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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...

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...

Learning, Monetary Policy and Asset Prices

Learning, Monetary Policy and Asset Prices »

Volume/Issue: 2015/16

Series: IMF Working Papers

Author(s): Marco Airaudo , Salvatore Nisticò , and Luis-Felipe Zanna

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 January 2015

DOI: http://dx.doi.org/10.5089/9781498343466.001

ISBN: 9781498343466

Keywords: Learning, Expectational Stability, Interest Rate Rules, Multiple Equilibria, Determinacy, stock, equilibrium, economy, markets, General,

We explore the stability properties of interest rate rules granting an explicit response to stock prices in a New-Keynesian DSGE model populated by Blanchard-Yaari non-Ricardian households. The constant turnover be...

The Great Cross-Border Bank Deleveraging
			: Supply Constraints and Intra-Group Frictions

The Great Cross-Border Bank Deleveraging : Supply Constraints and Intra-Group Frictions »

Volume/Issue: 2014/180

Series: IMF Working Papers

Author(s): Eugenio Cerutti , and Stijn Claessens

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 September 2014

DOI: http://dx.doi.org/10.5089/9781498354783.001

ISBN: 9781498354783

Keywords: Global banks, Credit supply, Deleveraging, banking, banking system, systemic crisis, Financial Markets and the Macroeconomy, Financial Aspects of Economic Integration,

International banks greatly reduced their direct cross-border and local affiliates' lending as the global financial crisis strained balance sheets, lowered borrower demand, and changed government policies. Using bi...

Survey of Reserve Managers
			: Lessons from the Crisis

Survey of Reserve Managers : Lessons from the Crisis »

Volume/Issue: 2013/99

Series: IMF Working Papers

Author(s): Aideen Morahan , and Christian Mulder

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 May 2013

DOI: http://dx.doi.org/10.5089/9781484308486.001

ISBN: 9781484308486

Keywords: Foreign Currency Reserves, reserve managers, central banks, currency composition, reserve management, central bank,

This paper reports in detail on a survey that was circulated to reserve managing central banks of IMF member countries in April 2012. The survey aims to gain further insight into how reserve managers have reacted t...

Tax Composition and Growth
			: A Broad Cross-Country Perspective

Tax Composition and Growth : A Broad Cross-Country Perspective »

Volume/Issue: 2012/257

Series: IMF Working Papers

Author(s): Santiago Acosta Ormaechea , and Jiae Yoo

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 October 2012

DOI: http://dx.doi.org/10.5089/9781616355678.001

ISBN: 9781616355678

Keywords: Tax composition, growth, income taxes, property taxes, tax revenue, tax structure, consumption taxes,

We investigate the relation between changes in tax composition and long-run economic growth using a new dataset covering a broad cross-section of countries with different income levels. We specifically consider 69...

Effects of Culture on Firm Risk-Taking
			: A Cross-Country and Cross-Industry Analysis

Effects of Culture on Firm Risk-Taking : A Cross-Country and Cross-Industry Analysis »

Volume/Issue: 2012/210

Series: IMF Working Papers

Author(s): Roxana Mihet

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2012

DOI: http://dx.doi.org/10.5089/9781475505603.001

ISBN: 9781475505603

Keywords: National culture, corporate risk-taking, industry opacity, risk-taking, shareholders, shareholder, shareholders ? rights, Firm Objectives, Organization, and Behavior: General

This paper investigates the effects of national culture on firm risk-taking, using a comprehensive dataset covering 50,000 firms in 400 industries in 51 countries. Risk-taking is found to be higher for domestic fir...

Predicting Recessions
			: A New Approach for Identifying Leading Indicators and Forecast Combinations

Predicting Recessions : A New Approach for Identifying Leading Indicators and Forecast Combinations »

Volume/Issue: 2011/235

Series: IMF Working Papers

Author(s): Turgut Kisinbay , and Chikako Baba

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2011

DOI: http://dx.doi.org/10.5089/9781463922016.001

ISBN: 9781463922016

Keywords: forecast encompassing, forecast combination, forecasting, recessions, probability, significance level, significance levels, Multiple or Simultaneous Equation Models: General, Multiple or Simultaneous Equation Models: Time-Series Models, Model Evaluation and Selection

This study proposes a data-based algorithm to select a subset of indicators from a large data set with a focus on forecasting recessions. The algorithm selects leading indicators of recessions based on the forecast...

Data-Rich DSGE and Dynamic Factor Models

Data-Rich DSGE and Dynamic Factor Models »

Volume/Issue: 2011/216

Series: IMF Working Papers

Author(s): Maxym Kryshko

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2011

DOI: http://dx.doi.org/10.5089/9781463903497.001

ISBN: 9781463903497

Keywords: Data-rich DSGE models, dynamic factor models, Bayesian estimation, inflation, monetary policy, real output, monetary base, monetary economics, Bayesian Analysis, Multiple or Simultaneous Equation Models: Time-Series Models

Dynamic factor models and dynamic stochastic general equilibrium (DSGE) models are widely used for empirical research in macroeconomics. The empirical factor literature argues that the co-movement of large panels o...

