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Spillovers to Central America in Light of the Crisis

Spillovers to Central America in Light of the Crisis »

Source: Spillovers to Central America in Light of the Crisis : What a Difference a Year Makes

Volume/Issue: 2010/35

Series: IMF Working Papers

Author(s): Andrew Swiston

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2010

ISBN: 9781451962765

Keywords: real gdp, gdp growth, business cycle, Macroeconomic Aspects of International Trade and Finance: General,

This paper investigates Central America's external linkages over the last fifteen years of increased integration in light of the 2008-09 global recession. Using structural VAR models, it is found that a one percent...

The Problem that Wasn't

The Problem that Wasn't »

Source: The Problem that Wasn't : Coordination Failures in Sovereign Debt Restructurings

Volume/Issue: 2011/265

Series: IMF Working Papers

Author(s): Jeronimo Zettelmeyer , Marcos Chamon , and Ran Bi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2011

ISBN: 9781463924645

Keywords: exit consents, creditor coordination, bond, bonds, debt restructuring, International Monetary Arrangements and Institutions, International Lending and Debt Problems, Macroeconomic Aspects of International Trade and Finance: Other, International Law,

Contrary to widespread expectation, debt renegotiations in the era of bond finance have generally been quick and involved little litigation. We present a model that rationalizes the initial fears and offers interpr...

Sovereign Ceilings 'Lite'? The Impact of Sovereign Ratings on Corporate Ratings in Emerging Market Economies*

Sovereign Ceilings 'Lite'? The Impact of Sovereign Ratings on Corporate Ratings in Emerging Market Economies* »

Source: Sovereign Ceilings 'Lite'? The Impact of Sovereign Ratings on Corporate Ratings in Emerging Market Economies

Volume/Issue: 2007/75

Series: IMF Working Papers

Author(s): Eduardo Borensztein , Patricio Valenzuela , and Kevin Cowan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2007

ISBN: 9781451866391

Keywords: credit rating, sovereign default, credit rating agencies, current account, external debt, General Financial Markets, Financial Institutions And Services, Corporate Finance And Governance,

Although credit rating agencies have gradually moved away from a policy of never rating a private borrower above the sovereign (the "sovereign ceiling") it appears that sovereign ratings remain a significant determ...

A Debt Intolerance Framework Applied to Central America, Panama and the Dominican Republic

A Debt Intolerance Framework Applied to Central America, Panama and the Dominican Republic »

Source: A Debt Intolerance Framework Applied to Central America, Panama and the Dominican Republic

Volume/Issue: 2011/220

Series: IMF Working Papers

Author(s): Geoffrey Bannister , and Luis Barrot

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2011

ISBN: 9781463904227

Keywords: CAPDR, debt intolerance, equation, debt ratio, public debt, external debt, Financial Markets and the Macroeconomy, International Finance: General, International Lending and Debt Problems,

This paper presents an alternative method for calculating debt targets using the debt intolerance literature of Reinhart, Rogoff, and Savastano (2003) and Reinhart and Rogoff (2009). The methodology presented impro...

Deterring Abuse of the Financial System

Deterring Abuse of the Financial System »

Source: Deterring Abuse of the Financial System : Elements of an Emerging International Integrity Standard

Volume/Issue: 2005/3

Series: IMF Policy Discussion Papers

Author(s): John Abbott , and R. Johnston

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2005

ISBN: 9781451975581

Keywords: Financial crisis, Anti-money laundering, International capital markets, Standards and codes, Financial integrity, combating the financing of terrorism, financial system, financial sector, money laundering, internal controls

Assessing financial systems' stability has required the IMF to dig deeper into financial sector issues and to include financial integrity elements in its assessments. Integrity elements are increasingly being addre...

Sovereign Credit Ratings and Spreads in Emerging Markets

Sovereign Credit Ratings and Spreads in Emerging Markets »

Source: Sovereign Credit Ratings and Spreads in Emerging Markets : Does Investment Grade Matter?

Volume/Issue: 2011/44

Series: IMF Working Papers

Author(s): Laura Jaramillo , and Michelle Tejada

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2011

ISBN: 9781455218981

Keywords: Rating Agencies, public debt, external public debt, standard deviation, external debt, standard errors, Financial Markets and the Macroeconomy, International Finance: General, International Lending and Debt Problems,

Sovereign investment grade status is often associated with lower spreads in international markets. Using a panel framework for 35 emerging markets between 1997 and 2010, thispaper finds that investment grade status...

International Reserve Adequacy in Central America

International Reserve Adequacy in Central America »

Source: International Reserve Adequacy in Central America

Volume/Issue: 2011/144

Series: IMF Working Papers

Author(s): Kristin Magnussen

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2011

ISBN: 9781455268443

Keywords: Foreign reserves, balance of payments crises, financial dollarization, international reserves, external debt, exchange rate, emerging markets, current account, International Finance Forecasting and Simulation, Open Economy Macroeconomics,

Countries' absolute and relative international reserves adequacy has recently attracted considerable attention. The analysis has however concentrated on the largest and most advanced economies. We apply various met...

The Global Credit Crunch and Foreign Banks' Lending to Emerging Markets

The Global Credit Crunch and Foreign Banks' Lending to Emerging Markets »

Source: The Global Credit Crunch and Foreign Banks' Lending to Emerging Markets : Why Did Latin America Fare Better?

Volume/Issue: 2010/102

Series: IMF Working Papers

Author(s): Kulwant Rai , and Herman Kamil

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2010

ISBN: 9781455200610

Keywords: global: credit crunch, cross-border lending, foreign banks, foreign bank, international settlements, foreign currency, foreign affiliates, International Lending and Debt Problems, Financial Aspects of Economic Integration, International Finance Forecasting and Simulation,

The recent global financial turmoil raised questions about the stability of foreign banks' financing to emerging market countries. While foreign banks' lending growth to most emerging market regions contracted shar...

How much should I hold?  Reserve Adequacy in Emerging Markets and Small Islands

How much should I hold? Reserve Adequacy in Emerging Markets and Small Islands »

Source: How much should I hold? Reserve Adequacy in Emerging Markets and Small Islands

Volume/Issue: 2012/205

Series: IMF Working Papers

Author(s): Nkunde Mwase

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2012

ISBN: 9781475505559

Keywords: Logit and quantile regression, Islands, EMP, Deleveraging, reserve holdings, short-term debt, current account, balance of payments, exchange rate regimes, International Finance Forecasting and Simulation

This paper investigates the drivers of reserves in emerging markets (EMs) and small island (SIs) and develops an operational metric for estimating reserves in SIs taking into account their unique characteristics. I...

Bank Asset Quality in Emerging Markets

Bank Asset Quality in Emerging Markets »

Source: Bank Asset Quality in Emerging Markets : Determinants and Spillovers

Volume/Issue: 2012/71

Series: IMF Working Papers

Author(s): Reinout De Bock , and Alexander Demyanets

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2012

ISBN: 9781475502237

Keywords: Macro-financial linkages, Nonperforming loans, Exchange rate, Panel regressions, capital inflows, net capital flows, exchange rates, Bank Asset Quality in Emerging Markets, Financial Markets and the Macroeconomy, International Finance: General

This paper assesses the vulnerability of emerging markets and their banks to aggregate shocks. We find significant links between banks' asset quality, credit and macroeconomic aggregates. Lower economic growth, an...