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The Fund's Lending Framework and Sovereign Debt-Further Considerations

International Monetary Fund - 2015

In discussing the June 2014 paper, Executive Directors broadly supported staff's proposal to introduce more flexibility into the Fund's exceptional access framework to reduce unnecessary costs for the member, its creditors, and the overall system. Directors' views varied on staff's proposal to...

Persistent link: https://www.econbiz.de/10014408593

How to Stop a Herd of Running Bears? Market Response to Policy Initiatives During the Global Financial Crisis

International Monetary Fund - 2009

United Kingdom, the euro area, and Japan during the recent crisis on interbank credit and liquidity risk premia …

Persistent link: https://www.econbiz.de/10014402377

Government Debt Issuance in the Euro Area : The Impact of the Financial Crisis

International Monetary Fund - 2011

This paper documents and analyzes crisis-related changes in government debt issuance practices in the 16 euro zone … deficit and high debt euro area countries, and has forced governments to assume additional risk …

Persistent link: https://www.econbiz.de/10014403688

Toward a Framework for Safeguarding Financial Stability

International Monetary Fund - 2004

This paper examines the emergence of financial stability as a key policy objective. It discusses the underlying trends in the financial system, as well as the role of finance in relation to money, the real economy, and public policy. Financial stability is defined in terms of its ability to help...

Persistent link: https://www.econbiz.de/10014404178

A European Mandate for Financial Sector Supervisors in the EU

International Monetary Fund - 2009

The EU is deliberating the introduction of an explicit ""European mandate"" for financial sector supervisors to supplement national mandates. Suggestions are made on (i) the formulation of a European mandate; (ii) the policy areas to which it should apply; (iii) which institutions should be given...

Persistent link: https://www.econbiz.de/10014404295

Per Jacobsson Lecture : What Financial System for the Twenty-First Century?

International Monetary Fund - 2011

This paper describes a financial system that should be adopted for the 21st century. The paper highlights that the financial crisis of 2008 has raised fundamental questions about how the financial industry is structured, managed, and regulated. The paper discusses that a well-functioning...

Persistent link: https://www.econbiz.de/10014397983

Following Germany'S Lead : Using International Monetary Linkages to Identify the Effect of Monetary Policyon the Economy

International Monetary Fund - 2005

Forward-looking behavior on the part of the monetary authority leads least squares estimates to understate the true growth consequences of monetary policy interventions. We present instrumental variables estimates of the impact of interest rates on real output growth for several European...

Persistent link: https://www.econbiz.de/10014400699

Inflation Targeting and Output Growth : Empirical Evidence for the European Union

International Monetary Fund - 2005

This paper evaluates the performance of two alternative policy rules, a forward-looking rule and a spontaneous adjustment rule, under alternative inflation targets, in terms of output losses in a macroeconomic model, using European Union data. The simulations suggest that forward-looking rules...

Persistent link: https://www.econbiz.de/10014400852

Inflation Differentials in the EU : A Common ( Factors ) Approach with Implications for EU8 Euro Adoption Prospects

International Monetary Fund - 2008

This paper explores inflation determinants within the EU and implications for new members'' euro adoption plans. Factor …

Persistent link: https://www.econbiz.de/10014401399

The SDR Interest Rate Basket : Proposed Change of the Representative Interest Rate for the Euro and Amendment to Rule T-1(C)

International Monetary Fund - 2014

The three-month Eurepo interest rate, the euro component of the SDR interest rate basket, will be discontinued as of … representative interest rate instrument of the euro area in the SDR interest rate basket since 2006. However, faced with a … secondary market yield curve covering euro area government bonds rated either investment grade or AA and above. In staff's view …

Persistent link: https://www.econbiz.de/10014410559