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From Crisis to Recovery in Korea; Strategy, Achievements, and Lessons

Kang, Kenneth; Liang, Hong; Ma, Henry; Richards, Anthony J. - International Monetary Fund (IMF) - 2001

This paper reviews and draws lessons from the stabilization and reform program that Korea implemented in response to the 1997-98 crisis. The economy recovered quickly from the deep recession in 1998 and its vulnerability to a balance of payments crisis has been reduced sharply. Significant...

Persistent link: https://www.econbiz.de/10005825786

Issues in Managing and Sequencing Financial Sector Reforms Lessons From Experiences in Five Developing Countries

International Monetary Fund (IMF); International … - 1992

A review of the experience of five developing countries in reforming their financial systems illustrates the benefits and risks, and provides lessons on the factors which contribute to successful financial sector reforms. Financial sector reforms need to be supported by active monetary policy,...

Persistent link: https://www.econbiz.de/10005825950

International Pricing of Emerging Market Corporate Debt; Does the Corporate Matter?

Keller, Sonja; Mody, Ashoka - International Monetary Fund (IMF) - 2010

We examine risk spreads charged on corporate bonds placed by emerging market borrowers on international exchanges. While global developments have an important effect on spreads, changes in firm-level default risk also matter significantly in a way consistent with theory and experience in mature...

Persistent link: https://www.econbiz.de/10008519506

The Composition Matters; Capital Inflows and Liquidity Crunch During a Global Economic Crisis

Tong, Hui; Wei, Shang-Jin - International Monetary Fund (IMF) - 2009

We study whether capital flows affect the degree of credit crunch faced by a country's manufacturing firms during the 2007-09 crisis. Examining 3823 firms in 24 emerging countries, we find that the decline in stock prices was more severe for firms that are intrinsically more dependent on...

Persistent link: https://www.econbiz.de/10008528680

Access to Bank Credit in Sub-Saharan Africa; Key Issues and Reform Strategies

Sacerdoti, Emilio - International Monetary Fund (IMF) - 2005

This study discusses issues of access to bank credit in Sub-Saharan Africa, and examines measures that could help facilitate access by the private sector to bank credit. It reviews in particular obstacles to credit small- and medium-scale enterprises and agriculture, and examines progress in the...

Persistent link: https://www.econbiz.de/10005264006

Did the Euro Crisis Affect Non-Financial Firm Stock Prices Through a Financial or Trade Channel?

International Monetary Fund (IMF); International … - 2011

This paper analyzes through what channels the euro crisis has affected firm valuations globally. It examines stock price responses over the past year for 3045 non-financial firms in 16 countries to three key crisis events. Using pre-crisis benchmarks, it separates effects arising from changes in...

Persistent link: https://www.econbiz.de/10009327863

Explaining ASEAN-3â€™s Investment Puzzle A Tale of Two Sectors

Zhou, Yong Sarah - International Monetary Fund (IMF) - 2013

The prolonged investment decline in post-Asian crisis emerging Asia, in contrast to the swift recovery of economic … growth, has remained a puzzle. This paper shows that the post-crisis investment recession has been mainly concentrated in the …

Persistent link: https://www.econbiz.de/10011142140

Uncertainty and the Employment Dynamics of Small and Large Businesses

Ghosal, Vivek; Ye, Yang - International Monetary Fund (IMF) - 2015

We examine the impact of uncertainty on employment dynamics. Alternative measures of uncertainty are constructed based on the survey of professional forecasters, and regressionbased forecasting models for GDP growth, inflation, S&P500 stock price index, and fuel prices. Our results indicate that...

Persistent link: https://www.econbiz.de/10011123865

Asymmetric effects of the financial crisis : collateral-based investment-cash flow sensitivity analysis

Khramov, Vadim - 2012

This paper uses the financial crisis of 2008 as a natural experiment to demonstrate that when measuring investment … investment-cash flow sensitivity, which decreased substantially after the crisis when banks changed their expectations about the … value of assets on firms' balance sheets. This paper deepens our understanding of firms' investment behavior …

Persistent link: https://www.econbiz.de/10009614528

Cash Flow Analysis of Fiscal Regimes for Extractive Industries

Benninger, Thomas - 2024

Mining and petroleum projects share characteristics distinguishing them from other sectors of the economy, which has led to the use of dedicated fiscal regimes for these projects. The IMF's Fiscal Affairs Department uses fiscal modeling to evaluate extractive industry fiscal regimes for its...

Persistent link: https://www.econbiz.de/10015058480