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Commodity Price Shocks and Imperfectly Credible Macroeconomic Policies in Commodity-Exporting Small Open Economies

Commodity Price Shocks and Imperfectly Credible Macroeconomic Policies in Commodity-Exporting Small Open Economies »

Source: Commodity Price Shocks and Imperfectly Credible Macroeconomic Policies in Commodity-Exporting Small Open Economies

Volume/Issue: 2014/33

Series: IMF Working Papers

Author(s): Juan Pablo Medina Guzman , and Claudio Soto

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 February 2014

ISBN: 9781484306390

Keywords: imperfect credibility, inflation, central bank, monetary policy transparency, monetary authority, Monetary Policy (Targets, Instruments, and Effects), General,

In this paper, we analyze how lack of credibility and transparency of monetary and fiscal policies undermines the effectiveness of macroeconomic policies to isolate the economy from commodity price fluctuations. We...

Common Factors in Latin America's Business Cycles

Common Factors in Latin America's Business Cycles »

Source: Common Factors in Latin America's Business Cycles

Volume/Issue: 2006/49

Series: IMF Working Papers

Author(s): Allan Timmermann , Luis Catão , and Marco Aiolfi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2006

ISBN: 9781451863093

Keywords: Factor Models, business cycle, equation, real gdp, statistics,

This paper constructs new business cycle indices for Argentina, Brazil, Chile, and Mexico based on common dynamic factors extracted from a comprehensive set of sectoral output, external data, and fiscal and financi...

Competitiveness and the Evolution of the Real Exchange Rate in Chile

Competitiveness and the Evolution of the Real Exchange Rate in Chile »

Source: Competitiveness and the Evolution of the Real Exchange Rate in Chile

Volume/Issue: 1998/58

Series: IMF Working Papers

Author(s): Martine Guerguil , and Martin Kaufman

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 1998

ISBN: 9781451847833

Keywords: exchange rate, competitiveness, productivity, Balassa effect, trading partners, real exchange rate, currency appreciation, exchange rates

This paper reviews the evolution of certain price and nonprice competitiveness indicators in Chile and concludes that the pecuniary loss of competitiveness associated with the appreciation of the peso since the lat...

The Composition Matters

The Composition Matters »

Source: The Composition Matters : Capital Inflows and Liquidity Crunch During a Global Economic Crisis

Volume/Issue: 2009/164

Series: IMF Working Papers

Author(s): Hui Tong , and Shang-Jin Wei

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2009

ISBN: 9781451873115

Keywords: Financial globalization, spillover, liquidity constraints, stock price, working capital, financial dependence, Financial Institutions And Services, Corporate Finance And Governance,

We study whether capital flows affect the degree of credit crunch faced by a country's manufacturing firms during the 2007-09 crisis. Examining 3823 firms in 24 emerging countries, we find that the decline in stock...

Consumer Confusion

Consumer Confusion »

Source: Consumer Confusion : The Choice of AFORE

Volume/Issue: 2008/177

Series: IMF Working Papers

Author(s): Moisés Schwartz , Enrique Domínguez , and Roberto Calderón-Colín

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2008

ISBN: 9781451870350

Keywords: defined contribution, individual accounts, retirement savings, consumer choice, consumer confusion, noise distribution, mark-up, pension, pension fund, pension fund managers

This paper was prepared for the World Bank 4th Annual Contractual Savings Conference (Washington DC, April 2008) co-organized by Gregorio Impavido (gimpavido@imf.org). The article shows that account transfers among...

Contingent Liabilities

Contingent Liabilities »

Source: Contingent Liabilities : Issues and Practice

Volume/Issue: 2008/245

Series: IMF Working Papers

Author(s): Aliona Cebotari

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2008

ISBN: 9781451871036

Keywords: government guarantees, fiscal risks, disclosure, contingent liability, accounting standards, moral hazard, beneficiaries,

Contingent liabilities have gained prominence in the analysis of public finance. Indeed, history is full of episodes in which the financial position of the public sector is substantially altered-or its true nature...

Copper and the Chilean Economy, 1960-98

Copper and the Chilean Economy, 1960-98 »

Source: Copper and the Chilean Economy, 1960-98

Volume/Issue: 1999/57

Series: IMF Working Papers

Author(s): Antonio Spilimbergo

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 1999

ISBN: 9781451847758

Keywords: copper prices, exchange rate, real exchange rate, copper, foreign investment

The paper concludes that world copper prices play an important role in short-term fluctuations and probably influence long-term growth of the Chilean economy. While many mechanisms may be at work, investment seems...

The Corporate Sector Dynamics of Systemic Financial Crises

The Corporate Sector Dynamics of Systemic Financial Crises »

Source: The Corporate Sector Dynamics of Systemic Financial Crises

Volume/Issue: 2000/114

Series: IMF Working Papers

Author(s): Mark Stone

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2000

ISBN: 9781451853780

Keywords: Financial crises, corporate restructuring, corporate sector, capital inflows, crisis episodes, crisis countries, capital markets

This paper puts together a set of stylized facts of the corporate sector dynamics of systemic financial crises based on recent crisis episodes with a view to identifying the key issues and their policy implications...

The Cost of Aggressive Sovereign Debt Policies

The Cost of Aggressive Sovereign Debt Policies »

Source: The Cost of Aggressive Sovereign Debt Policies : How Much is theprivate Sector Affected?

Volume/Issue: 2009/29

Series: IMF Working Papers

Author(s): Christoph Trebesch

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2009

ISBN: 9781451871760

Keywords: Sovereign Default, Reputation Spillovers, debt policies, debt crisis, external borrowing,

This paper proposes a new empirical measure of cooperative versus conflictual crisis resolution following sovereign default and debt distress. The index of government coerciveness is presented as a proxy for excusa...

Credibility and Exchange Rate Management in Developing Countries

Credibility and Exchange Rate Management in Developing Countries »

Source: Credibility and Exchange Rate Management in Developing Countries

Volume/Issue: 1991/87

Series: IMF Working Papers

Author(s): Pierre-Richard Agénor

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 1991

ISBN: 9781451850925

Keywords: exchange rate, inflation, fixed exchange rate, real exchange rate, nominal exchange rate

The paper examines the role of credibility in the conduct of exchange rate policy in developing countries, The analysis is based on a model in which policymakers are concerned about inflation and external competiti...