Selected Reference and Reading Materials compiled by Dan Villanueva


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Record ID

406     [ Page 28 of 68, No. 1 ]

Date

2013-06

Author

IMF Staff Team from MCM, FAD, RES, SPR, and STA

Affiliation

International Monetary Fund

Title

IMF Policy Paper: Key Aspects of Macroprudential Policy

Summary /
Abstract

The crisis has underscored the costs of systemic instability at both the national and the global levels and highlighted the need for dedicated macroprudential policies to achieve financial stability. Building on recent advances, this paper provides a framework to inform the IMF’s country-specific advice on macroprudential policy. It recognizes that developing macroprudential policy is a work in progress, and addresses key issues to help ensure its effectiveness.

Keywords

Financial stability, systemic risk, macroprudential policies

URL

http://www.imf.org/external/np/pp/eng/2013/061013b.pdf



Record ID

405     [ Page 28 of 68, No. 2 ]

Date

2013-07

Author

Yuki Teranishi

Affiliation

Department of Business and Commerce, Keio University and Centre for Applied Macroeconomic Analysis (CAMA), Australian National University

Title

Smoothed Interest Rate Setting by Central Banks and Staggered Loan Contracts

Summary /
Abstract

We investigate a new source of economic stickiness: namely, staggered loan interest rate contracts under monopolistic competition. The paper introduces this mechanism into a standard New Keynesian model. Simulations show that a response to a financial shock is greatly amplified by the staggered loan contracts though a response to a productivity, cost-push or monetary policy shock is not much affected. We derive an approximated loss function and analyse optimal monetary policy. Unlike other models, the function includes a quadratic loss of the first-order difference in loan rates. Thus, central banks have an incentive to smooth the policy rate.

Keywords

Staggered loan interest rate, economic fluctuation, optimal monetary policy

URL

https://cama.crawford.anu.edu.au/pdf/working-papers/2013/452013.pdf



Record ID

404     [ Page 28 of 68, No. 3 ]

Date

2013-08

Author

Manmohan Singh

Affiliation

Research Department, IMF

Title

Collateral and Monetary Policy

Summary /
Abstract

Financial lubrication in markets is indifferent to margin posting via money or collateral; the relative price(s) of money and collateral matter. Some central banks are now a major player in the collateral markets. Analogous to a coiled spring, the larger the quantitative easing (QE) efforts, the longer the central banks will impact the collateral market and associated repo rate. This may have monetary policy and financial stability implications since the repo rates map the financial landscape that straddles the bank/nonbank nexus.

Keywords

Velocity of collateral; IS/LM; quantitative easing; central banks; repo rate.

URL

http://www.imf.org/external/pubs/ft/wp/2013/wp13186.pdf



Record ID

403     [ Page 28 of 68, No. 4 ]

Date

2013-08

Author

John C Bluedorn, Rupa Duttagupta, Jaime Guajardo, and Petia Topalova

Affiliation

Research Department, IMF

Title

Capital Flows are Fickle: Anytime, Anywhere

Summary /
Abstract

Has the unprecedented financial globalization of recent years changed the behavior of capital flows across countries? Using a newly constructed database of gross and net capital flows since 1980 for a sample of nearly 150 countries, this paper finds that private capital flows are typically volatile for all countries, advanced or emerging, across all points in time. This holds true across most types of flows, including bank, portfolio debt, and equity flows. Advanced economies enjoy a greater substitutability between types of inflows, and complementarity between gross inflows and outflows, than do emerging markets, which reduces the volatility of their total net inflows despite higher volatility of the components. Capital flows also exhibit low persistence, across all economies and across most types of flows. Inflows tend to rise temporarily when global financing conditions are relatively easy. These findings suggest that fickle capital flows are an unavoidable fact of life to which policymakers across all countries need to continue to manage and adapt.

Keywords

International capital flows; volatility; persistence; comovement; global factors.

URL

http://www.imf.org/external/pubs/ft/wp/2013/wp13183.pdf



Record ID

402     [ Page 28 of 68, No. 5 ]

Date

2013-08

Author

Ran Bi, Haonan Qu, and James Roaf

Affiliation

Strategy, Policy, and Review Department, IMF

Title

Assessing the Impact and Phasing of Multi-year Fiscal Adjustment: A General Framework

Summary /
Abstract

This paper provides a general framework to assess the output and debt dynamics of an economy undertaking multi-year fiscal adjustment. The framework allows country-specific assumptions about the magnitude and persistence of fiscal multipliers, hysteresis effects, and endogenous financing costs. In addition to informing macro projections, the framework can also shed light on the appropriate phasing of fiscal consolidation—in particular, on whether it should be front- or back-loaded. The framework is applied to stylized advanced and emerging economy examples. It suggests that for a highly-indebted economy undertaking large multi-year fiscal consolidation, high multipliers do not always argue against front-loaded adjustment. The case for more gradual or back-loaded adjustment is strongest when hysteresis effects are in play, but it needs to be balanced against implications for debt sustainability. Application to actual country examples tends to cast doubt on claims that very large multipliers have been operating post-crisis. It seems that the GDP forecast errors for Greece may have been due more to over-optimism on potential growth estimates than to underestimating fiscal multipliers.

