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Business and Economics > Investments: Stocks

You are looking at 1 - 6 of 6 items for :

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Cover IMF Staff Country Reports
Finland: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper examines Finland’s sectoral balance sheets and how they have evolved since the global financial crisis; the analysis reveals that financial vulnerabilities have risen in most sectors. Indebtedness has increased for nonfinancial corporations (NFCs), households, and the government, increasing their financial fragility and vulnerability to shocks. Also, cross-border financial exposures have risen on both sides of Finland’s balance sheet. Specifically, banks’ balance sheets have grown considerably, largely owing to a rise in foreign liabilities. NFCs and the government have also relied in part on foreign investors to finance their debt increases.
Keywords:
ISCR; CR; firm; private sector; firm productivity; product market; firm TFP; accounts payable; productivity gain; company size; Productivity; Financial statements; Commodity markets; Total factor productivity; Stocks; Global
Cover IMF Working Papers
The Eurozone Crisis: How Banks and Sovereigns Came to Be Joined At the Hip
Mr. Damiano Sandri
and
Mr. Ashoka Mody
We use the rise and dispersion of sovereign spreads to tell the story of the emergence and escalation of financial tensions within the eurozone. This process evolved through three stages. Following the onset of the Subprime crisis in July 2007, spreads rose but mainly due to common global factors. The rescue of Bear Stearns in March 2008 marked the start of a distinctively European banking crisis. During this key phase, sovereign spreads tended to rise with the growing demand for support by weakening domestic financial sectors, especially in countries with lower growth prospects and higher debt burdens. As the constraint of continued fiscal commitments became clearer, and coinciding with the nationalization of Anglo Irish in January 2009, the separation between the sovereign and the financial sector disappeared.
Keywords:
WP; sovereign spread; financial crisis; sovereign bond; banking sector; sovereign spreads; financial sector; stock market; eurozone; Bear Stearns; Anglo Irish; eurozone sovereign bond bond market; Eurozone crisis; eurozone country; flight to quality; eurozone economy; Anglo nationalization; Sovereign bonds; Stocks; Global; Europe
Cover IMF Working Papers
Valuation of Unlisted Direct Investment Equity
Thomas Elkjaer
,
Jannick Damgaard
, and
Emmanuel O. Kumah
This paper analyzes the seven valuation methods for unlisted direct investment equity included in the recently adopted IMF Balance of Payments and International Investment Position Manual, Sixth Edition (BPM6). Based on publicly available Danish data, we test the three methods that are generally applicable and find that the choice of valuation method and estimation technique can have a highly significant impact on the international investment position, pointing to the need for further harmonization. The results show that the price-to-book value method generates more robust market value estimates than the price-to-earnings method. This finding suggests that the valuation basis for the forthcoming Coordinated Direct Investment Survey - own funds at book value -will provide useful information for compiling the international investment position.
Keywords:
WP; accounting data; earnings before interest and taxes; risk premium; valuation model
Cover IMF Staff Papers
IMF Staff Papers, Volume 50, Special Issue, IMF Third Annual Research Conference
Mr. Robert P Flood
The paper discusses a model in which growth is a negative function of fiscal burden. Moreover, growth discontinuously switches from high to low as the fiscal burden reaches a critical level. The paper provides an overview of key elements of corporate bankruptcy codes and practice around the world that are relevant to the debate on sovereign debt restructuring. It also describes the broad trends in international financial integration for a sample of industrial countries and explains the cross-country and time-series variation in the size of international balance sheets.
Keywords:
SP; risk premium; STT.; portfolio; portfolio equity assets; STTS shift; output space; emerging market crisis; portfolio equity gain; exchange rate depreciation; STTS gain sponsorship; Sovereign debt restructuring; Stocks; Debt restructuring; Foreign assets; Corporate insolvency; Global; East Asia; Sub-Saharan Africa; Europe; North America
Cover IMF Working Papers
International Financial Integration
Mr. Philip R. Lane
and
Mr. Gian M Milesi-Ferretti
In recent decades, the foreign assets and liabilities of advanced economies have grown rapidly relative to GDP, with the increase in gross cross-holdings far exceeding changes in the size of net positions. Moreover, the portfolio equity and FDI categories have grown in importance relative to international debt stocks. This paper describes the broad trends in international financial integration for a sample of industrial countries and seeks to explain the cross-country and time-series variation in the size of international balance sheets. It also examines the behavior of the rates of return on foreign assets and liabilities, relating them to "market" returns.
Keywords:
WP; MSCI world return index; U.S. dollar; market value; stock market index; International investment position; rates of return; portfolio equity assets; bond return; MSCI return index; asset trade; stock market index return; MSCI world stock return index; return on assets; Foreign assets; Stocks; Stock markets; Foreign liabilities; Real exchange rates; Global
Cover 1993 World Economic and Financial Surveys
1993 World Economic and Financial Surveys
International Capital Markets: Part II
International Monetary Fund

Abstract

This paper discusses systematic issues in international finance explained in the International Capital Markets report. The paper describes that the nature and extent of recent banking problems in several industrial countries along with the policy responses to those problems. It is observed that balance sheet problems in banking are widespread among the major industrial countries. The paper also analyses recent activity in the European currency unit bond and exchange markets, and reviews developments in the private financing of developing countries and discusses several issues raised by the recent experience, including the broadening of the investor base for developing country securities, the special role played by regional financial centers in East and Southeast Asia, and the systemic implications of the evolving pattern of developing country financing. A key influence on international capital movements in recent years was the rising international diversification of investment portfolios, which is generally believed to have increased in response to the liberalization of exchange and capital controls in many industrial countries in the 1970s and 1980s.

Keywords:
WEFS; Annex II reviews trend; x index; over-the-counter derivative market; U.S. dollar; capital market issue; Stock markets; Stocks; Futures; Loans; Securities; Global; Western Hemisphere; Africa; Asia and Pacific; Middle East; bank assets; ECU securities; Commercial banks; Market risk; Credit risk; Caribbean; East Asia