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The Challenge of Public Pension Reform in Advanced and Emerging Economies

The Challenge of Public Pension Reform in Advanced and Emerging Economies »

Series: Occasional Papers

Author(s): Benedict Clements , David Coady , Frank Eich , Sanjeev Gupta , Alvar Kangur , Baoping Shang , and Mauricio Soto

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 January 2016

Language: Chinese

DOI: http://dx.doi.org/10.5089/9787504979971.084

ISBN: 9787504979971

Keywords: Pension reforms, Developed countries, Emerging markets, Pensions, Government expenditures, Cross country analysis, emerging market economies, retirement, pensions, pension spending

Pension reform is high on the policy agenda of many advanced and emerging market economies. In advanced economies the challenge is generally to contain future increases in public pension spending as the population...

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...

Estimation of the Near Unit Root Model of Real Exchange Rates

Estimation of the Near Unit Root Model of Real Exchange Rates »

Source: Estimation of the Near Unit Root Model of Real Exchange Rates

Volume/Issue: 1996/50

Series: IMF Working Papers

Author(s): C. McDermott

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 1996

ISBN: 9781451846928

Keywords: exchange rates, real exchange rates, exchange rate, time series, real exchange rate

The time-series properties of real exchange rates, on a number of definitions, for 22 industrial countries during 1979-95 were used to re-examine whether PPP holds. It is shown that if real exchange rates reverted...

The Euro’s Effecton Trade Imbalances

The Euro’s Effecton Trade Imbalances »

Source: The Euro's Effecton Trade Imbalances

Volume/Issue: 2010/226

Series: IMF Working Papers

Author(s): Helge Berger , and Volker Nitsch

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2010

ISBN: 9781455208913

Keywords: imbalances, trade balance, trade surplus, trade deficit, EMU, European integration, exchange rate, trade imbalances, exchange rates, real exchange rate

When does trade become a one-way relationship? We study bilateral trade balances for a sample of 18 European countries over the period from 1948 through 2008. We find that, with the introduction of the euro, trade...

Fiscal Space1

Fiscal Space1 »

Source: Fiscal Space

Volume/Issue: 2010/11

Series: IMF Staff Position Notes

Author(s): Jonathan Ostry , Atish Ghosh , Jun Kim , and Mahvash Qureshi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2010

ISBN: 9781455228010

Keywords: Developed countries, Debt management, Public debt, Fiscal sustainability, Fiscal policy, fiscal sustainability, debt dynamics, debt, interest, primary balance

In this note, the authors reexamine the issue of debt sustainability in a large group of advanced economies. Their hypothesis is that, when debt is in a moderate range, its dynamics are sustainable in the sense tha...

Fiscal Space

Fiscal Space »

Volume/Issue: 2010/11

Series: IMF Staff Position Notes

Author(s): Jonathan Ostry , Atish Ghosh , Jun Kim , and Mahvash Qureshi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2010

DOI: http://dx.doi.org/10.5089/9781455228010.004

ISBN: 9781455228010

Keywords: Developed countries, Debt management, Public debt, Fiscal sustainability, Fiscal policy, fiscal sustainability, debt dynamics, debt, interest, primary balance

In this note, the authors reexamine the issue of debt sustainability in a large group of advanced economies. Their hypothesis is that, when debt is in a moderate range, its dynamics are sustainable in the sense tha...

Sovereign Rating News and Financial Markets Spillovers
			: Evidence from the European Debt Crisis

Sovereign Rating News and Financial Markets Spillovers : Evidence from the European Debt Crisis »

Volume/Issue: 2011/68

Series: IMF Working Papers

Author(s): Bertrand Candelon , Amadou Sy , and Rabah Arezki

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2011

DOI: http://dx.doi.org/10.5089/9781455227112.001

ISBN: 9781455227112

Keywords: News, stock market, credit rating, credit rating agencies, bond, Financial Aspects of Economic Integration,

This paper examines the spillover effects of sovereign rating news on European financial markets during the period 2007-2010. Our main finding is that sovereign rating downgrades have statistically and economically...

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 »

Volume/Issue: 2013/44

Series: IMF Working Papers

Author(s): Yan Liu , and Christoph Rosenberg

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 February 2013

DOI: http://dx.doi.org/10.5089/9781475544305.001

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...

Estimation of the Near Unit Root Model of Real Exchange Rates

Estimation of the Near Unit Root Model of Real Exchange Rates »

Volume/Issue: 1996/50

Series: IMF Working Papers

Author(s): C. McDermott

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 1996

DOI: http://dx.doi.org/10.5089/9781451846928.001

ISBN: 9781451846928

Keywords: exchange rates, real exchange rates, exchange rate, time series, real exchange rate

The time-series properties of real exchange rates, on a number of definitions, for 22 industrial countries during 1979-95 were used to re-examine whether PPP holds. It is shown that if real exchange rates reverted...

Nonperforming Loans and Macrofinancial Vulnerabilities in Advanced Economies

Nonperforming Loans and Macrofinancial Vulnerabilities in Advanced Economies »

Volume/Issue: 2011/161

Series: IMF Working Papers

Author(s): Mwanza Nkusu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2011

DOI: http://dx.doi.org/10.5089/9781455297740.001

ISBN: 9781455297740

Keywords: macrofinancial linkages, nonperforming loans, business fluctuations, banking, macroeconomic performance, banking crises, macroeconomic variables, banks ? balance sheets, Financial Markets and the Macroeconomy,

We analyze the link between nonperforming loans (NPL) and macroeconomic performance using two complementary approaches. First, we investigate the macroeconomic determinants of NPL in panel regressions and confirm t...