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Institutionalizing Countercyclical Investment

Institutionalizing Countercyclical Investment »

Volume/Issue: 2016/38

Series: IMF Working Papers

Author(s): Bradley Jones

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 February 2016

DOI: http://dx.doi.org/10.5089/9781513512495.001

ISBN: 9781513512495

Keywords: Asset Allocation, Asset Owners, Momentum, Risk Management, asset, investment, risk, returns, Asset Pricing, Government Policy and Regulation

Do portfolio shifts by the world’s largest asset owners respond procyclically to past returns, or countercyclically to valuations? And if countercyclical investment (with both market-stabilizing and return-generati...

Institutionalizing Countercyclical Investment

Institutionalizing Countercyclical Investment »

Source: Institutionalizing Countercyclical Investment

Volume/Issue: 2016/38

Series: IMF Working Papers

Author(s): Bradley Jones

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 February 2016

ISBN: 9781513512495

Keywords: Asset Allocation, Asset Owners, Momentum, Risk Management, asset, investment, risk, returns, Asset Pricing, Government Policy and Regulation

Do portfolio shifts by the world’s largest asset owners respond procyclically to past returns, or countercyclically to valuations? And if countercyclical investment (with both market-stabilizing and return-generati...

Sub-National Government's Risk Premia
			: Does Fiscal Performance Matter?

Sub-National Government's Risk Premia : Does Fiscal Performance Matter? »

Volume/Issue: 2015/117

Series: IMF Working Papers

Author(s): Sergio Sola , and Geremia Palomba

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 May 2015

DOI: http://dx.doi.org/10.5089/9781513511061.001

ISBN: 9781513511061

Keywords: Sub-national governments, market, markets, debt, bonds, primary market, Financial Markets and the Macroeconomy, Asset Pricing, General,

This paper examines the determinants of sub-national governments risk premia using secondary market data for U.S., Canada, Australia and Germany. It finds that, as for central governments, fiscal fundamentals matte...

Sub-National Government’s Risk Premia

Sub-National Government’s Risk Premia »

Source: Sub-National Government's Risk Premia : Does Fiscal Performance Matter?

Volume/Issue: 2015/117

Series: IMF Working Papers

Author(s): Sergio Sola , and Geremia Palomba

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 May 2015

ISBN: 9781513511061

Keywords: Sub-national governments, market, markets, debt, bonds, primary market, Financial Markets and the Macroeconomy, Asset Pricing, General,

This paper examines the determinants of sub-national governments risk premia using secondary market data for U.S., Canada, Australia and Germany. It finds that, as for central governments, fiscal fundamentals matte...

Asset Bubbles

Asset Bubbles »

Source: Asset Bubbles : Re-thinking Policy for the Age of Asset Management

Volume/Issue: 2015/27

Series: IMF Working Papers

Author(s): Bradley Jones

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 February 2015

ISBN: 9781475576207

Keywords: markets, financial markets, balance sheet, returns, Financial Markets and the Macroeconomy, Behavioral Finance: Underlying Principles, Asset Pricing, Government Policy and Regulation,

In distilling a vast literature spanning the rational- irrational divide, this paper offers reflections on why asset bubbles continue to threaten economic stability despite financial markets becoming more informati...

Asset Bubbles
			: Re-thinking Policy for the Age of Asset Management

Asset Bubbles : Re-thinking Policy for the Age of Asset Management »

Volume/Issue: 2015/27

Series: IMF Working Papers

Author(s): Bradley Jones

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 February 2015

DOI: http://dx.doi.org/10.5089/9781475576207.001

ISBN: 9781475576207

Keywords: markets, financial markets, balance sheet, returns, Financial Markets and the Macroeconomy, Behavioral Finance: Underlying Principles, Asset Pricing, Government Policy and Regulation,

In distilling a vast literature spanning the rational- irrational divide, this paper offers reflections on why asset bubbles continue to threaten economic stability despite financial markets becoming more informati...

Financial Crises and the Composition of Cross-Border Lending*

Financial Crises and the Composition of Cross-Border Lending* »

Source: Financial Crises and the Composition of Cross-Border Lending

Volume/Issue: 2014/185

Series: IMF Working Papers

Author(s): Eugenio Cerutti , Galina Hale , and Camelia Minoiu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 October 2014

ISBN: 9781484361443

Keywords: syndicated loans, global financial crisis, BIS international banking statistics, Dealogic Loan Analytics, banking, bank assets, financial crisis, bank capital, General, Globalization: Finance,

We examine the composition and drivers of cross-border bank lending between 1995 and 2012, distinguishing between syndicated and non-syndicated loans. We show that on-balance sheet syndicated loan exposures account...

Financial Crises and the Composition of Cross-Border Lending

Financial Crises and the Composition of Cross-Border Lending »

Volume/Issue: 2014/185

Series: IMF Working Papers

Author(s): Eugenio Cerutti , Galina Hale , and Camelia Minoiu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 October 2014

DOI: http://dx.doi.org/10.5089/9781484361443.001

ISBN: 9781484361443

Keywords: syndicated loans, global financial crisis, BIS international banking statistics, Dealogic Loan Analytics, banking, bank assets, financial crisis, bank capital, General, Globalization: Finance,

We examine the composition and drivers of cross-border bank lending between 1995 and 2012, distinguishing between syndicated and non-syndicated loans. We show that on-balance sheet syndicated loan exposures account...

Asia’s Stock Markets: Are There Crouching Tigers and Hidden Dragons?

Asia’s Stock Markets: Are There Crouching Tigers and Hidden Dragons? »

Source: Asia's Stock Markets : Are There Crouching Tigers and Hidden Dragons?

Volume/Issue: 2014/37

Series: IMF Working Papers

Author(s): Fabian Lipinsky , and Li Lian Ong

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 February 2014

ISBN: 9781484320143

Keywords: arbitrage pricing theory, Asian financial crisis, fundamentals, global financial crisis, idiosyncratic factors, integration, IOSCO, securities regulation, stock market, stock pricing

Stock markets play a key role in corporate financing in Asia. However, despite their increasing importance in terms of size and cross-border investment activity, the region's markets are reputed to be more 'idiosyn...

Asia's Stock Markets
			: Are There Crouching Tigers and Hidden Dragons?

Asia's Stock Markets : Are There Crouching Tigers and Hidden Dragons? »

Volume/Issue: 2014/37

Series: IMF Working Papers

Author(s): Fabian Lipinsky , and Li Lian Ong

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 February 2014

DOI: http://dx.doi.org/10.5089/9781484320143.001

ISBN: 9781484320143

Keywords: arbitrage pricing theory, Asian financial crisis, fundamentals, global financial crisis, idiosyncratic factors, integration, IOSCO, securities regulation, stock market, stock pricing

Stock markets play a key role in corporate financing in Asia. However, despite their increasing importance in terms of size and cross-border investment activity, the region's markets are reputed to be more 'idiosyn...

Pressure or Prudence? Tales of Market Pressure and Fiscal Adjustment

Pressure or Prudence? Tales of Market Pressure and Fiscal Adjustment »

Volume/Issue: 2013/170

Series: IMF Working Papers

Author(s): Salvatore Dell'Erba , Todd Mattina , and Agustin Roitman

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 July 2013

DOI: http://dx.doi.org/10.5089/9781484374054.001

ISBN: 9781484374054

Keywords: market pressure, macro-fiscal fundamentals, advanced economies, fiscal consolidations, fiscal adjustments, Asset Pricing, General,

We study whether multiyear fiscal adjustment plans in 17 OECD countries during 1980-2011 have been associated with market pressure. We find that only a third (34 percent) of the consolidations occurred under market...

