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Central Bank Losses and Experiences in Selected Countries

Central Bank Losses and Experiences in Selected Countries »

Source: Central Bank Losses and Experiences in Selected Countries

Volume/Issue: 2005/72

Series: IMF Working Papers

Author(s): Claudia Dziobek , and John Dalton

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2005

ISBN: 9781451860917

Keywords: central bank balance sheet, central bank losses, central bank, monetary fund, national bank, government securities, International Lending and Debt Problems,

Under normal circumstances, a central bank should be able to operate at a profit with a core level of earnings derived from seigniorage. Losses have, however, arisen in several central banks from a range of activit...

Coordinating Public Debt and Monetary Management During Financial Reforms

Coordinating Public Debt and Monetary Management During Financial Reforms »

Source: Coordinating Public Debt and Monetary Management During Financial Reforms

Volume/Issue: 1992/84

Series: IMF Working Papers

Author(s): Sérgio Leite

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 1992

ISBN: 9781451954395

Keywords: central bank, government securities, public debt, monetary management

The paper analyzes the interplay between public debt and monetary management during financial reforms, and provides suggestions on collaboration between the central bank and the treasury to achieve common objective...

Dealing with Private Debt Distress in the Wake of the European Financial Crisis  A Review of the Economics and Legal Toolbox

Dealing with Private Debt Distress in the Wake of the European Financial Crisis A Review of the Economics and Legal Toolbox »

Source: Dealing with Private Debt Distress in the Wake of the European Financial Crisis A Review of the Economics and Legal Toolbox

Volume/Issue: 2013/44

Series: IMF Working Papers

Author(s): Yan Liu , and Christoph Rosenberg

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 February 2013

ISBN: 9781475544305

Keywords: private sector debt, household insolvency, corporate insolvency, insolvency, insolvency law, Personal Bankruptcy Law,

The private non-financial sector in Europe is facing increased challenges in meeting its debt servicing obligation. In response, governments are revisiting legal tools and-in some cases-institutional arrangements t...

Determinants of Sovereign Bond Spreads in Emerging Markets

Determinants of Sovereign Bond Spreads in Emerging Markets »

Source: Determinants of Sovereign Bond Spreads in Emerging Markets : Local Fundamentals and Global Factors vs. Ever-Changing Misalignments

Volume/Issue: 2013/164

Series: IMF Working Papers

Author(s): Balazs Csonto , and Iryna Ivaschenko

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 July 2013

ISBN: 9781475573206

Keywords: Emerging market debt, spreads, misalignment, bond, bond spreads, emerging market bond, market bond, Asset Pricing,

We analyze the relationship between global and country-specific factors and emerging market debt spreads from three different angles. First, we aim to disentangle the effect of global and country-specific developme...

Emerging Economy Responses to the Global Financial Crisis of 2007-09 - An Empirical Analysis of the Liquidity Easing Measures

Emerging Economy Responses to the Global Financial Crisis of 2007-09 - An Empirical Analysis of the Liquidity Easing Measures »

Source: Emerging Economy Responses to the Global Financial Crisis of 2007-09 - An Empirical Analysis of the Liquidity Easing Measures

Volume/Issue: 2009/265

Series: IMF Working Papers

Author(s): Etienne Yehoue

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2009

ISBN: 9781451874105

Keywords: Financial Markets, Monetary Policy, Central Banking, exchange rate, current account, foreign exchange, central bank, external debt

This paper draws on a unique data set on the nontraditional systemic liquidity easing measures recently undertaken by many emerging market economies. It offers an empirical analysis of the key determinants affectin...

Enterprise Arrears in Russia

Enterprise Arrears in Russia »

Source: Enterprise Arrears in Russia : Causes and Policy Options

Volume/Issue: 1993/61

Series: IMF Working Papers

Author(s): David Bigman , and Sérgio Leite

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 1993

ISBN: 9781451848090

Keywords: payments, state enterprises, debts, interenterprise arrears, obligations

This paper examines the causes of the large buildup of enterprise arrears in Russia during 1992, and evaluates policy options to deal with them. Noting the experience of. Eastern European countries, the paper empha...

External Vulnerability in Emerging Market Economies

External Vulnerability in Emerging Market Economies »

Source: External Vulnerability in Emerging Market Economies : How High Liquidity Can Offset Weak Fundamentals and the Effects of Contagion

Volume/Issue: 1999/88

Series: IMF Working Papers

Author(s): Christian Mulder , and Matthieu Bussière

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 1999

ISBN: 9781451851144

Keywords: Vulnerability indicators, economic crises, emerging markets, short-term debt, exchange rate, current account, real exchange rate, current account deficit

This paper investigates the factors behind the 1994 and 1997 crises and whether these can explain the 1998 crisis. The study reveals that: (i) variables used in an Early Warning System model developed by IMF staff...

Financial and Enterprise Restructuring in Emerging Market Economies

Financial and Enterprise Restructuring in Emerging Market Economies »

Source: Financial and Enterprise Restructuring in Emerging Market Economies

Volume/Issue: 1994/34

Series: IMF Working Papers

Author(s): Steven Fries , and Timothy Lane

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 1994

ISBN: 9781451978858

Keywords: banking, moral hazard, debt socialization, recapitalization, banking system

This paper examines alternative approaches to building sound financial structures in emerging market economies. The foremost task is to resolve the bad loan problem and to recapitalize insolvent state banks. By res...

Fiscal Indulgence in Central Europe

Fiscal Indulgence in Central Europe »

Source: Fiscal Indulgence in Central Europe : Loss of the External Anchor

Volume/Issue: 2004/62

Series: IMF Working Papers

Author(s): George Kopits , Helge Berger , and Istvan Szekely

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2004

ISBN: 9781451848311

Keywords: EU economic and monetary union, game-theoretic approach, fiscal performance, fiscal stance, loose ? fiscal policy, fiscal behavior, National Budget, Deficit, and Debt: General, Game Theory and Bargaining Theory: General

In recent years, fiscal performance in Central Europe has steadily deteriorated, in contrast to the improvement in the Baltics. This paper explores the determinants of such differences among countries slated for EU...

IMF Conditionality and Country Ownership of Programs

IMF Conditionality and Country Ownership of Programs »

Source: IMF Conditionality and Country Ownership of Programs

Volume/Issue: 2001/142

Series: IMF Working Papers

Author(s): Mohsin Khan , and Sunil Sharma

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2001

ISBN: 9781451856255

Keywords: IMF-supported programs, ownership, principal-agent, moral-hazard, structural conditionality, moral hazard, capital markets, international capital markets, Asymmetric and Private Information, International Lending and Debt Problems

The paper uses finance and agency theory to establish two main propositions: First, that the conditionality attached to adjustment programs supported by the IMF is justified. Second, that ownership of programs by t...