IMF Staff Papers

IMF Staff Papers

Author: Mr. Robert P. Flood

Publisher: International Monetary Fund

Published: 2003-08-25

Total Pages: 195

ISBN-13: 1455284513

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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.


Book Synopsis IMF Staff Papers by : Mr. Robert P. Flood

Download or read book IMF Staff Papers written by Mr. Robert P. Flood and published by International Monetary Fund. This book was released on 2003-08-25 with total page 195 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

IMF Staff Papers

IMF Staff Papers

Author: International Monetary Fund. Research Dept.

Publisher: International Monetary Fund

Published: 2002-11-04

Total Pages: 250

ISBN-13: 9781589061231

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This paper reports for uncovered interest parity (UIP) using daily data for 23 developing and developed countries during the crisis-strewn 1990s. UIP is a classic topic of international finance, a critical building block of most theoretical models, and a dismal empirical failure. UIP states that the interest differential is, on average, equal to the ex post exchange rate change. UIP may work differently for countries in crisis, whose exchange and interest rates both display considerably more volatility. This volatility raises the stakes for financial markets and central banks; it also may provide a more statistically powerful test for the UIP hypothesis. Policy-exploitable deviations from UIP are, therefore, a necessary condition for an interest rate defense. There is a considerable amount of heterogeneity in the results, which differ wildly by country.


Book Synopsis IMF Staff Papers by : International Monetary Fund. Research Dept.

Download or read book IMF Staff Papers written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 2002-11-04 with total page 250 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reports for uncovered interest parity (UIP) using daily data for 23 developing and developed countries during the crisis-strewn 1990s. UIP is a classic topic of international finance, a critical building block of most theoretical models, and a dismal empirical failure. UIP states that the interest differential is, on average, equal to the ex post exchange rate change. UIP may work differently for countries in crisis, whose exchange and interest rates both display considerably more volatility. This volatility raises the stakes for financial markets and central banks; it also may provide a more statistically powerful test for the UIP hypothesis. Policy-exploitable deviations from UIP are, therefore, a necessary condition for an interest rate defense. There is a considerable amount of heterogeneity in the results, which differ wildly by country.

IMF Staff Papers

IMF Staff Papers

Author: Ashoka Mody

Publisher:

Published: 2004

Total Pages: 168

ISBN-13:

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This is the 2004 (Volume 51) Special Issue of IMF Staff Papers, which includes 6 selected papers (from more than 20) that were presented at the IMF's Fourth Annual Research Conference, November 6-7, 2003.


Book Synopsis IMF Staff Papers by : Ashoka Mody

Download or read book IMF Staff Papers written by Ashoka Mody and published by . This book was released on 2004 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the 2004 (Volume 51) Special Issue of IMF Staff Papers, which includes 6 selected papers (from more than 20) that were presented at the IMF's Fourth Annual Research Conference, November 6-7, 2003.

IMF Staff Papers, Volume 51, Special Issue, IMF Fourth Annual Research Conference

IMF Staff Papers, Volume 51, Special Issue, IMF Fourth Annual Research Conference

Author: Mr.Ashoka Mody

Publisher: International Monetary Fund

Published: 2004-06-10

Total Pages: 168

ISBN-13: 9781589063204

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This is the 2004 (Volume 51) Special Issue of IMF Staff Papers, which includes 6 selected papers (from more than 20) that were presented at the IMF's Fourth Annual Research Conference, November 6-7, 2003.


Book Synopsis IMF Staff Papers, Volume 51, Special Issue, IMF Fourth Annual Research Conference by : Mr.Ashoka Mody

Download or read book IMF Staff Papers, Volume 51, Special Issue, IMF Fourth Annual Research Conference written by Mr.Ashoka Mody and published by International Monetary Fund. This book was released on 2004-06-10 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the 2004 (Volume 51) Special Issue of IMF Staff Papers, which includes 6 selected papers (from more than 20) that were presented at the IMF's Fourth Annual Research Conference, November 6-7, 2003.

IMF Staff Papers, Volume 52, Special Issue, IMF Conference in Honor of Michael Mussa

IMF Staff Papers, Volume 52, Special Issue, IMF Conference in Honor of Michael Mussa

Author: International Monetary Fund. Research Dept.

Publisher: International Monetary Fund

Published: 2005-08-30

Total Pages: 196

ISBN-13: 9781589064478

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This paper focuses on expectations for the American economy focused on the likelihood of secular stagnation, which continued to be debated throughout the post-war period. Concerns rose during the late 1960s and early 1970s about rapid population growth smothering the potential for economic growth in developing countries were contradicted when, during the mid- and late-1970s, fertility rates began to decline rapidly. In policy-oriented institutions (and in most businesses and individual decision making), policymaking decisions are often guided by projections and forward-looking indicators. The case of Michael Mussa has been one of great anticipation, and of great accomplishment, and all the early optimistic forecasts about him have turned out to be correct. Within the sphere of economics, undoubtedly the most famous and widely used forecast—one, incidentally, that thus far has often been incorrect—is that based on the Malthusian doctrine of the relationship between resources and population.


Book Synopsis IMF Staff Papers, Volume 52, Special Issue, IMF Conference in Honor of Michael Mussa by : International Monetary Fund. Research Dept.

