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Developing Essential Financial Markets in Smaller Economies; Stylized Facts and Policy Options
International Monetary Fund (IMF); International … - 2008
This paper surveys the foreign exchange markets, money and secondary government security markets, and stock exchanges in 107 smaller economy countries. The underdevelopment of these markets impedes risk transfer, monetary policy, corporate financing, and the capacity to absorb capital inflows....
Persistent link: https://www.econbiz.de/10011245902
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Monetary Policy and Bank Risk-Taking
Dell'Ariccia, Giovanni - International Monetary Fund (IMF) - 2010
This paper contributes to the current debate on what role financial stability considerations should play in monetary policy decision and how best to integrate macro-prudential and monetary policy frameworks. The paper broadly supports the view that monetary policy easing induces greater...
Persistent link: https://www.econbiz.de/10011123889
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Adopting the Euro in Central Europe; Challenges of the Next Step in European Integration
International Monetary Fund (IMF); International … - 2005
derogation from adopting the euro as their currency (that is, each country joining the EU commits to replace its national … currency with the euro, but can choose when to request permission to do so). For most of these countries, adopting the euro … convergence with the rest of the euro area. …
Persistent link: https://www.econbiz.de/10005767345
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Euro-Dollar Real Exchange Rate Dynamics in an Estimated Two-Country Model; What is Important and What is Not
Tuesta, Vicente; Rabanal, Pau - International Monetary Fund (IMF) - 2006
United States and the euro area, and we perform model comparisons to study the importance of departing from the law of one …
Persistent link: https://www.econbiz.de/10005769212
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Euro Area Policies; Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director on Euro Area Policies
International Monetary Fund (IMF); International … - 2005
This paper focuses on euro area policies. The monetary policy stance remains appropriate for now. Fiscal policies are … shock. Past fiscal policy failures, notably insufficient adjustment during economic upswings, have strained the Stability …
Persistent link: https://www.econbiz.de/10005599011
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Former Yugoslav Republic of Macedonia; Selected Issues
International Monetary Fund (IMF); International … - 2012
This Selected Issues Paper assesses Macedonia’s public debt markets and presents recommendations for their further development. Macedonia’s domestic debt market is in the early stages of development and is small by regional standards. The paper also analyzes the main causes of...
Persistent link: https://www.econbiz.de/10011244063
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Islamic State of Afghanistan; First Review Under the Staff-Monitored Program
International Monetary Fund (IMF); International … - 2004
This paper assesses the First Review Under the Staff-Monitored Program (SMP) for Afghanistan. The authorities have met all of the indicative quantitative targets set out under the SMP and all the structural benchmarks, except the benchmark on licensing of commercial banks, which was only partly...
Persistent link: https://www.econbiz.de/10005825122
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Monetary Policy Transmission in the GCC Countries
Prasad, Ananthakrishnan; Espinoza, Raphael A. - International Monetary Fund (IMF) - 2012
The GCC countries maintain a policy of open capital accounts and a pegged (or nearly-pegged) exchange rate, thereby reducing their freedom to run an independent monetary policy. This paper shows, however, that the pass-through of policy rates to retail rates is on the low side, reflecting the...
Persistent link: https://www.econbiz.de/10010878414
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Credit Growth and the Effectiveness of Reserve Requirements and Other Macroprudential Instruments in Latin America
International Monetary Fund (IMF); International … - 2012
Over the past decade policy makers in Latin America have adopted a number of macroprudential instruments to manage the procyclicality of bank credit dynamics to the private sector and contain systemic risk. Reserve requirements, in particular, have been actively employed. Despite their...
Persistent link: https://www.econbiz.de/10010878415
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Republic of Armenia; Second Reviews Under the Extended Fund Facility and Extended Credit Facility, and Request for Modification of Performance Criteria: Staff Report; Staff Supplem...
International Monetary Fund (IMF); International … - 2011
In this study, Armenia’s financial challenges observed in the global crisis are discussed, and also the development processes initiated by Armenia are analyzed. Short- and medium-term outlooks, and risks are also outlined. Fiscal, monetary, and banking sector policies play important roles...
Persistent link: https://www.econbiz.de/10011244279