Pressure or Prudence? Tales of Market Pressure and Fiscal Adjustment

Pressure or Prudence? Tales of Market Pressure and Fiscal Adjustment »

Source: Pressure or Prudence? Tales of Market Pressure and Fiscal Adjustment

Volume/Issue: 2013/170

Series: IMF Working Papers

Author(s): Salvatore Dell'Erba , Todd Mattina , and Agustin Roitman

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 July 2013

ISBN: 9781484374054

Keywords: market pressure, macro-fiscal fundamentals, advanced economies, fiscal consolidations, fiscal adjustments, Asset Pricing, General,

We study whether multiyear fiscal adjustment plans in 17 OECD countries during 1980-2011 have been associated with market pressure. We find that only a third (34 percent) of the consolidations occurred under market...

Financial Crises  Explanations, Types, and Implications

Financial Crises Explanations, Types, and Implications »

Source: Financial Crises Explanations, Types, and Implications

Volume/Issue: 2013/28

Series: IMF Working Papers

Author(s): Stijn Claessens , and Ayhan Kose

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 January 2013

ISBN: 9781475561005

Keywords: debt crises, defaults, policy implications, financial restructuring, asset booms, crises prediction, International Business Cycles, General, crises prediction.,

This paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since many theories on the sources of financial crises highlig...

Financial Crises  Explanations, Types, and Implications

Financial Crises Explanations, Types, and Implications »

Volume/Issue: 2013/28

Series: IMF Working Papers

Author(s): Stijn Claessens , and Ayhan Kose

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 January 2013

DOI: http://dx.doi.org/10.5089/9781475561005.001

ISBN: 9781475561005

Keywords: debt crises, defaults, policy implications, financial restructuring, asset booms, crises prediction, International Business Cycles, General, crises prediction.,

This paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since many theories on the sources of financial crises highlig...

Sovereign Risk and Asset and Liability Management
			: Conceptual Issues

Sovereign Risk and Asset and Liability Management : Conceptual Issues »

Volume/Issue: 2012/241

Series: IMF Working Papers

Author(s): Udaibir Das , Yinqiu Lu , Michael Papaioannou , and Iva Petrova

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 October 2012

DOI: http://dx.doi.org/10.5089/9781475511833.001

ISBN: 9781475511833

Keywords: Sovereign asset and liability management, sovereign balance sheet, reserve management, central bank, government debt, currency composition, external debt, International Lending and Debt Problems, Portfolio Choice, Asset Pricing

Country practices towards managing financial risks on a sovereign balance sheet continue to evolve. Each crisis period, and its legacy on sovereign balance sheets, reaffirms the need for strengthening financial ris...

Sovereign Risk and Asset and Liability Management

Sovereign Risk and Asset and Liability Management »

Source: Sovereign Risk and Asset and Liability Management : Conceptual Issues

Volume/Issue: 2012/241

Series: IMF Working Papers

Author(s): Udaibir Das , Yinqiu Lu , Michael Papaioannou , and Iva Petrova

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 October 2012

ISBN: 9781475511833

Keywords: Sovereign asset and liability management, sovereign balance sheet, reserve management, central bank, government debt, currency composition, external debt, International Lending and Debt Problems, Portfolio Choice, Asset Pricing

Country practices towards managing financial risks on a sovereign balance sheet continue to evolve. Each crisis period, and its legacy on sovereign balance sheets, reaffirms the need for strengthening financial ris...

Bank Asset Quality in Emerging Markets

Bank Asset Quality in Emerging Markets »

Source: Bank Asset Quality in Emerging Markets : Determinants and Spillovers

Volume/Issue: 2012/71

Series: IMF Working Papers

Author(s): Reinout De Bock , and Alexander Demyanets

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2012

ISBN: 9781475502237

Keywords: Macro-financial linkages, Nonperforming loans, Exchange rate, Panel regressions, capital inflows, net capital flows, exchange rates, Bank Asset Quality in Emerging Markets, Financial Markets and the Macroeconomy, International Finance: General

This paper assesses the vulnerability of emerging markets and their banks to aggregate shocks. We find significant links between banks' asset quality, credit and macroeconomic aggregates. Lower economic growth, an...

Bank Asset Quality in Emerging Markets
			: Determinants and Spillovers

Bank Asset Quality in Emerging Markets : Determinants and Spillovers »

Volume/Issue: 2012/71

Series: IMF Working Papers

Author(s): Reinout De Bock , and Alexander Demyanets

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2012

DOI: http://dx.doi.org/10.5089/9781475502237.001

ISBN: 9781475502237

Keywords: Macro-financial linkages, Nonperforming loans, Exchange rate, Panel regressions, capital inflows, net capital flows, exchange rates, Bank Asset Quality in Emerging Markets, Financial Markets and the Macroeconomy, International Finance: General

This paper assesses the vulnerability of emerging markets and their banks to aggregate shocks. We find significant links between banks' asset quality, credit and macroeconomic aggregates. Lower economic growth, an...

How Risky Are Banks' Risk Weighted Assets? Evidence From the Financial Crisis

How Risky Are Banks' Risk Weighted Assets? Evidence From the Financial Crisis »

Source: How Risky Are Banks' Risk Weighted Assets? Evidence From the Financial Crisis

Volume/Issue: 2012/36

Series: IMF Working Papers

Author(s): Sonali Das , and Amadou Sy

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2012

ISBN: 9781463933791

Keywords: crisis, regulation, risk weighted assets, Basel III, banking, return on assets, dummy variables, standard errors, independent variables, Financial Institutions and Services: General

We study how investors account for the riskiness of banks' risk-weighted assets (RWA) by examining the determinants of stock returns and market measures of risk. We find that banks with higher RWA had lower stock r...

How Risky Are Banks' Risk Weighted Assets? Evidence From the Financial Crisis

How Risky Are Banks' Risk Weighted Assets? Evidence From the Financial Crisis »

Volume/Issue: 2012/36

Series: IMF Working Papers

Author(s): Sonali Das , and Amadou Sy

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2012

DOI: http://dx.doi.org/10.5089/9781463933791.001

ISBN: 9781463933791

Keywords: crisis, regulation, risk weighted assets, Basel III, banking, return on assets, dummy variables, standard errors, independent variables, Financial Institutions and Services: General

We study how investors account for the riskiness of banks' risk-weighted assets (RWA) by examining the determinants of stock returns and market measures of risk. We find that banks with higher RWA had lower stock r...

Does G-4 Liquidity Spill Over?

Does G-4 Liquidity Spill Over? »

Source: Does G-4 Liquidity Spill Over?

Volume/Issue: 2011/237

Series: IMF Working Papers

Author(s): L. Psalida , and Tao Sun

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2011

ISBN: 9781463922559

Keywords: liquidity expansion, asset valuations, global liquidity, capital inflows, equity returns, excess liquidity, Financial Markets and the Macroeconomy, Monetary Policy, Central Banking, and the Supply of Money and Credit: Other

The resumption of strong capital flows into emerging markets in mid-2009 brought back the debate over whether pull or push factors are the main determinants. This paper, using panel specifications with alternative...

Does G-4 Liquidity Spill Over?

