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Accounting for Output Drops in Latin America

Accounting for Output Drops in Latin America »

Source: Accounting for Output Drops in Latin America

Volume/Issue: 2009/67

Series: IMF Working Papers

Author(s): Ruy Lama

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2009

ISBN: 9781451872149

Keywords: Business cycle accounting, DSGE models, small open economy, tfp, bond, business cycle, total factor productivity,

This paper evaluates what type of models can account for the recent episodes of output drops in Latin America. I develop an open economy version of the business cycle accounting methodology (Chari, Kehoe, and McGra...

Accumulating Foreign Reserves Under Floating Exchange Rates

Accumulating Foreign Reserves Under Floating Exchange Rates »

Source: Accumulating Foreign Reserves Under Floating Exchange Rates

Volume/Issue: 2008/96

Series: IMF Working Papers

Author(s): Fernando M. Gonçalves

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2008

ISBN: 9781451869576

Keywords: Foreign Reserves, Foreign Exchange Market, Floating Exchange Rate, inflation, monetary authority, inflation rate, foreign exchange,

Official accumulation of foreign reserves may be perceived as interventions to influence the exchange rate, undermining the credibility of floating exchange rates and inflation targets. This paper develops a theore...

Addressing Interconnectedness

Addressing Interconnectedness »

Source: Addressing Interconnectedness : Concepts and Prudential Tools

Volume/Issue: 2013/199

Series: IMF Working Papers

Author(s): Nicolas Arregui , Mohamed Norat , Antonio Pancorbo , Jodi Scarlata , Eija Holttinen , Fabiana Melo , Jay Surti , Christopher Wilson , Rodolfo Wehrhahn , and Mamoru Yanase

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 September 2013

ISBN: 9781475531855

Keywords: network analysis, prudential tools, policymakers, systemic risk, banking, banking system, banking sector, bank reporting, interbank market, General

This paper reviews tools used to identify and measure interconnectedness and raises the awareness of policymakers as to potential cross-sectional implications of prudential tools aimed at controlling interconnected...

Allowances for Corporate Equity in Practice

Allowances for Corporate Equity in Practice »

Source: Allowances for Corporate Equity in Practice

Volume/Issue: 2006/259

Series: IMF Working Papers

Author(s): Alexander Klemm

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2006

ISBN: 9781451865196

Keywords: allowance for corporate equity, tax reform, corporate income tax, tax system, tax rates, effective tax rates, Business Taxes and Subsidies including sales and value-added (VAT), Multiple or Simultaneous Equation Models: Models with Panel Data, Ace,

This paper provides an overview of full and partial allowance for corporate equity (ACE) tax systems in practice. In the recent past, ACE systems have been used in Austria, Croatia, and Italy. Brazil still applies...

Analytical and Methodological Issues in the Measurement of Fiscal Deficits

Analytical and Methodological Issues in the Measurement of Fiscal Deficits »

Source: Analytical and Methodological Issues in the Measurement of Fiscal Deficits

Volume/Issue: 1990/105

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 1990

ISBN: 9781451947380

Keywords: inflation, aggregate demand, central bank, monetary fund, fiscal deficit

The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, inclu...

An Analytical Framework of Environmental Issues

An Analytical Framework of Environmental Issues »

Source: An Analytical Framework of Environmental Issues

Volume/Issue: 1993/53

Series: IMF Working Papers

Author(s): Jonathan Levin

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 1993

ISBN: 9781451847314

Keywords: environment, pollution, environmental effects, sulfur, carbon dioxide

Environmental effects which were insignificant in the past, when the fewer concentrations of population or products of modern technology allowed the vast absorptive capacity of nature to act as a sink, are quite ev...

Any Link Between Legal Central Bank Independence and Inflation? Evidence from Latin America and the Caribbean

Any Link Between Legal Central Bank Independence and Inflation? Evidence from Latin America and the Caribbean »

Source: Any Link Between Legal Central Bank Independence and Inflation? Evidence from Latin America and the Caribbean

Volume/Issue: 2005/75

Series: IMF Working Papers

Author(s): Luis Jácome , and Francisco Vazquez

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2005

ISBN: 9781451860948

Keywords: structural reform, Latin America, central bank, central banks, monetary policy, monetary fund, Latin Amercia,

This paper reviews central bank legislation in 24 countries in Latin America and the Caribbean during the 1990s. Using panel regressions, we find a negative relationship between legal central bank independence (CBI...

Are Business Cycles Different in Asia and Latin America?

Are Business Cycles Different in Asia and Latin America? »

Source: Are Business Cycles Different in Asia and Latin America?

Volume/Issue: 1997/9

Series: IMF Working Papers

Author(s): Alexander Hoffmaister , and Jorge Roldos

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 1997

ISBN: 9781451927313

Keywords: exchange rate, real exchange rate, terms of trade, exchange rate fluctuations, nominal exchange rate

This paper compares business cycles in Asia and in Latin America using structural vector autoregression analysis with panel data. The evidence for countries in these regions suggests that (i) the main source of out...

Are Credit Default Swaps Spreads High in Emerging Markets

Are Credit Default Swaps Spreads High in Emerging Markets »

Source: Are Credit Default Swaps Spreads High in Emerging Markets : An Alternative Methodology for Proxying Recovery Value

Volume/Issue: 2003/242

Series: IMF Working Papers

Author(s): Manmohan Singh

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2003

ISBN: 9781451875836

Keywords: recovery value, credit default swaps, cheapest-to-deliver bonds, bonds, bond, probability, correlation, probability of default,

In times of distress when a country loses access to markets, there is evidence that credit default swap (CDS) spreads are a leading indicator for sovereign risk than the EMBI+ sub-index for the country. However, it...

Are Currency Crises Predictable? A Test

Are Currency Crises Predictable? A Test »

Source: Are Currency Crises Predictable? A Test

Volume/Issue: 1998/154

Series: IMF Working Papers

Author(s): Catherine Pattillo , and Andrew Berg

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 1998

ISBN: 9781451857207

Keywords: Currency crises, vulnerability indicators, Asian crisis, balance of payments crises, crisis prediction, probability, probabilities, correlation, crisis index, predictions

This paper evaluates three models for predicting currency crises that were proposed before 1997. The idea is to answer the question: if we had been using these models in late 1996, how well armed would we have been...