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Can Miracles Lead to Crises? the Role of Optimism in Emerging Markets Crises

Can Miracles Lead to Crises? the Role of Optimism in Emerging Markets Crises »

Source: Can Miracles Lead to Crises? the Role of Optimism in Emerging Markets Crises

Volume/Issue: 2007/223

Series: IMF Working Papers

Author(s): Emine Boz

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2007

ISBN: 9781451867879

Keywords: informational frictions, learning, investors, probability, equation, foreign investors, probabilities,

Emerging market financial crises are abrupt and dramatic, usually occurring after a period of high output growth, massive capital flows, and a boom in asset markets. This paper develops an equilibrium asset-pricing...

Macroprudential Policy and Labor Market Dynamics in Emerging Economies1

Macroprudential Policy and Labor Market Dynamics in Emerging Economies1 »

Source: Macroprudential Policy and Labor Market Dynamics in Emerging Economies

Volume/Issue: 2015/78

Series: IMF Working Papers

Author(s): Alan Finkelstein Shapiro , and Andres Gonzalez

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 April 2015

ISBN: 9781475563641

Keywords: self-employment, labor search frictions, financial frictions, macroprudential policy, credit, capital, labor market, financing, Government Policy and Regulation, macroprudential policy.,

Emerging economies have high shares of self-employed individuals running owner-only firms who, in contrast to many salaried firms, have little access to formal financing and therefore rely on informal financing (in...

Remittances and Macroeconomic Volatility in African Countries

Remittances and Macroeconomic Volatility in African Countries »

Source: Remittances and Macroeconomic Volatility in African Countries

Volume/Issue: 2015/49

Series: IMF Working Papers

Author(s): Ahmat Jidoud

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 March 2015

ISBN: 9781498300940

Keywords: Macroeconomic Volatility, African Economies, Financial Frictions, consumption, business cycle, economies, supply, Bayesian Analysis, Model Construction and Estimation, Financial Frictions.,

This paper investigates the channels through which remittances affect macroeconomic volatility in African countries using a dynamic stochastic general equilibrium (DSGE) model augmented with financial frictions. Em...

Monetary and Macroprudential Policy in an Estimated DSGE Model of the Euro Area1

Monetary and Macroprudential Policy in an Estimated DSGE Model of the Euro Area1 »

Source: Monetary and Macroprudential Policy in an Estimated DSGE Model of the Euro Area

Volume/Issue: 2013/209

Series: IMF Working Papers

Author(s): Dominic Quint , and Pau Rabanal

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 October 2013

ISBN: 9781484333693

Keywords: EMU, Basel III, Financial Frictions, standard deviation, interest rates, central bank, real variables, Financial Markets and the Macroeconomy, Monetary Policy (Targets, Instruments

In this paper, we study the optimal mix of monetary and macroprudential policies in an estimated two-country model of the euro area. The model includes real, nominal and financial frictions, and hence both monetary...

Banks' Precautionary Capital and Persistent Credit Crunches

Banks' Precautionary Capital and Persistent Credit Crunches »

Source: Banks' Precautionary Capital and Persistent Credit Crunches

Volume/Issue: 2008/248

Series: IMF Working Papers

Author(s): Fabian Valencia

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2008

ISBN: 9781451871067

Keywords: Financial Frictions, Credit Crunch, Dynamic Programming, bank capital, recapitalization, credit market, stockholders,

Periods of banking distress are often followed by sizable and long-lasting contractions in bank credit. They may be explained by a declined demand by financially impaired borrowers (the conventional financial accel...

A Fiscal Stimulus and Jobless Recovery

A Fiscal Stimulus and Jobless Recovery »

Source: A Fiscal Stimulus and Jobless Recovery

Volume/Issue: 2013/17

Series: IMF Working Papers

Author(s): Cristiano Cantore , Paul Levine , and Giovanni Melina

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 January 2013

ISBN: 9781475595338

Keywords: deep habits, labor market search-match frictions, CES production function, government spending, jobless, fiscal stimulus, employment,

We analyse the effects of a government spending expansion in a DSGE model with Mortensen-Pissarides labour market frictions, deep habits in private and public consumption, investment adjustment costs, a constant-el...

Optimal Price Indices for Targeting Inflation Under Incomplete Markets

Optimal Price Indices for Targeting Inflation Under Incomplete Markets »

Source: Optimal Price Indices for Targeting Inflation Under Incomplete Markets

Volume/Issue: 2010/200

Series: IMF Working Papers

Author(s): Rahul Anand , and Eswar Prasad

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2010

ISBN: 9781455205301

Keywords: Monetary Policy Framework, Core Inflation, Headline Inflation, Financial Frictions, Liquidity Constraints, aggregate demand, central bank,

In models with complete markets, targeting core inflation enables monetary policy to maximize welfare by replicating the flexible price equilibrium. We develop a two-sector two-good new-Keynesian model to study the...

Corporate Investment in Emerging Markets

Corporate Investment in Emerging Markets »

Source: Corporate Investment in Emerging Markets : Financing vs. Real Options Channel

Volume/Issue: 2015/285

Series: IMF Working Papers

Author(s): Delong Li , Nicolas Magud , and Fabian Valencia

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 December 2015

ISBN: 9781513539935

Keywords: financial frictions, real options, uncertainty shocks, interest, interest rates, markets, cash flows, General, All Countries,

We examine how firm and country heterogeneity shape the response of corporate investment in emerging markets to changes in global interest rates and volatility. We test for the presence of (i) a financing channel o...

Technology Shocks and Aggregate Fluctuations

Technology Shocks and Aggregate Fluctuations »

Source: Technology Shocks and Aggregate Fluctuations : How Well Does the RBC Model Fit Postwar U.S. Data?

Volume/Issue: 2004/234

Series: IMF Working Papers

Author(s): Jordi Gali Garreta , and Pau Rabanal

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2004

ISBN: 9781451875652

Keywords: Real Business Cycles, Technology Shocks, Nominal Rigidities, Real Frictions, business cycle, correlation, equation, time series,

Our answer: Not so well. We reached that conclusion after reviewing recent research on the role of technology as a source of economic fluctuations. The bulk of the evidence suggests a limited role for aggregate tec...

Macroeconomic Costs of Higher Bank Capital and Liquidity Requirements

Macroeconomic Costs of Higher Bank Capital and Liquidity Requirements »

Source: Macroeconomic Costs of Higher Bank Capital and Liquidity Requirements

Volume/Issue: 2011/103

Series: IMF Working Papers

Author(s): Scott Roger , and Jan Vlcek

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2011

ISBN: 9781455260386

Keywords: Capital and liquidity requirements, financial frictions, macro-financial linkages, capital requirements, interest rate, capital adequacy, monetary policy, bank capital,

This paper uses a DSGE model with banks and financial frictions in credit markets to assess the medium-term macroeconomic costs of increasing capital and liquidity requirements. The analysis indicates that the macr...