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Population Aging in Japan; Demographic Shock and Fiscal Sustainability

Mühleisen, Martin; Faruqee, Hamid - International Monetary Fund (IMF) - 2001

The paper develops a general equilibrium framework to examine the economic implications of population aging in Japan. Particular attention is paid to aggregate saving behavior which is modeled on the basis of empirical age-earnings profiles using a life-cycle approach. The paper's objectives are...

Persistent link: https://www.econbiz.de/10005769220

Financial Sector Debt Bias

Luca, Oana - 2016

Most tax systems create a tax bias toward debt finance. Such debt bias increases leverage and may negatively affect … financial stability. This paper models and estimates debt bias in the financial sector, and present novel estimates for … investment banks and non-bank financial intermediaries such as finance and insurance companies. We find debt bias to be pervasive …

Persistent link: https://www.econbiz.de/10014408098

The Global Impact of Demographic Change

Callen, Tim; McKibbin, Warwick J.; Batini, Nicoletta - International Monetary Fund (IMF) - 2006

The world is in the midst of a major demographic transition. This paper examines the implications of such transition over the next 80 years for Japan, the United States, other industrial countries, and the developing regions of the world using a dynamic intertemporal general equilibrium...

Persistent link: https://www.econbiz.de/10005826038

Demographic Change in Asia; The Impacton Optimal National Saving, Investment, and the Current Account

McDonald, Ian; Bésanger, Serge; Guest, Ross - International Monetary Fund (IMF) - 2000

This paper calculates the levels of optimal national saving, investment, and the current account balance for five Asian economies—Hong Kong SAR, Japan, Singapore, Malaysia, and the Philippines—for the period 1997–2050 using a simulation approach. These calculations show the sensitivity of...

Persistent link: https://www.econbiz.de/10005826103

Intertwined Sovereign and Bank Solvencies in a Model of Self-Fulfilling Crisis

Adler, Gustavo - International Monetary Fund (IMF) - 2012

from domestic banks. As public debt approached sustainability limits in a number of countries, however, high bank exposure …

Persistent link: https://www.econbiz.de/10010878417

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

We develop a new public domestic debt (DD) database covering 93 low-income countries and emerging markets over the 1975 …

Persistent link: https://www.econbiz.de/10005768875

Persistent Gaps, Volatility Types, and Default Traps

Fostel, Ana; Kapur, Sandeep; Catão, Luis - International Monetary Fund (IMF) - 2007

We show that cross-country differences in the underlying volatility and persistence of macroeconomic shocks help explain two historical regularities in sovereign borrowing: the existence of "vicious" circles of borrowing-and-default ("default traps"), as well as the fact that recalcitrant...

Persistent link: https://www.econbiz.de/10005604946

From Bear Stearns to Anglo Irish; How Eurozone Sovereign Spreads Related to Financial Sector Vulnerability

Mody, Ashoka - International Monetary Fund (IMF) - 2009

ratios of public debt-to-GDP. These transitional dynamics appear to have concluded with the nationalization of Anglo Irish … vulnerability and public debt levels. The results imply that, to varying degrees, countries may have moved to a new regime of weak …

Persistent link: https://www.econbiz.de/10008528652

Does Procyclical Fiscal Policy Reinforce Incentives to Dollarize Sovereign Debt?

Ilyina, Anna; Guscina, Anastasia; Kamil, Herman - International Monetary Fund (IMF) - 2010

composition of domestic sovereign debt in emerging market countries. The empirical analysis is anchored in an equilibrium model …, in which the dollarization of sovereign debt arises as a result of the optimal portfolio choices by risk-averse investors …, and of a sovereign debt manager who takes fiscal policy as given. The model predicts that in countries where the exchange …

Persistent link: https://www.econbiz.de/10008560435

Global Aging Pressures; Impact of Fiscal Adjustment, Policy Cooperation, and Structural Reforms

Kumar, Manmohan S.; Botman, Dennis P. J. - International Monetary Fund (IMF) - 2007

Demographic pressures will materialize in many economies over the next few decades. We examine the macroeconomic impact of alternative fiscal adjustment and structural reform strategies to address these global aging pressures using the IMF's Global Fiscal Model (GFM). The results suggest...

Persistent link: https://www.econbiz.de/10005769258