Does G-4 Liquidity Spill Over? »

Volume/Issue: 2011/237

Series: IMF Working Papers

Author(s): L. Psalida , and Tao Sun

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2011

DOI: http://dx.doi.org/10.5089/9781463922559.001

ISBN: 9781463922559

Keywords: liquidity expansion, asset valuations, global liquidity, capital inflows, equity returns, excess liquidity, Financial Markets and the Macroeconomy, Monetary Policy, Central Banking, and the Supply of Money and Credit: Other

The resumption of strong capital flows into emerging markets in mid-2009 brought back the debate over whether pull or push factors are the main determinants. This paper, using panel specifications with alternative...

Unforeseen Events Wait Lurking
			: Estimating Policy Spillovers From U.S. to Foreign Asset Prices

Unforeseen Events Wait Lurking : Estimating Policy Spillovers From U.S. to Foreign Asset Prices »

Volume/Issue: 2011/183

Series: IMF Working Papers

Author(s): Tamim Bayoumi , and Trung Bui

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2011

DOI: http://dx.doi.org/10.5089/9781462309290.001

ISBN: 9781462309290

Keywords: Event studies, policy announcements, interntational asset price transmission, bond yields, bond, foreign bond, equity prices, commodity prices, International Policy Coordination and Transmission, Corporate Finance and Governance: Government Policy and Regulation,

Event studies are used to analyze the impact of U.S. financial, fiscal, and monetary policies from US to foreign asset prices across a range of G20 countries and Switzerland. The initial announcement that the Admin...

Unforeseen Events Wait Lurking

Unforeseen Events Wait Lurking »

Source: Unforeseen Events Wait Lurking : Estimating Policy Spillovers From U.S. to Foreign Asset Prices

Volume/Issue: 2011/183

Series: IMF Working Papers

Author(s): Tamim Bayoumi , and Trung Bui

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2011

ISBN: 9781462309290

Keywords: Event studies, policy announcements, interntational asset price transmission, bond yields, bond, foreign bond, equity prices, commodity prices, International Policy Coordination and Transmission, Corporate Finance and Governance: Government Policy and Regulation,

Event studies are used to analyze the impact of U.S. financial, fiscal, and monetary policies from US to foreign asset prices across a range of G20 countries and Switzerland. The initial announcement that the Admin...

Causes of Asset Shortages in Emerging Markets

Causes of Asset Shortages in Emerging Markets »

Source: Causes of Asset Shortages in Emerging Markets

Volume/Issue: 2011/114

Series: IMF Working Papers

Author(s): Jiaqian Chen , and Patrick Imam

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2011

ISBN: 9781455262373

Keywords: Asset Shortage, Emerging Market, Capital Market, Regulation, financial assets, interest rates, capital markets, capital account, pension funds, Money and Interest Rates: General

We first illustrate that emerging markets (EMs) face a shortage of financial assets, with financial assets not growing as rapidly as domestic savings. We then estimate the asset shortage in EMs for 1995-2008. We de...

Causes of Asset Shortages in Emerging Markets

Causes of Asset Shortages in Emerging Markets »

Volume/Issue: 2011/114

Series: IMF Working Papers

Author(s): Jiaqian Chen , and Patrick Imam

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2011

DOI: http://dx.doi.org/10.5089/9781455262373.001

ISBN: 9781455262373

Keywords: Asset Shortage, Emerging Market, Capital Market, Regulation, financial assets, interest rates, capital markets, capital account, pension funds, Money and Interest Rates: General

We first illustrate that emerging markets (EMs) face a shortage of financial assets, with financial assets not growing as rapidly as domestic savings. We then estimate the asset shortage in EMs for 1995-2008. We de...

Financial Cycles

Financial Cycles »

Source: Financial Cycles : What? How? When?

Volume/Issue: 2011/76

Series: IMF Working Papers

Author(s): Marco Terrones , Ayhan Kose , and Stijn Claessens

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2011

ISBN: 9781455227037

Keywords: credit cycles, asset busts, crunches, house prices, financial cycles, financial crises, financial markets, equity markets, International Policy Coordination and Transmission,

This paper provides a comprehensive analysis of financial cycles using a large database covering 21 advanced countries over the period 1960:1-2007:4. Specifically, we analyze cycles in credit, house prices, and equ...

How Do Business and Financial Cycles Interact?

How Do Business and Financial Cycles Interact? »

Source: How Do Business and Financial Cycles Interact?

Volume/Issue: 2011/88

Series: IMF Working Papers

Author(s): Marco Terrones , Ayhan Kose , and Stijn Claessens

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2011

ISBN: 9781455233168

Keywords: Credit crunches, asset busts, booms, recoveries, financial crises., recession, financial cycles, financial crisis,

This paper analyzes the interactions between business and financial cycles using an extensive database of over 200 business and 700 financial cycles in 44 countries for the period 1960:1-2007:4. Our results suggest...

Financial Cycles
			: What? How? When?

Financial Cycles : What? How? When? »

Volume/Issue: 2011/76

Series: IMF Working Papers

Author(s): Marco Terrones , Ayhan Kose , and Stijn Claessens

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2011

DOI: http://dx.doi.org/10.5089/9781455227037.001

ISBN: 9781455227037

Keywords: credit cycles, asset busts, crunches, house prices, financial cycles, financial crises, financial markets, equity markets, International Policy Coordination and Transmission,

This paper provides a comprehensive analysis of financial cycles using a large database covering 21 advanced countries over the period 1960:1-2007:4. Specifically, we analyze cycles in credit, house prices, and equ...

How Do Business and Financial Cycles Interact?

How Do Business and Financial Cycles Interact? »

Volume/Issue: 2011/88

Series: IMF Working Papers

Author(s): Marco Terrones , Ayhan Kose , and Stijn Claessens

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2011

DOI: http://dx.doi.org/10.5089/9781455233168.001

ISBN: 9781455233168

Keywords: Credit crunches, asset busts, booms, recoveries, financial crises., recession, financial cycles, financial crisis,

This paper analyzes the interactions between business and financial cycles using an extensive database of over 200 business and 700 financial cycles in 44 countries for the period 1960:1-2007:4. Our results suggest...

Government Finance Statistics Yearbook, 2010

Government Finance Statistics Yearbook, 2010 »

Series: Government Finance Statistics

Author(s): International Monetary Fund. Statistics Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 March 2011

DOI: http://dx.doi.org/10.5089/9781616350048.043

ISBN: 9781616350048

Keywords: liabilities, taxes, financial assets, loans, financial derivatives, interest, local governments, benefits, salaries, public debt

Detailed annual data for Fund member governments are supplied on revenue income by source (tax, lending, bonds, etc.), and expenditure by sector (defense, education, health, etc.) for all levels of government (nati...

Government Finance Statistics Yearbook, 2009

Government Finance Statistics Yearbook, 2009 »

Series: Government Finance Statistics

Author(s): International Monetary Fund. Statistics Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 April 2010

DOI: http://dx.doi.org/10.5089/9781589068629.043

ISBN: 9781589068629

Keywords: liabilities, taxes, financial assets, loans, financial derivatives, interest, local governments, benefits, salaries, public debt

Detailed annual data for Fund member governments are supplied on revenue income by source (tax, lending, bonds, etc.), and expenditure by sector (defense, education, health, etc.) for all levels of government (nati...

On the Solvency of Nations

On the Solvency of Nations »

Source: On the Solvency of Nations : Are Global Imbalances Consistent with Intertemporal Budget Constraints?

