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After the Crisis; Assessing the Damage in Italy
Sgherri, Silvia; Morsy, Hanan - International Monetary Fund (IMF) - 2010
Italy’s deep-rooted structural problems resulted in an unsatisfactory productivity performance and a dismal growth over the last 15 years. The global financial crisis has exacerbated these long-standing weaknesses, taking a heavy toll on Italy’s economy. With output back to its...
Persistent link: https://www.econbiz.de/10008727814
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Japan; Selected Issues
International Monetary Fund (IMF); International … - 2004
This Selected Issues paper analyzes the key features of the Japanese business cycle, and investigates whether the current recovery differs from past recoveries. In particular, this paper poses the following questions: what are the main characteristics of Japanese business cycles since 1980, and...
Persistent link: https://www.econbiz.de/10005768608
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What Happens During Recessions, Crunches, and Busts?
Terrones, Marco; Kose, M. Ayhan; Claessens, Stijn - International Monetary Fund (IMF) - 2008
We provide a comprehensive empirical characterization of the linkages between key macroeconomic and financial variables around business and financial cycles for 21 OECD countries over the period 1960–2007. In particular, we analyze the implications of 122 recessions, 112 (28) credit...
Persistent link: https://www.econbiz.de/10005769300
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Growth Dynamics; The Myth of Economic Recovery
Saxena, Sweta Chaman; Cerra, Valerie - International Monetary Fund (IMF) - 2005
Using panel data for a large number of countries, we find that economic contractions are not followed by offsetting fast recoveries. Trend output lost is not regained, on average. Wars, crises, and other negative shocks lead to absolute divergence and lower long-run growth, whereas we find...
Persistent link: https://www.econbiz.de/10005604978
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Redistribution, Inequality, and Growth
Ostry, Jonathan David; Berg, Andrew; Tsangarides, … - International Monetary Fund (IMF) - 2014
the previous SDN on inequality and growth by focusing on the role of redistribution. It finds that, from the perspective … of the best available macroeconomic data, there is not a lot of evidence that redistribution has in fact undercut … is a big tradeoff between redistribution and growth. The best available macroeconomic data do not support such a …
Persistent link: https://www.econbiz.de/10011142220
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Financial Crises in DSGE Models: A Prototype Model
Benes, Jaromir; Kumhof, Michael; Laxton, Douglas - International Monetary Fund (IMF) - 2014
This paper presents the theoretical structure of MAPMOD, a new IMF model designed to study vulnerabilities associated with excessive credit expansions, and to support macroprudential policy analysis. In MAPMOD, bank loans create purchasing power that facilitates adjustments in the real economy....
Persistent link: https://www.econbiz.de/10010790398
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Financial Crises in DSGE Models: Selected Applications of MAPMOD
Benes, Jaromir; Kumhof, Michael; Laxton, Douglas - International Monetary Fund (IMF) - 2014
This paper, together with a technical companion paper, presents MAPMOD, a new IMF model designed to study vulnerabilities associated with excessive credit expansions, and to support macroprudential policy analysis. In MAPMOD, bank loans create purchasing power that facilitates adjustments in the...
Persistent link: https://www.econbiz.de/10010790408
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Rules of Thumb for Bank Solvency Stress Testing
Hardy, Daniel C.; Schmieder, Christian - International Monetary Fund (IMF) - 2013
Rules of thumb can be useful in undertaking quick, robust, and readily interpretable bank stress tests. Such rules of thumb are proposed for the behavior of banks’ capital ratios and key drivers thereof—primarily credit losses, income, credit growth, and risk weights—in advanced and...
Persistent link: https://www.econbiz.de/10011142030
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Potential Growth in Emerging Asia
Anand, Rahul; Cheng, Kevin C.; Rehman, Sidra; Zhang, Longmei - International Monetary Fund (IMF) - 2014
Using three distinct approaches—statistical filtering, production function, and multivariate model— this paper estimates potential growth for China, India, and five ASEAN countries (Indonesia, Malaysia, the Philippines, Thailand, and Vietnam) during 1993–2013. The main...
Persistent link: https://www.econbiz.de/10011142066
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A Financial Conditions Index for Poland
Ho, Giang; Lu, Yinqiu - International Monetary Fund (IMF) - 2013
This paper constructs a financial conditions index for Poland to explore the link between financial conditions and real economic activity. The index in constructed by applying two complementary approaches—factor analysis and vector auto-regression approach. We evaluate the index’s...
Persistent link: https://www.econbiz.de/10011142092