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Macroeconomic Implications for Hong Kong SAR of Accommodative U.S. Monetary Policy

Macroeconomic Implications for Hong Kong SAR of Accommodative U.S. Monetary Policy »

Source: Macroeconomic Implications for Hong Kong SAR of Accommodative U.S. Monetary Policy

Volume/Issue: 2009/256

Series: IMF Working Papers

Author(s): Papa N'Diaye

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2009

ISBN: 9781451874020

Keywords: financial accelerator, GIMF, inflation, monetary base, price inflation, monetary transmission, Prices, Business Fluctuations, and Cycles: Forecasting and Simulation, National Government Expenditures and Related Policies: General,

This paper discusses the potential macroeconomic implications for Hong Kong SAR of accommodative monetary policy in the United States. It shows, through model simulations, that a resumption of the credit channel in...

Apocalypse then

Apocalypse then »

Source: Apocalypse then : The Evolution of the North Atlantic Economy and the Global Crisis

Volume/Issue: 2011/212

Series: IMF Working Papers

Author(s): Trung Bui , and Tamim Bayoumi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2011

ISBN: 9781463902308

Keywords: Financial linkages, financial regulation, banking, bonds, bond, banking systems, financial market, Financial Aspects of Economic Integration, Macroeconomic Aspects of International Trade and Finance: Forecasting and Simulation, General Financial Markets: Government Policy and Regulation,

The financial crisis, originated from the collapse of US housing markets in 2008, reverberates around the world. Its destructive force was felt nowhere more keenly than Western Europe. Indeed, it continues to mire...

Big Players Out of Synch

Big Players Out of Synch »

Source: Big Players Out of Synch : Spillovers Implications of US and Euro Area Shocks

Volume/Issue: 2015/215

Series: IMF Working Papers

Author(s): Carolina Osorio Buitron , and Esteban Vesperoni

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 September 2015

ISBN: 9781513558448

Keywords: Spillovers, United States, Euro Area, Monetary policy, External shocks, Exchange rates, Economic conditions, Developed countries, Emerging markets, Vector autoregression

Given the prospects of asynchronous monetary conditions in the United States and the euro area, this paper analyzes spillovers among these two economies, as well as the implications of asynchronicity for spillovers...

Market-Based Structural Top-Down Stress Tests of the Banking System*

Market-Based Structural Top-Down Stress Tests of the Banking System* »

Source: Market-Based Structural Top-Down Stress Tests of the Banking System

Volume/Issue: 2013/88

Series: IMF Working Papers

Author(s): Jorge Chan-Lau

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 April 2013

ISBN: 9781484306314

Keywords: default risk, structural models, market prices, probability of default, banking, applications, credit risk, Financial Forecasting and Simulation, Government Policy and Regulation,

Despite increased need for top-down stress tests of financial institutions, performing them is challenging owing to the absence of granular information on banks’ trading and loan portfolios. To deal with the...

Financial Crises in DSGE Models: A Prototype Model

Financial Crises in DSGE Models: A Prototype Model »

Source: Financial Crises in DSGE Models : A Prototype Model

Volume/Issue: 2014/57

Series: IMF Working Papers

Author(s): Jaromir Benes , Michael Kumhof , and Douglas Laxton

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 April 2014

ISBN: 9781475540895

Keywords: lending boom, credit crunch, financialy cycle, asset price bubble, bank capital, bank balance sheets, bank deposits, banking, Financial Markets and the Macroeconomy, Forecasting and Simulation,

This paper presents the theoretical structure of MAPMOD, a new IMF model designed to study vulnerabilities associated with excessive credit expansions, and to support macroprudential policy analysis. In MAPMOD, ban...

Insurance Companies in Emerging Markets

Insurance Companies in Emerging Markets »

Source: Insurance Companies in Emerging Markets

Volume/Issue: 2005/88

Series: IMF Working Papers

Author(s): Janet Kong , and Manmohan Singh

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2005

ISBN: 9781451861075

Keywords: asset allocation, investments, life insurers, life insurance, risk management, General Financial Markets: Government Policy and Regulation, International Finance Forecasting and Simulation,

This paper focuses on asset allocation decisions of life insurance companies in emerging markets. Mature market insurers allocate only a small fraction of their assets to emerging markets because of regulatory cons...

The Composition of Fiscal Consolidation Matters

The Composition of Fiscal Consolidation Matters »

Source: The Composition of Fiscal Consolidation Matters : Policy Simulations for Hungary

Volume/Issue: 2013/207

Series: IMF Working Papers

Author(s): Alejandro Guerson

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 October 2013

ISBN: 9781484305225

Keywords: DSGE models, overlapping generations households, liquidity constrained households, financial accelerator, macro-financial linkages, investment, goods, consumption, gdp, taxes

This paper evaluates policy alternatives to achieve permanent fiscal consolidation in Hungary, based on a general equilibrium calibration. The main finding is that the composition of the consolidation, as determine...

Macrofinancial Modeling At Central Banks

Macrofinancial Modeling At Central Banks »

Source: Macrofinancial Modeling At Central Banks : Recent Developments and Future Directions

Volume/Issue: 2012/21

Series: IMF Working Papers

Author(s): Jan Vlcek , and Scott Roger

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2012

ISBN: 9781463931834

Keywords: Monetary policy analysis, financial frictions, macroeconomic modeling, banking, bank capital, financial stability, banking sector, interbank market, Macroeconomics: Consumption, Saving

This paper surveys dynamic stochastic general equilibrium models with financial frictions in use by central banks and discusses priorities for future development of such models for the purpose of monetary and finan...

International Transmission of Bank and Corporate Distress

International Transmission of Bank and Corporate Distress »

Source: International Transmission of Bank and Corporate Distress

Volume/Issue: 2010/124

Series: IMF Working Papers

Author(s): Papa N'Diaye , Dale Gray , Natalia Tamirisa , Hiroko Oura , and Qianying Chen

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2010

ISBN: 9781455200832

Keywords: bank, corporate, distress, GVAR, financial, international, probability, bank distress, probabilities, bank default

The paper evaluates how increases in banks' and nonfinancial corporates' default risk are transmitted in the global economy, using in a vector autoregression model for 30 advanced and emerging economies for the per...

Financial Information and Macroeconomic Forecasts

Financial Information and Macroeconomic Forecasts »

Source: Financial Information and Macroeconomic Forecasts

Volume/Issue: 2016/251

Series: IMF Working Papers

Author(s): Sophia Chen , and Romain Ranciere

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 December 2016

ISBN: 9781475563177

Keywords: Time series, Stock prices, Low-income developing countries, Economic forecasting, Emerging markets, Housing prices, Forecasting models, Developed countries, Credit expansion, Variables (Mathematics)

We study the forecasting power of financial variables for macroeconomic variables for 62 countries between 1980 and 2013. We find that financial variables such as credit growth, stock prices and house prices have c...