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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...

Bank Profitability and Risk-Taking

Bank Profitability and Risk-Taking »

Volume/Issue: 2015/249

Series: IMF Working Papers

Author(s): Natalya Martynova , Lev Ratnovski , and Razvan Vlahu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 November 2015

DOI: http://dx.doi.org/10.5089/9781513517582.001

ISBN: 9781513517582

Keywords: Risk-Taking, Repo Markets, Crises, bank, risk, bank risk, capital, Government Policy and Regulation, Crises.,

Traditional theory suggests that more profitable banks should have lower risk-taking incentives. Then why did many profitable banks choose to invest in untested financial instruments before the crisis, realizing si...

Unveiling the Effects of Foreign Exchange Intervention
			: A Panel Approach

Unveiling the Effects of Foreign Exchange Intervention : A Panel Approach »

Volume/Issue: 2015/130

Series: IMF Working Papers

Author(s): Gustavo Adler , Noemie Lisack , and Rui Mano

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 June 2015

DOI: http://dx.doi.org/10.5089/9781513514864.001

ISBN: 9781513514864

Keywords: exchange rate, exchange, exchange rates, central bank,

We study the effect of foreign exchange intervention on the exchange rate relying on an instrumental-variables panel approach. We find robust evidence that intervention affects the level of the exchange rate in an...

Vertical Fiscal Imbalances and the Accumulation of Government Debt

Vertical Fiscal Imbalances and the Accumulation of Government Debt »

Volume/Issue: 2014/209

Series: IMF Working Papers

Author(s): Inaki Aldasoro , and Mike Seiferling

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 November 2014

DOI: http://dx.doi.org/10.5089/9781484357552.001

ISBN: 9781484357552

Keywords: panel data, GFSY, decentralization, subnational, subnational governments, transfers, Models with Panel Data, General, State and Local Borrowing, Intergovernmental Relations,

Delegating fiscal decision making power to sub-national governments has been an area of interest for both academics and policymakers given the expectation that it may lead to better and more efficient provision of...

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...

Inflation Targeting and Country Risk
			: An Empirical Investigation

Inflation Targeting and Country Risk : An Empirical Investigation »

Volume/Issue: 2013/21

Series: IMF Working Papers

Author(s): Armand Fouejieu , and Scott Roger

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 January 2013

DOI: http://dx.doi.org/10.5089/9781475554717.001

ISBN: 9781475554717

Keywords: inflation, monetary policy, inflation rate, effect of inflation, International Lending and Debt Problems,

The sovereign debt crisis in Europe has highlighted the role of country risk premia as a link between countries' fiscal and external balances, financial conditions and monetary policy. The purpose of this paper is...

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...

The Too-Important-to-Fail Conundrum
			: Impossible to Ignore and Difficult to Resolve

The Too-Important-to-Fail Conundrum : Impossible to Ignore and Difficult to Resolve »

Volume/Issue: 2011/12

Series: Staff Discussion Notes

Author(s): Inci Ötker , Aditya Narain , Anna Ilyina , and Jay Surti

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 May 2011

DOI: http://dx.doi.org/10.5089/9781463926588.006

ISBN: 9781463926588

Keywords: Bank capital, Financial stability, Moral hazard, Financial crises, too big to fail, too important to fail, resolution, financial regulation, contingent capital, bail-in

DISCLAIMER: This Staff Discussion Note represents the views of the authors and does not necessarily represent IMF views or IMF policy. The views expressed herein should be attributed to the authors and not to the I...

Impact of Regulatory Reforms on Large and Complex Financial Institutions

Impact of Regulatory Reforms on Large and Complex Financial Institutions »

Volume/Issue: 2010/16

Series: IMF Staff Position Notes

Author(s): Inci Ötker , and Ceyla Pazarbasioglu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 November 2010

DOI: http://dx.doi.org/10.5089/9781462345496.004

ISBN: 9781462345496

Keywords: Financial reform, Capital requirements, Basel Core Principles, Bank supervision, Banking, Capital controls, Bank reforms, Bank regulations, Liquidity controls, Basel III

Financial sector reforms are being considered to address the risks posed by large and complex financial institutions (LCFIs). The vast majority of global finance is intermediated by a handful of these institutions...

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 Economics of Bank Restructuring
			: Understanding the Options

The Economics of Bank Restructuring : Understanding the Options »

Volume/Issue: 2009/12

Series: IMF Staff Position Notes

Author(s): Augustin Landier , and Kenichi Ueda

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 June 2009

DOI: http://dx.doi.org/10.5089/9781462337422.004

ISBN: 9781462337422

Keywords: Bank restructuring, debt, restructuring, recapitalization, shareholders, asset sales

Based on a simple framework, this note clarifies the economics behind bank restructuring and evaluates various restructuring options for systemically important banks. The note assumes that the government aims to re...

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 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...

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...

