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From Crisis to Recovery in Korea; Strategy, Achievements, and Lessons

Kang, Kenneth; Liang, Hong; Ma, Henry; Richards, Anthony J. - International Monetary Fund (IMF) - 2001

This paper reviews and draws lessons from the stabilization and reform program that Korea implemented in response to the 1997-98 crisis. The economy recovered quickly from the deep recession in 1998 and its vulnerability to a balance of payments crisis has been reduced sharply. Significant...

Persistent link: https://www.econbiz.de/10005825786

Financial Sector Surveillance and the IMF

Gola, Carlo; Spadafora, Francesco - International Monetary Fund (IMF) - 2009

The global financial crisis has magnified the role of Financial Sector Surveillance (FSS) in the Fund's activities. This paper surveys the various steps and initiatives through which the Fund has increasingly deepened its involvement in FSS. Overall, this process can be characterized by a...

Persistent link: https://www.econbiz.de/10008540920

Out of the Box Thoughts About the International Financial Architecture

Eichengreen, Barry J. - International Monetary Fund (IMF) - 2009

international financial architecture that might be implemented over the next ten years. It proposes routinizing the expansion of IMF … transactions, which would require someone-like the IMF-to act as market maker. It considers proposals for reimposing Glass …. Again there is likely to be a role for the IMF. Then there are arguments for a new agency or institution to deal with cross …

Persistent link: https://www.econbiz.de/10008528699

Sovereign Insurance and Program Design; What is Optimal for the Sovereign?

Messmacher, Miguel - International Monetary Fund (IMF) - 2006

The design of the optimal sovereign insurance contract is analyzed when: the sovereign chooses the contract; effort is not contractible; shocks are of uncertain magnitude; the sovereign can save; and the sovereign can default. Under these conditions: i) an ex ante premium leads to higher coverage;...

Persistent link: https://www.econbiz.de/10005263743

BRICsâ€™ Philosophies for Development Financing and their Implications for LICs

Yang, Yongzheng; Mwase, Nkunde - International Monetary Fund (IMF) - 2012

Flows of development financing from the BRICs (Brazil, Russia, India, and China) to low income countries (LICs) have surged in recent years. Unlike aid from traditional donors, BRICs (excluding Russia) view their financing as primarily based on the principles of South-South cooperation, focusing...

Persistent link: https://www.econbiz.de/10011142033

Private Information, Capital Flows, and Exchange Rates

Gyntelberg, Jacob; Tientip, Subhanij; Loretan, Mico - International Monetary Fund (IMF) - 2012

We demonstrate empirically that not all capital flows influence exchange rates equally: Capital flows induced by foreign investorsâ€™ stock market transactions have both an economically significant and a permanent impact on exchange rates, whereas capital flows induced by foreign...

Persistent link: https://www.econbiz.de/10011142101

Exchange Rate Fluctuations and International Portfolio Rebalancing in Thailand

Gyntelberg, Jacob; Tientip, Subhanij; Loretan, Mico - International Monetary Fund (IMF) - 2012

We present empirical evidence that the Thai bahtâ€™s value is driven in part by investorsâ€™ cross-border equity portfolio rebalancing decisions. Our results are based on comprehensive datasets of FX and stock market transactions undertaken by nonresident investors in Thailand in 2005...

Persistent link: https://www.econbiz.de/10011142113

Real Money Investors and Sovereign Bond Yields

Jaramillo, Laura; Zhang, Yuanyan Sophia - International Monetary Fund (IMF) - 2013

Experience from the global financial crisis suggests that countriesâ€™ borrowing costs are not solely determined by macro and fiscal fundamentals. Factors such as ownership structures of government securities, among others, also play a significant role. This paper investigates the effect of...

Persistent link: https://www.econbiz.de/10011142157

Impact of Regulatory Reforms on Large and Complex Financial Institutions

Ötker, Inci; Pazarbasioglu, Ceyla - International Monetary Fund (IMF) - 2010

Financial sector reforms are being considered to address the risks posed by large and complex financial institutions (LCFIs). The vast majority of global finance is intermediated by a handful of these institutions with growing interconnections within and across borders. Common trends that...

Persistent link: https://www.econbiz.de/10011142217

Italian Sovereign Spreads; Their Determinants and Pass-through to Bank Funding Costs and Lending Conditions

Zoli, Edda - International Monetary Fund (IMF) - 2013

Volatility in Italian sovereign spreads has increased since mid-2011. This paper finds that news on the euro area debt crisis and country specific events were important drivers of sovereign spreads. Movements in sovereign spreads affect CDS spreads and bond yields of Italian banks, and are...

Persistent link: https://www.econbiz.de/10011242184