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International Reserves and Foreign Currency Liquidity
			: Guidelines for a Data Template

International Reserves and Foreign Currency Liquidity : Guidelines for a Data Template »

Series: Manuals & Guides

Author(s): Anne Kester

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 October 2001

DOI: http://dx.doi.org/10.5089/9781589060586.069

ISBN: 9781589060586

Keywords: foreign currency, reserve assets, foreign exchange, foreign currencies, strike price

International financial crises in the late 1990s revealed that deficiencies in countries' international reserves and related information made it difficult to anticipate and respond to crises by obscuring financial...

Correcting “Beyond the Cycle:” Accounting for Asset Prices in Structural Fiscal Balances1

Correcting “Beyond the Cycle:” Accounting for Asset Prices in Structural Fiscal Balances1 »

Source: Correcting 'Beyond the Cycle" : Accounting for Asset Prices in Structural Fiscal Balances

Volume/Issue: 2015/109

Series: IMF Working Papers

Author(s): Estelle Liu , Todd Mattina , and Tigran Poghosyan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 May 2015

ISBN: 9781513520551

Keywords: asset price, equity market, housing market, panel data econometrics, prices, price, equity, Asset Pricing, Deficit, panel data econometrics.,

This paper outlines an operational approach for incorporating the impact of asset price cycles in the calculation of structural fiscal balances (SFBs). The global financial crisis demonstrated that movements in ass...

Commodities and the Market Price of Risk

Commodities and the Market Price of Risk »

Source: Commodities and the Market Price of Risk

Volume/Issue: 2008/221

Series: IMF Working Papers

Author(s): Shaun Roache

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2008

ISBN: 9781451870794

Keywords: Asset pricing, Futures pricing., commodity futures, investors, risk premium, hedge, risk exposure, futures pricing,

Commodities are back following a stellar run of price performance, attracting financial investor attention. What are the fundamental reasons to hold commodities? One reason is the exposure offered to underlying ris...

The Role of Fiscal Transfers in Smoothing Regional Shocks

The Role of Fiscal Transfers in Smoothing Regional Shocks »

Source: The Role of Fiscal Transfers in Smoothing Regional Shocks : Evidence from Existing Federations

Volume/Issue: 2016/141

Series: IMF Working Papers

Author(s): Tigran Poghosyan , Abdelhak Senhadji , and Carlo Cottarelli

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 July 2016

ISBN: 9781498379601

Keywords: public debt cycles, credit cycles, asset price cycles, duration analysis

We assess the extent to which fiscal transfers smooth regional shocks in three large federations: the U.S., Canada, and Australia. We find that fiscal transfers offset 4-11 percent of idiosyncratic shocks (risk-sha...

Irrational Exuberance in the U.S. Housing Market

Irrational Exuberance in the U.S. Housing Market »

Source: Irrational Exuberance in the U.S. Housing Market : Were Evangelicals Left Behind?

Volume/Issue: 2009/57

Series: IMF Working Papers

Author(s): Christopher Crowe

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2009

ISBN: 9781451872040

Keywords: house prices, economics of Religion, asset price cycles, religion, survey, correlation, protestants, statistics,

The recent housing bust has reignited interest in psychological theories of speculative excess (Shiller, 2007). I investigate this issue by identifying a segment of the U.S. population-evangelical protestants-that...

Institutionalizing Countercyclical Investment

Institutionalizing Countercyclical Investment »

Source: Institutionalizing Countercyclical Investment

Volume/Issue: 2016/38

Series: IMF Working Papers

Author(s): Bradley Jones

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 February 2016

ISBN: 9781513512495

Keywords: Asset Allocation, Asset Owners, Momentum, Risk Management, asset, investment, risk, returns, Asset Pricing, Government Policy and Regulation

Do portfolio shifts by the world’s largest asset owners respond procyclically to past returns, or countercyclically to valuations? And if countercyclical investment (with both market-stabilizing and return-generati...

How Do Public Debt Cycles Interact with Financial Cycles?

How Do Public Debt Cycles Interact with Financial Cycles? »

Source: How Do Public Debt Cycles Interact with Financial Cycles?

Volume/Issue: 2015/248

Series: IMF Working Papers

Author(s): Tigran Poghosyan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 November 2015

ISBN: 9781513511641

Keywords: public debt cycles, credit cycles, asset price cycles, duration analysis, debt, public debt, price, prices, equity, General

We employ a duration model to study determinants of public debt cycles in 57 advanced and emerging economies over the 1960-2014 period, with a particular focus on the impact of financial cycles. The results suggest...

When and How to Adjust Beyond the Business Cycle? A Guide to Structural Fiscal Balances

When and How to Adjust Beyond the Business Cycle? A Guide to Structural Fiscal Balances »

Source: When and How to Adjust Beyond the Business Cycle? A Guide to Structural Fiscal Balances

Volume: 11

Series: Technical Notes and Manuals

Author(s): Fabian Bornhorst , Annalisa Fedelino , Jan Gottschalk , and Gabriela Dobrescu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 April 2011

ISBN: 9781475510201

Keywords: Commodity prices, fiscal policy, cyclical adjustment, structural fiscal balance, business cycle fluctuations, asset prices, output composition, output, tax, prices

Technical Notes and Manuals are produced by IMF departments to expand the dissemination of their technical assistance advice. These papers present general advice and guidance, drawn in part from unpublished techni...

Interconnectedness, Systemic Crises and Recessions

Interconnectedness, Systemic Crises and Recessions »

Source: Interconnectedness, Systemic Crises and Recessions

Volume/Issue: 2015/46

Series: IMF Working Papers

Author(s): Marco Espinosa-Vega , and Steven Russell

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 February 2015

ISBN: 9781498386029

Keywords: recession, bank, banks, loans, risk, liquidation, Portfolio Choice, Asset Pricing, General,

This relatively simple model attempts to capture and integrate four widely held views about financial crises. [1] Interconnectedness among financial institutions (banks) can play a major role in precipitating syste...

The Stock Market Channel of Monetary Policy

The Stock Market Channel of Monetary Policy »

Source: The Stock Market Channel of Monetary Policy

Volume/Issue: 1999/22

Series: IMF Working Papers

Author(s): Thomas Cosimano , Connel Fullenkamp , and Ralph Chami

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 1999

ISBN: 9781451843958

Keywords: inflation tax, channel of monetary policy, asset pricing, money supply, monetary transmission

This paper argues that the stock market is an important channel of monetary policy. Monetary policy affects real economic activity because inflation levies a property tax on stocks in addition to an income tax on d...