Jointly Optimal Monetary and Fiscal Policy Rules under Borrowing Constraints

Jointly Optimal Monetary and Fiscal Policy Rules under Borrowing Constraints »

Volume/Issue: 2009/286

Series: IMF Working Papers

Author(s): Michael Kumhof , and Huixin Bi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2009

DOI: http://dx.doi.org/10.5089/9781451874310.001

ISBN: 9781451874310

Keywords: Optimal simple rules, monetary policy rules, fiscal policy rules, welfare analysis, borrowing constraints, tax revenue, inflation, government spending,

We study the welfare properties of an economy where both monetary and fiscal policy follow simple rules, and where a subset of agents is borrowing constrained. The optimized fiscal rule is far more aggressive than...

The Inflation-Unemployment Trade-off at Low Inflation

The Inflation-Unemployment Trade-off at Low Inflation »

Volume/Issue: 2009/34

Series: IMF Working Papers

Author(s): Luca Ricci , and Pierpaolo Benigno

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2009

DOI: http://dx.doi.org/10.5089/9781451871814.001

ISBN: 9781451871814

Keywords: Phillips curve, downward nominal rigidities, wage, wage inflation, wages, low inflation,

Wage setters take into account the future consequences of their current wage choices in the presence of downward nominal wage rigidities. Several interesting implications arise. First, a closed-form solution for a...

The Information Content of Money in Forecasting Euro Area Inflation

The Information Content of Money in Forecasting Euro Area Inflation »

Volume/Issue: 2008/166

Series: IMF Working Papers

Author(s): Emil Stavrev , and Helge Berger

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2008

DOI: http://dx.doi.org/10.5089/9781451870244.001

ISBN: 9781451870244

Keywords: Information content of money, inflation forecasting, New Keynesian model, DSGE model, P* model, Two-pillar Phillips curve, VAR model, general dynamic factor model, Bayesian estimation, aggregate demand

This paper contributes to the debate on the role of money in monetary policy by analyzing the information content of money in forecasting euro-area inflation. We compare the predictive performance within and among...

The Use of Encompassing Tests for Forecast Combinations

The Use of Encompassing Tests for Forecast Combinations »

Volume/Issue: 2007/264

Series: IMF Working Papers

Author(s): Turgut Kisinbay

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2007

DOI: http://dx.doi.org/10.5089/9781451868272.001

ISBN: 9781451868272

Keywords: forecast combination, forecast encompassing, thick-modeling, forecasting, significance level, time series, significance levels, econometrics,

The paper proposes an algorithm that uses forecast encompassing tests for combining forecasts. The algorithm excludes a forecast from the combination if it is encompassed by another forecast. To assess the usefulne...

Boletín del FMI Vol.36, No.07 abril 2007

Boletín del FMI Vol.36, No.07 abril 2007 »

Volume/Issue: 36/7

Series: IMF Survey

Author(s): International Monetary Fund. External Relations Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 April 2007

Language: Spanish

DOI: http://dx.doi.org/10.5089/9781451973297.023

ISBN: 9781451973297

El Boletín del FMI aborda de manera específica el trabajo del FMI y los grandes temas macroeconómicos y financieros internacionales y ofrece análisis sobre la evolución en los distintos países y regiones y en el mu...

IMF Survey, Volume 36 Issue 07

IMF Survey, Volume 36 Issue 07 »

Volume/Issue: 36/7

Series: IMF Survey

Author(s): International Monetary Fund. External Relations Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 April 2007

DOI: http://dx.doi.org/10.5089/9781451938357.023

ISBN: 9781451938357

Keywords: international monetary fund, financial globalization, development bank, macroeconomic management

Spring Meetings focus on global growth, imbalances; IMFC communique; economic outlooks for Western Hemisphere, sub-Saharan Africa, Asia, and Europe; Aid for Lebanon's recovery; United Kingdom reaps fruits of reform...

Boletín del FMI Vol.36, No.06 abril 2007

Boletín del FMI Vol.36, No.06 abril 2007 »

Volume/Issue: 36/6

Series: IMF Survey

Author(s): International Monetary Fund. External Relations Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 April 2007

Language: Spanish

DOI: http://dx.doi.org/10.5089/9781451973235.023

ISBN: 9781451973235

El Boletín del FMI aborda de manera específica el trabajo del FMI y los grandes temas macroeconómicos y financieros internacionales y ofrece análisis sobre la evolución en los distintos países y regiones y en el mu...

IMF Survey, Volume 36 Issue 06

IMF Survey, Volume 36 Issue 06 »

Volume/Issue: 36/6

Series: IMF Survey

Author(s): International Monetary Fund. External Relations Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 April 2007

DOI: http://dx.doi.org/10.5089/9781451938319.023

ISBN: 9781451938319

Keywords: international monetary fund, financial globalization, development bank, macroeconomic management

Spring Meetings preview, world outlook, global financial stability, U.S. subprime mortgages, labor globalization, external imbalances, IMF and Africa, wage bill ceilings, policy support instrument, modernizing IMF...

