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The Mussa Theorem (and Other Results on IMF-Induced Moral Hazard)

The Mussa Theorem (and Other Results on IMF-Induced Moral Hazard) »

Source: The Mussa Theorem (and Other Results on IMF-Induced Moral Hazard)

Volume/Issue: 2004/192

Series: IMF Working Papers

Author(s): Olivier Jeanne , and Jeronimo Zettelmeyer

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2004

ISBN: 9781451859799

Keywords: capital flows, capital inflows, international capital markets, capital markets, International Monetary Arrangements and Institutions,

Using a simple model of international lending, we show that as long as the IMF lends at an actuarially fair interest rate and debtor governments maximize the welfare of their taxpayers, any changes in policy effort...

Caribbean centers: Stricter rules change climate for offshore financial centers

Caribbean centers: Stricter rules change climate for offshore financial centers »

Source: IMF Survey, Volume 31, Issue 15

Volume/Issue: 31/15

Series: IMF Survey

Author(s): International Monetary Fund. External Relations Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2002

ISBN: 9781451929829

Keywords: debt, capital markets, international capital markets, bond issues, international capital, NBER speech

On July 17, IMF First Deputy Managing Director Anne Krueger addressed a National Bureau for Economic Research (NBER) conference on the lessons to be learned from the Argentina crisis and how these can be used to ra...

Köhler and Wolfensohn call for aid for southern Africa

Köhler and Wolfensohn call for aid for southern Africa »

Source: IMF Survey, Volume 31, Issue 15

Volume/Issue: 31/15

Series: IMF Survey

Author(s): International Monetary Fund. External Relations Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2002

ISBN: 9781451929829

Keywords: debt, capital markets, international capital markets, bond issues, international capital, NBER speech

On July 17, IMF First Deputy Managing Director Anne Krueger addressed a National Bureau for Economic Research (NBER) conference on the lessons to be learned from the Argentina crisis and how these can be used to ra...

Global Moral Hazard, Capital Account Liberalization and the 'Overlending Syndrome'

Global Moral Hazard, Capital Account Liberalization and the 'Overlending Syndrome' »

Source: Global Moral Hazard, Capital Account Liberalization and the 'Overlending Syndrome'

Volume/Issue: 1999/100

Series: IMF Working Papers

Author(s): Eduardo Levy Yeyati

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 1999

ISBN: 9781451852387

Keywords: Banking Crises, Capital Account Liberalization, Deposit Insurance, Moral Hazard, international capital, deposit rates, international capital markets

The removal of government guarantees in borrowing countries does not eliminate the moral hazard problem posed by the existence of deposit guarantees in lender countries. The paper shows that, after restrictions on...

Getting Shut Out of the International Capital Markets - It Doesn't Take Much

Getting Shut Out of the International Capital Markets - It Doesn't Take Much »

Source: Getting Shut Out of the International Capital Markets - It Doesn't Take Much

Volume/Issue: 2006/144

Series: IMF Working Papers

Author(s): Nancy Marion , and Robert Flood

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2006

ISBN: 9781451864045

Keywords: International lending, emerging market default, shutdowns, capital markets, probability, equation, international capital, International Lending and Debt Problems,

We use a simple model of international lending to show that an emerging market borrower who might default can be shut out of international capital markets without warning. A modest haircut on obligations, for examp...

Globalization and Firms' Financing Choices

Globalization and Firms' Financing Choices »

Source: Globalization and Firms' Financing Choices : Evidence From Emerging Economies

Volume/Issue: 2001/95

Series: IMF Working Papers

Author(s): Sergio Schmukler , and Esteban Vesperoni

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2001

ISBN: 9781451851823

Keywords: financing choices, financial structure, financial globalization, international financial markets, financial liberalization, international capital markets, access to international capital, international capital, General Financial Markets, Corporate Finance And Governance,

This paper studies the relation between firm's financing choices and financial globalization. Using an East Asian and Latin American firm-level panel for the 1980s and 1990s, we study how leverage ratios, debt matu...

International Financial Contagion and the IMF

International Financial Contagion and the IMF »

Source: International Financial Contagion and the IMF : A Theoretical Framework

Volume/Issue: 2001/137

Series: IMF Working Papers

Author(s): Peter Clark , and Haizhou Huang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2001

ISBN: 9781451855913

Keywords: international financial contagion, contagion, capital market, financial contagion, international capital, Financial Markets and the Macroeconomy, International Monetary Arrangements and Institutions, International Lending and Debt Problems,

We provide a model of contagion where countries borrow or lend for consumption smoothing at the market interest rate or a lower IMF rate. Highly indebted countries hit by large negative shocks to output will defaul...

Sudden Stops and Currency Drops

Sudden Stops and Currency Drops »

Source: Sudden Stops and Currency Drops : A Historical Look

Volume/Issue: 2006/133

Series: IMF Working Papers

Author(s): Luis Catão

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2006

ISBN: 9781451863932

Keywords: international capital flows, gold standard, exchange rate, foreign capital, capital inflows, capital inflow, foreign capital inflow, Financial Markets and the Macroeconomy, International Lending and Debt Problems,

This paper shows that recent manifestations of sudden stops (SSs) in international capital flows have striking parallels in the early financial globalization era preceding World War I. All main capital-importing co...

Re-Accessing International Capital Markets After Financial Crises

Re-Accessing International Capital Markets After Financial Crises »

Source: Re-Accessing International Capital Markets After Financial Crises : Some Empirical Evidence

Volume/Issue: 2007/136

Series: IMF Working Papers

Author(s): Luisa Zanforlin

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2007

ISBN: 9781451867008

Keywords: Re-access, capital markets, debt service, international capital, global liquidity, International Lending and Debt Problems, Economic Development: General,

The paper analyzes the factors that contribute to the re-access of countries that emerge from a severe financial crisis to the international capital markets. It conjectures that these factors depend on a sovereign'...

Fatal Attraction

Fatal Attraction »

Source: Fatal Attraction : A New Measure of Contagion

Volume/Issue: 2003/80

Series: IMF Working Papers

Author(s): Tamim Bayoumi , Manmohan Kumar , Giorgio Fazio , and Ronald MacDonald

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2003

ISBN: 9781451850321

Keywords: Contagion, international capital flows, emerging market crises, correlations, correlation, currency crises, asian crisis, International Lending and Debt Problems,

This paper proposes a new measure of contagion that is good at anticipating future vulnerabilities. Building on previous work, it uses correlations of equity markets across countries to measure contagion, but in a...