Imf Staff Papers Volume 47 No 3

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IMF Staff Papers, Volume 47, No. 3

International Monetary Fund. Research Dept.
IMF Staff Papers Volume 47 No 3 Book PDF

Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 140 pages
File Size : 54,6 Mb
Release : 2001-10-10
Category : Business & Economics
ISBN : 9781451973747

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IMF Staff Papers, Volume 47, No. 3 by International Monetary Fund. Research Dept. Pdf

This paper provides an overview of the recent theoretical and empirical research on herd behavior in financial markets. It looks at what precisely is meant by herding, the causes of herd behavior, the success of existing studies in identifying the phenomenon, and the effect that herding has on financial markets. The paper also surveys a selected number of studies that evaluated the demand for money using the error-correction model approach in the 1990s across a range of industrial and developing countries.

IMF Staff Papers

International Monetary Fund. Research Dept.
IMF Staff Papers Book PDF

Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 128 pages
File Size : 44,5 Mb
Release : 2000-01-01
Category : Business & Economics
ISBN : 9781455291571

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IMF Staff Papers by International Monetary Fund. Research Dept. Pdf

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.

IMF Staff Papers, Volume 47, Special Issue, IMF Annual Research Conference,

Mr.Robert P. Flood,Mr.Eduardo Borensztein
IMF Staff Papers Volume 47 Special Issue IMF Annual Research Conference Book PDF

Author : Mr.Robert P. Flood,Mr.Eduardo Borensztein
Publisher : International Monetary Fund
Page : 236 pages
File Size : 53,9 Mb
Release : 2001-11-28
Category : Business & Economics
ISBN : 9781451963090

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IMF Staff Papers, Volume 47, Special Issue, IMF Annual Research Conference, by Mr.Robert P. Flood,Mr.Eduardo Borensztein Pdf

This paper presents a broad overview of postwar analytical thinking on international macroeconomics, culminating in a more detailed discussion of recent progress. The paper reviews important empirical evidence that has inspired alternative modeling approaches, as well as theoretical and policy considerations behind developments in the field. The paper presents an empirical study of fiscal policy in countries with extreme monetary regimes. It also examines members of multilateral currency unions, dollarized countries that officially use the money of another country, and countries using currency boards.

IMF Staff papers

International Monetary Fund. Research Dept.
IMF Staff papers Book PDF

Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 145 pages
File Size : 42,6 Mb
Release : 1960
Category : Business & Economics
ISBN : 9781451949704

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IMF Staff papers by International Monetary Fund. Research Dept. Pdf

This paper explores the role of the IMF in promoting price stability. The IMF has one of its major objectives is to eliminate exchange restrictions that are due to balance of payments reasons. It carries on extensive annual consultations with its members toward that end; and, once the post-war transition is at an end, these members cannot impose exchange restrictions on current transactions without the approval of the Fund. This paper has consistently dealt with the IMF in its role of helping members to avoid inflation. Inflation is the subject of our meeting; and, in the post-war world as it has in fact developed, inflation, latent or realized, has been the perennial problem. Recessions have been short lived. Wherever a member is under pressure, either from external causes such as shrinkage in its foreign markets or from its own policies at home, the IMF stands ready to help it through its period of adjustment. Also with the notable strengthening of its resources that is now in the mill, it should prove to be an even more powerful bulwark against deflation. In such a world, those major countries that are maintaining the most stable and orderly price systems will set the standard to which others must repair.

IMF Staff Papers

International Monetary Fund. Research Dept.
IMF Staff Papers Book PDF

Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 187 pages
File Size : 51,8 Mb
Release : 1951-01-01
Category : Business & Economics
ISBN : 9781451949322

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IMF Staff Papers by International Monetary Fund. Research Dept. Pdf

This paper discusses that the governments of forty-nine countries have accepted the Articles of Agreement of the IMF. They have accepted the Agreement on their own behalf and in respect of all their colonies, overseas territories, all territories under their protection, suzerainty, or authority and all territories in respect of which they exercise a mandate. Although the concept of a fixed par value and of rates of exchange based on it is of fundamental importance under the Articles of Agreement, provision is also made for the retention, adaptation and introduction of multiple currency practices in certain circumstances. Courts are frequently called upon to decide at what rate of exchange one currency shall be translated into another. The courts of many countries have been faced, both before and after the coming into force of the IMF Agreement, with the problem whether they should recognize the effect of the exchange control regulations of other countries.

