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Asia’s Stock Markets: Are There Crouching Tigers and Hidden Dragons?

Asia’s Stock Markets: Are There Crouching Tigers and Hidden Dragons? »

Source: Asia's Stock Markets : Are There Crouching Tigers and Hidden Dragons?

Volume/Issue: 2014/37

Series: IMF Working Papers

Author(s): Fabian Lipinsky , and Li Lian Ong

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 February 2014

ISBN: 9781484320143

Keywords: arbitrage pricing theory, Asian financial crisis, fundamentals, global financial crisis, idiosyncratic factors, integration, IOSCO, securities regulation, stock market, stock pricing

Stock markets play a key role in corporate financing in Asia. However, despite their increasing importance in terms of size and cross-border investment activity, the region's markets are reputed to be more 'idiosyn...

Understanding the Use of Long-term Finance in Developing Economies*

Understanding the Use of Long-term Finance in Developing Economies* »

Source: Understanding the Use of Long-term Finance in Developing Economies

Volume/Issue: 2017/96

Series: IMF Working Papers

Author(s): Maria Martinez Peria , and Sergio Schmukler

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 April 2017

ISBN: 9781475595758

Keywords: Financial crises, Financial crises, Financial intermediaries, Banks, Bond markets, International financial markets, firm financing, institutional investors, issuance maturity, long-term debt

This short paper reviews recent literature on the use of long-term finance in developing economies (relative to advanced ones) to identify where long-term financing occurs, and what role different financial interme...

Carry Trade vs. Deposit-Driven Euroization

Carry Trade vs. Deposit-Driven Euroization »

Volume/Issue: 2018/58

Series: IMF Working Papers

Author(s): Nan Geng , Tiberiu Scutaru , and Johannes Wiegand

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 March 2018

DOI: http://dx.doi.org/10.5089/9781484345269.001

ISBN: 9781484345269

Keywords: Financial Dollarization, Euroization, Emerging Europe, Portfolio Choice

Financial 'euroization'-or 'dollarization' outside of Central and Eastern Europe-is typically analyzed as a singular phenomenon that can be traced to a common set of factors. This paper argues that two types of eur...

Global Imbalances

Global Imbalances »

Source: Global Imbalances : In Midstream?

Volume/Issue: 2009/29

Series: IMF Staff Position Notes

Author(s): Gian Milesi-Ferretti , and Olivier Blanchard

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 December 2009

ISBN: 9781462333387

Keywords: Financial crisis, Capital flows, Asset prices, Current account deficits, Cross country analysis, Capital markets, Private savings, Private investment, Investment, International financial system

...

Wealth Effects in Europe

Wealth Effects in Europe »

Source: Wealth Effects in Europe : A Tale of Two Countries (Italy and the United Kingdom)

Volume/Issue: 2006/30

Series: IMF Working Papers

Author(s): Sònia Muñoz

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2006

ISBN: 9781451862904

Keywords: Wealth effects, consumption behavior, household portfolio, switching regressions, selectivity models, European capital markets, bonds, equation, equations, survey

This paper investigates the increasing exposure of European households to risky financial assets and the consequent impact on the economy. I analyze household data for Italy and the United Kingdom, countries that d...

Portfolio Diversification, Leverage, and Financial Contagion

Portfolio Diversification, Leverage, and Financial Contagion »

Volume/Issue: 1999/136

Series: IMF Working Papers

Author(s): T. Smith , and Garry Schinasi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 1999

DOI: http://dx.doi.org/10.5089/9781451855791.001

ISBN: 9781451855791

Keywords: financial contagion, portfolio choice, leverage, portfolio management, correlation, portfolio manager, covariance, predictions

Models of “contagion” rely on market imperfections to explain why adverse shocks in one asset market might be associated with asset sales in many unrelated markets. This paper demonstrates that contag...

Portfolio Rebalancing in Japan
			: Constraints and Implications for Quantitative Easing

Portfolio Rebalancing in Japan : Constraints and Implications for Quantitative Easing »

Volume/Issue: 2015/186

Series: IMF Working Papers

Author(s): Serkan Arslanalp , and Dennis Botman

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 August 2015

DOI: http://dx.doi.org/10.5089/9781513557595.001

ISBN: 9781513557595

Keywords: quantitative easing, portfolio rebalancing, speed limits, portfolio, market, inflation, markets, General, Portfolio Choice, speed limits.,

Portfolio rebalancing is a key transmission channel of quantitative easing in Japan. We construct a realistic rebalancing scenario, which suggests that the BoJ may need to taper its JGB purchases in 2017 or 2018, g...

Risk-Taking and Optimal Taxation with Nontradable Human Capital

Risk-Taking and Optimal Taxation with Nontradable Human Capital »

Volume/Issue: 1992/105

Series: IMF Working Papers

Author(s): Zuliu Hu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 1992

DOI: http://dx.doi.org/10.5089/9781451947427.001

ISBN: 9781451947427

Keywords: labor income, wage, wage tax, tax rate, portfolio choice

What are the effects of taxation on individual/entrepreneurs’ risk-taking behavior? This paper re-examines this old question in a continuous time life-cycle model. We demonstrate that the stream of uncertain...

Flight Capital as a Portfolio Choice

Flight Capital as a Portfolio Choice »

Volume/Issue: 1999/171

Series: IMF Working Papers

Author(s): Anke Hoeffler , Catherine Pattillo , and Paul Collier

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 1999

DOI: http://dx.doi.org/10.5089/9781451858488.001

ISBN: 9781451858488

Keywords: Capital flight, portfolio choice, debt, domestic investment, foreign debt, interest

This paper sets flight capital in the context of portfolio choice, focusing upon the proportion of private wealth that is held abroad. There are large regional differences in this proportion, ranging from 5 percent...

Tracking Global Demand for Advanced Economy Sovereign Debt

Tracking Global Demand for Advanced Economy Sovereign Debt »

Volume/Issue: 2012/284

Series: IMF Working Papers

Author(s): Serkan Arslanalp , and Takahiro Tsuda

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 December 2012

DOI: http://dx.doi.org/10.5089/9781475596403.001

ISBN: 9781475596403

Keywords: Portfolio Choice, Investment Decisions, government debt, central banks, central bank, external debt, Portfolio Choice and Investment Decisions, General,

Recent events have shown that sovereigns, just like banks, can be subject to runs, highlighting the importance of the investor base for their liabilities. This paper proposes a methodology for compiling internation...