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The Impact of Worldwide Military Spending Cutson Developing Countries

The Impact of Worldwide Military Spending Cutson Developing Countries »

Volume/Issue: 1993/86

Series: IMF Working Papers

Author(s): Steven Symansky , Tamim Bayoumi , and Daniel Hewitt

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 1993

DOI: http://dx.doi.org/10.5089/9781451850802.001

ISBN: 9781451850802

Keywords: military, military spending, military expenditures, expenditures, arms

This paper investigates the economic impact of a coordinated reduction in military expenditures of 20 percent using a specially modified version of the MULTIMOD world economic model. Simulation results indicate tha...

The Nonbank-Bank Nexus and the Shadow Banking System

The Nonbank-Bank Nexus and the Shadow Banking System »

Volume/Issue: 2011/289

Series: IMF Working Papers

Author(s): Manmohan Singh , and Zoltan Pozsar

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2011

DOI: http://dx.doi.org/10.5089/9781463927233.001

ISBN: 9781463927233

Keywords: shadow banking system, rehypothecation, collateral, maturity transformation, banking, banking system, banking sector, holding company, Financial Institutions and Services: Government Policy and Regulation, International Monetary Arrangements and Institutions

The present way of thinking about financial intermediation does not fully incorporate the rise of asset managers as a major source of funding for banks through the shadow banking system. Asset managers are dominant...

The (Other) Deleveraging

The (Other) Deleveraging »

Volume/Issue: 2012/179

Series: IMF Working Papers

Author(s): Manmohan Singh

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2012

DOI: http://dx.doi.org/10.5089/9781475505276.001

ISBN: 9781475505276

Keywords: pledged collateral, velocity of collateral, rehypothecation, deleveraging, securities lending, Taylor rule, collateral, hedge, financial system, hedge fund

Deleveraging has two components--shrinking of balance sheets due to increased haircuts/shedding of assets, and the reduction in the interconnectedness of the financial system. We focus on the second aspect and show...

The Peace Dividend
			: Military Spending Cuts and Economic Growth

The Peace Dividend : Military Spending Cuts and Economic Growth »

Volume/Issue: 1995/53

Series: IMF Working Papers

Author(s): Malcolm Knight , Delano Villanueva , and Norman Loayza

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 1995

DOI: http://dx.doi.org/10.5089/9781451847338.001

ISBN: 9781451847338

Keywords: military spending, military, military expenditures, military expenditure

Although conventional wisdom suggests that reducing military spending may improve a country’s economic growth performance, empirical studies have produced ambiguous results. This paper extends a standard gro...

The Security Factor in The Political Economy of Development

The Security Factor in The Political Economy of Development »

Volume/Issue: 1998/33

Series: IMF Working Papers

Author(s): Martin McGuire

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 1998

DOI: http://dx.doi.org/10.5089/9781451979381.001

ISBN: 9781451979381

Keywords: Security, Economic Conflict, Wealth Distribution, Governance, Institutions of Development, military, taxation, army, military dictatorship, tax collection

A country’s judiciary, police, and security forces are essential to protect the State from external aggression. By virtue of the State’s monopoly of coercion, they maintain a stable legal framework an...

The (Sizable) Role of Rehypothecation in the Shadow Banking System

The (Sizable) Role of Rehypothecation in the Shadow Banking System »

Volume/Issue: 2010/172

Series: IMF Working Papers

Author(s): Manmohan Singh , and James Aitken

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2010

DOI: http://dx.doi.org/10.5089/9781455201839.001

ISBN: 9781455201839

Keywords: Rehypothecation, FSA, Velocity or Churning of Collateral, Counterparty Risk, collateral, hedge, hedge funds, hedge fund, Financial Institutions and Services: Government Policy and Regulation, International Monetary Arrangements and Institutions

This paper examines the sizable role of rehypothecation in the shadow banking system. Rehypothecation is the practice that allows collateral posted by, say, a hedge fund to its prime broker to be used again as coll...

Velocity of Pledged Collateral
			: Analysis and Implications

Velocity of Pledged Collateral : Analysis and Implications »

Volume/Issue: 2011/256

Series: IMF Working Papers

Author(s): Manmohan Singh

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2011

DOI: http://dx.doi.org/10.5089/9781463923952.001

ISBN: 9781463923952

Keywords: pledged collateral, velocity of collateral, churning, rehypothecation, collateral, hedge, hedge funds, financial system, hedge fund, Financial Institutions and Services: Government Policy and Regulation

Large banks and dealers use and reuse collateral pledged by nonbanks, which helps lubricate the global financial system. The supply of collateral arises from specific investment strategies in the asset management c...

Why Does Bad News Increase Volatility and Decrease Leverage?

Why Does Bad News Increase Volatility and Decrease Leverage? »

Volume/Issue: 2010/206

Series: IMF Working Papers

Author(s): Ana Fostel , and John Geanakoplos

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2010

DOI: http://dx.doi.org/10.5089/9781455205370.001

ISBN: 9781455205370

Keywords: Endogenous Leverage, Post-Bad News Volatility, Post-Good News Volatility, Volatility Smile, collateral, bond, bonds, financial contracts, stock options, General Equilibrium and Disequilibrium: General

The literature on leverage until now shows how an increase in volatility reduces leverage. However, in order to explain pro-cyclical leverage it assumes that bad news increases volatility. This paper suggests a rea...

Worldwide Military Spending, 1990-1995

Worldwide Military Spending, 1990-1995 »

Volume/Issue: 1996/64

Series: IMF Working Papers

Author(s): Jerald Schiff , Benedict Clements , and Sanjeev Gupta

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 1996

DOI: http://dx.doi.org/10.5089/9781451848519.001

ISBN: 9781451848519

Keywords: military spending, military, military expenditures, military expenditure, arms

The decline in military spending that began in the mid-1980s continued through 1995, and this decline was widespread both geographically and by level of development. Cuts in military spending appear to have potenti...

The Impact of Worldwide Military Spending Cutson Developing Countries

The Impact of Worldwide Military Spending Cutson Developing Countries »

Source: The Impact of Worldwide Military Spending Cutson Developing Countries

Volume/Issue: 1993/86

Series: IMF Working Papers

Author(s): Steven Symansky , Tamim Bayoumi , and Daniel Hewitt

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 1993

ISBN: 9781451850802

Keywords: military, military spending, military expenditures, expenditures, arms

This paper investigates the economic impact of a coordinated reduction in military expenditures of 20 percent using a specially modified version of the MULTIMOD world economic model. Simulation results indicate tha...