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Credit Cycle and Capital Buffers in Central America, Panama, and the Dominican Republic

Credit Cycle and Capital Buffers in Central America, Panama, and the Dominican Republic »

Source: Credit Cycle and Capital Buffers in Central America, Panama, and the Dominican Republic

Volume/Issue: 2019/39

Series: IMF Working Papers

Author(s): Valentina Flamini , Pierluigi Bologna , Fabio Di Vittorio , and Rasool Zandvakil

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 February 2019

ISBN: 9781484397992

Keywords: Exchange rate policy, Credit booms, Central banks, Credit pricing, Credit risk, Credit cycle;Financial crises;Countercyclical capital buffer;Basel III;CPI inflation;GFC;countercyclical;synchronicity

Credit is key to support healthy and sustainable economic growth but excess aggregate credit growth can signal the build-up of imbalances and lead to systemic financial crisis. Hence, monitoring the credit cycle is...

Strengthening the Monetary Policy Framework in Korea

Strengthening the Monetary Policy Framework in Korea »

Source: Strengthening the Monetary Policy Framework in Korea

Volume/Issue: 2019/103

Series: IMF Working Papers

Author(s): Kevin Clinton , R. Craig , Douglas Laxton , and Hou Wang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 May 2019

ISBN: 9781498312226

Keywords: Central bank policy, Bank rates, Interest rate policy, Central banks, Monetary policy, Korea, inflation targeting, output gap, ELB, inflation target

Adoption of inflation targeting by the Bank of Korea (BOK) in 1998 contributed to low and stable inflation. However, after the global financial crisis (GFC) monetary policy faced more challenging conditions. Inflat...

Trade Linkages and International Business Cycle Comovement: Evidence from Korean Industry Data1

Trade Linkages and International Business Cycle Comovement: Evidence from Korean Industry Data1 »

Source: Trade Linkages and International Business Cycle Comovement: Evidence from Korean Industry Data

Volume/Issue: 2019/116

Series: IMF Working Papers

Author(s): Dongyeol Lee

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 May 2019

ISBN: 9781498315845

Keywords: External shocks, Economic stabilization, Economic growth, Business cycles, Industrial structure, Business Cycle, Comovement, Trade Linkage, Vertical Linkage, Korean economy

Through the 2000s, Korea's export and import linkages to advanced and emerging markets increased significantly. At the same time, the correlation of output growth between Korea and these economies rose. This paper...

2011 Triennial Surveillance Review - External Study - IMF and Global Financial Stability

2011 Triennial Surveillance Review - External Study - IMF and Global Financial Stability »

Source: 2011 Triennial Surveillance Review - External Study - IMF and Global Financial Stability

Volume/Issue: 2011/052

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 July 2011

ISBN: 9781498338660

Keywords: Financial regulation and supervision, External sector, Financial crises, Macroprudential policies and financial stability, Real sector, WEO, GFC, FSB, financial stability, candour

External study prepared by John Palmer, Chair, Toronto Leadership Centre, former Superintendent, Office of the Superintendent of Financial Institutions, Canada, former Deputy Managing Director Monetary Authority of...

The Long Shadow of the Global Financial Crisis: Public Interventions in the Financial Sector†

The Long Shadow of the Global Financial Crisis: Public Interventions in the Financial Sector† »

Source: The Long Shadow of the Global Financial Crisis: Public Interventions in the Financial Sector

Volume/Issue: 2019/164

Series: IMF Working Papers

Author(s): Deniz Igan , Hala Moussawi , Alexander Tieman , Aleksandra Zdzienicka , Giovanni Dell'Ariccia , and Paolo Mauro

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 July 2019

ISBN: 9781513508337

Keywords: Financial crises, Financial institutions, Macroprudential policies and financial stability, Financial systems, Central banks, Financial crisis, Government interventions, Bank resolution, country-level, GFC

We track direct public interventions and public holdings in 1,114 financial institutions over the period 2007-17 in 37 countries based on publicly available information. We use aggregate official data to validate t...

The Euro-Area Government Spending Multiplier at the Effective Lower Bound*

The Euro-Area Government Spending Multiplier at the Effective Lower Bound* »

Source: The Euro-Area Government Spending Multiplier at the Effective Lower Bound

Volume/Issue: 2019/133

Series: IMF Working Papers

Author(s): Adalgiso Amendola , Mario di Serio , Matteo Fragetta , and Giovanni Melina

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 June 2019

ISBN: 9781498314947

Keywords: Government expenditures, Negative interest rates, Real interest rates, Interest rate policy, Business cycles, Fiscal multiplier, Zero lower bound, Panel VAR, Factor models, Euro Area.

We build a factor-augmented interacted panel vector-autoregressive model of the Euro Area (EA) and estimate it with Bayesian methods to compute government spending multipliers. The multipliers are contingent on the...

Tax Policy, Leverage and Macroeconomic Stability

Tax Policy, Leverage and Macroeconomic Stability »

Source: Tax Policy, Leverage and Macroeconomic Stability

Volume/Issue: 2016/070

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 December 2016

ISBN: 9781498345200

Keywords: Borrowing, Corporate sector, Debt, Financial sector, Financial stability, Nonbank financial sector, Private sector, Tax policy, Real sector, Financial crises

Risks to macroeconomic stability posed by excessive private leverage are significantly amplified by tax distortions. ‘Debt bias' (tax provisions favoring finance by debt rather than equity) has increased leverage i...

From Basel I to Basel III: Sequencing Implementation in Developing Economies

From Basel I to Basel III: Sequencing Implementation in Developing Economies »

Source: From Basel I to Basel III: Sequencing Implementation in Developing Economies

Volume/Issue: 2019/127

Series: IMF Working Papers

Author(s): Caio Ferreira , Nigel Jenkinson , and Christopher Wilson

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 June 2019

ISBN: 9781498315227

Keywords: Financial crises, Financial markets, Financial services, Macroprudential policies and financial stability, Financial systems, Banks, Banking crisis, Basel Accords, Capital Requirements, Liquidity Requirements

Developing economies can strengthen their financial systems by implementing the main elements of global regulatory reform. But to build an effective prudential framework, they may need to adapt international standa...

Staff Proposal to Update the Monetary and Financial Policies Transparency Code

Staff Proposal to Update the Monetary and Financial Policies Transparency Code »

Source: Update The Monetary And Financial Policies Transparency Code

Volume: 19

Series: Policy Papers

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 May 2019

ISBN: 9781498314503

Keywords: Central bank governance, Central banks, Central banking, Monetary policy, Central bank autonomy, Central bank, Central bank transparency, Financial policy, Central bank code, Global Financial Crisis

This paper presents a staff proposal to update the 1999 Monetary and Financial Policies Transparency Code (MFPT). The proposal narrows the perimeter of the code to central banks only but broadens the areas on which...

IMF Executive Board Reviews Proposal to Update the Monetary and Financial Policies Transparency Code

IMF Executive Board Reviews Proposal to Update the Monetary and Financial Policies Transparency Code »

Source: Update The Monetary And Financial Policies Transparency Code

Volume: 19

Series: Policy Papers

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 May 2019

ISBN: 9781498314503

Keywords: Central bank governance, Central banks, Central banking, Monetary policy, Central bank autonomy, Central bank, Central bank transparency, Financial policy, Central bank code, Global Financial Crisis

This paper presents a staff proposal to update the 1999 Monetary and Financial Policies Transparency Code (MFPT). The proposal narrows the perimeter of the code to central banks only but broadens the areas on which...