IMF Staff papers

International Monetary Fund. Research Dept.
IMF Staff papers Book PDF

Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 278 pages
File Size : 54,9 Mb
Release : 1974-01-01
Category : Business & Economics
ISBN : 9781451969344

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IMF Staff papers by International Monetary Fund. Research Dept. Pdf

This paper constructs three simple model of the financial effects on countries in different situations of the various arrangements regarding reserve supply that were discussed during the recent negotiations on reform of the international monetary system. Much of the analysis is devoted to an identification of the conflicting factors that determine the financial impact on a country of the possible arrangements considered. It is demonstrated that nonreserve centers have a financial interest in the existence of convertibility and in the absence of holding limits for primary assets, while the converse is true for a reserve center. Another clear-cut conclusion is that net users of special drawing rights (SDR) have a financial interest in increasing the role of the SDR by means of restrictions on reserve composition rather than by means of an increased SDR yield, while the reverse is true of countries with SDR holdings in excess of allocations.

IMF Staff papers

International Monetary Fund. Research Dept.
IMF Staff papers Book PDF

Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 169 pages
File Size : 42,7 Mb
Release : 1966-01-01
Category : Business & Economics
ISBN : 9781451969108

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IMF Staff papers by International Monetary Fund. Research Dept. Pdf

This paper explores trends in payment imbalances between 1952 and 1964. When desired reserves deviate appreciably from actual holdings, the authorities will sooner or later readjust their economic policies to reduce the magnitude of the deviation. On the assumption that the priorities given in individual countries to domestic and external objectives of economic policy and the attitudes toward the use of various policy instruments remain unchanged, desired reserves would tend to rise chiefly as a result of the increase in the size of expected payments fluctuations. International reserves of all 65 countries of the study rose over the period studied by 2.5 per cent a year. This low rate of increase reflects, however, the large reduction in US reserves. For all countries of the study excluding the United States, the reserves grew by 6.0 per cent a year. Leaving aside the loss of reserves by the United States, reserves of all countries appear, therefore, to have grown roughly in proportion to the value of trade and to the size of payments imbalances.

IMF Staff papers

International Monetary Fund. Research Dept.
IMF Staff papers Book PDF

Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 199 pages
File Size : 49,8 Mb
Release : 2024-07-02
Category : Business & Economics
ISBN : 9781451969160

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IMF Staff papers by International Monetary Fund. Research Dept. Pdf

This paper focuses on problems of economic policy in terms of targets and instruments. Both the fixed-targets approach and the welfare-economics approach tend to favor a multiplication of policy instruments, the former so as to increase the number of targets that can be attained and the latter so as to permit all objectives to be more closely approximated. It is necessary that policies be centrally coordinated, and in each country, there is a limit to the number of policies that can be successfully coordinated by the political and administrative machine. For this reason, the costs of applying any given policy instrument will depend not only on the degree of its use but also on the number and nature of the instruments already in use. The existence of both kinds of cost, and particularly the latter, will set a limit on the number of policy instruments that can appropriately be brought into operation.

IMF Staff Papers, Volume 47, No. 2

International Monetary Fund. Research Dept.
IMF Staff Papers Volume 47 No 2 Book PDF

Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 128 pages
File Size : 54,9 Mb
Release : 2000-01-01
Category : Business & Economics
ISBN : 9781451974232

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IMF Staff Papers, Volume 47, No. 2 by International Monetary Fund. Research Dept. Pdf

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.

