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Social Science > Demography

You are looking at 1 - 3 of 3 items for :

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Cover IMF Working Papers
COVID-19 and Emerging Markets: An Epidemiological Model with International Production Networks and Capital Flows
Cem Cakmakli
,
Selva Demiralp
,
Sebnem Kalemli-Ozcan
,
Sevcan Yesiltas
, and
Muhammed A. Yildirim
We quantify the macroeconomic effects of COVID-19 for a small open economy by calibrating a SIR-multi-sector-macro model. We measure sectoral supply shocks utilizing teleworking and physical job proximity, and demand shocks with credit card purchases. Both shocks are also affected from changing infection rates under different lockdown scenarios. Being an open economy amplifies the economic costs through two main channels. First, the demand shock has domestic and external components. Second, the initial shock is magnified due to domestic and international input-output linkages.
Keywords:
WP; stimulus package; open economy; inflation rate; COVID-19; Debt Monetisation; External Finance; SIR; Input-Output Tables; Emerging Markets; economic cost; monetary policy; foreign currency; debt monetization; supply and demand; total output; utility function; swap line; Demand elasticity; Global; closed economy; Unconventional monetary policies
Cover IMF Working Papers
Financial Constraints, Intangible Assets, and Firm Dynamics: Theory and Evidence
Sophia Chen
I study whether firms' reliance on intangible assets is an important determinant of financing constraints. I construct new measures of firm-level physical and intangible assets using accounting information on U.S. public firms. I find that firms with a higher share of intangible assets in total assets start smaller, grow faster, and have higher Tobin’s q. Asset tangibility predicts firm dynamics and Tobin’s q up to 30 years but has diminishing predicative power. I develop a model of endogenous financial constraints in which firm size and value are limited by the enforceability of financial contracts. Asset tangibility matters because physical and intangible assets differ in their residual value when the contract is repudiated. This mechanism is qualitatively important to explain stylized facts of firm dynamics and Tobin’s q.
Keywords:
WP; intangible assets; market value; Financial constraints; firm dynamics; Tobin’s q; asset tangibility; production parameter; selling; general; and administrative; entrant firm; share of intangible assets; Aging; Asset valuation; Stocks; Financial frictions
Cover IMF Staff Country Reports
Mexico: Financial Sector Assessment Program Update: Technical Note: Industrial Organization and Competition: Pension System in Mexico
International Monetary Fund
The technical note on Mexico’s Financial Sector Assessment Program update analyzes that the private pension system’s regulator in Mexico has introduced innovate rules. Mexico, as with many other countries in Latin America, has adopted an individual capitalization pension system. The design of these pension reforms confers the administration of pension funds to private companies. Under these schemes, competition plays a key role, keeping prices low, a good quality of service, and an efficient investment allocation.
Keywords:
ISCR; CR; incumbent Afores; fee structure; cost firm; price escalation; commissions income share; company marketing costs; equivalent commission; high quality Afores; prices low; marketing cost; cost AFOREs; D. commission structure; commissions income; Pension spending; Competition; Price controls; Demand elasticity; Aging