Boletín del FMI Vol.36, No.05 marzo 2007

Boletín del FMI Vol.36, No.05 marzo 2007 »

Volume/Issue: 36/5

Series: IMF Survey

Author(s): International Monetary Fund. External Relations Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 March 2007

Language: Spanish

DOI: http://dx.doi.org/10.5089/9781451973112.023

ISBN: 9781451973112

El Boletín del FMI aborda de manera específica el trabajo del FMI y los grandes temas macroeconómicos y financieros internacionales y ofrece análisis sobre la evolución en los distintos países y regiones y en el mu...

IMF Survey, Volume 36 Issue 05

IMF Survey, Volume 36 Issue 05 »

Volume/Issue: 36/5

Series: IMF Survey

Author(s): International Monetary Fund. External Relations Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 March 2007

DOI: http://dx.doi.org/10.5089/9781451938272.023

ISBN: 9781451938272

Keywords: international monetary fund, financial globalization, development bank, macroeconomic management

IMF chief economist Simon Johnson, IEO report, Sub-Saharan Africa, Tom Bernes, Joanne Salop, exchange rate analysis, CGER, Jonathan Ostry, Belize, Malan report, IMF-World Bank cooperation, Bruegel, IMF goverance, C...

IMF Survey, Volume 35, Issue 17

IMF Survey, Volume 35, Issue 17 »

Volume/Issue: 35/22

Series: IMF Survey

Author(s): International Monetary Fund. External Relations Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 September 2006

DOI: http://dx.doi.org/10.5089/9781451968637.023

ISBN: 9781451968637

Keywords: capital market, international capital, international capital market, American Dollar, Capital Market. Volatility, Commodities. Prices, Doha Round (2001-), International Monetary Fund (imf). Annual Meetings, Metals. Prices, Organizational Change

Annual meetings curtain raiser; APD Director Burton on IMF role in Asia; Briefs on Bolivia, Indonesia; WEO: rising Asia and nonfuel commodity prices; GFSR: global financial system; euro area recovery; U.S. capital...

Boletín del FMI Vol.35, No.16 agosto 2006

Boletín del FMI Vol.35, No.16 agosto 2006 »

Volume/Issue: 35/16

Series: IMF Survey

Author(s): International Monetary Fund. External Relations Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 August 2006

Language: Spanish

DOI: http://dx.doi.org/10.5089/9781451944228.023

ISBN: 9781451944228

El Boletín del FMI aborda de manera específica el trabajo del FMI y los grandes temas macroeconómicos y financieros internacionales y ofrece análisis sobre la evolución en los distintos países y regiones y en el mu...

IMF Survey, Volume 35, Issue 16

IMF Survey, Volume 35, Issue 16 »

Volume/Issue: 35/16

Series: IMF Survey

Author(s): International Monetary Fund. External Relations Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 August 2006

DOI: http://dx.doi.org/10.5089/9781451968606.023

ISBN: 9781451968606

Keywords: international monetary fund, economic outlook, wage differentials, Doha Round (2001-), Economic History, European Economic And Monetary Union (emu). Membership, International Competition, International Economic Integration, International Monetary Fund (imf). Trade Integration Mechanism (tim), Negotiation In Business

U.S. fiscal outlook; U.S. inflation dynamics; Ireland, FYR Macedonia, El Salvador, Uruguay briefs; Egypt: growth and reform; Canadian female labor participation; EU: Stability and Growth Pact; Suspension of Doha ta...

Boletín del FMI Vol.35, No.15 agosto 2006

Boletín del FMI Vol.35, No.15 agosto 2006 »

Volume/Issue: 35/15

Series: IMF Survey

Author(s): International Monetary Fund. External Relations Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 August 2006

Language: Spanish

DOI: http://dx.doi.org/10.5089/9781451944198.023

ISBN: 9781451944198

El Boletín del FMI aborda de manera específica el trabajo del FMI y los grandes temas macroeconómicos y financieros internacionales y ofrece análisis sobre la evolución en los distintos países y regiones y en el mu...

IMF Survey, Volume 35, Issue 15

IMF Survey, Volume 35, Issue 15 »

Volume/Issue: 35/15

Series: IMF Survey

Author(s): International Monetary Fund. External Relations Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 August 2006

DOI: http://dx.doi.org/10.5089/9781451968507.023

ISBN: 9781451968507

Keywords: international monetary fund, poverty reduction, economic policy, International Agencies, International Monetary Fund (imf),

IMF and low-income countries; De Rato in Tokyo; U.K. poverty initiative; Palau, Lithuania, Ethiopia, Kuwait; Volatility in Latin America; U.S. home equity withdrawal; Botswana: avoiding the resource curse; India: t...

Boletín del FMI Vol.35, No.14 julio 2006

Boletín del FMI Vol.35, No.14 julio 2006 »

Volume/Issue: 35/14

Series: IMF Survey

Author(s): International Monetary Fund. External Relations Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2006

Language: Spanish

DOI: http://dx.doi.org/10.5089/9781451944150.023

ISBN: 9781451944150

El Boletín del FMI aborda de manera específica el trabajo del FMI y los grandes temas macroeconómicos y financieros internacionales y ofrece análisis sobre la evolución en los distintos países y regiones y en el mu...

