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...

This paper provides a review of recent developments and an assessment of short-term prospects for private international capital markets, which constitute one of the main sources of international capital flows

These Technical Notes on France explain integration of global financial markets. The stress tests for the France Financial Sector Assessment Program (FSAP) were designed to yield as comprehensive and detailed a picture as possible within the constraints of the approach. Retail activity by...

The paper describes the evolution of the corporate stock and bond markets in Korea and the Government’s role in this evolution and its policy with regard to internationalization of the capital market. The paper analyzes problems encountered in gradually opening the Korean capital market to...

This paper discusses how international financial institutions (IFIs) can deal with new global challenges. The paper highlights that surveillance is the primary responsibility of the IMF. To make it more effective, more attention should be paid to long-term, structural developments that, if left...

This paper discusses systematic issues in international finance explained in the International Capital Markets report. The paper describes that the nature and extent of recent banking problems in several industrial countries along with the policy responses to those problems. It is observed that...