Volume/Issue: 2010/50

Series: IMF Working Papers

Author(s): Enrique Mendoza , Marco Terrones , and Ceyhun Bora Durdu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2010

ISBN: 9781451963298

Keywords: external solvency, Poled Mean Group estimation, foreign assets, net foreign assets, equation, statistics, industrial countries, Open Economy Macroeconomics, General Outlook and Conditions,

Theory predicts that a nation's stochastic intertemporal budget constraint is satisfied if net exports (NX) and net foreign assets (NFA) satisfy an error-correction specification with a residual integrated of any f...

External Balance in Low Income Countries

External Balance in Low Income Countries »

Source: External Balance in Low Income Countries

Volume/Issue: 2009/221

Series: IMF Working Papers

Author(s): Lone Engbo Christiansen , Alessandro Prati , Luca Ricci , and Thierry Tressel

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2009

ISBN: 9781451873689

Keywords: real exchange rate, net foreign assets, exchange rate, capital account liberalization, International Lending and Debt Problems,

This paper offers a coherent empirical analysis of the determinants of the real exchange rate, the current account, and the net foreign assets position in low income countries. The paper focuses on indicators speci...

External Balance in Low Income Countries

External Balance in Low Income Countries »

Volume/Issue: 2009/221

Series: IMF Working Papers

Author(s): Lone Engbo Christiansen , Alessandro Prati , Luca Ricci , and Thierry Tressel

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2009

DOI: http://dx.doi.org/10.5089/9781451873689.001

ISBN: 9781451873689

Keywords: real exchange rate, net foreign assets, exchange rate, capital account liberalization, International Lending and Debt Problems,

This paper offers a coherent empirical analysis of the determinants of the real exchange rate, the current account, and the net foreign assets position in low income countries. The paper focuses on indicators speci...

Government Finance Statistics Yearbook, 2008

Government Finance Statistics Yearbook, 2008 »

Series: Government Finance Statistics

Author(s): International Monetary Fund. Statistics Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 March 2009

DOI: http://dx.doi.org/10.5089/9781589067554.043

ISBN: 9781589067554

Keywords: liabilities, taxes, financial assets, loans, financial derivatives, debt, interest, local governments, benefits, salaries

Detailed annual data for Fund member governments are supplied on revenue income by source (tax, lending, bonds, etc.), and expenditure by sector (defense, education, health, etc.) for all levels of government (nati...

Financial Integration and Risk-Adjusted Growth Opportunities

Financial Integration and Risk-Adjusted Growth Opportunities »

Source: Financial Integration and Risk-Adjusted Growth Opportunities

Volume/Issue: 2008/126

Series: IMF Working Papers

Author(s): Iryna Ivaschenko , and Gianni De Nicolo

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2008

ISBN: 9781451869866

Keywords: growth opportunities, openness, financial development, financial globalization, european financial integration, foreign assets, financial deepening,

This paper documents the evolution of measures of financial integration for major advanced and emerging markets economies, assesses whether advances in integration have had a significant positive impact on countrie...

Financial Integration and Risk-Adjusted Growth Opportunities

Financial Integration and Risk-Adjusted Growth Opportunities »

Volume/Issue: 2008/126

Series: IMF Working Papers

Author(s): Iryna Ivaschenko , and Gianni De Nicolo

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2008

DOI: http://dx.doi.org/10.5089/9781451869866.001

ISBN: 9781451869866

Keywords: growth opportunities, openness, financial development, financial globalization, european financial integration, foreign assets, financial deepening,

This paper documents the evolution of measures of financial integration for major advanced and emerging markets economies, assesses whether advances in integration have had a significant positive impact on countrie...

Government Finance Statistics Yearbook, 2007

Government Finance Statistics Yearbook, 2007 »

Series: Government Finance Statistics

Author(s): International Monetary Fund. Statistics Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 February 2008

DOI: http://dx.doi.org/10.5089/9781589066588.043

ISBN: 9781589066588

Keywords: liabilities, taxes, financial assets, loans, financial derivatives, interest, local governments, benefits, salaries, public debt

Detailed annual data for Fund member governments are supplied on revenue income by source (tax, lending, bonds, etc.), and expenditure by sector (defense, education, health, etc.) for all levels of government (nati...

Government Finance Statistics Yearbook, 2005

Government Finance Statistics Yearbook, 2005 »

Series: Government Finance Statistics

Author(s): International Monetary Fund. Statistics Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 December 2005

DOI: http://dx.doi.org/10.5089/9781589064621.043

ISBN: 9781589064621

Keywords: liabilities, taxes, loans, financial derivatives, financial assets, financial corporations, interest, benefits, local governments, public debt

Detailed annual data for Fund member governments are supplied on revenue income by source (tax, lending, bonds, etc.), and expenditure by sector (defense, education, health, etc.) for all levels of government (nati...

Block I. Global Imbalances, Exchange Rate Issues, and Debt

Block I. Global Imbalances, Exchange Rate Issues, and Debt »

Source: Dollars, Debt, and Deficits : Sixty Years After Bretton Woods

Series: Seminar Volumes

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2005

ISBN: 9781589064539

Keywords: Deficit financing, Budget deficits, exchange rate, public debt, foreign assets, current account, foreign liabilities

...

Block II. International Financial Architecture

Block II. International Financial Architecture »

Source: Dollars, Debt, and Deficits : Sixty Years After Bretton Woods

Series: Seminar Volumes

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2005

ISBN: 9781589064539

Keywords: Deficit financing, Budget deficits, exchange rate, public debt, foreign assets, current account, foreign liabilities

...

Comment: Financial Globalization and Exchange Rates

Comment: Financial Globalization and Exchange Rates »

Source: Dollars, Debt, and Deficits : Sixty Years After Bretton Woods

Series: Seminar Volumes

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2005

ISBN: 9781589064539

Keywords: Deficit financing, Budget deficits, exchange rate, public debt, foreign assets, current account, foreign liabilities

(Philip R. Lane and Gian Maria Milesi-Ferretti) Daniel Cohen Ecole normale supérieure This is a wonderful paper, crisp and full of insights. The core idea is th...

Comment: The Role of the IMF

Comment: The Role of the IMF »

Source: Dollars, Debt, and Deficits : Sixty Years After Bretton Woods

Series: Seminar Volumes

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2005

ISBN: 9781589064539

Keywords: Deficit financing, Budget deficits, exchange rate, public debt, foreign assets, current account, foreign liabilities

Lorenzo Bini Smaghi Director General for International Finance, Italian Ministry of the Economy and Finance I will base my discussion on the following question: how do t...

Dollars, Debt, and Deficits
			: Sixty Years After Bretton Woods

Dollars, Debt, and Deficits : Sixty Years After Bretton Woods »

Series: Seminar Volumes

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2005

DOI: http://dx.doi.org/10.5089/9781589064539.072

ISBN: 9781589064539

Keywords: Deficit financing, Budget deficits, exchange rate, public debt, foreign assets, current account, foreign liabilities

This book examines the challenges facing the international monetary and financial system, as well as the future role of the Bretton Woods institutions in addressing those challenges. The volume is based on the proc...

Front Matter

Front Matter »

Source: Dollars, Debt, and Deficits : Sixty Years After Bretton Woods

Series: Seminar Volumes

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2005

ISBN: 9781589064539

Keywords: Deficit financing, Budget deficits, exchange rate, public debt, foreign assets, current account, foreign liabilities

This book examines the challenges facing the international monetary and financial system, as well as the future role of the Bretton Woods institutions in addressing those challenges. The volume is based on the proc...

