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This Selected Issues paper summarizes estimates of the gap between current housing prices and their equilibrium levels in the United States. It examines short-term dynamics of price adjustment. Reflecting uncertainties about how to analyze underlying housing price trends, two approaches are used...
Persistent link: https://www.econbiz.de/10011245114
Developing and transition economies are prone to financial crises, including balance of payments and banking crises …. These crises affect poverty and the distribution of income through a variety of channels: slowdowns in economic activity …, relative price changes, and fiscal retrenchment, among others. This paper deals with the impact of financial crises on the …
Persistent link: https://www.econbiz.de/10005264050
This Selected Issues paper analyzes the key features of the Japanese business cycle, and investigates whether the current recovery differs from past recoveries. In particular, this paper poses the following questions: what are the main characteristics of Japanese business cycles since 1980, and...
Persistent link: https://www.econbiz.de/10005768608
This paper proposes a stylized sequencing of banking supervision and bank restructuring measures designed to complement and expedite the adoption of indirect instruments of monetary policy. Appropriate sequencing reflects both operational considerations and macroeconomic effects of structural...
Persistent link: https://www.econbiz.de/10005599244
impaired financial intermediation is the culprit. Creditless recoveries are more common after banking crises and credit booms …
Persistent link: https://www.econbiz.de/10008876578
The 2009 Article IV Consultation highlights that the near-term outlook for Belgium is challenging, with real GDP expected to drop by about 3 percent in 2009 and a gradual recovery projected for 2010. The unemployment rate will continue to rise in 2010, and inflation pressures are expected to...
Persistent link: https://www.econbiz.de/10011242736
This report includes five background studies with emphasis on vulnerabilities and growth, the focus of the 2006 Article IV Consultation with Uruguay. Stocks of key financial balance sheet vulnerabilities are also discussed. With the appreciation of the peso since early 2004, the discussion on...
Persistent link: https://www.econbiz.de/10011243482
Persistent link: https://www.econbiz.de/10004562554
This paper analyzes the origins, implications, and solutions for the Asian financial crisis. From the perspective of a member of the Executive Board of the IMF, as Asian problems were building, the IMF overlooked weaknesses in bank and corporate balance sheets in much of Asia: the IMF was...
Persistent link: https://www.econbiz.de/10014397245
Financial sector reform in the Baltic countries is reviewed in light of the banking crises that emerged during the … reform period. It is argued that the crises had their roots in the structural deficiencies specific to planned economies and … systemic effects and a minor negative impact on output and incomes. The crises slowed down the financial reform process, but …
Persistent link: https://www.econbiz.de/10014398351