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Financial Repression is Knocking at the Door, Again

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Financial Repression is Knocking at the Door, Again »

Source: Financial Repression is Knocking at the Door, Again

Volume/Issue: 2019/211

Series: IMF Working Papers

Author(s): Etibar Jafarov , Rodolfo Maino , and Marco Pani

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 September 2019

ISBN: 9781513512488

Keywords: Financial crises, Economic stabilization, Interest rates on deposits, Interest rates on loans, Financial statistics, Financial Repression, Financial Liberalization, Financial Regulations, Growth., WP

Financial repression (legal restrictions on interest rates, credit allocation, capital movements, and other financial operations) was widely used in the past but was largely abandoned in the liberalization wave of...

Financial Repression is Knocking at the Door, Again

New
Financial Repression is Knocking at the Door, Again »

Volume/Issue: 2019/211

Series: IMF Working Papers

Author(s): Etibar Jafarov , Rodolfo Maino , and Marco Pani

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 September 2019

DOI: http://dx.doi.org/10.5089/9781513512488.001

ISBN: 9781513512488

Keywords: Financial crises, Economic stabilization, Interest rates on deposits, Interest rates on loans, Financial statistics, Financial Repression, Financial Liberalization, Financial Regulations, Growth., WP

Financial repression (legal restrictions on interest rates, credit allocation, capital movements, and other financial operations) was widely used in the past but was largely abandoned in the liberalization wave of...

SME Financial Inclusion for Sustained Growth in the Middle East and Central Asia

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SME Financial Inclusion for Sustained Growth in the Middle East and Central Asia »

Volume/Issue: 2019/209

Series: IMF Working Papers

Author(s): Mishel Ghassibe , Maximiliano Appendino , and Samir Elsadek Mahmoudi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 September 2019

DOI: http://dx.doi.org/10.5089/9781513509112.001

ISBN: 9781513509112

Keywords: Financial crises, Real sector, Financial inclusion, Labor productivity, Economic growth, Small and Medium Sized Enterprises, Economic Grow, WP, central Asia region, SMEs

This paper offers empirical evidence that greater financial inclusion of small and medium enterprises (SMEs) can promote higher economic growth and employment, especially in the Middle East and Central Asia regions...

The Riskiness of Credit Allocation and Financial Stability

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The Riskiness of Credit Allocation and Financial Stability »

Volume/Issue: 2019/207

Series: IMF Working Papers

Author(s): Luis Brandao-Marques , Qianying Chen , Claudio Raddatz , Jérôme Vandenbussche , and Peichu Xie

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 September 2019

DOI: http://dx.doi.org/10.5089/9781513513775.001

ISBN: 9781513513775

Keywords: Real effective exchange rates, Financial crises, Economic conditions, Credit booms, Credit expansion, Corporate debt, credit allocation, credit risk, financial leverage, financial vulnerability

We explore empirically how the time-varying allocation of credit across firms with heterogeneous credit quality matters for financial stability outcomes. Using firm-level data for 55 countries over 1991-2016, we sh...

The Riskiness of Credit Allocation and Financial Stability

New
The Riskiness of Credit Allocation and Financial Stability »

Source: The Riskiness of Credit Allocation and Financial Stability

Volume/Issue: 2019/207

Series: IMF Working Papers

Author(s): Luis Brandao-Marques , Qianying Chen , Claudio Raddatz , Jérôme Vandenbussche , and Peichu Xie

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 September 2019

ISBN: 9781513513775

Keywords: Real effective exchange rates, Financial crises, Economic conditions, Credit booms, Credit expansion, Corporate debt, credit allocation, credit risk, financial leverage, financial vulnerability

We explore empirically how the time-varying allocation of credit across firms with heterogeneous credit quality matters for financial stability outcomes. Using firm-level data for 55 countries over 1991-2016, we sh...

SME Financial Inclusion for Sustained Growth in the Middle East and Central Asia

New
SME Financial Inclusion for Sustained Growth in the Middle East and Central Asia »

Source: SME Financial Inclusion for Sustained Growth in the Middle East and Central Asia

Volume/Issue: 2019/209

Series: IMF Working Papers

Author(s): Mishel Ghassibe , Maximiliano Appendino , and Samir Elsadek Mahmoudi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 September 2019

ISBN: 9781513509112

Keywords: Financial crises, Real sector, Financial inclusion, Labor productivity, Economic growth, Small and Medium Sized Enterprises, Economic Grow, WP, central Asia region, SMEs

This paper offers empirical evidence that greater financial inclusion of small and medium enterprises (SMEs) can promote higher economic growth and employment, especially in the Middle East and Central Asia regions...

US vs. Euro Area: Who Drives Cross-Border Bank Lending to EMs?

US vs. Euro Area: Who Drives Cross-Border Bank Lending to EMs? »

Volume/Issue: 2019/199

Series: IMF Working Papers

Author(s): Eugenio Cerutti , and Carolina Osorio Buitron

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 September 2019

DOI: http://dx.doi.org/10.5089/9781513511900.001

ISBN: 9781513511900

Keywords: Central banking and monetary issues, Financial crises, Real sector, Reserve requirements, Market interest rates, cross-border bank lending, emerging markets, global banks, WP, sign restriction

This paper analyzes the drivers of cross-border bank lending to 49 Emerging Markets (EMs) during the period 1990Q1-2014Q4, by assessing the impact of monetary, financial and real sector shocks in both the US and th...

More Gray, More Volatile? Aging and (Optimal) Monetary Policy

More Gray, More Volatile? Aging and (Optimal) Monetary Policy »

Volume/Issue: 2019/198

Series: IMF Working Papers

Author(s): Daniel Baksa , and Zsuzsa Munkacsi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 September 2019

DOI: http://dx.doi.org/10.5089/9781513509082.001

ISBN: 9781513509082

Keywords: Price indexes, Economic growth, Real interest rates, Central banking and monetary issues, Negative interest rates, aging, monetary policy transmission, optimal monetary policy, inflation targeting, WP

The evidence on the inflation impact of aging is mixed, and there is no evidence regarding the volatility of inflation. Based on advanced economies' data and a DSGE-OLG model, we find that aging leads to downward p...

One Ring to Rule Them All? New Evidence on World Cycles

One Ring to Rule Them All? New Evidence on World Cycles »

Volume/Issue: 2019/202

Series: IMF Working Papers

Author(s): Eric Monnet , and Damien Puy

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 September 2019

DOI: http://dx.doi.org/10.5089/9781513512969.001

ISBN: 9781513512969

Keywords: Economic integration, Economic policy, Financial crises, Economic systems, Financial statistics, World Cycles, Business Cycles, Financial Cycles, Financial integration, Trade integration

We estimate world cycles using a new quarterly dataset of output, credit and asset prices assembled using IMF archives and covering a large set of advanced and emerging economies since 1950. World cycles, both real...

Trinity Strikes Back: Monetary Independence and Inflation in the Caribbean

Trinity Strikes Back: Monetary Independence and Inflation in the Caribbean »

Volume/Issue: 2019/197

Series: IMF Working Papers

Author(s): Serhan Cevik , and Tianle Zhu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 September 2019

DOI: http://dx.doi.org/10.5089/9781513511702.001

ISBN: 9781513511702

Keywords: Real effective exchange rates, Central bank independence, Central bank autonomy, Exchange rate regimes, Monetary policy, Macroeconomic trilemma, monetary independence, exchange rate flexibility, inflation, WP

Monetary independence is at the core of the macroeconomic policy trilemma stating that an independent monetary policy, a fixed exchange rate and free movement of capital cannot exist at the same time. This study ex...