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Author : International Monetary Fund
Publisher : Unknown
Page : 128 pages
File Size : 50,5 Mb
Release : 2024-07-03
Category : Electronic
ISBN : 1451949707
Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 203 pages
File Size : 43,9 Mb
Release : 1998-01-01
Category : Business & Economics
ISBN : 9781455277445
This paper analyzes contagion and volatility with imperfect credit markets. The paper interprets contagion effects as an increase in the volatility of shocks impinging on the economy. The implications of this approach are analyzed in a model in which domestic banks borrow at a premium on world capital markets, and domestic producers borrow at a premium from domestic banks. Financial spreads depend on a markup that compensates lenders, in particular, for the expected cost of contract enforcement. Higher volatility increases financial spreads and the producers’ cost of capital.
Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 204 pages
File Size : 43,5 Mb
Release : 1998-01-01
Category : Business & Economics
ISBN : 9781451974164
This paper analyzes contagion and volatility with imperfect credit markets. The paper interprets contagion effects as an increase in the volatility of shocks impinging on the economy. The implications of this approach are analyzed in a model in which domestic banks borrow at a premium on world capital markets, and domestic producers borrow at a premium from domestic banks. Financial spreads depend on a markup that compensates lenders, in particular, for the expected cost of contract enforcement. Higher volatility increases financial spreads and the producers’ cost of capital.
Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 180 pages
File Size : 47,9 Mb
Release : 1998-01-01
Category : Business & Economics
ISBN : 9781451972771
This paper describes the issue of corruption around the world. The paper surveys and discusses issues related to the causes, consequences, and scope of corruption, and possible corrective actions. It emphasizes the costs of corruption in terms of economic growth. It also emphasizes that the fight against corruption may not be cheap and cannot be independent from the reform of the state. If certain reforms are not made, corruption is likely to continue to be a problem regardless of actions directly aimed at curtailing it.
Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 223 pages
File Size : 43,6 Mb
Release : 1966-01-01
Category : Business & Economics
ISBN : 9781451947236
From the Foreword to the first issue: “Among the responsibilities of the International Monetary Fund, as set forth in the Articles of Agreement, is the obligation to fact as a center for the collection and exchange of information on monetary and financial problems,’ and thereby to facilitate ‘the preparation of studies designed to assist members in developing policies which further the purposes of the Fund.’ The publications of the Fund are one way in which this responsibility is discharged. “Through the publication of Staff Papers, the Fund is making available some of the work of members of its staff. The Fund believes that these papers will be found helpful by government officials, by professional economists, and by others concerned with monetary and financial problems. Much of what is now presented is quite provisional. On some international monetary problems, final and definitive views are scarcely to be expected in the near future, and several alternative, or even conflicting, approaches may profitably be explored. The views presented in these papers are not, therefore, to be interpreted as necessarily indicating the position of the Executive Board or of the officials of the Fund.”
Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 168 pages
File Size : 45,8 Mb
Release : 1998-01-01
Category : Business & Economics
ISBN : 9781451973600
This paper presents international evidence on the determinants of trade dynamics. It provides some new empirical perspectives on the relationship between international trade and macroeconomic fluctuations in industrial economies. A comprehensive set of stylized facts concerning fluctuations in trade variables and their determinants is presented. A measure of the quantitative importance of international trade for the propagation of domestic business cycles is then constructed, focusing on the role of external trade as a catalyst for cyclical recoveries.
Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 244 pages
File Size : 49,8 Mb
Release : 2010-06-29
Category : Business & Economics
ISBN : 9781589069121
This paper introduces a new database of financial reforms covering 91 economies over 1973-2005. It describes the content of the database, the information sources utilized, and the coding rules used to create an index of financial reform. It also compares the database with other measures of financial liberalization, provides descriptive statistics, and discusses some possible applications. The database provides a multifaceted measure of reform, covering seven aspects of financial sector policy. Along each dimension the database provides a graded (rather than a binary) score, and allows for reversals.
Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 216 pages
File Size : 52,6 Mb
Release : 1998-01-01
Category : Business & Economics
ISBN : 9781451974515
This paper analyzes some leading indicators of currency crises, and proposes a specific early warning system. This system involves monitoring the evolution of several indicators that tend to exhibit an unusual behavior in the periods preceding a crisis. When an indicator exceeds a certain threshold value, this is interpreted as a warning “signal” that a currency crisis may take place. The variables that have the best track record within this approach include exports, deviations of the real exchange rate from trend, and the ratio of broad money to gross international reserves, output, and equity prices.
Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 128 pages
File Size : 44,6 Mb
Release : 2000-01-01
Category : Business & Economics
ISBN : 9781451974232
This paper analyzes portfolio diversification, leverage, and financial contagion. It studies the extent to which basic principles of portfolio diversification explain “contagious selling” of financial assets when there are purely local shocks. The paper demonstrates that the elementary portfolio theory offers key insights into “contagion.” Most important, portfolio diversification and leverage are sufficient to explain why an investor will find it optimal to significantly reduce all risky asset positions when an adverse shock impacts just one asset.
Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 236 pages
File Size : 54,9 Mb
Release : 2007-09-26
Category : Business & Economics
ISBN : 9781589066502
Vol. 54, No. 2 includes three notable contributions from the Seventh Jacques Polak Annual Research Conference (ARC) hosted by the IMF in November 2006. Its lead paper, by Olivier Blanchard of Harvard University, is the 2006 Mundell-Fleming Lecture (delivered at the ARC), which analyzes current-account deficits in the advanced economies. Other papers in this issue look at the relationship between international financial integration and the real economy. Other papers discuss whether (or not): i) the next capital account crisis can be predicted; ii) accepted definitions of debt crises are adequate; iii) the Doha Round of trade talks (if they are ever successfully completed) will lead to preference erosion; and finally iv) there is room for political opportunism in countries deciding between money-based or exchange-rate-based stabilization programs.
Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 148 pages
File Size : 41,8 Mb
Release : 1999-01-01
Category : Business & Economics
ISBN : 9781451974201
This paper analyzes the predictability of currency crises. The paper evaluates three models for predicting currency crises that were proposed before 1997. Two of the models failed to provide useful forecasts. One model provides forecasts that are somewhat informative though still not reliable. Plausible modifications to this model improve its performance, providing some hope that future models may do better. The study suggests, though, that although forecasting models may help indicate vulnerability to crises, the predictive power of even the best of them may be limited.
Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 196 pages
File Size : 46,9 Mb
Release : 1986-01-01
Category : Business & Economics
ISBN : 9781451946956
WILLIAM. white, who joined the International Monetary Fund in 1948, spent his entire professional life in the Research Department. Present and past staff members, many of whom benefited from his advice, have asked that his contribution-to the work of the Fund should receive recognition in Staff Papers. This appreciation draws on excerpts from written recollections of some of his colleagues.
Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 193 pages
File Size : 50,8 Mb
Release : 2005-12-22
Category : Business & Economics
ISBN : 9781589064751
This last issue for 2005 comprises seven new papers, including a contribution to the journal's occasional Special Data Section about domestic debt markets in Sub-Saharan Africa, and also an in-depth look at the internal job market for entry-level economists at the IMF. The remaining articles cover toics as diverse as: modeling of asset markets, exchange rates in developing countries, international bank claims on Latin America, the effectiveness of "early warning" systems, and the use (by emerging market countries) of the IMF's Special Data Dissemination Standard (SDDS).
Author : Mr.Robert P. Flood
Publisher : International Monetary Fund
Page : 172 pages
File Size : 41,8 Mb
Release : 2003-07-11
Category : Social Science
ISBN : 1589062027
This paper examines sources of economic growth in East Asia. The conventional growth-accounting approach to estimating the sources of economic growth requires unrealistically strong assumptions about either competitiveness of factor markets or the form of the underlying aggregate production function. The paper outlines a new approach utilizing nonparametric derivative estimation techniques that does not require imposing these restrictive assumptions. The results for East Asian countries show that output elasticities of capital and labor tend to be different from the income shares of these factors. The paper also explores the compensating potential of private intergenerational transfers.
Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 166 pages
File Size : 51,6 Mb
Release : 2006-06-29
Category : Business & Economics
ISBN : 1589065174
Noteworthy among the six papers appearing in this latest issue of the IMF's peer-reviewed journal is another installment in the Special Data Section. Anthony Pellechio and John Cady from the IMF's Statistics Department take a close look at differences in IMF data; how and when they could occur; and what the implications of such differences might be for end-users of the IMF's data.