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The Challenge of Enforcement in Securities Markets
Carvajal, Ana - 2009
enforcement efforts in securities markets have proven difficult and uneven. The recent scandal in the United States, wherein a … again highlighted the importance of effective enforcement of securities regulation, as well as the challenges that … securities regulators around the world face in implementing credible enforcement programs. While in many instances it is indi …
Persistent link: https://www.econbiz.de/10012677824
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Post-Transition Investment Behavior in Poland; A Sectoral Panel Analysis
Murgasova, Zuzana - International Monetary Fund (IMF) - 2005
Analyzing and projecting the behavior of macroeconomic variables in new EU member states presents special challenges, owing to limited time series of the available data. This paper presents an analysis of investment in Poland based on an underexplored sectoral data set. The determinants of...
Persistent link: https://www.econbiz.de/10005825651
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Transparency and International Investor Behavior
Wei, Shang-Jin; Gelos, Gaston - International Monetary Fund (IMF) - 2002
Does country "transparency" affect international portfolio investment? We examine this and related questions using a unique micro dataset on international portfolio holdings. We employ various indices of government and corporate transparency, focusing on the availability and quality of...
Persistent link: https://www.econbiz.de/10005826295
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Lebanon-Weathering the Perfect Storms
Schimmelpfennig, Axel; Gardner, E. H. - International Monetary Fund (IMF) - 2008
This paper reviews Lebanon's ability to manage financial pressures following severe shocks despite its large public debt overhang and significant external vulnerabilities. Based on interviews with market participants in Beirut and London, the paper concludes that Lebanon's ability to weather...
Persistent link: https://www.econbiz.de/10005826335
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Ambiguity, Transparency, and Institutional Strength
Erbas, S. Nuri - International Monetary Fund (IMF) - 2004
Institutional transparency makes future contingencies more easily predictable for investors. Greater transparency can be achieved through vertical and horizontal integration of policy rules, which may result in lower Knightian uncertainty (ambiguity). In a model based on cumulative prospect...
Persistent link: https://www.econbiz.de/10005826452
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Natural Disasters; Mitigating Impact, Managing Risks
Laframboise, Nicole; Loko, Boileau - International Monetary Fund (IMF) - 2012
This paper reviews the literature on the macroeconomic impact of natural disasters and presents the IMF’s role in assisting countries coping with natural catastrophes. Focusing on seven country cases, the paper describes the emergency financing, policy support, and technical assistance...
Persistent link: https://www.econbiz.de/10011242390
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Next Generation Balance Sheet Stress Testing
Schmieder, Christian; Hasan, Maher; Puhr, Claus - International Monetary Fund (IMF) - 2011
This paper presents a "second-generation" solvency stress testing framework extending applied stress testing work centered on Cihák (2007). The framework seeks enriching stress tests in terms of risk-sensitivity, while keeping them flexible, transparent, and user-friendly. The main...
Persistent link: https://www.econbiz.de/10009019581
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Revisiting Risk-Weighted Assets
Avramova, Sofiya; Leslé, Vanessa Le - International Monetary Fund (IMF) - 2012
In this paper, we provide an overview of the concerns surrounding the variations in the calculation of risk-weighted assets (RWAs) across banks and jurisdictions and how this might undermine the Basel III capital adequacy framework. We discuss the key drivers behind the differences in these...
Persistent link: https://www.econbiz.de/10010790321
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Are Rating Agencies Powerful? An Investigation Into the Impact and Accuracy of Sovereign Ratings
International Monetary Fund (IMF); International … - 2012
We find that Credit Rating Agencies (CRA)'s opinions have an impact in the cost of funding of sovereign issuers and consequently ratings are a concern for financial stability. While ratings produced by the major CRAs perform reasonably well when it comes to rank ordering default risk among...
Persistent link: https://www.econbiz.de/10009650631
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The Systemic Regulation of Credit Rating Agencies and Rated Markets
Sy, Amadou N. R. - International Monetary Fund (IMF) - 2009
Credit ratings have contributed to the current financial crisis. Proposals to regulate credit rating agencies focus on micro-prudential issues and aim at reducing conflicts of interest and increasing transparency and competition. In contrast, this paper argues that macro-prudential regulation is...
Persistent link: https://www.econbiz.de/10008528614