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Monetization in Low- and Middle-Income Countries
Kinoshita, Noriaki; McLoughlin, Cameron - International Monetary Fund (IMF) - 2012
The degree of an economy’s monetization, which has an important implication on economic growth, can be affected by …
Persistent link: https://www.econbiz.de/10011142100
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Too Cold, Too Hot, or Just Right? Assessing Financial Sector Development Across the Globe
Barajas, Adolfo; Beck, Thorsten; Dabla-Norris, Era; … - International Monetary Fund (IMF) - 2013
This paper introduces the concept of the financial possibility frontier as a constrained optimum level of financial development to gauge the relative performance of financial systems across the globe. This frontier takes into account structural country characteristics, institutional, and...
Persistent link: https://www.econbiz.de/10010790428
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Macro-prudential Policy in a Fisherian Model of Financial Innovation
Bianchi, Javier; Boz, Emine; Mendoza, Enrique G. - International Monetary Fund (IMF) - 2012
The interaction between credit frictions, financial innovation, and a switch from optimistic to pessimistic beliefs played a central role in the 2008 financial crisis. This paper develops a quantitative general equilibrium framework in which this interaction drives the financial amplification...
Persistent link: https://www.econbiz.de/10010790437
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Intertwined Sovereign and Bank Solvencies in a Model of Self-Fulfilling Crisis
Adler, Gustavo - International Monetary Fund (IMF) - 2012
Large fiscal financing needs, both in advanced and emerging market economies, have often been met by borrowing heavily from domestic banks. As public debt approached sustainability limits in a number of countries, however, high bank exposure to sovereign risk created a fragile inter-dependence...
Persistent link: https://www.econbiz.de/10010878417
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Asian Flu or Wall Street Virus? Price and Volatility Spillovers of the Tech and Non-Tech Sectors in the United States and Asia
Chan-Lau, Jorge A.; Ivaschenko, Iryna V. - International Monetary Fund (IMF) - 2002
This paper, using T-GARCH models, finds that the United States has been the major source of price and volatility spillovers to stock markets in the Asian region during three different periods in the last decade: the pre-Long Term Capital Management crisis period, the "tech bubble" period, and...
Persistent link: https://www.econbiz.de/10005768786
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Assessing Financial System Vulnerabilities
Johnston, R. B.; Schumacher, Liliana; Chai, Jingqing - International Monetary Fund (IMF) - 2000
Recent financial crises have highlighted the potentially significant macroeconomic costs of financial system instability, and the potential for the instability in the financial system of one country to have broader implications for the stability of financial systems and macroeconomic performance...
Persistent link: https://www.econbiz.de/10005768830
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Financial Versus Monetary Mercantilism; Long-Run View of the Large International Reserves Hoarding
Lee, Jaewoo; Aizenman, Joshua - International Monetary Fund (IMF) - 2006
of high growth. They switched to hoarding large international reserves when growth faltered, making it harder to …
Persistent link: https://www.econbiz.de/10005768855
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The Role of Domestic Debt Markets in Economic Growth; An Empirical Investigation for Low-Income Countries and Emerging Markets
Abbas, S. M. Ali; Christensen, Jakob - International Monetary Fund (IMF) - 2007
-2004 period to estimate the growth impact of DD. Moderate levels of non-inflationary DD, as a share of GDP and bank deposits, are … found to exert a positive overall impact on economic growth. Granger-causality regressions suggest support for a variety of … bank deposits, DD begins to undermine growth, lending credence to traditional crowding out and bank efficiency concerns …
Persistent link: https://www.econbiz.de/10005768875
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Financial System Soundness in the Caribbean; An Initial Assessment
Cherebin, Desiree; Worrell, DeLisle; Polius, Tracy - International Monetary Fund (IMF) - 2001
A survey of the financial systems of Caribbean countries reveals systems dominated by banks, with services widely available. Jamaica is the only country to have experienced a financial crisis. The paper describes recent improvements in the regulatory framework, and examines factors, which affect...
Persistent link: https://www.econbiz.de/10005768880
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A Model of the Joint Distribution of Banking and Exchange-Rate Crises
Marion, Nancy P.; Flood, Robert P. - International Monetary Fund (IMF) - 2001
We develop a simple framework for studying the joint distribution of banking and currency crises triggered by real …
Persistent link: https://www.econbiz.de/10005768974