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The Persistence of Corruption and Slow Economic Growth

The Persistence of Corruption and Slow Economic Growth »

Source: The Persistence of Corruption and Slow Economic Growth

Volume/Issue: 2002/213

Series: IMF Working Papers

Author(s): Paolo Mauro

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2002

ISBN: 9781451874952

Keywords: multiple equilibria, strategic complementarities, persistence, bribe, expenditure, government expenditure, bribes, grand corruption, Illegal Behavior and the Enforcement of Law,

There is increasing recognition that corruption has substantial, adverse effects on economic growth. But if the costs of corruption are so high, why don’t countries strive to improve their institutions and r...

Can Italy Grow Out of Its NPL Overhang? A Panel Threshold Analysis1

Can Italy Grow Out of Its NPL Overhang? A Panel Threshold Analysis1 »

Source: Can Italy Grow Out of Its NPL Overhang? A Panel Threshold Analysis

Volume/Issue: 2017/66

Series: IMF Working Papers

Author(s): Kamiar Mohaddes , Mehdi Raissi , and Anke Weber

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 March 2017

ISBN: 9781475588651

Keywords: Italy, Europe, nonperforming loans, real output growth, panel tests of threshold effects, Models with Panel Data, Financial Markets and the Macroeconomy

This paper examines whether a tipping point exists for real GDP growth in Italy above which the ratio of non-performing loans (NPLs) to total loans falls significantly. Estimating a heterogeneous dynamic panel-thre...

External Imbalances in the Euro Area

External Imbalances in the Euro Area »

Source: External Imbalances in the Euro Area

Volume/Issue: 2012/236

Series: IMF Working Papers

Author(s): Ruo Chen , Gian Milesi-Ferretti , and Thierry Tressel

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 September 2012

ISBN: 9781475524673

Keywords: euro area, external imbalances, financial integration, terms of trade shocks, trading partner, trading partners, trade shocks, commodity exporters, domestic demand, Institutions and the Macroeconomy

The paper examines the extent to which current account imbalances of euro area countries are related to intra-euro area factors and to external trade shocks. We argue that the traditional explanations for the risin...

Do Credit Shocks Matter? A Global Perspective

Do Credit Shocks Matter? A Global Perspective »

Source: Do Credit Shocks Matter? A Global Perspective

Volume/Issue: 2010/261

Series: IMF Working Papers

Author(s): Thomas Helbling , Ayhan Kose , Christopher Otrok , and Raju Huidrom

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2010

ISBN: 9781455209613

Keywords: credit spreads, macroeconomic fluctuations, global recession, recession, recessions, global recessions, financial markets, Financial Markets and the Macroeconomy, Financial Aspects of Economic Integration, Open Economy Macroeconomics

This paper examines the importance of credit market shocks in driving global business cycles over the period 1988:1-2009:4. We first estimate common components in various macroeconomic and financial variables of th...

Monetary Policy Under EMU

Monetary Policy Under EMU »

Source: Monetary Policy Under EMU : Differences in the Transmission Mechanism?

Volume/Issue: 2001/102

Series: IMF Working Papers

Author(s): Benedict Clements , Zenon Kontolemis , and Joaquim Levy

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2001

ISBN: 9781451852615

Keywords: Transmission Mechanism, inflation, monetary transmission, central bank, monetary transmission mechanism, Prices, Business Fluctuations, and Cycles: Forecasting and Simulation, Monetary Policy, Central Banking

This study identifies differences in the monetary policy transmission mechanism across the countries in the euro area. It is argued that part of the differences in the response of economic activity to monetary poli...

Sovereign Spreads

Sovereign Spreads »

Source: Sovereign Spreads : Global Risk Aversion, Contagion or Fundamentals?

Volume/Issue: 2010/120

Series: IMF Working Papers

Author(s): Miguel Segoviano Basurto , Carlos Caceres , and Vincenzo Guzzo

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2010

ISBN: 9781455200795

Keywords: Sovereign spreads, contagion, market price of risk, probability, bond, bonds, bond yields, probabilities, Financial Markets and the Macroeconomy, General Financial Markets: General (includes Measurement and Data)

Over the past year, euro area sovereign spreads have exhibited an unprecedented degree of volatility. This paper explores how much of these large movements reflected shifts in (i) global risk aversion (ii) country-...

Should Italy Sell Its Nonfinancial Assets to Reduce the Debt?

Should Italy Sell Its Nonfinancial Assets to Reduce the Debt? »

Source: Should Italy Sell Its Nonfinancial Assets to Reduce the Debt?

Volume/Issue: 2008/1

Series: IMF Policy Discussion Papers

Author(s): Stefania Fabrizio

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2008

ISBN: 9781451945959

Keywords: Fiscal policy, Fiscal adjustment, Asset liquidation, Italy, Public debt reduction, public net worth, sustainability of public finances, strategy for managing public assets, debt, public debt

This paper assesses the proposal, publicly debated in recent years in Italy, to reduce public debt by selling public assets, especially nonfinancial tangible assets. The main findings indicate that, although sellin...

The Persistence of Corruption and Slow Economic Growth

The Persistence of Corruption and Slow Economic Growth »

Volume/Issue: 2002/213

Series: IMF Working Papers

Author(s): Paolo Mauro

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2002

DOI: http://dx.doi.org/10.5089/9781451874952.001

ISBN: 9781451874952

Keywords: multiple equilibria, strategic complementarities, persistence, bribe, expenditure, government expenditure, bribes, grand corruption, Illegal Behavior and the Enforcement of Law,

There is increasing recognition that corruption has substantial, adverse effects on economic growth. But if the costs of corruption are so high, why don’t countries strive to improve their institutions and r...

Can Italy Grow Out of Its NPL Overhang? A Panel Threshold Analysis

Can Italy Grow Out of Its NPL Overhang? A Panel Threshold Analysis »

Volume/Issue: 2017/66

Series: IMF Working Papers

Author(s): Kamiar Mohaddes , Mehdi Raissi , and Anke Weber

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 March 2017

DOI: http://dx.doi.org/10.5089/9781475588651.001

ISBN: 9781475588651

Keywords: Italy, Europe, nonperforming loans, real output growth, panel tests of threshold effects, Models with Panel Data, Financial Markets and the Macroeconomy

This paper examines whether a tipping point exists for real GDP growth in Italy above which the ratio of non-performing loans (NPLs) to total loans falls significantly. Estimating a heterogeneous dynamic panel-thre...

External Imbalances in the Euro Area

External Imbalances in the Euro Area »

Volume/Issue: 2012/236

Series: IMF Working Papers

Author(s): Ruo Chen , Gian Milesi-Ferretti , and Thierry Tressel

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 September 2012

DOI: http://dx.doi.org/10.5089/9781475524673.001

ISBN: 9781475524673

Keywords: euro area, external imbalances, financial integration, terms of trade shocks, trading partner, trading partners, trade shocks, commodity exporters, domestic demand, Institutions and the Macroeconomy

The paper examines the extent to which current account imbalances of euro area countries are related to intra-euro area factors and to external trade shocks. We argue that the traditional explanations for the risin...