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Mr. Manmohan Singh and Mr. Mustafa Saiyid

Following the collapse of the U.S. subprime mortgage market in mid-2007, market concerns about the exposure of structured securities to subprime loans dramatically slashed liquidity.

International Monetary Fund
The size and sources of international spillovers of activity remain subject to significant uncertainty. This Selected Issues paper uses a new approach to differentiating these effects using disturbances to a diverse group of small industrial countries as a proxy for global shocks. The results from the baseline vector autoregressions suggest that shocks to the United States are significant for foreign activity. The paper also evaluates alternative explanations for the easy financing of the U.S. current account deficit in recent years.
Mr. Bernard J Laurens

The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.

Mr. Bernard J Laurens
Many central banks around the world are gradually shifting from a system of direct controls towards the implementation of monetary policy through market-oriented instruments, including refinance facilities. This paper reviews the use of refinance instruments in a sample of industrialized countries, and discusses how central banks use them to influence short-term interest rates and to manage banks’ reserves. Some lessons are suggested for their implementation in developing countries or economies in transition.
Oscar L. Altman

This is the text of a speech delivered at a Conference on International Financing organized by the National Industrial Conference Board, New York, October 14, 1964.