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Kose, M. Ayhan; Prasad, Eswar; Rogoff, Kenneth; Wei, … - International Monetary Fund (IMF) - 2006

The literature on the benefits and costs of financial globalization for developing countries has exploded in recent … macroeconomic effects of financial globalization, in terms of both growth and volatility. Overall, our critical reading of the … financial globalization, but with many nuances. On the other hand, there is little systematic evidence to support widely cited …

Persistent link: https://www.econbiz.de/10005263828

Cross-Border Investment in Small International Financial Centers

Lane, Philip R.; Milesi-Ferretti, Gian-Maria - International Monetary Fund (IMF) - 2010

This note documents and assesses the role of small financial centers in the international financial system using a newly-assembled dataset. It presents estimates of the foreign asset and liability positions for a number of the most important small financial centers, and places these into context...

Persistent link: https://www.econbiz.de/10008519475

Developing Essential Financial Markets in Smaller Economies; Stylized Facts and Policy Options

International Monetary Fund (IMF); International … - 2008

This paper surveys the foreign exchange markets, money and secondary government security markets, and stock exchanges in 107 smaller economy countries. The underdevelopment of these markets impedes risk transfer, monetary policy, corporate financing, and the capacity to absorb capital inflows....

Persistent link: https://www.econbiz.de/10011245902

The New International Financial Architecture and Africa

Nsouli, Saleh M.; Gall, Françoise Le - International Monetary Fund (IMF) - 2001

The new international financial architecture can help African countries benefit from globalization, while minimizing …

Persistent link: https://www.econbiz.de/10005248182

Retarding Short-Term Capital Inflows Through withholding Tax

Zee, Howell H. - International Monetary Fund (IMF) - 2000

This paper proposes a price-based measure to mitigate the destabilizing impact of the volatility of global capital movements on the domestic economy of a country pursuing sound economic policies. The measure is a withholding tax on all private capital inflows, with a credit and refund provision...

Persistent link: https://www.econbiz.de/10005263778

Rethinking the Governance of the International Monetary Fund

Mirakhor, Abbas; Zaidi, Iqbal Mehdi - International Monetary Fund (IMF) - 2006

This paper attempts to set out the principal issues that need to be resolved in formulating a proposal for quotas and voice reform in the IMF that could command broad support. Following John Rawls, we argue that "justice is the first virtue of social institutions," and we use his theory of...

Persistent link: https://www.econbiz.de/10005825790

Challenges to Monetary Policy From Financial Globalization; The Case of India

Prasad, A.; Kramer, Charles Frederick; Poirson, Hélène - International Monetary Fund (IMF) - 2008

The question of how India should adapt monetary policy to ongoing financial globalization has gained prominence with … countries that have adapted to financial globalization, drawing lessons for India. While we find no strong relationship between …

Persistent link: https://www.econbiz.de/10005826246

The External Wealth of Nations Mark II; Revised and Extended Estimates of Foreign Assets and Liabilities, 1970-2004

Lane, Philip R.; Milesi-Ferretti, Gian-Maria - International Monetary Fund (IMF) - 2006

We construct estimates of external assets and liabilities for 145 countries for the period 1970-2004. We describe our estimation methods and present key features of the data at the country and the global level. We focus on trends in net and gross external positions, and the composition of...

Persistent link: https://www.econbiz.de/10005826601

International Financial Integration

Lane, Philip R.; Milesi-Ferretti, Gian-Maria - International Monetary Fund (IMF) - 2003

In recent decades, the foreign assets and liabilities of advanced economies have grown rapidly relative to GDP, with the increase in gross cross-holdings far exceeding changes in the size of net positions. Moreover, the portfolio equity and FDI categories have grown in importance relative to...

Persistent link: https://www.econbiz.de/10005768766

Investorsâ€™ Risk Appetite and Global Financial Market Conditions

González-Hermosillo, Brenda - International Monetary Fund (IMF) - 2008

A structural vector autoregression model is developed to analyze the dynamics of bond spreads among a sample of mature and developing countries during periods of financial stress in the last decade. The model identifies and quantifies the contribution on bond spreads from global market...

Persistent link: https://www.econbiz.de/10005769174