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Learning, Monetary Policy and Asset Prices

Airaudo, Marco; Nisticò, Salvatore; Zanna, Luis-Felipe - International Monetary Fund (IMF) - 2015

We explore the stability properties of interest rate rules granting an explicit response to stock prices in a New-Keynesian DSGE model populated by Blanchard-Yaari non-Ricardian households. The constant turnover between long-time stock holders and asset-poor newcomers generates a financial...

Persistent link: https://www.econbiz.de/10011163119

Debt Sustainability, Public Investment, and Natural Resources in Developing Countries: the DIGNAR Model

Melina, Giovanni; Yang, Shu-Chun S.; Zanna, Luis-Felipe - International Monetary Fund (IMF) - 2014

This paper presents the DIGNAR (Debt, Investment, Growth, and Natural Resources) model, which can be used to analyze the debt sustainability and macroeconomic effects of public investment plans in resource-abundant developing countries. DIGNAR is a dynamic, stochastic model of a small open...

Persistent link: https://www.econbiz.de/10011123850

On the First-Round Effects of International Food Price Shocks: the Role of the Asset Market Structure

Portillo, Rafael; Zanna, Luis-Felipe - International Monetary Fund (IMF) - 2015

We develop a tractable small open-economy model to study the first-round effects of international food price shocks in developing countries. We define first-round effects as changes in headline inflation that, holding core inflation constant, help implement relative price adjustments. The model...

Persistent link: https://www.econbiz.de/10011242189

Financial Decisions and Investment Outcomes in Developing Countries: The Role of Institutions

Turk, Rima - International Monetary Fund (IMF) - 2015

This paper analyzes how differences in legal origin, judicial efficiency, and investor protection affect firm leverage and earnings volatility across developing countries. Using a large number of developing countries, four main findings are highlighted. First, firms in civil legal origin...

Persistent link: https://www.econbiz.de/10011242231

How Does Privatization Work? Ownership Concentration and Enterprise Performance in Ukraine

Pivovarsky, Alexander - International Monetary Fund (IMF) - 2001

This paper investigates the relationship between ownership concentration and enterprise performance in Ukraine. Using … performance in Ukraine. The paper also finds that concentration of ownership by foreign companies and banks is associated with … better performance than ownership concentrated by the domestic owners. Ownership by Ukrainian investment funds and holding …

Persistent link: https://www.econbiz.de/10005826048

Fiscal Transparency, Fiscal Performance and Credit Ratings

Escolano, Julio; Arbatli, Elif - International Monetary Fund (IMF) - 2012

This paper investigates the effect of fiscal transparency on market assessments of sovereign risk, as measured by credit ratings. It measures this effect through a direct channel (uncertainty reduction) and an indirect channel (better fiscal policies and outcomes), and it differentiates between...

Persistent link: https://www.econbiz.de/10011142007

Taxation and Development: Again

Keen, Michael - International Monetary Fund (IMF) - 2012

Issues of taxation and development, which have long been a central concern of the IMF, have attracted wider and renewed interest in the last few years. This paper reflects on three broad lessons of experience: that developing countries differ vastly in tax matters, and in ways that are less than...

Persistent link: https://www.econbiz.de/10011142024

What is Behind Latin Americaâ€™s Declining Income Inequality?

Tsounta, Evridiki; Osueke, Anayochukwu - International Monetary Fund (IMF) - 2014

Income inequality in Latin America has declined during the last decade, in contrast to the experience in many other emerging and developed regions. However, Latin America remains the most unequal region in the world. This study documents the declining trend in income inequality in Latin America...

Persistent link: https://www.econbiz.de/10011142048

The Rising Resilience of Emerging Market and Developing Economies

Abiad, Abdul; Bluedorn, John C; Guajardo, Jaime; … - International Monetary Fund (IMF) - 2012

Economic performance in many emerging market and developing economies (EMDEs) improved substantially over the past … investigate what factors have been associated with it. We find that their improved performance in recent years is accounted for by …

Persistent link: https://www.econbiz.de/10011142060

Striking an Appropriate Balance Among Public Investment, Growth, and Debt Sustainability in Cape Verde

Mu, Yibin - International Monetary Fund (IMF) - 2012

Despite relatively fast economic growth over the past few years, Cape Verdeâ€™s public debt to GDP ratio has risenrapidly. Achieving an appropriate balance among public investment, growth, and debt sustainability has become a priority for the Cape Verdean authorities. The IMF-World Bank...

Persistent link: https://www.econbiz.de/10011142080