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Fiscal Stimulus to the Rescue? Short-Run Benefits and Potential Long-Run Costs of Fiscal Deficits
Laxton, Douglas; Muir, Dirk; Kumhof, Michael; Mursula, … - International Monetary Fund (IMF) - 2009
This paper uses the IMF's Global Integrated Monetary and Fiscal Model to compute shortrun multipliers of fiscal stimulus measures and long-run crowding-out effects of higher debt. Multipliers of two-year stimulus range from 0.2 to 2.2 depending on the fiscal instrument, the extent of monetary...
Persistent link: https://www.econbiz.de/10008497609
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Financial innovation, the Discovery of Risk, and the U.S. Credit Crisis
Mendoza, Enrique G.; Boz, Emine - International Monetary Fund (IMF) - 2010
Uncertainty about the riskiness of new financial products was an important factor behind the U.S. credit crisis. We show that a boom-bust cycle in debt, asset prices and consumption characterizes the equilibrium dynamics of a model with a collateral constraint in which agents learn "by...
Persistent link: https://www.econbiz.de/10008560424
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Foreign Banks; Trends, Impact and Financial Stability
Horen, Neeltje van; Claessens, Stijn - International Monetary Fund (IMF) - 2012
This paper introduces a comprehensive database on bank ownership for 137 countries over 1995-2009, and reviews foreign … bank behavior and impact. It documents substantial increases in foreign bank presence, with many more home and host … foreign bank presence negatively related with domestic credit creation. During the global crisis foreign banks reduced credit …
Persistent link: https://www.econbiz.de/10009650620
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Systemic Risk Monitoring ("SysMo") Toolkit—A User Guide
Blancher, Nicolas R.; Mitra, Srobona; Morsy, Hanan; … - International Monetary Fund (IMF) - 2013
There has recently been a proliferation of new quantitative tools as part of various initiatives to improve the monitoring of systemic risk. The "SysMo" project takes stock of the current toolkit used at the IMF for this purpose. It offers detailed and practical guidance on the use of current...
Persistent link: https://www.econbiz.de/10011123862
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Risk Exposures and Financial Spillovers in Tranquil and Crisis Times; Bank-Level Evidence
Poirson, Hélène; Schmittmann, Jochen M. - International Monetary Fund (IMF) - 2013
indices; second, which bank-specific characteristics explain these risk exposures; third, are there clusters of banks with … analysis of bank-to-bank linkages suggests that any “globalization” of the euro area crisis is likely to be channelled through …
Persistent link: https://www.econbiz.de/10011242342
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Evaluating the Net Benefits of Macroprudential Policy; A Cookbook
Arregui, Nicolas; Benes, Jaromir; Krznar, Ivo; Mitra, … - International Monetary Fund (IMF) - 2013
The paper proposes a simple, new, analytical framework for assessing the cost and benefits of macroprudential policies. It proposes a measure of net benefits in terms of parameters that can be estimated: the probability of crisis, the loss in output given crisis, policy effectiveness in bringing...
Persistent link: https://www.econbiz.de/10011242344
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Securitization: Lessons Learned and the Road Ahead
Basurto, Miguel A. Segoviano; Jones, Bradley; Lindner, Peter - International Monetary Fund (IMF) - 2013
This paper examines the financial stability implications arising from securitization markets, with one eye on the past and another on the future. The paper begins by deriving a number of “lessons learned†based on an examination of key industry developments in the years before the...
Persistent link: https://www.econbiz.de/10011142086
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After the Crisis; Assessing the Damage in Italy
Sgherri, Silvia; Morsy, Hanan - International Monetary Fund (IMF) - 2010
Italy’s deep-rooted structural problems resulted in an unsatisfactory productivity performance and a dismal growth over the last 15 years. The global financial crisis has exacerbated these long-standing weaknesses, taking a heavy toll on Italy’s economy. With output back to its...
Persistent link: https://www.econbiz.de/10008727814
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The Cross-Country Incidence of the Global Crisis
Milesi-Ferretti, Gian-Maria; Lane, Philip R. - International Monetary Fund (IMF) - 2010
We examine whether the cross-country incidence and severity of the 2008-2009 global recession is systematically related to pre-crisis macroeconomic and financial factors. We find that the pre-crisis level of development, increases in the ratio of private credit to GDP, current account deficits,...
Persistent link: https://www.econbiz.de/10008646414
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Sovereign Debt Markets in Turbulent Times: Creditor Discrimination and Crowding-Out
Broner, Fernando; Erce, Aitor; Martin, Alberto; … - International Monetary Fund (IMF) - 2013
In 2007, countries in the Euro periphery were enjoying stable growth, low deficits, and low spreads. Then the financial crisis erupted and pushed them into deep recessions, raising their deficits and debt levels. By 2010, they were facing severe debt problems. Spreads increased and,...
Persistent link: https://www.econbiz.de/10010790241