IMF Survey, Volume 35, Issue 14

IMF Survey, Volume 35, Issue 14 »

Volume/Issue: 35/14

Series: IMF Survey

Author(s): International Monetary Fund. External Relations Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 July 2006

DOI: http://dx.doi.org/10.5089/9781451968477.023

ISBN: 9781451968477

Keywords: financial sector, international monetary fund, Budget Policy And Planning, Macroeconomic Policy, Responsibility, Seigniorage (finance),

Seminar on preventing crises; Country briefs: Hong Kong SAR and Brazil; France's labor market reform; Seigniorage and governance; Chinese inflation; China's monetary policy; Mekong regional integration; Scaling up...

Boletín del FMI Vol.35, No.13 julio 2006

Boletín del FMI Vol.35, No.13 julio 2006 »

Volume/Issue: 35/13

Series: IMF Survey

Author(s): International Monetary Fund. External Relations Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 July 2006

Language: Spanish

DOI: http://dx.doi.org/10.5089/9781451944129.023

ISBN: 9781451944129

El Boletín del FMI aborda de manera específica el trabajo del FMI y los grandes temas macroeconómicos y financieros internacionales y ofrece análisis sobre la evolución en los distintos países y regiones y en el mu...

IMF Survey, Volume 35, Issue 13

IMF Survey, Volume 35, Issue 13 »

Volume/Issue: 35/13

Series: IMF Survey

Author(s): International Monetary Fund. External Relations Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 July 2006

DOI: http://dx.doi.org/10.5089/9781451968361.023

ISBN: 9781451968361

Keywords: international monetary fund, monetary union, financial sector, economic cooperation, West African Economic and Monetary Union (WAEMU), Economic Geography, European Central Bank (ecb), Mines And Mineral Resources. Economic Aspects, Natural Resources. Economic Aspects, Organizational Change,

Afghanistan: IMF loan; de Rato, African Governors meet; Bank-Fund collaboration; New Zealand, Libya; Chinese monetary policy; Lebanon: reconstruction; Canada: commodity boom; Persian Gulf: statistical agency; ECB m...

Boletín del FMI Vol.35, No.12 julio 2006

Boletín del FMI Vol.35, No.12 julio 2006 »

Volume/Issue: 35/12

Series: IMF Survey

Author(s): International Monetary Fund. External Relations Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 July 2006

Language: Spanish

DOI: http://dx.doi.org/10.5089/9781451944099.023

ISBN: 9781451944099

El Boletín del FMI aborda de manera específica el trabajo del FMI y los grandes temas macroeconómicos y financieros internacionales y ofrece análisis sobre la evolución en los distintos países y regiones y en el mu...

IMF Survey, Volume 35, Issue 12

IMF Survey, Volume 35, Issue 12 »

Volume/Issue: 35/12

Series: IMF Survey

Author(s): International Monetary Fund. External Relations Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 June 2006

DOI: http://dx.doi.org/10.5089/9781451968347.023

ISBN: 9781451968347

Keywords: international monetary fund, united nations, representative government, financial sector, Democracy, Economic Development. Political Aspects, Health Status Indicators, Inequality, International Comparisons, International Economics

IMF work program; de Rato in Australia, New Zealand; Improving the IEO; Swaziland, Philippines briefs; Inequality in Panama; Namibia: poverty and inequality; Gabon: post-oil era; Growth in Indian states; HIV/AIDS e...

Boletín del FMI Vol.35, No.11 junio 2006

Boletín del FMI Vol.35, No.11 junio 2006 »

Volume/Issue: 35/11

Series: IMF Survey

Author(s): International Monetary Fund. External Relations Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 June 2006

Language: Spanish

DOI: http://dx.doi.org/10.5089/9781451944068.023

ISBN: 9781451944068

El Boletín del FMI aborda de manera específica el trabajo del FMI y los grandes temas macroeconómicos y financieros internacionales y ofrece análisis sobre la evolución en los distintos países y regiones y en el mu...

IMF Survey, Volume 35, Issue 11

IMF Survey, Volume 35, Issue 11 »

Volume/Issue: 35/11

Series: IMF Survey

Author(s): International Monetary Fund. External Relations Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 June 2006

DOI: http://dx.doi.org/10.5089/9781451968279.023

ISBN: 9781451968279

Keywords: international monetary fund, capital market, international trade, Sao Tome and Principe, Bank Loans, Collective Action, Conditionality (finance), Credit Market, European Economic And Monetary Union (emu), International Capital Market

Multilateral consultation; Euro Area; Caruana to head new Department; Marshall Islands; Malaysia; Inflation targeting; Offshoring U.S. services; Public sector credit; Singapore; Pakistan's inflation; Kyrgyz Republi...

Boletín del FMI Vol.35, No.10 junio 2006

Boletín del FMI Vol.35, No.10 junio 2006 »

Volume/Issue: 35/10

Series: IMF Survey

Author(s): International Monetary Fund. External Relations Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 June 2006

Language: Spanish

DOI: http://dx.doi.org/10.5089/9781451944020.023

ISBN: 9781451944020

El Boletín del FMI aborda de manera específica el trabajo del FMI y los grandes temas macroeconómicos y financieros internacionales y ofrece análisis sobre la evolución en los distintos países y regiones y en el mu...

