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A Model of Sovereign Debt in Democracies

A Model of Sovereign Debt in Democracies »

Source: A Model of Sovereign Debt in Democracies

Volume/Issue: 2008/152

Series: IMF Working Papers

Author(s): Ali Alichi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2008

ISBN: 9781451870107

Keywords: capital markets, international capital

This paper develops and empirically tests a political economy model of sovereign debt. The main incentive for repaying sovereign debt is to maintain access to international capital markets. However, in a democracy,...

The Restoration of Latin America's Access to Voluntary Capital Market Financing

The Restoration of Latin America's Access to Voluntary Capital Market Financing »

Source: The Restoration of Latin America's Access to Voluntary Capital Market Financing : Developments and Prospects

Volume/Issue: 1991/74

Series: IMF Working Papers

Author(s): Mohamed El-Erian

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 1991

ISBN: 9781451957914

Keywords: international capital markets, capital markets, international capital, bond, capital market

After a prolonged and almost total reliance on debt restructurings and concerted new money facilities, several Latin American countries have, over the last two years, mobilized voluntary financing from internationa...

Consumption, Income, and International Capital Market Integration

Consumption, Income, and International Capital Market Integration »

Source: Consumption, Income, and International Capital Market Integration

Volume/Issue: 1994/120

Series: IMF Working Papers

Author(s): Ronald MacDonald , and Tamim Bayoumi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 1994

ISBN: 9781451939699

Keywords: capital mobility, capital market, international capital, international capital markets

The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, inclu...

The Integration of World Capital Markets

The Integration of World Capital Markets »

Source: The Integration of World Capital Markets

Volume/Issue: 1993/95

Series: IMF Working Papers

Author(s): Morris Goldstein , and Michael Mussa

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 1993

ISBN: 9781451950397

Keywords: international capital, capital mobility, capital market

This paper discusses the extent to which national capital markets have become linked, and identifies several of the more important consequences of that increased degree of integration. Alternative approaches to the...

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...

Capital Controls and International Portfolio Theory

Capital Controls and International Portfolio Theory »

Source: Capital Controls and International Portfolio Theory : A Microeconomic Approach

Volume/Issue: 1990/51

Series: IMF Working Papers

Author(s): Marjorie Rose

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 1990

ISBN: 9781451970579

Keywords: foreign securities, capital market, domestic securities, international capital market

This paper examines the effects of capital controls on asset prices. A closed-form valuation model by Eun and Janakirimanan (1986) is extended to analyze the impact of three restrictions on international portfolio...

Export Instability and the External Balance in Developing Countries

Export Instability and the External Balance in Developing Countries »

Source: Export Instability and the External Balance in Developing Countries

Volume/Issue: 1994/8

Series: IMF Working Papers

Author(s): Atish Ghosh , and Jonathan Ostry

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 1994

ISBN: 9781451927726

Keywords: export earnings, exporters, capital markets, international capital markets, fuel exporters

Uncertainty about the export earnings accruing to a country (sometimes referred to as export instability) is an important source of macroeconomic uncertainty in many developing countries. Theory predicts that count...

Keeping Capital Flowing

Keeping Capital Flowing »

Source: Keeping Capital Flowing : The Role of the IMF

Volume/Issue: 2004/197

Series: IMF Working Papers

Author(s): Michael Bordo , Ashoka Mody , and Nienke Oomes

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2004

ISBN: 9781451860047

Keywords: catalytic finance, capital markets, international capital markets, international capital, access to international capital, International Monetary Arrangements and Institutions,

In this paper, we examine the IMF's role in maintaining the access of emerging market economies to international capital markets. We find evidence that both macroeconomic aggregates and capital flows improve follow...

Cointegration of International Stock Market Indices

Cointegration of International Stock Market Indices »

Source: Cointegration of International Stock Market Indices

Volume/Issue: 1994/94

Series: IMF Working Papers

Author(s): Ray Chou , Victor Ng , and Lynn Pi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 1994

ISBN: 9781451950700

Keywords: stock market, stock markets, stock market prices, international capital

In this paper, we derive evidence on the integration of international stock markets from the cointegration properties of international stock market prices. Using the multivariate cointegration test of Johansen, we...

International Reserve Trends in the South Caucasus and Central Asia Region

International Reserve Trends in the South Caucasus and Central Asia Region »

Source: International Reserve Trends in the South Caucasus and Central Asia Region

Volume/Issue: 2008/41

Series: IMF Working Papers

Author(s): Holger Floerkemeier , and Mariusz Sumlinski

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2008

ISBN: 9781451869033

Keywords: Balance of Payments Crises, reserve holdings, capital markets, international capital markets, risk aversion, international capital,

In recent years, the South Caucasus and Central Asia countries (CCA-6) have received significant foreign exchange inflows. While a healthy reserve buffer is desirable to selfinsure against external crises, holding...