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Global Financial Stability Report, October 2016
			: Fostering Stability in a Low-Growth, Low-Rate Era

Global Financial Stability Report, October 2016 : Fostering Stability in a Low-Growth, Low-Rate Era »

Series: Global Financial Stability Report

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 October 2016

DOI: http://dx.doi.org/10.5089/9781513559582.082

ISBN: 9781513559582

Keywords: Economic stability, Financial stability, Global Financial Stability Report, Global Financial Stability Risks, Market economies, Interest rates, Balance sheets, Pension funds, Emerging markets, global financial stability

The current report finds that short-term risks to global financial stability have abated since April 2016, but that medium-term risks continue to build. Financial institutions in advanced economies face a number of...

Does Taxation Stifle Corporate Investment? Firm-Level Evidence from ASEAN Countries

Does Taxation Stifle Corporate Investment? Firm-Level Evidence from ASEAN Countries »

Source: Does Taxation Stifle Corporate Investment? Firm-Level Evidence from ASEAN Countries

Volume/Issue: 2018/34

Series: IMF Working Papers

Author(s): Serhan Cevik , and Fedor Miryugin

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 March 2018

ISBN: 9781484344156

Keywords: Investment, Corporate income tax, leverage, firm performance

This paper conducts a firm-level analysis of the effect of taxation on corporate investment patterns in member states of the Association of Southeast Asian Nations (ASEAN). Using large-scale panel data on nonfinanc...

The Crisis

The Crisis »

Source: The Crisis : Basic Mechanisms and Appropriate Policies

Volume/Issue: 2009/80

Series: IMF Working Papers

Author(s): Olivier Blanchard

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2009

ISBN: 9781451872279

Keywords: Spending, Leverage, capital outflows, stock market, securitization, government bonds,

The purpose of this lecture is to look beyond the complex events that characterize the global financial and economic crisis, identify the basic mechanisms, and infer the policies needed to resolve the current crisi...

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...

Leverage? What Leverage? A Deep Dive into the U.S. Flow of Funds  in Search of Clues to the Global Crisis

Leverage? What Leverage? A Deep Dive into the U.S. Flow of Funds in Search of Clues to the Global Crisis »

Source: Leverage? What Leverage? A Deep Dive into the U.S. Flow of Funds in Search of Clues to the Global Crisis

Volume/Issue: 2012/162

Series: IMF Working Papers

Author(s): Tamim Bayoumi , and Ashok Bhatia

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2012

ISBN: 9781475504712

Keywords: credit, collateral, bonds, shares, Leverage, Securitization, Investment Banking, Money And Interest Rates, Financial Institutions And Services,

This paper questions the view that leverage should have forewarned us of the global financial crisis of 2007-09, pointing to several gearing indicators that were neither useful portents of the onset of the crisis n...

Measuring off-Balance-Sheet Leverage

Measuring off-Balance-Sheet Leverage »

Source: Measuring off-Balance-Sheet Leverage

Volume/Issue: 2000/202

Series: IMF Working Papers

Author(s): Peter Breuer

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2000

ISBN: 9781451874396

Keywords: off-balance-sheet leverage, derivatives, capital adequacy, derivative, hedge funds, forward contract, hedge

The simultaneous unwinding of leveraged positions can trigger financial market turbulence. Although balance-sheet measures of leverage are available, it is useful to construct a measure of leverage that incorporate...

The Capital Structure of Listed Companies in Poland

The Capital Structure of Listed Companies in Poland »

Source: The Capital Structure of Listed Companies in Poland

Volume/Issue: 1997/175

Series: IMF Working Papers

Author(s): Qaizar Hussain , and Eugeniy Nivorozhkin

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 1997

ISBN: 9781451976342

Keywords: stock market, capital structure, leverage, stock exchange, financial markets, stock markets

This paper examines the capital structure of listed firms in Poland, using firm-level panel data to study the determinants of leverage. Polish firms had extremely low leverage levels, suggesting a growing stock mar...

Financial Reforms, Financial Openness, and Corporate Borrowing

Financial Reforms, Financial Openness, and Corporate Borrowing »

Source: Financial Reforms, Financial Openness, and Corporate Borrowing : International Evidence

Volume/Issue: 2007/186

Series: IMF Working Papers

Author(s): Enrica Detragiache , Gianni De Nicolo , and Senay Agca

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2007

ISBN: 9781451867503

Keywords: Corporate leverage, debt maturity, financial reforms, financial openness, international financial markets, financial liberalization, bond, bond rating,

We study how credit market deregulation and increased international financial openness have changed corporate borrowing. The evidence comes from a large panel of publicly traded firms in 38 countries over the perio...

Are House Prices Rising Too Fast in China?

Are House Prices Rising Too Fast in China? »

Source: Are House Prices Rising Too Fast in China?

Volume/Issue: 2010/274

Series: IMF Working Papers

Author(s): Ashvin Ahuja , Lillian Cheung , Gaofeng Han , Nathan Porter , and Wenlang Zhang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2010

ISBN: 9781455210817

Keywords: House price, price misalignment, leverage cycle, mortgage, real estate, land sales, mortgage loan, mortgage interest,

Sharp increase in house prices combined with the extraordinary Chinese lending growth during 2009 has led to concerns of an emerging real estate bubble. We find that, for China as a whole, the current levels of hou...

Monetary Policy, Leverage, and Bank Risk Taking1

Monetary Policy, Leverage, and Bank Risk Taking1 »

Source: Monetary Policy, Leverage, and Bank Risk Taking

Volume/Issue: 2010/276

Series: IMF Working Papers

Author(s): Giovanni Dell'Ariccia , Robert Marquez , and Luc Laeven

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2010

ISBN: 9781455210831

Keywords: leverage, risk taking, bank risk, banking, bank monitoring, bank risk taking, Financial Markets and the Macroeconomy,

We provide a theoretical foundation for the claim that prolonged periods of easy monetary conditions increase bank risk taking. The net effect of a monetary policy change on bank monitoring (an inverse measure of r...