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Optimal Fiscal Policy and Government Provision of Contingent Liabilities : The Example of Government Loan and Deposit Guarantees

International Monetary Fund - 1989

The optimal provision of loan guarantees or deposit insurance is examined in the context of an overlapping generations model. It is demonstrated that even in the face of a market imperfection that precludes diversification of the private sector’s loan portfolio to eliminate risk, full...

Persistent link: https://www.econbiz.de/10014395814

Voluntary Debt Reduction : Incentives and Welfare

International Monetary Fund - 1988

In an economy with a debt overhang, investment depends on expected tax rates. On the other hand, expected tax rates depend on the debt’s face value. Therefore investment depends on the face value of debt. I show that this may lead to a positive or negative association between debt and...

Persistent link: https://www.econbiz.de/10014396009

Voluntary Debt Reduction : Incentives and Welfare

International Monetary Fund - 1988

This paper provides empirical evidence on the determinants of long-term growth performance in a sample of 55 developing countries grouped by income levels. The evidence indicates that a model incorporating the savings rate, export performance, expenditures on human capital development, the...

Persistent link: https://www.econbiz.de/10014396027

Terms of Trade Disturbances, Real Exchange Rates, and Welfare : The Role of Capital Controls and Labor Market Distortions

International Monetary Fund - 1989

Many arguments that have been advanced in favor of maintaining capital controls within the EC have not paid sufficient attention to the welfare consequences of this type of market intervention. Our paper provides a simple, optimizing framework in which the welfare consequences of capital...

Persistent link: https://www.econbiz.de/10014396039

The Welfare Effects of Public Expenditure Programs Reconsidered

International Monetary Fund - 1989

The paper proposes a new welfare-based measure to evaluate the distributive effects of public programs. The proposed measure differs from traditional approaches in two important ways: first, it is based on life-cycle considerations, since most public expenditure programs have an intertemporal...

Persistent link: https://www.econbiz.de/10014396379

Welfare Effects of Uzbekistan's Foreign Exchange Regime

International Monetary Fund - 2000

In addition to transferring about 16 percent of GDP from exporters to importers, Uzbekistan’s quasi-fiscal multiple exchange rate regime generates identifiable welfare losses of 2-8 percent of GDP on import markets and up to 15 percent on export markets. These excess burdens have increased...

Persistent link: https://www.econbiz.de/10014399812

Consumer Price Index Manual : Theory, 2025

International Monetary Fund - 2025

The Theory publication and the companion on the practice of compiling consumer price indices (CPIs) is jointly … the update of the Theory publication and the CPI Manual. Drafting of this publication was led by Erwin Diewert with … support from various authors. The Theory publication will be translated into Spanish, French, Arabic, and Russian …

Persistent link: https://www.econbiz.de/10015452128

Fund's Concepts of Convertibility

International Monetary Fund - 1971

This paper examines the IMF's concepts of convertibility and gives some impression of their purposes. The central concept of convertibility in the Articles is the convertibility of Article VIII, Sections 2, 3, and 4. Under it, the basic rule is that members must avoid restrictions on the making...

Persistent link: https://www.econbiz.de/10014394420

Maintenance of the Gold Value of the Fund's Assets

International Monetary Fund - 1971

This paper discusses Article IV, Section 8 of the Articles of Agreement which states the requirement of maintenance of the gold value of the IMF's assets. Each member of the IMF is bound to maintain the gold value of the IMF's holdings of the member's currency notwithstanding changes in the par...

Persistent link: https://www.econbiz.de/10014394421

Trade Dependency, Bargaining and External Debt

International Monetary Fund - 1988

This paper analyzes the factors determining the payment on outstanding debt in the presence of partial defaults, and the feasibility of renewed investment. We show that a higher relative size of sectors with lower substitutability between domestic and foreign products will increase the resource...

Persistent link: https://www.econbiz.de/10014395302