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Interest Rate Determination in Lebanon

Interest Rate Determination in Lebanon »

Source: Interest Rate Determination in Lebanon

Volume/Issue: 2006/94

Series: IMF Working Papers

Author(s): Tushar Poddar , Mangal Goswami , Juan Sole , and Victor Echévarria Icaza

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2006

ISBN: 9781451863543

Keywords: eurobonds, international reserves, deposit rates, eurobond

This paper seeks to understand how interest rates are formed in Lebanon, by focusing on the pass-through from benchmark rates, prevailing liquidity conditions, and the main characteristics of the Lebanese economy,...

The Demand Cor International Reserves and their Opportunity Cost

The Demand Cor International Reserves and their Opportunity Cost »

Source: The Demand Cor International Reserves and their Opportunity Cost

Volume/Issue: 1988/105

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 December 1988

ISBN: 9781451947328

Keywords: reserve holdings, international reserves, financial markets, international financial markets, international borrowing

An empirical study that shows that countries’ reserve holdings are sensitive to the rates at which they can borrow on international financial markets, this analysis confirms the view that holding major curre...

A Fiscal Price Tag for International Reserves

A Fiscal Price Tag for International Reserves »

Source: A Fiscal Price Tag for International Reserves

Volume/Issue: 2005/81

Series: IMF Working Papers

Author(s): David Hauner

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2005

ISBN: 9781451861006

Keywords: External debt, Reserves, International finance, International reserves, opportunity cost, yield spreads, currency composition, reserve holdings, central bank

This paper examines the (quasi-)fiscal impact of the (opportunity) cost of international reserves. It proposes a conceptual framework, with particular emphasis on two hitherto somewhat neglected aspects: a more app...

Insurance Value of International Reserves

Insurance Value of International Reserves »

Source: Insurance Value of International Reserves : An Option Pricing Approach

Volume/Issue: 2004/175

Series: IMF Working Papers

Author(s): Jaewoo Lee

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2004

ISBN: 9781451858785

Keywords: option, underlying asset, international reserves, reserve holding, external debt, currency crises, reserve holdings, Open Economy Macroeconomics,

A quantitative framework is developed to bring forward the insurance motive of holding international reserves. The insurance value of reserves is quantified as the market price of an equivalent option that provides...

Fiscal Expansion and External Current Account Balance

Fiscal Expansion and External Current Account Balance »

Source: Fiscal Expansion and External Current Account Balance

Volume/Issue: 1988/100

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 November 1988

ISBN: 9781451948622

Keywords: current account, balance of payments, bonds, government debt, international reserves

This paper analyzes, in a general equilibrium framework, how fiscal policy transmits its effects to the current account of the balance of payments. In discussing the role of fiscal policies in the Fund’s sta...

Self-Fulfilling Risk Predictions

Self-Fulfilling Risk Predictions »

Source: Self-Fulfilling Risk Predictions : An Application to Speculative Attacks

Volume/Issue: 1998/124

Series: IMF Working Papers

Author(s): Robert Flood , and Nancy Marion

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 1998

ISBN: 9781451854695

Keywords: Currency crisis, devaluation, risk premium, exchange rate, fixed exchange rate, bond, international reserves, shadow exchange rate

The paper shows that changing market beliefs about currency risk can generate a self-fulfilling speculative attack on a fixed exchange rate. The attack does not require a later change in policies to make it profita...

An Interest Rate Defense of a Fixed Exchange Rate?

An Interest Rate Defense of a Fixed Exchange Rate? »

Source: An Interest Rate Defense of a Fixed Exchange Rate?

Volume/Issue: 2000/159

Series: IMF Working Papers

Author(s): Olivier Jeanne , and Robert Flood

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2000

ISBN: 9781451857665

Keywords: Speculative attack, fixed exchange rate regime, exchange rate, bonds, domestic-currency, interest rate policy, international reserves

Defending a government’s exchange-rate commitment with active interest rate policy is not an option in the Krugman-Flood-Garber (KFG) model of speculative attacks. In that model, the interest rate is the pas...

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...

Leading Indicators of Currency Crises

Leading Indicators of Currency Crises »

Source: Leading Indicators of Currency Crises

Volume/Issue: 1997/79

Series: IMF Working Papers

Author(s): Graciela Kaminsky

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 1997

ISBN: 9781451955866

Keywords: Currency Crises, Leading Indicators, Survey, exchange rate, real exchange rate, international reserves, currency crisis

This paper examines the empirical evidence on currency crises and proposes a specific early warning system. This system involves monitoring the evolution of several indicators that tend to exhibit an unusual behavi...

A Stochastic Framework for Public Debt Sustainability Analysis

A Stochastic Framework for Public Debt Sustainability Analysis »

Source: A Stochastic Framework for Public Debt Sustainability Analysis

Volume/Issue: 2008/58

Series: IMF Working Papers

Author(s): Gabriel Di Bella

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2008

ISBN: 9781451869200

Keywords: Public debt sustainability, risk analysis, debt thresholds, debt ratio, international reserves, public debt, domestic currency, debt sustainability,

This paper proposes a framework for public debt sustainability analysis (DSA) that is complementary to that generally used by IFIs. The DSA in this paper has three components: (i) an integrated and consistent accou...