Boletín del FMI Vol.35, No.9 mayo 2006

Boletín del FMI Vol.35, No.9 mayo 2006 »

Volume/Issue: 35/9

Series: IMF Survey

Author(s): International Monetary Fund. External Relations Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 May 2006

Language: Spanish

DOI: http://dx.doi.org/10.5089/9781451943986.023

ISBN: 9781451943986

El Boletín del FMI aborda de manera específica el trabajo del FMI y los grandes temas macroeconómicos y financieros internacionales y ofrece análisis sobre la evolución en los distintos países y regiones y en el mu...

IMF Survey, Volume 35, Issue 09

IMF Survey, Volume 35, Issue 09 »

Volume/Issue: 35/9

Series: IMF Survey

Author(s): International Monetary Fund. External Relations Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 May 2006

DOI: http://dx.doi.org/10.5089/9781451968132.023

ISBN: 9781451968132

Keywords: international monetary fund, debt, budget, Labor market, Budget Policy and Planning, Cost-benefit Analysis, Debtor and Creditor, Economic Development. Finance, Economic History, Financial Liberalization

Funding the IMF; Middle East and Central Asia economic outlook; Is globalization a choice?; Latin American reform; Trade conference; Aid effectiveness; Long-term interest rates in G7 countries; Wage flexibility; Jo...

Boletín del FMI Vol.35, No.8 mayo 2006

Boletín del FMI Vol.35, No.8 mayo 2006 »

Volume/Issue: 35/8

Series: IMF Survey

Author(s): International Monetary Fund. External Relations Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 May 2006

Language: Spanish

DOI: http://dx.doi.org/10.5089/9781451943917.023

ISBN: 9781451943917

El Boletín del FMI aborda de manera específica el trabajo del FMI y los grandes temas macroeconómicos y financieros internacionales y ofrece análisis sobre la evolución en los distintos países y regiones y en el mu...

IMF Survey, Volume 35, Issue 08

IMF Survey, Volume 35, Issue 08 »

Volume/Issue: 35/8

Series: IMF Survey

Author(s): International Monetary Fund. External Relations Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 May 2006

DOI: http://dx.doi.org/10.5089/9781451968095.023

ISBN: 9781451968095

Keywords: international monetary fund, economic cooperation, development economics, Employees. Resignation, International Economic Cooperation, International Monetary Fund (imf). Finance, Krueger, Anne O, Organizational Change, Petroleum Products. Prices

Spring Meeting overview; IMFC communique; IMF medium-term strategy; Krueger to resign; World Economic Outlook; Sub-Saharan Africa outlook; Asia outlook; Western Hemisphere outlook; Dealing with scaled-up aid....

Nonlinearity in Deviations From Uncovered Interest Parity
			: An Explanation of the Forward Bias Puzzle

Nonlinearity in Deviations From Uncovered Interest Parity : An Explanation of the Forward Bias Puzzle »

Volume/Issue: 2006/136

Series: IMF Working Papers

Author(s): Giorgio Valente , Gene Leon , and Lucio Sarno

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2006

DOI: http://dx.doi.org/10.5089/9781451863963.001

ISBN: 9781451863963

Keywords: Forward bias puzzle, uncovered interest parity, exchange rate, equation, forward exchange, Foward Biaz Puzzle,

We provide empirical evidence that deviations from uncovered interest rate parity (UIP) display significant nonlinearities, consistent with theories based on transaction costs or limits to speculation. This evidenc...

Boletín del FMI Vol.35, No.5 marzo 2006

Boletín del FMI Vol.35, No.5 marzo 2006 »

Volume/Issue: 35/5

Series: IMF Survey

Author(s): International Monetary Fund. External Relations Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 March 2006

Language: Spanish

DOI: http://dx.doi.org/10.5089/9781451943740.023

ISBN: 9781451943740

El Boletín del FMI aborda de manera específica el trabajo del FMI y los grandes temas macroeconómicos y financieros internacionales y ofrece análisis sobre la evolución en los distintos países y regiones y en el mu...

Boletín del FMI Vol.35, No.3 febrero 2006
			:

Boletín del FMI Vol.35, No.3 febrero 2006 : »

Volume/Issue: 35/3

Series: IMF Survey

Author(s): International Monetary Fund. External Relations Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 February 2006

Language: Spanish

DOI: http://dx.doi.org/10.5089/9781451943603.023

ISBN: 9781451943603

La edición del Boletín del FMI para la web se actualiza varias veces a la semana, y contiene una amplia variedad de artículos sobre temas de actualidad en materia de políticas y economía. Conozca las últimas invest...

Boletín del FMI Vol.35, No.2 enero 2006
			:

Boletín del FMI Vol.35, No.2 enero 2006 : »

Volume/Issue: 35/2

Series: IMF Survey

Author(s): International Monetary Fund. External Relations Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 January 2006

Language: Spanish

DOI: http://dx.doi.org/10.5089/9781451943573.023

ISBN: 9781451943573

La edición del Boletín del FMI para la web se actualiza varias veces a la semana, y contiene una amplia variedad de artículos sobre temas de actualidad en materia de políticas y economía. Conozca las últimas invest...