Exchange Rate Regimes and Debt Maturity Structure*

Exchange Rate Regimes and Debt Maturity Structure* »

Source: Dollars, Debt, and Deficits : Sixty Years After Bretton Woods

Series: Seminar Volumes

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2005

ISBN: 9781589064539

Keywords: Deficit financing, Budget deficits, exchange rate, public debt, foreign assets, current account, foreign liabilities

Introduction Do exchange rate regimes matter for macroeconomic performance? This is an old question of major importance for policy-makers which explains the persistent scientific deb...

The IMF in a World of Private Capital Markets*

The IMF in a World of Private Capital Markets* »

Source: Dollars, Debt, and Deficits : Sixty Years After Bretton Woods

Series: Seminar Volumes

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2005

ISBN: 9781589064539

Keywords: Deficit financing, Budget deficits, exchange rate, public debt, foreign assets, current account, foreign liabilities

Introduction Catalyzing private capital flows to emerging markets has been an objective of the International Monetary Fund since at least the 1990s. 1...

Introduction

Introduction »

Source: Dollars, Debt, and Deficits : Sixty Years After Bretton Woods

Series: Seminar Volumes

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2005

ISBN: 9781589064539

Keywords: Deficit financing, Budget deficits, exchange rate, public debt, foreign assets, current account, foreign liabilities

In their opening remarks given to the Conference, Rodrigo Rato, Pedro Solbes and Jaime Caruana reviewed the history and future challenges of the IMF sixty years after its creation. They emphasize the role of...

Keynote Speeches

Keynote Speeches »

Source: Dollars, Debt, and Deficits : Sixty Years After Bretton Woods

Series: Seminar Volumes

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2005

ISBN: 9781589064539

Keywords: Deficit financing, Budget deficits, exchange rate, public debt, foreign assets, current account, foreign liabilities

Improving the Policy Response to Financial Crisis Remarks by Agustín Carstens, Deputy Managing Director, International Monetary Fund at the Bank of Spain and IMF International Confer...

Macroeconomic Dynamics and the Accumulation of Net Foreign Liabilities in the US: An Empirical Model*

Macroeconomic Dynamics and the Accumulation of Net Foreign Liabilities in the US: An Empirical Model* »

Source: Dollars, Debt, and Deficits : Sixty Years After Bretton Woods

Series: Seminar Volumes

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2005

ISBN: 9781589064539

Keywords: Deficit financing, Budget deficits, exchange rate, public debt, foreign assets, current account, foreign liabilities

Introduction The size of the external deficits run by the US through the second half of the 1990s and the beginning of the new century has raised controversial issues in the current...

Opening Speeches

Opening Speeches »

Source: Dollars, Debt, and Deficits : Sixty Years After Bretton Woods

Series: Seminar Volumes

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2005

ISBN: 9781589064539

Keywords: Deficit financing, Budget deficits, exchange rate, public debt, foreign assets, current account, foreign liabilities

Opening Remarks by Rodrigo de Rato y Figaredo, Managing Director of the International Monetary Fund: The IMF at 60—Evolving Challenges, Evolving Role Introduction: We...

Optimal Collective Action Clause Thresholds*

Optimal Collective Action Clause Thresholds* »

Source: Dollars, Debt, and Deficits : Sixty Years After Bretton Woods

Series: Seminar Volumes

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2005

ISBN: 9781589064539

Keywords: Deficit financing, Budget deficits, exchange rate, public debt, foreign assets, current account, foreign liabilities

Introduction Over the past year, tangible progress has been made towards improving the resolution of sovereign financial crises. In February 2003, Mexico made a policy decision to in...

Session 3: Debt in Emerging Economies - Public Debt, Fiscal Solvency, and Macroeconomic Uncertainty in Latin America: The Cases of Brazil, Colombia, Costa Rica and Mexico*

Session 3: Debt in Emerging Economies - Public Debt, Fiscal Solvency, and Macroeconomic Uncertainty in Latin America: The Cases of Brazil, Colombia, Costa Rica and Mexico* »

Source: Dollars, Debt, and Deficits : Sixty Years After Bretton Woods

Series: Seminar Volumes

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2005

ISBN: 9781589064539

Keywords: Deficit financing, Budget deficits, exchange rate, public debt, foreign assets, current account, foreign liabilities

Introduction The ratios of public debt to GDP have been rising steadily in the economies of Latin America. Comparing averages for the period 1996-2002 with those for the period 1990-...

Session 2: Exchange Rate Issues - Financial Globalization and Exchange Rates*

Session 2: Exchange Rate Issues - Financial Globalization and Exchange Rates* »

Source: Dollars, Debt, and Deficits : Sixty Years After Bretton Woods

Series: Seminar Volumes

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2005

ISBN: 9781589064539

Keywords: Deficit financing, Budget deficits, exchange rate, public debt, foreign assets, current account, foreign liabilities

Introduction Financial globalization has been one of the most important trends in the world economy in recent decades. This process has involved sharply rising foreign asset and liab...

Session 1: Global Imbalances - A Map to the Revived Bretton Woods End Game: Direct Investment, Rising Real Wages, and the Absorption of Excess Labor in the Periphery

Session 1: Global Imbalances - A Map to the Revived Bretton Woods End Game: Direct Investment, Rising Real Wages, and the Absorption of Excess Labor in the Periphery »

Source: Dollars, Debt, and Deficits : Sixty Years After Bretton Woods

Series: Seminar Volumes

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2005

ISBN: 9781589064539

Keywords: Deficit financing, Budget deficits, exchange rate, public debt, foreign assets, current account, foreign liabilities

The consensus opinion on China’s and Asia’s currency policy is that it is destabilizing and must ultimately come to a bad end. 1 The “undervaluation” of currencies in order to gen...

Session 5: Innovations in Private and Multilateral Lending - Dollars, Debt, and the IFIs: Dedollarizing Multilateral Lending*

Session 5: Innovations in Private and Multilateral Lending - Dollars, Debt, and the IFIs: Dedollarizing Multilateral Lending* »

Source: Dollars, Debt, and Deficits : Sixty Years After Bretton Woods

Series: Seminar Volumes

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2005

ISBN: 9781589064539

Keywords: Deficit financing, Budget deficits, exchange rate, public debt, foreign assets, current account, foreign liabilities

Introduction Financial dollarization (FD) has been placed increasingly at the forefront of the policy debate in many emerging economies, driven by concerns about the currency imbalan...

Session 4: The Role of the IMF - A Model of the IMF as a Coinsurance Arrangement*

Session 4: The Role of the IMF - A Model of the IMF as a Coinsurance Arrangement* »

Source: Dollars, Debt, and Deficits : Sixty Years After Bretton Woods

Series: Seminar Volumes

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2005

ISBN: 9781589064539

Keywords: Deficit financing, Budget deficits, exchange rate, public debt, foreign assets, current account, foreign liabilities

Introduction Financial liberalization, capital account convertibility, and the increasing importance of private capital flows have dramatically changed the international environment...

What Makes Balance Sheet Effects Detrimental for the Country Risk Premium?*

What Makes Balance Sheet Effects Detrimental for the Country Risk Premium?* »

Source: Dollars, Debt, and Deficits : Sixty Years After Bretton Woods

Series: Seminar Volumes

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2005

ISBN: 9781589064539

Keywords: Deficit financing, Budget deficits, exchange rate, public debt, foreign assets, current account, foreign liabilities

Introduction During the second half of the 1990s emerging countries have experienced very large swings in the external cost of capital as well as several financial crises, with a lar...

