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Apocalypse then

Apocalypse then »

Source: Apocalypse then : The Evolution of the North Atlantic Economy and the Global Crisis

Volume/Issue: 2011/212

Series: IMF Working Papers

Author(s): Trung Bui , and Tamim Bayoumi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2011

ISBN: 9781463902308

Keywords: Financial linkages, financial regulation, banking, bonds, bond, banking systems, financial market, Financial Aspects of Economic Integration, Macroeconomic Aspects of International Trade and Finance: Forecasting and Simulation, General Financial Markets: Government Policy and Regulation,

The financial crisis, originated from the collapse of US housing markets in 2008, reverberates around the world. Its destructive force was felt nowhere more keenly than Western Europe. Indeed, it continues to mire...

Banks, Government Bonds, and Default

Banks, Government Bonds, and Default »

Source: Banks, Government Bonds, and Default : What do the Data Say?

Volume/Issue: 2014/120

Series: IMF Working Papers

Author(s): Nicola Gennaioli , Alberto Martin , and Stefano Rossi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 July 2014

ISBN: 9781498391993

Keywords: Sovereign Default, Government Bonds, bonds, bond, public bonds, bond returns, sovereign bond, International Lending and Debt Problems, Financial Aspects of Economic Integration,

We analyze holdings of public bonds by over 20,000 banks in 191 countries, and the role of these bonds in 20 sovereign defaults over 1998-2012. Banks hold many public bonds (on average 9% of their assets), particul...

The Behavior of Real Interest Rates in Exchange-Rate Based Stabilization Programs

The Behavior of Real Interest Rates in Exchange-Rate Based Stabilization Programs »

Source: The Behavior of Real Interest Rates in Exchange-Rate Based Stabilization Programs

Volume/Issue: 1994/75

Series: IMF Working Papers

Author(s): Pierre-Richard Agénor

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 1994

ISBN: 9781451849660

Keywords: nominal interest rate, bonds, foreign bonds, real money

This paper examines the behavior of real interest rates in exchange-rate based stabilization programs. The analysis is based on a model with imperfect capital mobility and optimizing agents. A permanent reduction i...

Brady Bonds and Default Probabilities

Brady Bonds and Default Probabilities »

Source: Brady Bonds and Default Probabilities

Volume/Issue: 1998/16

Series: IMF Working Papers

Author(s): Ivailo Izvorski

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 1998

ISBN: 9781451843378

Keywords: Brady bonds, default probabilities, sovereign riskiness, probabilities, bonds, probability, bond

This paper computes the default probabilities implicit in the prices of Brady bonds of seven developing countries and examines the factors that determine the high cross-correlation of the probability paths. The ter...

Can Covered Bonds Resuscitate Residential Mortgage Finance in the United States?1

Can Covered Bonds Resuscitate Residential Mortgage Finance in the United States?1 »

Source: Can Covered Bonds Resuscitate Residential Mortgage Finance in the United States?

Volume/Issue: 2010/277

Series: IMF Working Papers

Author(s): Jay Surti

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2010

ISBN: 9781455210848

Keywords: Covered bonds, mortgage-backed securities, personal bankruptcy, bond, bonds, mortgage, bond holders, mortgage loans, General Financial Markets: Government Policy and Regulation, Other Substantive Areas of Law: Other

This paper considers the case for mortgage covered bonds as an alternative to the originate-to-distribute mortgage funding model. It argues that the economic incentives provided to market participants under the cov...

Capital Market Development in a Small Country

Capital Market Development in a Small Country »

Source: Capital Market Development in a Small Country : The Case of Slovenia

Volume/Issue: 2007/229

Series: IMF Working Papers

Author(s): Jochen Andritzky

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2007

ISBN: 9781451867930

Keywords: capital market, stock exchange, bonds, Financial Markets and the Macroeconomy,

Small emerging economies, despite their significant growth, lack the scale to develop thriving capital markets from their local investor and issuer base that are able to deliver the benefits of a large, mature mark...

CDS Spreads in European Periphery

CDS Spreads in European Periphery »

Source: CDS Spreads in European Periphery : Some Technical Issues to Consider

Volume/Issue: 2012/77

Series: IMF Working Papers

Author(s): Manmohan Singh , and Mohsan Bilal

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2012

ISBN: 9781475502299

Keywords: CDS spreads, peripheral Europe, stochastic recovery rate, probability of default, collateral use in OTC derivatives, price of risk, otc, bonds, derivative, bond

This paper looks at some technical issues when using CDS data, and if these are incorporated, the analysis or regression results are likely to benefit. The paper endorses the use of stochastic recovery in CDS model...

Consequences of Asset Shortages in Emerging Markets

Consequences of Asset Shortages in Emerging Markets »

Source: Consequences of Asset Shortages in Emerging Markets

Volume/Issue: 2012/102

Series: IMF Working Papers

Author(s): Patrick Imam , and Jiaqian Chen

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2012

ISBN: 9781475502923

Keywords: Asset Shortage, Emerging Market, Crisis, Asset Bubble, financial assets, bond, bonds, asset bubbles, Money and Interest Rates: General, Financial Economics: General,

We assess econometrically the impact of asset shortages on economic growth, asset bubbles, the probability of a crisis, and the current account for a group of 41 Emerging markets for 1995-2008. The econometric esti...

The Corporation of Foreign Bondholders

The Corporation of Foreign Bondholders »

Source: The Corporation of Foreign Bondholders

Volume/Issue: 2003/107

Series: IMF Working Papers

Author(s): Paolo Mauro , and Yishay Yafeh

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2003

ISBN: 9781451853001

Keywords: foreign bondholders, bond finance, creditor coordination, bondholders, bonds, debt, creditors, creditor, Financial Aspects of Economic Integration, Economic History: Financial Markets and Institutions: General

This paper analyzes the Corporation of Foreign Bondholders (CFB), an association of British investors holding bonds issued by foreign governments. The CFB played a key role during the heyday of international bond f...

Cost and Effectiveness of Banking Sector Restructuring in Transition Economies

Cost and Effectiveness of Banking Sector Restructuring in Transition Economies »

Source: Cost and Effectiveness of Banking Sector Restructuring in Transition Economies

Volume/Issue: 2001/157

Series: IMF Working Papers

Author(s): Edda Zoli

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2001

ISBN: 9781451857498

Keywords: transition countries, fiscal costs of banking crises, banking, banking sector, banking sector problems, bonds, Financial Institutions and Services: Government Policy and Regulation, Socialist Systems and Transitional Economies: General, National Budget, Deficit

The paper analyses the cost and effectiveness of bank restructuring policies in 11 transition countries during 1991-98. It argues that country-specific banking sector features, the size of bad loans inherited from...