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 36 Issue 04

IMF Survey, Volume 36 Issue 04 »

Volume/Issue: 36/4

Series: IMF Survey

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 February 2007

DOI: http://dx.doi.org/10.5089/9781451938234.023

ISBN: 9781451938234

Keywords: public investment, international monetary fund, governance reform, macroeconomic management

Policy Support Instrument; PSI; Tanzania; quota reform; David Burton; basic votes; Andrew Tweedie; Abbas Mirakhor; Iqbal Zaidi; Rodrigo de Rato on Latin America; Brazil; sovereign debt; debt rigidity; financial sec...

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...

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...

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...

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...

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...

Output Drops and the Shocks That Matter

Output Drops and the Shocks That Matter »

Volume/Issue: 2006/172

Series: IMF Working Papers

Author(s): Paolo Mauro , and Torbjorn Becker

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2006

DOI: http://dx.doi.org/10.5089/9781451864328.001

ISBN: 9781451864328

Keywords: Growth, output collapse, volatility, crises, terms of trade, debt crises, currency crises, Macroeconomics and Monetary Economics: General, Economic Growth of Open Economies, Economic Growth and Aggregate Productivity: General

Output drops are usually associated with major disruption for the residents of affected countries, both directly and often through ensuing, prolonged growth slowdowns. Using a century of data, we document that outp...

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...

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....

IMF Survey, Volume 35, Issue 03

IMF Survey, Volume 35, Issue 03 »

Volume/Issue: 35/3

Series: IMF Survey

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 February 2006

DOI: http://dx.doi.org/10.5089/9781451967784.023

ISBN: 9781451967784

Keywords: capital market, international capital, development bank, Consumer Expenditure, Economic Development. Environmental Aspects, International Capital Market. Volatility, International Economic Integration, International Monetary Fund (imf), Nobel Prizes, Organizational Structure

New IMF financial sector department; Short takes: Oman, C.A.R., Greece; Nobelist Wangari Matthai on sustainable development; Moldova and remittances; Financial globalization; VAT refunds; Emerging markets alter fin...

IMF Survey, Volume 35, Issue 02

IMF Survey, Volume 35, Issue 02 »

Volume/Issue: 35/2

Series: IMF Survey

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 January 2006

DOI: http://dx.doi.org/10.5089/9781451967715.023

ISBN: 9781451967715

Keywords: international monetary fund, responsibility, united nations

De Rato in Brazil; Article IV summaries: Pakistan, Ukraine, CEMAC; Dawson on IMF's transparency revolution; Capital flight, institutions, and instability; Eastern Caribbean; Germany's regulation; Kazakhstan's non-o...

IMF Survey, Volume 35, Issue 01

IMF Survey, Volume 35, Issue 01 »

Volume/Issue: 35/1

Series: IMF Survey

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 January 2006

DOI: http://dx.doi.org/10.5089/9781451967654.023

ISBN: 9781451967654

Keywords: international monetary fund, development bank, poverty reduction

IMF cancels debt; Iraq receives new loan; Brazil and Argentina repay IMF loans; Saudi Arabia Article IV summary; Credit booms in transition economies; India's textile and clothing sector; Maghreb parliamentarians;...

IMF Survey, Volume 34, Issue 06

IMF Survey, Volume 34, Issue 06 »

Volume/Issue: 34/6

Series: IMF Survey

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 April 2005

DOI: http://dx.doi.org/10.5089/9781451938418.023

ISBN: 9781451938418

Keywords: development bank, macroeconomic policy, economic outlook, international monetary fund

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 33, Issue 20

IMF Survey, Volume 33, Issue 20 »

Volume/Issue: 34/20

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/10.5089/9781451938975.023

ISBN: 9781451938975

Keywords: economic developments, international monetary fund, central bank governors, central bank

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...

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...

International Stock Returns and Market Integration
			: A Regional Perspective

International Stock Returns and Market Integration : A Regional Perspective »

Volume/Issue: 2002/202

Series: IMF Working Papers

Author(s): Marco Del Negro , and Robin Brooks

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2002

DOI: http://dx.doi.org/10.5089/9781451874419.001

ISBN: 9781451874419

Keywords: Diversification, risk, stock market, global stock market, stock portfolio, stock markets, stock returns,

We investigate the relative importance of country and industry effects in international stock returns, with the innovation that we decompose country effects into region and within-region country effects. We divide...

Systemic Risk and Financial Consolidation
			: Are they Related?

Systemic Risk and Financial Consolidation : Are they Related? »

Volume/Issue: 2002/55

Series: IMF Working Papers

Author(s): Gianni De Nicolo , and Myron Kwast

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2002

DOI: http://dx.doi.org/10.5089/9781451847635.001

ISBN: 9781451847635

Keywords: bank consolidation, correlations, correlation, banking, equation, time series, Financial Institutions And Services,

We argue that firm interdependencies, as measured by correlations of stock returns, provide an indicator of systemic risk potential. We find a positive trend in stock return correlations net of diversification effe...

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...

Legal Aspects of Regulatory Treatment of Banks in Distress

Legal Aspects of Regulatory Treatment of Banks in Distress »

Series: Books

Author(s): T. Asser

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 April 2001

DOI: http://dx.doi.org/10.5089/9781557759726.071

ISBN: 9781557759726

Keywords: law, bank regulator, banking law, banking system

This book analyzes and compares the laws of selected industrial countries that are representative of the different approaches to the treatment of banks in distress. It addresses only those banking and economic poli...