Keywords

Fiscal Multiplier, Hysteresis Effect, Phasing of Fiscal Consolidation

URL

http://www.imf.org/external/pubs/ft/wp/2013/wp13182.pdf



Record ID

401     [ Page 28 of 68, No. 6 ]

Date

2013-04

Author

Prepared by a team led by Toshiyuki Miyoshi and comprising Stephanie Segal, Preya Sharma, and Anish Tailor, with inputs provided by Mali Chivakul, Lorenzo Giorgianni, Gavin Gray, Bikas Joshi, Ben Kelmanson, Sergi Lanau, Martin Mühleisen, Uma Ramakrishnan, and Edouard Vidon. Overall guidance was provided by James Roaf (all SPR).

Affiliation

Strategy, Policy, and Review Department, IMF

Title

Stocktaking the Fund’s Engagement with Regional Financing Arrangements

Summary /
Abstract

Following the global financial crisis of 2008-09, regional financing arrangements (RFAs) have been recognized as an important layer of the global financial safety net. This paper summarizes the current landscape of RFAs, and discusses IMF-RFA coordination to date and options for enhancing cooperation going forward. In so doing, it intends to contribute to discussions underway at international fora and solicit views from the Fund and RFA memberships on how to enhance cooperation.

Keywords

International monetary system, Financial safety nets, External financing, International cooperation, Fund role

URL

http://www.imf.org/external/np/pp/eng/2013/041113b.pdf



Record ID

400     [ Page 28 of 68, No. 7 ]

Date

2013-08

Author

Bas B. Bakker and Li Zeng

Affiliation

European Department, IMF

Title

Dismal Employment Growth in EU Countries: The Role of Corporate Balance Sheet Repair and Dual Labor Markets

Summary /
Abstract

This paper argues that the large differences among EU countries in post-crisis employment performance are to a large extent driven by the need to adjust corporate balance sheets, which had greatly deteriorated during the boom years in some countries but not in others. To close the large gaps between saving and investment, firms reduced investment and cut costs to boost profits. With much of the cost adjustment falling on firms’ wage bills, employment losses were largest in countries under the most intense pressures to improve corporate profitability and with limited wage flexibility due to labor market duality.

Keywords

Employment, saving, debt, firms

URL

http://www.imf.org/external/pubs/ft/wp/2013/wp13179.pdf



Record ID

399     [ Page 28 of 68, No. 8 ]

Date

2012-02

Author

Leonardo Martinez, Juan Hatchondo, and Javier Bianchi

Affiliation

International Monetary Fund, Federal Reserve Bank of Richmond, and New York University and University of Wisconsin

Title

Sovereign Defaults and Optimal Reserves Management

Summary /
Abstract

A long-standing puzzle of international capital flows is why countries hold large amount of external debt and foreign reserves at the same time. To address this puzzle, we propose a sovereign default model where the government decides jointly over the accumulation of long-duration bonds and foreign reserves. When calibrated to the data, the model can successfully explain the simultaneous holdings of debt and foreign reserves. We also show that the relationship between reserves and default risk may be non-monotonic.

Keywords

Sovereign default, optimal reserves management, international capital flows, external debt, foreign reserves

URL

http://www.economicdynamics.org/meetpapers/2012/paper_1125.pdf



Record ID

398     [ Page 28 of 68, No. 9 ]

Date

2013-07

Author

Serkan Arslanalp and Yin Liao

Affiliation

International Monetary Fund and Australian National University

Title

Contingent Liabilities and Sovereign Risk: Evidence from Banking Sectors

Summary /
Abstract

This paper proposes a simple method to estimate contingent liabilities that arise from (implicit and explicit) government guarantees to the banking sector. This method allows us to construct cross-country estimates on potential costs of bank failures. Furthermore, we empirically test whether the contingent liabilities from the banking sector is a significant determinant of sovereign risk based on the data from 32 countries. Our results suggest that a 1% of GDP increase in contingent liabilities is associated with an increase in sovereign CDS spreads of 24 basis points in advanced countries and 75 basis points in emerging economies.

Keywords

Contingent Liabilities, Sovereign Risk, Banking Sector

URL

http://cama.crawford.anu.edu.au/pdf/working-papers/2013/432013.pdf



Record ID

397     [ Page 28 of 68, No. 10 ]

Date

2013-07

Author

Ricardo Reis

Affiliation

National Bureau of Economic Research

Title

Central Bank Design

Summary /
Abstract

What set of institutions can support the activity of a central bank? Designing a central bank requires specifying its objective function, including the bank's mandate at different horizons and the choice of banker(s), specifying the resource constraint that limits the resources that the central bank generates, the assets it holds, or the payments on its liabilities, and finally specifying how the central bank will communicate with private agents to affect the way they respond to policy choices. This paper summarizes the relevant economic literature that bears on these choices, leading to twelve principles on central bank design.

Keywords

Central bank design

URL

http://www.nber.org/papers/w19187.pdf

Remarks

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Total records: 676 | Select no. of records per page: 10 | 20 | 30 | 50 | 100 | Show all | Search
Select a Page:   << Previous  1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 Next >>



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