IMF Staff papers

International Monetary Fund. Research Dept.
IMF Staff papers Book PDF

Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 143 pages
File Size : 45,7 Mb
Release : 1952-01-01
Category : Business & Economics
ISBN : 9781451968262

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IMF Staff papers by International Monetary Fund. Research Dept. Pdf

This paper focuses on the relation of inflation to economic development. Due to the inadequacy of savings and the difficulty of directing them into productive investment, there is a strong temptation to raise the level of investment by expanding bank credit—that is, by inflation. In most low-income countries, even the most forceful measures for increasing savings and for applying them to the most urgent needs would still leave the economy with inadequate resources for the investment necessary to assure tolerable progress in raising productive efficiency and expanding production. The only way of securing adequate resources for development in such countries is by supplementing domestic savings with capital from abroad. It is characteristic of the underdeveloped countries that the resources they put into investment are generally a smaller proportion of their very much smaller national product than is true for the more highly developed countries. The proportionally low level of investment in underdeveloped countries may be due to various factors. Frequently, though not universally, the cause of inadequate investment is the unavailability of savings.

IMF Staff papers

International Monetary Fund. Research Dept.
IMF Staff papers Book PDF

Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 148 pages
File Size : 40,9 Mb
Release : 1988-01-01
Category : Business & Economics
ISBN : 9781451972986

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IMF Staff papers by International Monetary Fund. Research Dept. Pdf

The proposal to set up an international debt facility to buy the debt of developing countries at a discount and then mark down its contractual value is analyzed. The paper considers the central question of how the debtor countries, creditor banks, and owners of the facility would be affected; in particular, what redistribution of gains and losses there would be among them. The “market price effect” and the “ceiling effect” are distinguished. A crucial consideration is whether debt retained by banks is subordinated to debt bought by the facility.

IMF Staff papers

International Monetary Fund. Research Dept.
IMF Staff papers Book PDF

Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 223 pages
File Size : 44,8 Mb
Release : 1966-01-01
Category : Business & Economics
ISBN : 9781451947236

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IMF Staff papers by International Monetary Fund. Research Dept. Pdf

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.”

IMF Staff papers

International Monetary Fund. Research Dept.
IMF Staff papers Book PDF

Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 311 pages
File Size : 46,8 Mb
Release : 1973-01-01
Category : Business & Economics
ISBN : 9781451969313

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IMF Staff papers by International Monetary Fund. Research Dept. Pdf

It is argued in this paper that, since economic welfare is influenced by the payments objectives pursued by countries, economists should explore the objectives that are indicated as being appropriate by welfare economics, rather than accepting objectives that have been arbitrarily specified and restricting their analysis to the question of how those objectives can be achieved. The concept of payments objectives involves targets for both the change in reserves and the structure of the balance of payments. The paper assumes that the private sector supplies the optimal quantity of stabilizing speculation, so that there is no need for reserves to change, and the problem is solely that of determining the optimal capital flow. This permits a discussion of the sources of welfare gain from capital flows, the qualifications to the classical prescription of free capital flows, and the case for a code of conduct to limit countries' freedom to restrict capital movements. It also implies that in the long run any maldistribution of reserves should be corrected by adjusting the current account rather than by borrowing reserves or manipulating the capital account.

IMF Staff Papers, Volume 47, No. 1

International Monetary Fund. Research Dept.
IMF Staff Papers Volume 47 No 1 Book PDF

Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 168 pages
File Size : 40,9 Mb
Release : 2000-01-01
Category : Business & Economics
ISBN : 9781451974584

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IMF Staff Papers, Volume 47, No. 1 by International Monetary Fund. Research Dept. Pdf

This paper discusses the origins of the pyramid schemes and the way the authorities handled them. The paper analyzes the economic effects of the pyramid schemes, concluding that despite the descent into anarchy triggered by the schemes’ collapse, their direct effects on the economy are difficult to specify and appear to have been limited. The paper also argues that prevention of pyramid schemes is better than cure and that government and international financial institutions should be vigilant in clamping down on frauds.

IMF Staff papers

International Monetary Fund. Research Dept.
IMF Staff papers Book PDF

Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 203 pages
File Size : 41,9 Mb
Release : 1965-01-01
Category : Business & Economics
ISBN : 9781451969061

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IMF Staff papers by International Monetary Fund. Research Dept. Pdf

Selections from this paper were delivered at the Annual Meeting of the American Statistical Association, Philadelphia, Pennsylvania, on September 8, 1965.