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Global Equilibrium Exchange Rates
			: Euro, Dollar, 'Ins,' 'Outs,' and Other Major Currencies in a Panel Cointegration Framework

Global Equilibrium Exchange Rates : Euro, Dollar, 'Ins,' 'Outs,' and Other Major Currencies in a Panel Cointegration Framework »

Volume/Issue: 1999/175

Series: IMF Working Papers

Author(s): Susana Garcia Cervero , J. Lopez , Enrique Alberola Ila , and Angel Ubide

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 1999

DOI: http://dx.doi.org/10.5089/9781451858730.001

ISBN: 9781451858730

Keywords: Equilibrium Exchange Rates, Panel Cointegration, exchange rate, cointegration, exchange rates, real exchange rate, statistics

This paper presents a methodology for calculating bilateral equilibrium exchange rates for a panel of currencies in a way that guarantees global consistency. The methodology has three parts: a theoretical model tha...

Government Subsidies
			: Concepts, International Trends, and Reform Options

Government Subsidies : Concepts, International Trends, and Reform Options »

Volume/Issue: 1995/91

Series: IMF Working Papers

Author(s): Gerd Schwartz , Réjane Hugounenq , and Benedict Clements

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 1995

DOI: http://dx.doi.org/10.5089/9781451851489.001

ISBN: 9781451851489

Keywords: subsidies, subsidy, cash subsidies, national accounts, subsidization, Fiscal Affairs Department,

This paper addresses the problems of defining and measuring government subsidies, examines why and how government subsidies are used as a fiscal policy tool, assesses their economic effects, appraises international...

Hierarchy and Authority in a Dynamic Perspective
			: A Model Applied to Donor Financing of NGO Proposals

Hierarchy and Authority in a Dynamic Perspective : A Model Applied to Donor Financing of NGO Proposals »

Volume/Issue: 2003/157

Series: IMF Working Papers

Author(s): Boriana Yontcheva

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2003

DOI: http://dx.doi.org/10.5089/9781451857511.001

ISBN: 9781451857511

Keywords: hierarchies, strategic delegation, development aid, NGOs, dynamic games, principal-agent issues, ngo, paper, nongovernmental organizations, Game Theory and Bargaining Theory: General

This paper presents a dynamic game of strategic delegation between a principal and an agent. The principal can choose between two organizational designs: a traditional hierarchy where she retains authority over the...

Measuring the Role of Subnational Governments

Measuring the Role of Subnational Governments »

Volume/Issue: 1991/8

Series: IMF Working Papers

Author(s): Jonathan Levin

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 1991

DOI: http://dx.doi.org/10.5089/9781451842456.001

ISBN: 9781451842456

Keywords: expenditures, expenditure, government expenditures, general government expenditures, public finance

To measure subnational governments, only external money flows are counted, excluding intra-level transactions in measuring a level of government and all intergovernmental transactions in measuring general governmen...

Real Exchange Rate Levels, Productivity and Demand Shocks
			: Evidence from a Panel of 14 Countries

Real Exchange Rate Levels, Productivity and Demand Shocks : Evidence from a Panel of 14 Countries »

Volume/Issue: 1997/66

Series: IMF Working Papers

Author(s): Louis Johnston , and Menzie Chinn

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 1997

DOI: http://dx.doi.org/10.5089/9781451962161.001

ISBN: 9781451962161

Keywords: exchange rate, real exchange rate, exchange rates, cointegration, equation

We investigate the long-run relationship between the real exchange rate, traded and nontraded productivity levels, and government spending for 14 OECD countries, using recently developed panel cointegration tests....

Real Exchange Rates and the Prices of Nontradable Goods

Real Exchange Rates and the Prices of Nontradable Goods »

Volume/Issue: 1994/19

Series: IMF Working Papers

Author(s): S. Micossi , and Gian Milesi-Ferretti

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 1994

DOI: http://dx.doi.org/10.5089/9781451922516.001

ISBN: 9781451922516

Keywords: exchange rate, relative price, real exchange rate, real exchange rates, inflation

This paper attempts to provide a perspective on real exchange rate developments following the inception of the EMS. The focus is on structural determinants of real exchange rates, notably the behavior of tradables...

Recognizing the Bias
			: Financial Cycles and Fiscal Policy

Recognizing the Bias : Financial Cycles and Fiscal Policy »

Volume/Issue: 2015/246

Series: IMF Working Papers

Author(s): Nina Budina , Borja Gracia , Xingwei Hu , and Sergejs Saksonovs

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 November 2015

DOI: http://dx.doi.org/10.5089/9781513508863.001

ISBN: 9781513508863

Keywords: housing cycles, private debt, debt bias, debt, price, output, prices, International Lending and Debt Problems, All Countries, debt bias.,

This paper argues that asset price cycles have significant effects on fiscal outcomes. In particular, there is evidence of debt bias-the tendency of debt to increase over the cycle- that is significantly larger for...

Taxing Immovable Property Revenue Potential and Implementation Challenges

Taxing Immovable Property Revenue Potential and Implementation Challenges »

Volume/Issue: 2013/129

Series: IMF Working Papers

Author(s): John Norregaard

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 May 2013

DOI: http://dx.doi.org/10.5089/9781484369050.001

ISBN: 9781484369050

Keywords: immovable property tax, recurrent property tax, property taxes, property tax, property taxation, tax revenues, property tax revenues, State and Local Taxation, Subsidies, and Revenue,

The tax on immovable property has been characterized as probably the most unpopular among tax instruments, in part because it is salient and hard to avoid. But economists continue to emphasize the virtues of the pr...

The Effects of European Economic Integration on the Profitability of Industries

The Effects of European Economic Integration on the Profitability of Industries »

Volume/Issue: 1998/85

Series: IMF Working Papers

Author(s): Dalia Hakura

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 1998

DOI: http://dx.doi.org/10.5089/9781451850727.001

ISBN: 9781451850727

Keywords: Trade Discipline, European Economic Integration, Market Structure, Markups, import penetration, competition, import competition, world price, imperfect competition

This paper examines the effects of intensified international competition on industry profits in six European Union (EU) countries. The paper uses two methods to estimate industry profits. The traditional method use...

The Fundamental Determinants of Credit Default Risk for European Large Complex Financial Institutions

The Fundamental Determinants of Credit Default Risk for European Large Complex Financial Institutions »

Volume/Issue: 2010/153

Series: IMF Working Papers

Author(s): Jiri Podpiera , and Inci Ötker

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2010

DOI: http://dx.doi.org/10.5089/9781455201365.001

ISBN: 9781455201365

Keywords: Large Complex Financial Institutions, dynamic panel data, CAMELS, vulnerability analysis, bond, autocorrelation, corporate bond, statistics, standard errors, Financial Institutions and Services: Government Policy and Regulation

This paper attempts to identify the fundamental variables that drive the credit default swaps during the initial phase of distress in selected European Large Complex Financial Institutions (LCFIs). It uses yearly d...