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The Aging of the Population and the Size of the Welfare State

The Aging of the Population and the Size of the Welfare State »

Source: The Aging of the Population and the Size of the Welfare State

Volume/Issue: 2002/68

Series: IMF Working Papers

Author(s): Phillip Swagel , Efraim Sadka , and Assaf Razin

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2002

ISBN: 9781451849004

Keywords: dependency ratio, labor tax, tax rate, dependency, unemployment, social security, Structure, Scope, and Performance of Government,

Data for the United States and countries in Western Europe indicate a negative correlation between the dependency ratio and both labor tax rates and the generosity of social transfers, after controlling for other f...

Can Covered Bonds Resuscitate Residential Mortgage Finance in the United States?1

Can Covered Bonds Resuscitate Residential Mortgage Finance in the United States?1 »

Source: Can Covered Bonds Resuscitate Residential Mortgage Finance in the United States?

Volume/Issue: 2010/277

Series: IMF Working Papers

Author(s): Jay Surti

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2010

ISBN: 9781455210848

Keywords: Covered bonds, mortgage-backed securities, personal bankruptcy, bond, bonds, mortgage, bond holders, mortgage loans, General Financial Markets: Government Policy and Regulation, Other Substantive Areas of Law: Other

This paper considers the case for mortgage covered bonds as an alternative to the originate-to-distribute mortgage funding model. It argues that the economic incentives provided to market participants under the cov...

Correcting “Beyond the Cycle:” Accounting for Asset Prices in Structural Fiscal Balances1

Correcting “Beyond the Cycle:” Accounting for Asset Prices in Structural Fiscal Balances1 »

Source: Correcting 'Beyond the Cycle" : Accounting for Asset Prices in Structural Fiscal Balances

Volume/Issue: 2015/109

Series: IMF Working Papers

Author(s): Estelle Liu , Todd Mattina , and Tigran Poghosyan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 May 2015

ISBN: 9781513520551

Keywords: asset price, equity market, housing market, panel data econometrics, prices, price, equity, Asset Pricing, Deficit, panel data econometrics.,

This paper outlines an operational approach for incorporating the impact of asset price cycles in the calculation of structural fiscal balances (SFBs). The global financial crisis demonstrated that movements in ass...

Credibility and Crisis Stress Testing

Credibility and Crisis Stress Testing »

Source: Credibility and Crisis Stress Testing

Volume/Issue: 2013/178

Series: IMF Working Papers

Author(s): Li Ong , and Ceyla Pazarbasioglu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 August 2013

ISBN: 9781484395615

Keywords: Asset quality review, crisis, disclosure, financial backstop, hurdle rates, restructuring, solvency, CCAR, CEBS, EBA

Credibility is the bedrock of any crisis stress test. The use of stress tests to manage systemic risk was introduced by the U.S. authorities in 2009 in the form of the Supervisory Capital Assessment Program. Since...

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...

Decentralization and Macroeconomic Management

Decentralization and Macroeconomic Management »

Source: Decentralization and Macroeconomic Management

Volume/Issue: 1997/155

Series: IMF Working Papers

Author(s): Teresa Ter-Minassian

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 1997

ISBN: 9781451857276

Keywords: decentralization, fiscal federalism, borrowing controls, federalism, subnational governments, subnational government

The literature on fiscal federalism has amply discussed both the potential efficiency and welfare gains from decentralization and the potential trade-offs between decentralization and income redistribution. By cont...

Deconstructing Job Creation

Deconstructing Job Creation »

Source: Deconstructing Job Creation

Volume/Issue: 1999/109

Series: IMF Working Papers

Author(s): Pietro Garibaldi , and Paolo Mauro

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 1999

ISBN: 9781451853193

Keywords: job creation, European unemployment, firing costs, employment, jobs, unemployment, employment growth

This paper studies net employment growth across 21 OECD economies in 1980-97, focusing on experiences within the European Union. It finds that sectoral effects can only partially account for differences in job crea...

Determinants of Foreign Direct Investment

Determinants of Foreign Direct Investment »

Source: Determinants of Foreign Direct Investment : A Sectoral and Institutional Approach

Volume/Issue: 2010/187

Series: IMF Working Papers

Author(s): Jiangyan Yu , and James Walsh

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2010

ISBN: 9781455202218

Keywords: determinants, institutional development, fdi, direct investment, investors, investment decisions,

Using a dataset which breaks down FDI flows into primary, secondary and tertiary sector investments and a GMM dynamic approach to address concerns about endogeneity, the paper analyzes various macroeconomic, develo...

Distributional Consequences of Fiscal Consolidation and the Role of Fiscal Policy

Distributional Consequences of Fiscal Consolidation and the Role of Fiscal Policy »

Source: Distributional Consequences of Fiscal Consolidation and the Role of Fiscal Policy : What Do the Data Say?

Volume/Issue: 2013/195

Series: IMF Working Papers

Author(s): Jaejoon Woo , Elva Bova , Tidiane Kinda , and Yuanyan Zhang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 September 2013

ISBN: 9781484390917

Keywords: Inequality, Gini Coefficient, Tax and Spending policy, gini, income distribution, world income inequality, dependent variable, General, Equity, Justice

The 2007-09 Great Recession has led to an unprecedented increase in public debt in many countries, triggering substantial fiscal adjustments. What are the distributional consequences of fiscal austerity measures? T...

Does Financial Connectedness Predict Crises?1

Does Financial Connectedness Predict Crises?1 »

Source: Does Financial Connectedness Predict Crises?

Volume/Issue: 2013/267

Series: IMF Working Papers

Author(s): Camelia Minoiu , Chanhyun Kang , V.S. Subrahmanian , and Anamaria Berea

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 December 2013

ISBN: 9781475554250

Keywords: financial networks, banking, banking systems, Global Outlook, Financial Aspects of Economic Integration, Forecasting and Simulation,

The global financial crisis has reignited interest in models of crisis prediction. It has also raised the question whether financial connectedness - a possible source of systemic risk - can serve as an early warnin...