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The Macroeconomics of De-Cashing

The Macroeconomics of De-Cashing »

Source: The Macroeconomics of De-Cashing

Volume/Issue: 2017/71

Series: IMF Working Papers

Author(s): Alexei Kireyev

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 March 2017

ISBN: 9781475589252

Keywords: cash, currency, demonetization, Forecasting and Simulation, General, International Policy Coordination and Transmission, Globalization: Finance

The paper presents a simple framework for the analysis of the macroeconomic implications of de-cashing. Defined as replacing paper currency with convertible deposits, de-cashing would affect all key macroeconomic s...

What is Driving Women's Financial Inclusion Across Countries?1

What is Driving Women's Financial Inclusion Across Countries?1 »

Source: What is Driving Women's Financial Inclusion Across Countries?

Volume/Issue: 2018/38

Series: IMF Working Papers

Author(s): Corinne Delechat , Monique Newiak , Rui Xu , Fan Yang , and Goksu Aslan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 March 2018

ISBN: 9781484344460

Keywords: Financial inclusion, Gender, Personal finance, Legal rights, Government Policy and Regulation, Economics of Gender

Using a broad set of macroeconomic country characteristics to supplement a new and comprehensive micro-level dataset for 140 countries, we identify structural factors, policies, and individual characteristics that...

Why Do Bank-Dependent Firms Bear Interest-Rate Risk?

Why Do Bank-Dependent Firms Bear Interest-Rate Risk? »

Source: Why Do Bank-Dependent Firms Bear Interest-Rate Risk?

Volume/Issue: 2017/3

Series: IMF Working Papers

Author(s): Divya Kirti

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 January 2017

ISBN: 9781475568974

Keywords: Corporate finance, Interest-rate risk, bank lending, bank-dependent firms, Financial Markets and the Macroeconomy

I document that floating-rate loans from banks (particularly important for bank-dependent firms) drive most variation in firms' exposure to interest rates. I argue that banks lend to firms at floating rates because...

Reassessing the Perimeter of Government Accounts in China

Reassessing the Perimeter of Government Accounts in China »

Source: Reassessing the Perimeter of Government Accounts in China

Volume/Issue: 2017/272

Series: IMF Working Papers

Author(s): Rui Mano , and Phil Stokoe

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 December 2017

ISBN: 9781484331651

Keywords: China, Asia and Pacific, Government Statistics, Fiscal Risks, Local Government Finance, General

China's official general government accounts do not include off-budget quasi-fiscal spending unlike the IMF's augmented government accounts. This paper argues that the broader concept of augmented government remain...

Evolution of the Global Financial Network and Contagion: A New Approach1

Evolution of the Global Financial Network and Contagion: A New Approach1 »

Source: Evolution of the Global Financial Network and Contagion: A New Approach

Volume/Issue: 2018/113

Series: IMF Working Papers

Author(s): Yevgeniya Korniyenko , Manasa Patnam , Rita Maria del Rio-Chanon , and Mason Porter

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 May 2018

ISBN: 9781484353240

Keywords: Spillovers, Financial contagion, International financial markets, network analysis, Neural Networks and Related Topics, International Lending and Debt Problems, International Policy Coordination and Transmission, Globalization: Finance

This paper studies the interconnectedness of the global financial system and its susceptibility to shocks. A novel multilayer network framework is applied to link debt and equity exposures across countries. Use of...

The Micro Impact of Macroprudential Policies: Firm-Level Evidence

The Micro Impact of Macroprudential Policies: Firm-Level Evidence »

Source: The Micro Impact of Macroprudential Policies: Firm-Level Evidence

Volume/Issue: 2018/267

Series: IMF Working Papers

Author(s): Meghana Ayyagari , Thorsten Beck , and Maria Martinez Peria

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 December 2018

ISBN: 9781484385654

Keywords: Macroprudential policies and financial stability, Central banks and their policies, Balance sheets, Public enterprises, financial development; macroprudential policies; firm financing, financial development, macroprudential policies, firm financing, Financial Markets and the Macroeconomy, Government Policy and Regulation

Combining balance sheet data on 900,000 firms from 48 countries with information on the adoption of macroprudential policies during 2003-2011, we find that these policies are associated with lower credit growth. Th...

Housing Finance and Real-Estate Booms

Housing Finance and Real-Estate Booms »

Source: Housing Finance and Real-Estate Booms : A Cross-Country Perspective

Volume/Issue: 2015/12

Series: Staff Discussion Notes

Author(s): Eugenio Cerutti , Jihad Dagher , and Giovanni Dell'Ariccia

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 June 2015

ISBN: 9781513571393

Keywords: Central banks and their policies, Credit booms, Financial stability, Housing finance, real estate, macroprudential regulation, mortgage, finance, credit, mortgage markets

The recent global crisis highlighted the risks stemming from real estate booms. This has generated a growing literature trying to better understand the sources and the risks associated with housing and credit booms...

Islamic Finance

Islamic Finance »

Source: Islamic Finance : Opportunities, Challenges, and Policy Options

Volume/Issue: 2015/5

Series: Staff Discussion Notes

Author(s): Alfred Kammer , Mohamed Norat , Marco Pinon , Ananthakrishnan Prasad , Christopher Towe , and Zeine Zeidane

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 April 2015

ISBN: 9781498325035

Keywords: Islamic finance, Islamic banking, participation finance, financial regulations, Sukuk markets, infrastructure finance, financial inclusion, monetary policy, macroprudential policy, tax policy

The SDN discusses the main policy issues and challenges in building an inclusive and safe Islamic finance industry, with emphasis on Islamic banking and Sukuk markets. To this end, it discuses why Islamic finance m...

Housing Price, Credit, and Output Cycles: How Domestic and External Shocks Impact Lithuania's Credit

Housing Price, Credit, and Output Cycles: How Domestic and External Shocks Impact Lithuania's Credit »

Source: Housing Price, Credit, and Output Cycles: How Domestic and External Shocks Impact Lithuania's Credit

Volume/Issue: 2018/160

Series: IMF Working Papers

Author(s): Iacovos Ioannou

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 July 2018

ISBN: 9781484367513

Keywords: Lithuania, Europe, Credit, house prices, business cycle, macro-financial linkages, contagion, General, Forecasting and Simulation, Financial Markets and the Macroeconomy

Lithuania's current credit cycle highlights the strong link between housing prices and credit. We explore this relationship in more detail by analyzing the main features of credit, housing price, and output cycles...

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...