IMF Survey, Volume 34, Issue 04

IMF Survey, Volume 34, Issue 04 »

Volume/Issue: 34/4

Series: IMF Survey

Author(s): International Monetary Fund. External Relations Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 March 2005

DOI: http://dx.doi.org/10.5089/9781451938340.023

ISBN: 9781451938340

Keywords: civil society, atomic energy, international atomic energy agency, nuclear power, civil society organizations

The Web edition of the IMF Survey is updated several times a week, and contains a wealth of articles about topical policy and economic issues in the news. Access the latest IMF research, read interviews, and listen...

A Framework for the Surveillance of Derivatives Activities

A Framework for the Surveillance of Derivatives Activities »

Volume/Issue: 2005/61

Series: IMF Working Papers

Author(s): Eva Gutierrez

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2005

DOI: http://dx.doi.org/10.5089/9781451860801.001

ISBN: 9781451860801

Keywords: Derivatives, derivative, credit risk, credit derivatives, financial institutions, risk management, General Financial Markets: Other, Financial Institutions and Services: General,

This paper proposes a framework for the surveillance of financial institutions' derivatives activities. The designed framework builds on information likely to be collected by financial market regulators for supervi...

IMF Survey, Volume 34, Issue 22

IMF Survey, Volume 34, Issue 22 »

Volume/Issue: 34/22

Series: IMF Survey

Author(s): International Monetary Fund. External Relations Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2005

DOI: http://dx.doi.org/10.5089/9781451939019.023

ISBN: 9781451939019

Keywords: regional cooperation, international monetary fund, central bank, external trade

The Web edition of the IMF Survey is updated several times a week, and contains a wealth of articles about topical policy and economic issues in the news. Access the latest IMF research, read interviews, and listen...

IMF Survey, Volume 34, Issue 21

IMF Survey, Volume 34, Issue 21 »

Volume/Issue: 34/21

Series: IMF Survey

Author(s): International Monetary Fund. External Relations Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2005

DOI: http://dx.doi.org/10.5089/9781451938999.023

ISBN: 9781451938999

Keywords: regional cooperation, regional integration, economic integration, world trade

The Web edition of the IMF Survey is updated several times a week, and contains a wealth of articles about topical policy and economic issues in the news. Access the latest IMF research, read interviews, and listen...

The Per Jacobsson Foundation at 40
			: Commemorating a Statesman in International Monetary Affairs

The Per Jacobsson Foundation at 40 : Commemorating a Statesman in International Monetary Affairs »

Series: Other Periodicals

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 June 2004

DOI: http://dx.doi.org/10.5089/9781589063686.029

ISBN: 9781589063686

Keywords: international monetary system, monetary fund, monetary system, banking, central banking

This paper discusses the appointment of Andrew Crockett as the Chairman of the Per Jacobsson Foundation. At its meeting on October 3, 2004, the Board of Directors of the Per Jacobsson Foundation unanimously selecte...

Can Debt Crises Be Self-Fulfilling?

Can Debt Crises Be Self-Fulfilling? »

Volume/Issue: 2004/99

Series: IMF Working Papers

Author(s): Marcos Chamon

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2004

DOI: http://dx.doi.org/10.5089/9781451852301.001

ISBN: 9781451852301

Keywords: Debt crises, multiple equilibria, financial innovation, investors, short-term debt, sovereign debt, public debt, Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: General

Several papers argue that debt crises can be the result of self-fulfilling expectations that no one will lend to a country. I show this type of coordination failure can be eliminated by a combination of state-conti...

Empirical Exchange Rate Models of the Nineties
			: Are Any Fit to Survive?

Empirical Exchange Rate Models of the Nineties : Are Any Fit to Survive? »

Volume/Issue: 2004/73

Series: IMF Working Papers

Author(s): Yin-Wong Cheung , Antonio Garcia Pascual , and Menzie Chinn

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2004

DOI: http://dx.doi.org/10.5089/9781451849493.001

ISBN: 9781451849493

Keywords: monetary model, forecasting performance, exchange rate, forecasting, random walk, statistic, Macroeconomic Aspects of International Trade and Finance: Forecasting and Simulation,

We reassess exchange rate prediction using a wider set of models that have been proposed in the last decade. The performance of these models is compared against two reference specifications-purchasing power parity...

Finance & Development, September 2003

Finance & Development, September 2003 »

Volume/Issue: 40/3

Series: Finance & Development

Author(s): International Monetary Fund. External Relations Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 August 2003

DOI: http://dx.doi.org/10.5089/9781451952414.022

ISBN: 9781451952414

Keywords: monetary fund, inflation, exchange rate, exchange rates

This paper highlights that the Washington Consensus helped fill the need for an economic policy framework following the discrediting of central planning and import-substitution trade strategies. Latin American gove...

Country and Industry Dynamics in Stock Returns

Country and Industry Dynamics in Stock Returns »

Volume/Issue: 2003/52

Series: IMF Working Papers

Author(s): Luis Catão , and Allan Timmermann

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2003

DOI: http://dx.doi.org/10.5089/9781451847277.001

ISBN: 9781451847277

Keywords: Diversification, Risk, Volatility States, Regime Switching, correlations, probabilities, stock returns, covariances, correlation, Bayesian Analysis

A perennial question in international finance is to what extent stock returns are influenced by country-location, as opposed to industry-affiliation, factors. This paper develops a novel methodology to measure thes...