Financial Integration, Growth, and Volatility

Financial Integration, Growth, and Volatility »

Source: Financial Integration, Growth, and Volatility

Volume/Issue: 2005/67

Series: IMF Working Papers

Author(s): Anne Epaulard , and Aude Pommeret

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2005

ISBN: 9781451860863

Keywords: Risk-sharing, Endogenous Growth, Stochastic Growth, global financial markets, financial markets, foreign assets, General Aggregative Models: Neoclassical, International Factor Movements and International Business: General, Financial Aspects of Economic Integration, Economic Growth of Open Economies

The aim of this paper is to evaluate the welfare gains from financial integration for developing and emerging market economies. To do so, we build a stochastic endogenous growth model for a small open economy that...

Financial Integration, Growth, and Volatility

Financial Integration, Growth, and Volatility »

Volume/Issue: 2005/67

Series: IMF Working Papers

Author(s): Anne Epaulard , and Aude Pommeret

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2005

DOI: http://dx.doi.org/10.5089/9781451860863.001

ISBN: 9781451860863

Keywords: Risk-sharing, Endogenous Growth, Stochastic Growth, global financial markets, financial markets, foreign assets, General Aggregative Models: Neoclassical, International Factor Movements and International Business: General, Financial Aspects of Economic Integration, Economic Growth of Open Economies

The aim of this paper is to evaluate the welfare gains from financial integration for developing and emerging market economies. To do so, we build a stochastic endogenous growth model for a small open economy that...

Government Finance Statistics Yearbook, 2004

Government Finance Statistics Yearbook, 2004 »

Series: Government Finance Statistics

Author(s): International Monetary Fund. Statistics Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 December 2004

DOI: http://dx.doi.org/10.5089/9781589063846.043

ISBN: 9781589063846

Keywords: liabilities, taxes, loans, financial derivatives, financial assets, financial corporations, interest, benefits, local governments, salaries

Detailed annual data for Fund member governments are supplied on revenue income by source (tax, Detailed annual data for Fund member governments are supplied on revenue income by source (tax, lending, bonds, etc.),...

Insurance Value of International Reserves
			: An Option Pricing Approach

Insurance Value of International Reserves : An Option Pricing Approach »

Volume/Issue: 2004/175

Series: IMF Working Papers

Author(s): Jaewoo Lee

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2004

DOI: http://dx.doi.org/10.5089/9781451858785.001

ISBN: 9781451858785

Keywords: option, underlying asset, international reserves, reserve holding, external debt, currency crises, reserve holdings, Open Economy Macroeconomics,

A quantitative framework is developed to bring forward the insurance motive of holding international reserves. The insurance value of reserves is quantified as the market price of an equivalent option that provides...

Pension Funds and Emerging Markets

Pension Funds and Emerging Markets »

Volume/Issue: 2004/181

Series: IMF Working Papers

Author(s): Jorge Chan-Lau

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2004

DOI: http://dx.doi.org/10.5089/9781451859225.001

ISBN: 9781451859225

Keywords: asset allocation, regulation, pension, pension fund, pension fund managers, pension fund assets,

This paper focuses on the investment behavior of pension funds in developed and emerging market countries. First, it analyzes the main determinants of the emerging market asset allocation of pension funds in develo...

Insurance Value of International Reserves

Insurance Value of International Reserves »

Source: Insurance Value of International Reserves : An Option Pricing Approach

Volume/Issue: 2004/175

Series: IMF Working Papers

Author(s): Jaewoo Lee

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2004

ISBN: 9781451858785

Keywords: option, underlying asset, international reserves, reserve holding, external debt, currency crises, reserve holdings, Open Economy Macroeconomics,

A quantitative framework is developed to bring forward the insurance motive of holding international reserves. The insurance value of reserves is quantified as the market price of an equivalent option that provides...

Pension Funds and Emerging Markets

Pension Funds and Emerging Markets »

Source: Pension Funds and Emerging Markets

Volume/Issue: 2004/181

Series: IMF Working Papers

Author(s): Jorge Chan-Lau

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2004

ISBN: 9781451859225

Keywords: asset allocation, regulation, pension, pension fund, pension fund managers, pension fund assets,

This paper focuses on the investment behavior of pension funds in developed and emerging market countries. First, it analyzes the main determinants of the emerging market asset allocation of pension funds in develo...

The Role of Mature Market Mutual Funds in Emerging Markets
			: Myth or Mayhem?

The Role of Mature Market Mutual Funds in Emerging Markets : Myth or Mayhem? »

Volume/Issue: 2004/133

Series: IMF Working Papers

Author(s): Amadou Sy , and Li Ong

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2004

DOI: http://dx.doi.org/10.5089/9781451855524.001

ISBN: 9781451855524

Keywords: asset allocation, crossover investors, dedicated investors, mature markets, investors, bonds, bond, bond funds, Assest allocation,

The expansion of the global mutual funds industry has been characterized by growth in mature as well as emerging markets. This has clearly contributed to the development of local securities markets in emerging mark...

The Role of Mature Market Mutual Funds in Emerging Markets

The Role of Mature Market Mutual Funds in Emerging Markets »

Source: The Role of Mature Market Mutual Funds in Emerging Markets : Myth or Mayhem?

Volume/Issue: 2004/133

Series: IMF Working Papers

Author(s): Amadou Sy , and Li Ong

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2004

ISBN: 9781451855524

Keywords: asset allocation, crossover investors, dedicated investors, mature markets, investors, bonds, bond, bond funds, Assest allocation,

The expansion of the global mutual funds industry has been characterized by growth in mature as well as emerging markets. This has clearly contributed to the development of local securities markets in emerging mark...

Financial Integration

Financial Integration »

Source: Financial Integration : A New Methodology and An Illustration

Volume/Issue: 2004/110

Series: IMF Working Papers

Author(s): Andrew Rose , and Robert Flood

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2004

ISBN: 9781451853377

Keywords: risk-free, rate, intertemporal, asset, market, expected, price, stock, conditional, nasdaq

This paper develops a simple methodology to test for asset integration, and applies it within and between American stock markets. Our technique relies on estimating and comparing expected risk-free rates across ass...

Financial Integration
			: A New Methodology and An Illustration

Financial Integration : A New Methodology and An Illustration »

Volume/Issue: 2004/110

Series: IMF Working Papers

Author(s): Andrew Rose , and Robert Flood

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2004

DOI: http://dx.doi.org/10.5089/9781451853377.001

ISBN: 9781451853377

Keywords: risk-free, rate, intertemporal, asset, market, expected, price, stock, conditional, nasdaq

This paper develops a simple methodology to test for asset integration, and applies it within and between American stock markets. Our technique relies on estimating and comparing expected risk-free rates across ass...

Government Finance Statistics Yearbook, 2003

Government Finance Statistics Yearbook, 2003 »

Series: Government Finance Statistics

Author(s): International Monetary Fund. Statistics Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 April 2004

DOI: http://dx.doi.org/10.5089/9781589062696.043

ISBN: 9781589062696

Keywords: liabilities, taxes, loans, financial derivatives, financial assets, social security, financial corporations, interest, benefits, public debt

Detailed annual data for Fund member governments are supplied on revenue income by source (tax, lending, bonds, etc.), and expenditure by sector (defense, education, health, etc.) for all levels of government (nati...

8 Addressing the Prudential and Antitrust Aspects of Financial Sector Mergers and Acquisitions

8 Addressing the Prudential and Antitrust Aspects of Financial Sector Mergers and Acquisitions »

Source: Building Strong Banks Through Surveillance and Resolution

Series: Books

Author(s): Charles Enoch , Dewitt Marston , and Michael Taylor

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 September 2002

ISBN: 9781589060432

Keywords: banking, loans, restructuring, debt, asset management

Mergers and acquisitions involving regulated financial institutions have a prudential dimension that differentiates them from such transactions in other sectors of t...

