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A Closer Look at Sectoral Financial Linkages in Brazil I

A Closer Look at Sectoral Financial Linkages in Brazil I »

Source: A Closer Look at Sectoral Financial Linkages in Brazil I

Volume/Issue: 2016/45

Series: IMF Working Papers

Author(s): Izabela Karpowicz , Fabian Lipinsky , and Jongho Park

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 March 2016

ISBN: 9781513536880

Keywords: balance sheet analysis, DSGE Bayesian estimation, emerging economies, equity, share, balance sheet, balance sheets, debt, International Lending and Debt Problems, International Business Cycles

Understanding the interplay between firms’ balance sheets and the macro-economic environment is important for understanding of the Brazilian economy. A close examination of developments in the nonfinancial corporat...

Financial and Business Cycles in Brazil1

Financial and Business Cycles in Brazil1 »

Source: Financial and Business Cycles in Brazil

Volume/Issue: 2017/12

Series: IMF Working Papers

Author(s): Ivo Krznar , and Troy Matheson

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 January 2017

ISBN: 9781475571042

Keywords: Western Hemisphere, Econometric models, Public sector, Private sector, Financial risk, Brazil, Business cycles, Credit expansion, Procyclicality of financial system, Parameter estimation

This paper explores the nexus between the financial cycle and business cycle in Brazil. Cycles are estimated using a variety of commonly-used statistical methods and with a small, semistructural model of the Brazil...

A Closer Look at Sectoral Financial Linkages in Brazil I

A Closer Look at Sectoral Financial Linkages in Brazil I »

Volume/Issue: 2016/45

Series: IMF Working Papers

Author(s): Izabela Karpowicz , Fabian Lipinsky , and Jongho Park

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 March 2016

DOI: http://dx.doi.org/10.5089/9781513536880.001

ISBN: 9781513536880

Keywords: balance sheet analysis, DSGE Bayesian estimation, emerging economies, equity, share, balance sheet, balance sheets, debt, International Lending and Debt Problems, International Business Cycles

Understanding the interplay between firms’ balance sheets and the macro-economic environment is important for understanding of the Brazilian economy. A close examination of developments in the nonfinancial corporat...

Price Subsidies and the Conduct of Monetary Policy

Price Subsidies and the Conduct of Monetary Policy »

Volume/Issue: 2012/15

Series: IMF Working Papers

Author(s): Nooman Rebei , and Mohamed Safouane Ben Aissa

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2012

DOI: http://dx.doi.org/10.5089/9781463931209.001

ISBN: 9781463931209

Keywords: Taylor rules, optimal monetary policy, general equilibrium, government subsidies, Bayesian estimation, inflation, inflation rates, monetary economics, General Aggregative Models,

This paper investigates optimized monetary policy rules in the presence of government intervention to stabilize prices of certain categories of goods and services. The paper estimates a small-scale, structural equi...

Financial and Business Cycles in Brazil

Financial and Business Cycles in Brazil »

Volume/Issue: 2017/12

Series: IMF Working Papers

Author(s): Ivo Krznar , and Troy Matheson

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 January 2017

DOI: http://dx.doi.org/10.5089/9781475571042.001

ISBN: 9781475571042

Keywords: Western Hemisphere, Econometric models, Public sector, Private sector, Financial risk, Brazil, Business cycles, Credit expansion, Procyclicality of financial system, Parameter estimation

This paper explores the nexus between the financial cycle and business cycle in Brazil. Cycles are estimated using a variety of commonly-used statistical methods and with a small, semistructural model of the Brazil...

Latin America
			: Highlights from the Implementation of the System of National Accounts 1993 (1993 SNA)

Latin America : Highlights from the Implementation of the System of National Accounts 1993 (1993 SNA) »

Volume/Issue: 2008/239

Series: IMF Working Papers

Author(s): Roberto Ramos , Lisbeth Rivas , and Gonzalo Pastor

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2008

DOI: http://dx.doi.org/10.5089/9781451870978.001

ISBN: 9781451870978

Keywords: 1993 SNA implementation, Data Module of the ROSCs, GDP estimation biases, fixed capital formation, gross fixed capital formation, consumption expenditure,

This paper reviews the Latin American experience with the implementation of 1993 SNAand the updating of the national accounts' base year. It also makes a preliminary assessment of the possible estimation biases in...

Monetary Transmission in an Emerging Targeter
			: The Case of Brazil

Monetary Transmission in an Emerging Targeter : The Case of Brazil »

Volume/Issue: 2008/191

Series: IMF Working Papers

Author(s): A. R. Pagan , Douglas Laxton , and Luis Catão

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2008

DOI: http://dx.doi.org/10.5089/9781451870497.001

ISBN: 9781451870497

Keywords: Credit Channel, SVAR, central bank, monetary transmission, Model Construction and Estimation,

This paper lays out a structural model that incorporates key features of monetary transmission in typical emerging-market economies, including a bank-credit channel and the role of external debt accumulation on cou...

Real-time Forecasts of Economic Activity for Latin American Economies

Real-time Forecasts of Economic Activity for Latin American Economies »

Volume/Issue: 2011/98

Series: IMF Working Papers

Author(s): Philip Liu , Rafael Romeu , and Troy Matheson

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2011

DOI: http://dx.doi.org/10.5089/9781455254293.001

ISBN: 9781455254293

Keywords: Nowcasting, Short-term forecasting, Real-time data, and Latin America, gdp growth, forecasting, real gdp, equation, equations, Model Construction and Estimation

Macroeconomic policy decisions in real-time are based the assessment of current and future economic conditions. These assessments are made difficult by the presence of incomplete and noisy data. The problem is more...

Sharing a Ride on the Commodities Roller Coaster
			: Common Factors in Business Cycles of Emerging Economies

Sharing a Ride on the Commodities Roller Coaster : Common Factors in Business Cycles of Emerging Economies »

Volume/Issue: 2015/280

Series: IMF Working Papers

Author(s): Andres Fernandez , Andres Gonzalez , and Diego Rodriguez

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 December 2015

DOI: http://dx.doi.org/10.5089/9781513587677.001

ISBN: 9781513587677

Keywords: Emerging economies, common factors, Bayesian estimation, dynamic stochastic equilibrium models, commodity, prices, price, commodity price, Open Economy Macroeconomics, International Business Cycles

Fluctuations in commodity prices are an important driver of business cycles in small emerging market economies (EMEs). We document how these fluctuations correlate strongly with the business cycle in EMEs. We then...

What Determines Long-Run Macroeconomic Stability? Democratic Institutions

What Determines Long-Run Macroeconomic Stability? Democratic Institutions »

Volume/Issue: 2004/215

Series: IMF Working Papers

Author(s): Arvind Subramanian , and Shanker Satyanath

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2004

DOI: http://dx.doi.org/10.5089/9781451875072.001

ISBN: 9781451875072

Keywords: Macroeconomic instability, political institutions, openness, conflict, inflation, estimation method, statistics, standard deviation, macroeconomic stability, opennes,

We examine the deep determinants of long-run macroeconomic stability in a cross-country framework. We find that conflict, openness, and democratic political institutions have a strong and statistically significant...