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The Impact of Introducing a Minimum Wageon Business Cycle Volatility : A Structural Analysis for Hong Kong SAR
International Monetary Fund - 2008
We study the impact of a minimum wage on business cycle volatility, depending upon its coverage and adjustment … affecting 20 percent of employees would amplify output volatility by 0.2 percent to 9.2 percent, and employment volatility by ?1 ….2 percent to 7.8 percent. A fixed wage or indexation to consumption price inflation increases volatility most. Indexation to …
Persistent link: https://www.econbiz.de/10014401464
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On the Estimation of Term Structure Models and An Application to the United States
International Monetary Fund - 2010
This paper discusses the estimation of models of the term structure of interest rates. After reviewing the term structure models, specifically the Nelson-Siegel Model and Affine Term- Structure Model, this paper estimates the terms structure of Treasury bond yields for the United States with...
Persistent link: https://www.econbiz.de/10014402641
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Deconstructing the International Business Cycle : Why Does a U.S. Sneeze Give the Rest of the World a Cold?
International Monetary Fund - 2010
The 2008 crisis underscored the interconnectedness of the international business cycle, with U.S. shocks leading to the largest global slowdown since the 1930s. We estimate spillover effects across major advanced country regions in a structural VAR (SVAR) using pre-crisis data. Our new method...
Persistent link: https://www.econbiz.de/10014402644
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Trends and Cycles in the U.S. Economy
International Monetary Fund - 1990
The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and...
Persistent link: https://www.econbiz.de/10014395945
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The Credit Boom in the EU New Member States : Bad Luck or Bad Policies?
International Monetary Fund - 2010
In the past decade, most of the EU New Member States experienced a severe credit-boom bust cycle. This paper argues that the credit boom-bust cycle was to a large extent the result of factors external to the region (“bad luck”). Rapid credit growth followed from a high liquidity in global...
Persistent link: https://www.econbiz.de/10014402680
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Recent Export Credit Market Developments
International Monetary Fund - 1997
Export credit agencies (ECAs) have played a critical role in financing for developing countries in recent years, and officially supported export credits have been growing in volume. The current export credit exposure to developing countries and economies in transition has reached almost half a...
Persistent link: https://www.econbiz.de/10014403344
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Risk and the Corporate Structure of Banks
International Monetary Fund (IMF); International … - 2010
We identify different sources of risk as important determinants of banks' corporate structures when expanding into new markets. Subsidiary-based corporate structures benefit from greater protection against economic risk because of affiliate-level limited liability, but are more exposed to the...
Persistent link: https://www.econbiz.de/10008470382
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Impact of the Global Crisison Banking Sector Soundness in Asian Low-Income Countries
International Monetary Fund (IMF); International … - 2011
The paper takes stock of the impact of the global financial crisis that began in late 2007 on banking sectors of Asian low-income countries, by exploring bank-level data provided by Bankscope. The paper examines three key channels of possible crisis spillovers: exposures to (i) valuation changes...
Persistent link: https://www.econbiz.de/10009147328
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Japan; Selected Issues
International Monetary Fund (IMF); International … - 2008
This Selected Issues paper discusses the impact of global financial turmoil on Japan. It describes how close integration in global financial markets has deepened and expanded the channels for spillovers. The paper discusses options for increasing the consumption tax to finance the public pension...
Persistent link: https://www.econbiz.de/10011243246
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What Drives China's Interbank Market?
International Monetary Fund - 2009
Interest rates in China comprise a mix of both market determined interest rates (interbank rates and bond yields), and regulated interest rates (lending and deposit rates), reflecting China''s gradual process of interest rate liberalization. We argue, using a theoretical model and empirical...
Persistent link: https://www.econbiz.de/10014402462