Download or read book IMF Staff Papers, Volume 52, Special Issue, IMF Conference in Honor of Michael Mussa written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 2005-08-30 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper focuses on expectations for the American economy focused on the likelihood of secular stagnation, which continued to be debated throughout the post-war period. Concerns rose during the late 1960s and early 1970s about rapid population growth smothering the potential for economic growth in developing countries were contradicted when, during the mid- and late-1970s, fertility rates began to decline rapidly. In policy-oriented institutions (and in most businesses and individual decision making), policymaking decisions are often guided by projections and forward-looking indicators. The case of Michael Mussa has been one of great anticipation, and of great accomplishment, and all the early optimistic forecasts about him have turned out to be correct. Within the sphere of economics, undoubtedly the most famous and widely used forecast—one, incidentally, that thus far has often been incorrect—is that based on the Malthusian doctrine of the relationship between resources and population.

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

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

Author: Mr.Robert P. Flood

Publisher: International Monetary Fund

Published: 2001-11-28

Total Pages: 236

ISBN-13: 1451963092

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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.


Book Synopsis IMF Staff Papers, Volume 47, Special Issue, IMF Annual Research Conference, by : Mr.Robert P. Flood

Download or read book IMF Staff Papers, Volume 47, Special Issue, IMF Annual Research Conference, written by Mr.Robert P. Flood and published by International Monetary Fund. This book was released on 2001-11-28 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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, Volume 50, Special Issue, IMF Third Annual Research Conference

IMF Staff Papers, Volume 50, Special Issue, IMF Third Annual Research Conference

Author: Mr.Robert P. Flood

Publisher: International Monetary Fund

Published: 2003-08-25

Total Pages: 202

ISBN-13: 9781589062047

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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.


Book Synopsis IMF Staff Papers, Volume 50, Special Issue, IMF Third Annual Research Conference by : Mr.Robert P. Flood

Download or read book IMF Staff Papers, Volume 50, Special Issue, IMF Third Annual Research Conference written by Mr.Robert P. Flood and published by International Monetary Fund. This book was released on 2003-08-25 with total page 202 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

International Financial Integration

International Financial Integration

Author: Mr.Gian Milesi-Ferretti

Publisher: International Monetary Fund

Published: 2003-04-01

Total Pages: 46

ISBN-13: 1451850905

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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.


Book Synopsis International Financial Integration by : Mr.Gian Milesi-Ferretti

Download or read book International Financial Integration written by Mr.Gian Milesi-Ferretti and published by International Monetary Fund. This book was released on 2003-04-01 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

IMF-Supported Programs

IMF-Supported Programs

Author: Mr.Ashoka Mody

Publisher: International Monetary Fund

Published: 2006-04-03

Total Pages: 184

ISBN-13: 9781589063617

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Research work by the IMF’s staff on the effectiveness of the country programs the organization supports, which has long been carried out, has intensified in recent years. IMF analysts have sought to “open up the black box” by more closely examining program design and implementation, as well as how these influence programs’ effectiveness. Their efforts have also focused on identifying the lending, signaling, and monitoring features of the IMF that may affect member countries’ economic performance. This book reports on a large portion of both the new and the continuing research. It concludes that IMF programs work best where domestic politics and institutions permit the timely implementation of the necessary measures and when a country is vulnerable to, but not yet in, a crisis. It points to the need for a wider recognition of the substantial diversity among IMF member countries and for programs to be tailored accordingly while broadly maintaining the IMF’s general principle of uniformity of treatment.


Book Synopsis IMF-Supported Programs by : Mr.Ashoka Mody

Download or read book IMF-Supported Programs written by Mr.Ashoka Mody and published by International Monetary Fund. This book was released on 2006-04-03 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt: Research work by the IMF’s staff on the effectiveness of the country programs the organization supports, which has long been carried out, has intensified in recent years. IMF analysts have sought to “open up the black box” by more closely examining program design and implementation, as well as how these influence programs’ effectiveness. Their efforts have also focused on identifying the lending, signaling, and monitoring features of the IMF that may affect member countries’ economic performance. This book reports on a large portion of both the new and the continuing research. It concludes that IMF programs work best where domestic politics and institutions permit the timely implementation of the necessary measures and when a country is vulnerable to, but not yet in, a crisis. It points to the need for a wider recognition of the substantial diversity among IMF member countries and for programs to be tailored accordingly while broadly maintaining the IMF’s general principle of uniformity of treatment.

Europe and Global Imbalances

Europe and Global Imbalances

Author: Philip R. Lane

Publisher: International Monetary Fund

Published: 2007-06

Total Pages: 66

ISBN-13:

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Although Europe in the aggregate is a not a major contributor to global current account imbalances, its trade and financial linkages with the rest of the world mean that it will still be affected by a shift in the current configuration of external deficits and surpluses. We assess the macroeconomic impact on Europe of global current account adjustment under alternative scenarios, emphasizing both trade and financial channels. Finally, we consider heterogeneous exposure across individual European economies to external adjustment shocks.


Book Synopsis Europe and Global Imbalances by : Philip R. Lane

Download or read book Europe and Global Imbalances written by Philip R. Lane and published by International Monetary Fund. This book was released on 2007-06 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: Although Europe in the aggregate is a not a major contributor to global current account imbalances, its trade and financial linkages with the rest of the world mean that it will still be affected by a shift in the current configuration of external deficits and surpluses. We assess the macroeconomic impact on Europe of global current account adjustment under alternative scenarios, emphasizing both trade and financial channels. Finally, we consider heterogeneous exposure across individual European economies to external adjustment shocks.