12 An Operational Framework for Addressing the Public Costs of Systemic Bank Restructuring

12 An Operational Framework for Addressing the Public Costs of Systemic Bank Restructuring »

Source: Building Strong Banks Through Surveillance and Resolution

Series: Books

Author(s): Charles Enoch , Dewitt Marston , and Michael Taylor

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 September 2002

ISBN: 9781589060432

Keywords: banking, loans, restructuring, debt, asset management

Systemic bank restructuring entails high costs, which are borne largely by governments and funded through the issuance of vast quantities of public debt. Cross-count...

Building Strong Banks Through Surveillance and Resolution

Building Strong Banks Through Surveillance and Resolution »

Series: Books

Author(s): Charles Enoch , Dewitt Marston , and Michael Taylor

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 September 2002

DOI: http://dx.doi.org/10.5089/9781589060432.071

ISBN: 9781589060432

Keywords: banking, loans, restructuring, debt, asset management

Since the mid-1990s, economic observers have kept a watchful eye on the financial sector because of its potential to spark economic crises. Banks in particular have come under close scrutiny. Building Strong Banks...

Front Matter

Front Matter »

Source: Building Strong Banks Through Surveillance and Resolution

Series: Books

Author(s): Charles Enoch , Dewitt Marston , and Michael Taylor

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 September 2002

ISBN: 9781589060432

Keywords: banking, loans, restructuring, debt, asset management

Since the mid-1990s, economic observers have kept a watchful eye on the financial sector because of its potential to spark economic crises. Banks in particular have come under close scrutiny. Building Strong Banks...

3 Domestic Lending in Foreign Currency

3 Domestic Lending in Foreign Currency »

Source: Building Strong Banks Through Surveillance and Resolution

Series: Books

Author(s): Charles Enoch , Dewitt Marston , and Michael Taylor

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 September 2002

ISBN: 9781589060432

Keywords: banking, loans, restructuring, debt, asset management

The availability of foreign currency loans to domestic borrowers has expanded as a natural result of increased global liquidity and the liberalization of domestic fi...

5 Emergency Liquidity Support Facilities

5 Emergency Liquidity Support Facilities »

Source: Building Strong Banks Through Surveillance and Resolution

Series: Books

Author(s): Charles Enoch , Dewitt Marston , and Michael Taylor

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 September 2002

ISBN: 9781589060432

Keywords: banking, loans, restructuring, debt, asset management

This chapter discusses the operational aspects of emergency liquidity support by central banks to individual institutions under stress. 1...

9. Guidelines for Bank Resolution

9. Guidelines for Bank Resolution »

Source: Building Strong Banks Through Surveillance and Resolution

Series: Books

Author(s): Charles Enoch , Dewitt Marston , and Michael Taylor

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 September 2002

ISBN: 9781589060432

Keywords: banking, loans, restructuring, debt, asset management

A sound banking system is composed of solvent banks, run in a safe and proper manner. Banks that become insolvent and that cannot be rehabilitated or sold should be...

1 Introduction

1 Introduction »

Source: Building Strong Banks Through Surveillance and Resolution

Series: Books

Author(s): Charles Enoch , Dewitt Marston , and Michael Taylor

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 September 2002

ISBN: 9781589060432

Keywords: banking, loans, restructuring, debt, asset management

The twin themes of this book—surveillance and resolution—involve issues that are at the core of the IMF’s recent work on the financial sector. Although the intensity...

6 Issues in the Unification of Financial Sector Supervision

6 Issues in the Unification of Financial Sector Supervision »

Source: Building Strong Banks Through Surveillance and Resolution

Series: Books

Author(s): Charles Enoch , Dewitt Marston , and Michael Taylor

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 September 2002

ISBN: 9781589060432

Keywords: banking, loans, restructuring, debt, asset management

Unified financial sector supervision—the regulation of the banking, insurance, and securities sectors by a single agency—remains relatively rare in the world today....

2 Loan Review, Provisioning, and Macroeconomic Linkages

2 Loan Review, Provisioning, and Macroeconomic Linkages »

Source: Building Strong Banks Through Surveillance and Resolution

Series: Books

Author(s): Charles Enoch , Dewitt Marston , and Michael Taylor

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 September 2002

ISBN: 9781589060432

Keywords: banking, loans, restructuring, debt, asset management

Recent banking crises have highlighted the importance of macro-prudential indicators as a basis to assess financial stability. Of particular concern are indicators s...

Part I Issues in Surveillance

Part I Issues in Surveillance »

Source: Building Strong Banks Through Surveillance and Resolution

Series: Books

Author(s): Charles Enoch , Dewitt Marston , and Michael Taylor

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 September 2002

ISBN: 9781589060432

Keywords: banking, loans, restructuring, debt, asset management

...

Part II Resolution Strategies

Part II Resolution Strategies »

Source: Building Strong Banks Through Surveillance and Resolution

Series: Books

Author(s): Charles Enoch , Dewitt Marston , and Michael Taylor

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 September 2002

ISBN: 9781589060432

Keywords: banking, loans, restructuring, debt, asset management

...

11 Recapitalizing Banks with Public Funds: Selected Issues

11 Recapitalizing Banks with Public Funds: Selected Issues »

Source: Building Strong Banks Through Surveillance and Resolution

Series: Books

Author(s): Charles Enoch , Dewitt Marston , and Michael Taylor

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 September 2002

ISBN: 9781589060432

Keywords: banking, loans, restructuring, debt, asset management

Recapitalizing banks in a systemic crisis is a complex medium-term process that requires significant government intervention and careful management at both the strat...

7 The Financial Sector—The Responsibilities of the Public Agencies

7 The Financial Sector—The Responsibilities of the Public Agencies »

Source: Building Strong Banks Through Surveillance and Resolution

Series: Books

Author(s): Charles Enoch , Dewitt Marston , and Michael Taylor

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 September 2002

ISBN: 9781589060432

Keywords: banking, loans, restructuring, debt, asset management

In most countries, a number of public agencies play an influential role in the life of financial institutions, affecting the interests of their shareholders and cust...

4 Toward a Framework for Systemic Liquidity Policy

4 Toward a Framework for Systemic Liquidity Policy »

Source: Building Strong Banks Through Surveillance and Resolution

Series: Books

Author(s): Charles Enoch , Dewitt Marston , and Michael Taylor

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 September 2002

ISBN: 9781589060432

Keywords: banking, loans, restructuring, debt, asset management

The capacity for banks to access liquid funding markets and their use of effective liquidity management techniques are important aspects of financial intermediation...

10. Two Approaches to Resolving Nonperforming Assets During Financial Crises

10. Two Approaches to Resolving Nonperforming Assets During Financial Crises »

Source: Building Strong Banks Through Surveillance and Resolution

Series: Books

Author(s): Charles Enoch , Dewitt Marston , and Michael Taylor

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 September 2002

ISBN: 9781589060432

Keywords: banking, loans, restructuring, debt, asset management

The unprecedented rise in nonperforming financial assets during the recent Asian financial crisis severely tested the limit and the capacity of the existing asset ma...

Mauritius
			: Selected Issues and Statistical Appendix

Mauritius : Selected Issues and Statistical Appendix »

Volume/Issue: 2002/144

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 July 2002

DOI: http://dx.doi.org/10.5089/9781451827781.002

ISBN: 9781451827781

Keywords: interest, interest rates, financial assets, balance sheet, treasury bill

This Selected Issues paper and Statistical Appendix analyzes the labor market of Mauritius. It highlights that the high level of youth unemployment in Mauritius points to deficiencies in education and training. The...