Will Fiscal Policy Be Effective Under EMU?

Will Fiscal Policy Be Effective Under EMU? »

Volume/Issue: 1998/176

Series: IMF Working Papers

Author(s): M. Cangiano , and Eric Mottu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 1998

DOI: http://dx.doi.org/10.5089/9781451975550.001

ISBN: 9781451975550

Keywords: Economic Union, Policy Coordination, expenditure, central fiscal, fiscal authority, fiscal policies

European Economic and Monetary Union does not envisage creating a central fiscal authority. Monetary and exchange rate policies will be centralized, but fiscal policy will remain a national responsibility, in line...

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...

The Design and Printing of Bank Notes
			: Considerations When Introducing a New Currency

The Design and Printing of Bank Notes : Considerations When Introducing a New Currency »

Volume/Issue: 1995/26

Series: IMF Working Papers

Author(s): Richard Abrams

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 1995

DOI: http://dx.doi.org/10.5089/9781451844320.001

ISBN: 9781451844320

Keywords: bank notes, inks, press, bank of canada, state enterprise

Many newly independent or systemically transforming countries feel a pressing need to--or must--introduce their own national currency. Other countries simply wish to enhance the attractiveness, usefulness, durabili...

World Public Debt and Real Interest Rates

World Public Debt and Real Interest Rates »

Volume/Issue: 1995/30

Series: IMF Working Papers

Author(s): Robert Ford , and Douglas Laxton

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 1995

DOI: http://dx.doi.org/10.5089/9781451844887.001

ISBN: 9781451844887

Keywords: real interest rate, real interest rates, public debt, fiscal variables, fiscal policy

Real interest rates appear to have risen in virtually all industrialized countries relative to levels that prevailed in the 1960s and 1970s. There is increasing concern that this may reflect higher public debt, whi...

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...

Selected Decisions, 17th Edition

Selected Decisions, 17th Edition »

Series: Selected Decisions

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 June 1992

DOI: http://dx.doi.org/10.5089/9781451970920.014

ISBN: 9781451970920

Keywords: of the, balance of payments, board of governors, structural adjustment, iv

This Volume contains decisions, interpretations, and resolutions of the Executive Board and the Board of Governors of the IMF, as well as selected documents relating to current activities of the Fund....

Selected Decisions, 16th Edition

Selected Decisions, 16th Edition »

Series: Selected Decisions

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 June 1991

DOI: http://dx.doi.org/10.5089/9781451970876.014

ISBN: 9781451970876

Keywords: of the, balance of payments, board of governors, iii, iv

This Volume contains decisions, interpretations, and resolutions of the Executive Board and the Board of Governors of the IMF, as well as selected documents relating to current activities of the Fund....

IMF Adviceon Fiscal Policy

IMF Adviceon Fiscal Policy »

Volume/Issue: 1989/87

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 October 1989

DOI: http://dx.doi.org/10.5089/9781451953138.001

ISBN: 9781451953138

Keywords: fiscal policy, expenditure, government expenditure, taxation, expenditures

IMF advice on fiscal policy is given within a strong accounting framework. Published sources in the last ten years show the direction and change of advice. The treatment of central bank losses, government arrears,...

World Trade Model
			: Revised Estimates

World Trade Model : Revised Estimates »

Volume/Issue: 1988/50

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 June 1988

DOI: http://dx.doi.org/10.5089/9781451970968.001

ISBN: 9781451970968

Keywords: export unit, export prices, manufactured exports, export volume, export price

This paper presents updated and revised estimates for the World Trade Model. The model estimates import and export price and volume relationships for each of three types of merchandise trade--manufactured, raw mate...

International Capital Markets
			: Developments and Prospects, 1983

International Capital Markets : Developments and Prospects, 1983 »

Series: Occasional Papers

Author(s): John Lipsky , Peter Keller , Donald Mathieson , and Richard Williams

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 July 1983

DOI: http://dx.doi.org/10.5089/9781557750723.084

ISBN: 9781557750723

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

This paper provides a description and analysis of recent developments in international capital (banking and bond) markets and an assessment of market conditions and prospects for financing flows, in particular...

Aspects of the International Banking Safety Net

Aspects of the International Banking Safety Net »

Series: Occasional Papers

Author(s): G. Johnson , and Richard Abrams

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 March 1983

DOI: http://dx.doi.org/10.5089/9781557750587.084

ISBN: 9781557750587

Keywords: banking, deposit insurance, banking system, international banks, national bank

During the 1970s, international lending by banks came to play a dominant role in the flow of international finance. In the early 1980s, banks have continued to play a major role, but the recent evidence of strains...

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....

Selected Decisions (6th Ed)

Selected Decisions (6th Ed) »

Series: Selected Decisions

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 September 1972

DOI: http://dx.doi.org/10.5089/9781484334478.014

ISBN: 9781484334478

Keywords: of the, united nations, fund., multiple currency practices, iv

Selected Decisions Sixth Edition....