Implementation of Monetary Policy and the Central Bank's Balance Sheet

Implementation of Monetary Policy and the Central Bank's Balance Sheet »

Volume/Issue: 2001/149

Series: IMF Working Papers

Author(s): Andrea Schaechter

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2001

DOI: http://dx.doi.org/10.5089/9781451856897.001

ISBN: 9781451856897

Keywords: central bank, monetary base, inflation, foreign exchange

This paper discusses how the choice of central banks' operating targets influences the use of their monetary policy instruments and how the latter affect the central bank's balance sheet. This is of particular inte...

Manual de Estadísticas Monetarias y Financieras

Manual de Estadísticas Monetarias y Financieras »

Series: Other Statistical Products

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 November 2000

Language: Spanish

DOI: http://dx.doi.org/10.5089/9781589060166.049

ISBN: 9781589060166

Este Manual ofrece directrices para la presentación de las estadísticas monetarias y financieras. El manual incluye un conjunto de instrumentos para identificar, clasificar y registrar stocks y flujos de activos y...

Does Deposit Insurance Increase Banking System Stability?

Does Deposit Insurance Increase Banking System Stability? »

Volume/Issue: 2000/3

Series: IMF Working Papers

Author(s): Asli Demirgüç-Kunt , and Enrica Detragiache

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2000

DOI: http://dx.doi.org/10.5089/9781451841893.001

ISBN: 9781451841893

Keywords: G28, G21, E44, deposit insurance, banking, banking crisis, banking crises, bank stability

This study analyzes panel data for 61 countries during 1980–97 and concludes that explicit deposit insurance tends to be detrimental to bank stability, the more so where bank interest rates are deregulated a...

The External Wealth of Nations
			: Measures of Foreign Assets and Liabilities for Industrial and Developing Countries

The External Wealth of Nations : Measures of Foreign Assets and Liabilities for Industrial and Developing Countries »

Volume/Issue: 1999/115

Series: IMF Working Papers

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 1999

DOI: http://dx.doi.org/10.5089/9781451853841.001

ISBN: 9781451853841

Keywords: foreign assets, external debt, foreign direct investment, equity flows, debt, liabilities, fdi

Capital flows are closely monitored, but surprisingly little is known about the stocks of external assets and liabilities held by countries, especially in the developing world. This paper constructs estimates of fo...

Central Banking Without Central Bank Money

Central Banking Without Central Bank Money »

Volume/Issue: 1999/92

Series: IMF Working Papers

Author(s): Alain Ize , Arto Kovanen , and Timo Henckel

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 1999

DOI: http://dx.doi.org/10.5089/9781451851571.001

ISBN: 9781451851571

Keywords: Monetary operations, payments system, inflation targeting, central bank, central banks, monetary policy, money market

Given the rapidly declining demand for central bank reserves and their gradual replacement in wholesale payments by alternative forms of money—clearinghouse moneyand treasury money—this paper discusse...

Co-Movements in Long-Term Interest Rates and the Role of PPP-Based Exchange Rate Expectations

Co-Movements in Long-Term Interest Rates and the Role of PPP-Based Exchange Rate Expectations »

Volume/Issue: 1999/81

Series: IMF Working Papers

Author(s): Klaas Knot , and Jan Berk

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 1999

DOI: http://dx.doi.org/10.5089/9781451850345.001

ISBN: 9781451850345

Keywords: interest parity relations, exchange rate expectations, exchange rate, bond, bond yields, exchange rates

This paper investigates international co-movement in bond yields by testing for uncovered interest parity (UIP). Existing work is supplemented by focusing on long instead of short-term interest rates and by employi...

The Long-Run Relationship Between Real Exchange Rates and Real Interest Rate Differentials
			: A Panel Study

The Long-Run Relationship Between Real Exchange Rates and Real Interest Rate Differentials : A Panel Study »

Volume/Issue: 1999/37

Series: IMF Working Papers

Author(s): Jun Nagayasu , and Ronald MacDonald

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 1999

DOI: http://dx.doi.org/10.5089/9781451845556.001

ISBN: 9781451845556

Keywords: Real exchange rates, real interest rates, panel cointegration, cointegration, exchange rate, exchange rates, real exchange rate

This paper empirically examines the long-run relationship between real exchange rates and real interest rate differentials over the recent floating exchange rate period, using a panel cointegration method, with dat...

Côte d'Ivoire
			: Selected Issues and Statistical Appendix

Côte d'Ivoire : Selected Issues and Statistical Appendix »

Volume/Issue: 1998/46

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 June 1998

DOI: http://dx.doi.org/10.5089/9781451807837.002

ISBN: 9781451807837

Keywords: export tax, debt service, export price, producer prices, public debt

This Selected Issues paper and Statistical Appendix examines performance of Cote d'lvoire under the 1994-96 programs. The paper highlights that the government's medium-term adjustment strategy for 1994-96, which wa...

