in Peril, Retrench

When in Peril, Retrench »

Source: When in Peril, Retrench : Testing the Portfolio Channel of Contagion

Volume/Issue: 2004/131

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2004

ISBN: 9781451855319

Keywords: Contagion, risk aversion, portfolio choice, investors, stock market, mutual funds, international investors, International Finance: General, portforlio choice,

One plausible mechanism through which financial market shocks may propagate across countries is through the effect of past gains and losses on investors' risk aversion. We first present a simple model on how hetero...

Tracking Global Demand for Emerging Market Sovereign Debt1

Tracking Global Demand for Emerging Market Sovereign Debt1 »

Source: Tracking Global Demand for Emerging Market Sovereign Debt

Volume/Issue: 2014/39

Series: IMF Working Papers

Author(s): Serkan Arslanalp , and Takahiro Tsuda

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 March 2014

ISBN: 9781484326541

Keywords: Portfolio Choice, Investment Decisions, government debt, central bank, external funding, central banks, Finance, Portfolio Choice and Investment Decisions,

This paper proposes an approach to track US$1 trillion of emerging market government debt held by foreign investors in local and hard currency, based on a similar approach that was used for advanced ec...

Risk, Resources, and Education-Public Versus Private Financing of Higher Education

Risk, Resources, and Education-Public Versus Private Financing of Higher Education »

Source: Risk, Resources, and Education-Public Versus Private Financing of Higher Education

Volume/Issue: 1999/174

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 1999

ISBN: 9781451858679

Keywords: Public education, tuition fees, choice under uncertainty, educational investments, higher education, education financing, educational investment

This paper develops a public education scheme that takes uncertainty aspects of private educational investments explicitly into account. In the author’s framework, the social merits of public education schem...

Why is Micro Evidenceon the Effects of Uncertainty Not Replicated in Macro Data?

Why is Micro Evidenceon the Effects of Uncertainty Not Replicated in Macro Data? »

Source: Why is Micro Evidenceon the Effects of Uncertainty Not Replicated in Macro Data?

Volume/Issue: 2005/158

Series: IMF Working Papers

Author(s): Domenico Lombardi , and Stephen Bond

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2005

ISBN: 9781451861778

Keywords: Aggregation, Uncertainty, equation, capital stock, equations, correlation, linear trend, Intertemporal Firm Choice and Growth, Investment, or Financing

This study investigates the relationship between uncertainty and investment using U.K. data at different levels of aggregation. Motivated by a comparative econometric analysis using a firm-level panel and aggregate...

Globalization and Firms' Financing Choices

Globalization and Firms' Financing Choices »

Source: Globalization and Firms' Financing Choices : Evidence From Emerging Economies

Volume/Issue: 2001/95

Series: IMF Working Papers

Author(s): Sergio Schmukler , and Esteban Vesperoni

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2001

ISBN: 9781451851823

Keywords: financing choices, financial structure, financial globalization, international financial markets, financial liberalization, international capital markets, access to international capital, international capital, General Financial Markets, Corporate Finance And Governance,

This paper studies the relation between firm's financing choices and financial globalization. Using an East Asian and Latin American firm-level panel for the 1980s and 1990s, we study how leverage ratios, debt matu...

To Buy or Not to Buy? Uncertainty, Irreversibility and Heterogeneous Investment Dynamics in Italian Company Data

To Buy or Not to Buy? Uncertainty, Irreversibility and Heterogeneous Investment Dynamics in Italian Company Data »

Source: To Buy or Not to Buy? Uncertainty, Irreversibility and Heterogeneous Investment Dynamics in Italian Company Data

Volume/Issue: 2004/104

Series: IMF Working Papers

Author(s): Domenico Lombardi , and Stephen Bond

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2004

ISBN: 9781451948011

Keywords: Real Options, Panel Data, capital stock, survey, equations, measure of uncertainty, cost of capital, Intertemporal Firm Choice and Growth, Investment, or Financing

This study tests for the presence of real options effects induced by uncertainty and (partial) irreversibility on fixed capital investment using Italian company data. The approach recognizes that firm-level investm...

To Peg or Not to Peg

To Peg or Not to Peg »

Source: To Peg or Not to Peg : A Template for Assessing the Nobler

Volume/Issue: 2006/54

Series: IMF Working Papers

Author(s): Aasim Husain

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2006

ISBN: 9781451863147

Keywords: regime choice, exchange rate, exchange rate regime, terms of trade, International Monetary Arrangements and Institutions, Macroeconomic Aspects Of International Trade And Finance,

This paper proposes a template for assessing whether or not a country's economic and financial characteristics make it an appropriate candidate for a pegged exchange rate regime. The template employs quantifiable m...

Commodity-based Sovereign Wealth Funds

Commodity-based Sovereign Wealth Funds »

Source: Commodity-based Sovereign Wealth Funds : Managing Financial Flows in the Context of the Sovereign Balance Sheet

Volume/Issue: 2018/26

Series: IMF Working Papers

Author(s): Abdullah Al-Hassan , Sue Brake , Michael Papaioannou , and Martin Skancke

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 February 2018

ISBN: 9781484340967

Keywords: International financial markets, Risk management, Sovereign wealth funds, sovereign asset and liability management, financing gap, investment management, macroeconomic coordination, Portfolio Choice

Commodity-based sovereign wealth funds (SWFs) have been at a crossroads following the recent fall in commodity prices. This paper provides a framework for commodity-based SWF management, focusing on stabilization a...

Statistical Treatment of Accrual of Intereston Debt Securities

Statistical Treatment of Accrual of Intereston Debt Securities »

Source: Statistical Treatment of Accrual of Intereston Debt Securities

Volume/Issue: 2001/132

Series: IMF Working Papers

Author(s): Chris Wright , and John Joisce

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2001

ISBN: 9781451855388

Keywords: accrual, fair value, market price, bond, present value, accounting standards, government finance, Personal Income, Wealth, and Their Distributions

When new international statistical standards were published in 1993, one of the major changes to the recommended presentation of the system of national accounts and the balance of payments was the adoption of accru...

Understanding the Use of Long-term Finance in Developing Economies*

Understanding the Use of Long-term Finance in Developing Economies* »

Source: Understanding the Use of Long-term Finance in Developing Economies

Volume/Issue: 2017/96

Series: IMF Working Papers

Author(s): Maria Martinez Peria , and Sergio Schmukler

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 April 2017

ISBN: 9781475595758

Keywords: Financial crises, Financial crises, Financial intermediaries, Banks, Bond markets, International financial markets, firm financing, institutional investors, issuance maturity, long-term debt

This short paper reviews recent literature on the use of long-term finance in developing economies (relative to advanced ones) to identify where long-term financing occurs, and what role different financial interme...