Mauritius

Mauritius »

Source: Mauritius : Selected Issues and Statistical Appendix

Volume/Issue: 2002/144

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 July 2002

ISBN: 9781451827781

Keywords: interest, interest rates, financial assets, balance sheet, treasury bill

This Selected Issues paper and Statistical Appendix analyzes the labor market of Mauritius. It highlights that the high level of youth unemployment in Mauritius points to deficiencies in education and training. The...

External Wealth, the Trade Balance, and the Real Exchange Rate

External Wealth, the Trade Balance, and the Real Exchange Rate »

Source: External Wealth, the Trade Balance, and the Real Exchange Rate

Volume/Issue: 2002/51

Series: IMF Working Papers

Author(s): Philip Lane , and Gian Milesi-Ferretti

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2002

ISBN: 9781451847123

Keywords: foreign assets, net foreign assets, foreign asset, net foreign asset, net foreign asset position, Open Economy Macroeconomics, trade balance, real exchange rate,

This paper examines the link between the net foreign asset position, the trade balance and the real exchange rate. In particular, it decomposes the impact of a country's net foreign asset position ("external wealth...

External Wealth, the Trade Balance, and the Real Exchange Rate

External Wealth, the Trade Balance, and the Real Exchange Rate »

Volume/Issue: 2002/51

Series: IMF Working Papers

Author(s): Philip Lane , and Gian Milesi-Ferretti

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2002

DOI: http://dx.doi.org/10.5089/9781451847123.001

ISBN: 9781451847123

Keywords: foreign assets, net foreign assets, foreign asset, net foreign asset, net foreign asset position, Open Economy Macroeconomics, trade balance, real exchange rate,

This paper examines the link between the net foreign asset position, the trade balance and the real exchange rate. In particular, it decomposes the impact of a country's net foreign asset position ("external wealth...

The Asset Allocation of Emerging Market Mutual Funds

The Asset Allocation of Emerging Market Mutual Funds »

Source: The Asset Allocation of Emerging Market Mutual Funds

Volume/Issue: 2001/111

Series: IMF Working Papers

Author(s): Piti Disyatat , and R. Gelos

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2001

ISBN: 9781451853476

Keywords: asset allocation, portfolio choice, contagion, statistic, risk aversion, optimization, correlation, covariance,

Benchmark following and portfolio rebalancing effects have often been cited when trying to explain international financial contagion phenomena. Using a dataset containing the country allocation of individual dedica...

Long-Term Capital Movements

Long-Term Capital Movements »

Volume/Issue: 2001/107

Series: IMF Working Papers

Author(s): Philip Lane , and Gian Milesi-Ferretti

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2001

DOI: http://dx.doi.org/10.5089/9781451852981.001

ISBN: 9781451852981

Keywords: Net foreign assets, demographics, foreign asset, foreign assets, net foreign asset, foreign asset position, International Lending and Debt Problems,

International financial integration allows countries to become net creditors or net debtors with respect to the rest of the world. In this paper, we show that a small set of fundamentals-shifts in relative output l...

The Asset Allocation of Emerging Market Mutual Funds

The Asset Allocation of Emerging Market Mutual Funds »

Volume/Issue: 2001/111

Series: IMF Working Papers

Author(s): Piti Disyatat , and R. Gelos

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2001

DOI: http://dx.doi.org/10.5089/9781451853476.001

ISBN: 9781451853476

Keywords: asset allocation, portfolio choice, contagion, statistic, risk aversion, optimization, correlation, covariance,

Benchmark following and portfolio rebalancing effects have often been cited when trying to explain international financial contagion phenomena. Using a dataset containing the country allocation of individual dedica...

Long-Term Capital Movements

Long-Term Capital Movements »

Source: Long-Term Capital Movements

Volume/Issue: 2001/107

Series: IMF Working Papers

Author(s): Philip Lane , and Gian Milesi-Ferretti

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2001

ISBN: 9781451852981

Keywords: Net foreign assets, demographics, foreign asset, foreign assets, net foreign asset, foreign asset position, International Lending and Debt Problems,

International financial integration allows countries to become net creditors or net debtors with respect to the rest of the world. In this paper, we show that a small set of fundamentals-shifts in relative output l...

Recapitalizing Banks with Public Funds
			: Selected Issues

Recapitalizing Banks with Public Funds : Selected Issues »

Volume/Issue: 1999/139

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 1999

DOI: http://dx.doi.org/10.5089/9781451856026.001

ISBN: 9781451856026

Keywords: asset management companies, asset valuation, bank restructuring agencies, Tier 1 capital, Tier 2 capital, restructuring, debt, loans, recapitalization, debt restructuring

Recapitalizing banks in a systemic crisis is a complex medium-term process that requires significant government intervention and careful management at both the strategic and individual bank levels. This paper highl...

Recapitalizing Banks with Public Funds

Recapitalizing Banks with Public Funds »

Source: Recapitalizing Banks with Public Funds : Selected Issues

Volume/Issue: 1999/139

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 1999

ISBN: 9781451856026

Keywords: asset management companies, asset valuation, bank restructuring agencies, Tier 1 capital, Tier 2 capital, restructuring, debt, loans, recapitalization, debt restructuring

Recapitalizing banks in a systemic crisis is a complex medium-term process that requires significant government intervention and careful management at both the strategic and individual bank levels. This paper highl...

Market-Based Policy Instruments for Systemic Bank Restructuring

Market-Based Policy Instruments for Systemic Bank Restructuring »

Volume/Issue: 1998/113

Series: IMF Working Papers

Author(s): Tamim Bayoumi , and Paul Masson

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 1998

DOI: http://dx.doi.org/10.5089/9781451944235.001

ISBN: 9781451944235

Keywords: Financial Sector Policy, Banking Crisis, Restructuring, Central Banking, banking, deposit insurance, bank restructuring, asset management, systemic bank restructuring

Since the early 1980s, well over 100 countries have experienced systemic bank insolvencies. An important innovation among the resulting policies for reestablishing bank soundness has been the reliance on market-bas...

Market-Based Policy Instruments for Systemic Bank Restructuring

Market-Based Policy Instruments for Systemic Bank Restructuring »

Source: Market-Based Policy Instruments for Systemic Bank Restructuring

Volume/Issue: 1998/113

Series: IMF Working Papers

Author(s): Tamim Bayoumi , and Paul Masson

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 1998

ISBN: 9781451944235

Keywords: Financial Sector Policy, Banking Crisis, Restructuring, Central Banking, banking, deposit insurance, bank restructuring, asset management, systemic bank restructuring

Since the early 1980s, well over 100 countries have experienced systemic bank insolvencies. An important innovation among the resulting policies for reestablishing bank soundness has been the reliance on market-bas...

Liquid Asset Ratios and Financial Sector Reform

Liquid Asset Ratios and Financial Sector Reform »

Volume/Issue: 1997/144

Series: IMF Working Papers

Author(s): Anne Gulde

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 1997

DOI: http://dx.doi.org/10.5089/9781451856408.001

ISBN: 9781451856408

Keywords: Banks, Banking Regulation, Central Bank Policy, liquid asset, banking, reserve requirement, financial sector, bonds

As a monetary, selective credit, and government debt-management instrument, a liquid asset ratio is generally inefficient and may introduce serious distortions. However, it may play a limited role as a prudential i...