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Securities Transaction Taxes and Financial Markets

Habermeier, Karl Friedrich; Kirilenko, Andrei - International Monetary Fund (IMF) - 2001

This paper argues that securities transaction taxes "throw sand" not in the wheels, but into the engine of financial markets where the transformation of latent demands into realized transactions takes place. The paper considers the impact of transaction taxes on financial markets in the context...

Persistent link: https://www.econbiz.de/10005599614

Financial Implications of the Shrinking Supply of U.S. Treasury Securities

Schinasi, Garry J.; Smith, T. Todd; Kramer, Charles … - International Monetary Fund (IMF) - 2001

Recent improvements in fiscal positions in advanced countries have sharply curtailed the issuance of government … securities and created the possibility that government securities could disappear in some countries. The possibility that this … credit, market, and liquidity risks) among U.S. dollar assets. This paper analyzes the unique features of government …

Persistent link: https://www.econbiz.de/10005826085

A Framework for Developing Secondary Markets for Government Securities

Ãrvai, Zsófia; Heenan, Geoffrey - International Monetary Fund (IMF) - 2008

This paper consolidates previous work on the development of secondary markets for government securities, and focuses on …

Persistent link: https://www.econbiz.de/10005826193

A Taxonomy of Automated Trade Execution Systems

Domowitz, Ian - International Monetary Fund (IMF) - 1992

A taxonomy of existing and planned automated trade execution systems in financial markets is provided. Over 50 automated market structures in 16 countries are analyzed. The classification scheme is organized around the principle that such markets consist of an algorithm that performs a trade...

Persistent link: https://www.econbiz.de/10005826264

Use of Participatory Notes in Indian Equity Markets and Recent Regulatory Changes

Singh, Manmohan - International Monetary Fund (IMF) - 2007

This paper focuses on the use of participatory notes (PNs) by foreign investors, as a conduit for portfolio flows into Indian equity markets for more than a decade. The broadening of India's foreign investor base, in recent years, has a bias towards hedge funds/unregistered foreign investors who...

Persistent link: https://www.econbiz.de/10005264002

Trade Policy in Financial Services

McDonald, Bradley J.; Bannister, Geoffrey J.; Tamirisa, … - International Monetary Fund (IMF) - 2000

This paper reviews the economics of trade policy in financial services, highlighting differences between trade across borders and through commercial presence. Trade liberalization could complement other financial reforms by enhancing the efficiency, quality, and variety of financial services and...

Persistent link: https://www.econbiz.de/10005599696

Procyclicality and Fair Value Accounting

Scarlata, Jodi G.; Sole, Juan; Novoa, Alicia - International Monetary Fund (IMF) - 2009

In light of the uncertainties about valuation highlighted by the 2007-2008 market turbulence, this paper provides an empirical examination of the potential procyclicality that fair value accounting (FVA) could introduce in bank balance sheets. The paper finds that, while weaknesses in the FVA...

Persistent link: https://www.econbiz.de/10005825915

Financial Infrastructure, Group Interests, and Capital Accumulation; Theory, Evidence, and Policy

Bossone, Biaggio; Mahajan, Sandeep; Zahir, Farah - International Monetary Fund (IMF) - 2003

This study presents a theory of financial infrastructure - or the set of rules, institutions, and systems within which agents carry out financial transactions. It investigates the effects of financial infrastructure development on financial architecture and real capital accumulation, taking into...

Persistent link: https://www.econbiz.de/10005826055

Macroeconomic Fundamentals, Price Discovery and Volatility Dynamics in Emerging Markets

International Monetary Fund (IMF); International … - 2009

This study characterizes volatility dynamics in external emerging bond markets and examines how prices and volatility respond to news about macroeconomic fundamentals. As in mature bond markets, macroeconomic surprises in external emerging bond markets are found to aÂ¤ect both conditional...

Persistent link: https://www.econbiz.de/10008528627

Financial Sector Evolution in the Central European Economies; Challenges in Supporting Macroeconomic Stability and Sustainable Growth

Wagner, Nancy L.; Iakova, Dora M. - International Monetary Fund (IMF) - 2001

This paper takes stock of the current state of development of the financial systems in five Central European transition economies (the Czech Republic, Hungary, Poland, the Slovak Republic, and Slovenia) that are also leading EU accession candidates. It presents both a progress report and an...

Persistent link: https://www.econbiz.de/10005248292