The Payment System and Monetary Policy

The Payment System and Monetary Policy »

Volume/Issue: 1998/4

Series: IMF Policy Discussion Papers

Author(s): Omotunde Johnson

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 1998

DOI: http://dx.doi.org/10.5089/9781451973389.003

ISBN: 9781451973389

Keywords: Payment systems, Monetary policy, central bank, payment system, central banks, interest rates

Achieving the primary objective of price stability without unduly compromising the operational efficiency of the payment system constitutes a major problem for central banks. Routine monetary policy presumes a give...

Cote d'Ivoire
			: Statistical Appendix

Cote d'Ivoire : Statistical Appendix »

Volume/Issue: 1996/135

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 January 1997

DOI: http://dx.doi.org/10.5089/9781451807882.002

ISBN: 9781451807882

Keywords: debt service, external debt, public debt, gross domestic product, balance of payments

In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discuss...

Long
			: Horizon Exchange Rate Predictability?

Long : Horizon Exchange Rate Predictability? »

Volume/Issue: 1997/6

Series: IMF Working Papers

Author(s): Lorenzo Giorgianni , and Jeremy Berkowitz

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 1997

DOI: http://dx.doi.org/10.5089/9781451842265.001

ISBN: 9781451842265

Keywords: statistics, exchange rates, exchange rate, predictability, cointegration

Several authors have recently investigated the predictability of exchange rates by fitting a sequence of long-horizon error-correction regressions. By considering the implied vector error-correction model, we show...

Long-Run Exchange Rate Modeling
			: A Survey of the Recent Evidence

Long-Run Exchange Rate Modeling : A Survey of the Recent Evidence »

Volume/Issue: 1995/14

Series: IMF Working Papers

Author(s): Ronald MacDonald

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 1995

DOI: http://dx.doi.org/10.5089/9781451843064.001

ISBN: 9781451843064

Keywords: exchange rate, exchange rates, cointegration, real exchange rate, real exchange rates

In this paper we survey the recent literature on long run, or equilibrium, exchange rate modeling. In particular, we review the voluminous literature which tests for a unit root in real exchange rates and the close...

Realignment Expectations, Forward Rate Bias, and Sterilized Intervention in an Adjustable Peg Exchange Rate Model with Policy Optimization

Realignment Expectations, Forward Rate Bias, and Sterilized Intervention in an Adjustable Peg Exchange Rate Model with Policy Optimization »

Volume/Issue: 1994/20

Series: IMF Working Papers

Author(s): Peter Isard

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 1994

DOI: http://dx.doi.org/10.5089/9781451922042.001

ISBN: 9781451922042

Keywords: foreign exchange, exchange rate, exchange rates, rational expectations, foreign exchange reserves

The paper models an adjustable peg exchange rate arrangement as a policy rule with an escape clause under which the timing and magnitudes of realignments are the outcomes of policy optimization decisions. Under the...

The Use of Foreign Exchange Swaps by Central Banks
			: A Survey

The Use of Foreign Exchange Swaps by Central Banks : A Survey »

Volume/Issue: 1993/64

Series: IMF Working Papers

Author(s): Catharina Hooyman

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 1993

DOI: http://dx.doi.org/10.5089/9781451848489.001

ISBN: 9781451848489

Keywords: foreign exchange, exchange swaps, foreign exchange swaps, exchange rate, foreign exchange reserves

The paper discussed the use of foreign exchange swaps by central banks. Such use has aimed at affecting domestic liquidity, managing foreign exchange reserves, and stimulating domestic financial markets. It discuss...

Exchange Rate Forecasting Techniques, Survey Data, and Implications for the Foreign Exchange Market

Exchange Rate Forecasting Techniques, Survey Data, and Implications for the Foreign Exchange Market »

Volume/Issue: 1990/43

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 1990

DOI: http://dx.doi.org/10.5089/9781451975000.001

ISBN: 9781451975000

Keywords: survey, exchange rate, foreign exchange, foreign exchange market, forecasting

This paper examines the dynamics of the foreign exchange market. The first half addresses a number of key questions regarding the forecasts of future exchange rates made by market participants, by means of updated...

Selected Decisions (12th Ed)

Selected Decisions (12th Ed) »

Series: Selected Decisions

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 April 1986

DOI: http://dx.doi.org/10.5089/9781484329009.014

ISBN: 9781484329009

Keywords: of the, balance of payments, fund., board of governors, repurchases

...

Selected Decisions (11th Ed)

Selected Decisions (11th Ed) »

Series: Selected Decisions

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 April 1985

DOI: http://dx.doi.org/10.5089/9781475584929.014

ISBN: 9781475584929

Keywords: of the, balance of payments, fund., board of governors, repurchases

...

International Capital Markets
			: Recent Develpments and Short-Term Prospects, 1981

International Capital Markets : Recent Develpments and Short-Term Prospects, 1981 »

Series: Occasional Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 August 1981

DOI: http://dx.doi.org/10.5089/9781557750709.084

ISBN: 9781557750709

Keywords: bond, capital markets, international capital markets, capital market, bond issues

This paper provides a review of recent developments and an assessment of short-term prospects for private international capital markets, which constitute one of the main sources of international capital flows....