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Asset Price Bubbles; A Selective Survey
Scherbina, Anna - International Monetary Fund (IMF) - 2013
Why do asset price bubbles continue to appear in various markets? This paper provides an overview of recent literature on bubbles, with significant attention given to behavioral models and rational models with frictions. Unlike the standard rational models, the new literature is able to model...
Persistent link: https://www.econbiz.de/10011242201
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Procyclical Behavior of Institutional Investors During the Recent Financial Crisis; Causes, Impacts, and Challenges
Papaioannou, Michael G; Park, Joonkyu; Pihlman, Jukka; … - International Monetary Fund (IMF) - 2013
This paper (i) provides evidence on the procyclical investment behavior of major institutional investors during the … implications of procyclical behavior; and (iv) proposes a framework for sound investment practices for long-term investors. Such … procyclical investment behavior is understandable and may be considered rational from an individual institution’s perspective …
Persistent link: https://www.econbiz.de/10011242388
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Banking and Trading
Boot, Arnoud W.A.; Ratnovski, Lev - International Monetary Fund (IMF) - 2012
We study the effects of a bank's engagement in trading. Traditional banking is relationship-based: not scalable, long-term oriented, with high implicit capital, and low risk (thanks to the law of large numbers). Trading is transactions-based: scalable, shortterm, capital constrained, and with...
Persistent link: https://www.econbiz.de/10011142044
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Contingent Capital; Economic Rationale and Design Features
Pazarbasioglu, Ceyla; Zhou, Jian-Ping; Leslé, Vanessa Le; … - International Monetary Fund (IMF) - 2011
The causes of the global financial crisis were multi-faceted but revealed still unresolved weaknesses in national and international financial oversight and resolution frameworks. In particular, many governments in the crisis-hit countries had to provide unprecedented levels of support to contain...
Persistent link: https://www.econbiz.de/10011245888
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Crisis Management and Resolution; Early Lessons from the Financial Crisis
Pazarbasioglu, Ceyla; Laeven, Luc; Nedelescu, Oana M.; … - International Monetary Fund (IMF) - 2011
Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief and written in nontechnical language, and so are aimed at a broad audience...
Persistent link: https://www.econbiz.de/10011245897
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Intertwined Sovereign and Bank Solvencies in a Model of Self-Fulfilling Crisis
Adler, Gustavo - International Monetary Fund (IMF) - 2012
Large fiscal financing needs, both in advanced and emerging market economies, have often been met by borrowing heavily from domestic banks. As public debt approached sustainability limits in a number of countries, however, high bank exposure to sovereign risk created a fragile inter-dependence...
Persistent link: https://www.econbiz.de/10010878417
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People's Republic of China; 2013 Article IV Consultation
International Monetary Fund (IMF); International … - 2013
and outlook. China has maintained robust growth since the global crisis, but the heavy reliance on credit and investment …
Persistent link: https://www.econbiz.de/10011244201
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Hungary; First Post-Program Monitoring Discussions
International Monetary Fund (IMF); International … - 2011
The economic development of Hungary after the economic crisis is discussed. Hungary’s economic program supported by Stand-By Arrangement has been successful in strengthening the economy and stabilizing market conditions. Given Hungary’s high public debt and large financing needs,...
Persistent link: https://www.econbiz.de/10011244270
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Kuwait; Financial System Stability Assessment: Update
International Monetary Fund (IMF); International … - 2010
Investment Company (IC) sector. Stress tests indicate that, in contrast to the ICs, the banking system could broadly withstand …
Persistent link: https://www.econbiz.de/10011244313
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Denmark; 2008 Article IV Consultation-Staff Report; Staff Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Denmar...
International Monetary Fund (IMF); International … - 2008
The key findings of Denmark’s 2008 Article IV Consultation are examined. The global liquidity crisis put the financial sector under severe stress, but most banks have weathered the crisis well owing to strong initial positions and supportive policies. The crisis accelerated a downturn...
Persistent link: https://www.econbiz.de/10011244513