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Bolivia; Selected Issues
International Monetary Fund (IMF); International … - 2010
This paper derives estimates of optimal levels of reserves for Bolivia, focusing on current account shocks as the key balance of payments risk. Bolivia’s foreign reserves are adequate, with an optimal level between 29 percent of GDP and 37 percent of GDP. The accumulation of foreign...
Persistent link: https://www.econbiz.de/10011245323
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Microfinance in Africa; Experience and Lessons From Selected African Countries
Blavy, Rodolphe; Basu, Anupam; Yülek, Murat  - International Monetary Fund (IMF) - 2004
Based on the experience of selected countries, this paper offers a critical presentation of the development of the microfinance sector in Africa. The paper supports the view that microfinance institutions, especially those engaged in full financial intermediation, complement effectively the...
Persistent link: https://www.econbiz.de/10005263661
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The Savings Trap and Economic Take-Off
Ghosh, Atish R.; Asilis, Carlos M. - International Monetary Fund (IMF) - 1992
determine savings, investment and growth. Investment is assumed to involve intermediation or other costs which may, in each … period, result in either of two stable equilibria for the savings rate. At the “good” equilibrium, savings and growth are … individual’s belief about the savings behavior of other agents in the economy. The model implies that fiscal policy or public …
Persistent link: https://www.econbiz.de/10005263787
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Growth, Productivity, and the Rate of Returnon Capital
Chadha, Bankim; Adams, Charles - International Monetary Fund (IMF) - 1992
This paper examines the ability of alternative classes of growth models to explain the historical experience of the U.S. economy. The potential returns to the U.S. from raising its investment rate in terms of both the level and growth rate of future output are then quantified. The long-run...
Persistent link: https://www.econbiz.de/10005263880
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Mortgage Market Development, Savings, and Growth
Li, Xiaowei - International Monetary Fund (IMF) - 2001
Jappelli and Pagano (1994) argues that tightening the borrowing constraints in the mortgage markets promotes savings … savings and growth rates to fall. Therefore, for countries with scarce mortgage availability like those in the Middle East …, expanding the mortgage markets to some extent is conducive to savings and growth. …
Persistent link: https://www.econbiz.de/10005263983
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Perspectiveson Low Global Interest Rates
Catão, Luis; Mackenzie, G. A. - International Monetary Fund (IMF) - 2006
This paper looks at the dramatic decline in global real interest rates in recent years from a historical perspective and examines the various factors that may account for this trend. We show that current levels of real interest rates on long-term bonds in advanced economies are not low by...
Persistent link: https://www.econbiz.de/10005264143
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Fiscal Deficits and Current Account Deficits
Kumhof, Michael; Laxton, Douglas - International Monetary Fund (IMF) - 2009
The effectiveness of recent fiscal stimulus packages significantly depends on the assumption of non-Ricardian savings …
Persistent link: https://www.econbiz.de/10008460597
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After the Crisis; Lower Consumption Growth But Narrower Global Imbalances?
Ohnsorge, Franziska; Mody, Ashoka - International Monetary Fund (IMF) - 2010
relative rise of the U.S. savings rate is helping narrow global imbalances. But with a likely earlier recovery in the U …
Persistent link: https://www.econbiz.de/10008561067
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Economic Implications of China's Demographics in the 21st Century
Cheng, Kevin C. - International Monetary Fund (IMF) - 2003
This study assesses the economic implications of China's changing population in the 21st century using a numerical general equilibrium model. The simulations show that lower fertility rates yield lower saving rates. Since lower fertility rates reduce the future supply of labor, capital will...
Persistent link: https://www.econbiz.de/10005825867
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An Estimated Small Open Economy Model of the Financial Accelerator
Justiniano, Alejandro; Elekdag, Selim; Tchakarov, Ivan - International Monetary Fund (IMF) - 2005
This paper develops a small open economy model where entrepreneurs partially finance investment using foreign currency denominated debt subject to a risk premium above and beyond international interest rates. We use Bayesian estimation techniques to evaluate the importance of balance sheet...
Persistent link: https://www.econbiz.de/10005826005