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Growth and Capital Flows with Risky Entrepreneurship
Sandri, Damiano - International Monetary Fund (IMF) - 2010
This paper shows that the behavior of entrepreneurs facing incomplete financial markets and risky investment can … uninsurable risk of losing invested capital forces entrepreneurs to rely on self-financing, so that when business opportunities … open up entrepreneurs increase saving to finance the investment that produces growth. The key insight is that saving has to …
Persistent link: https://www.econbiz.de/10008519499
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The Crisis; Basic Mechanisms and Appropriate Policies
Blanchard, Olivier J. - International Monetary Fund (IMF) - 2009
The purpose of this lecture is to look beyond the complex events that characterize the global financial and economic crisis, identify the basic mechanisms, and infer the policies needed to resolve the current crisis, as well as the policies needed to reduce the probability of similar events in...
Persistent link: https://www.econbiz.de/10004999966
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Capital Markets and Financial Intermediation in The Baltics
Sheridan, Niamh; Schipke, Alfred; George, Susan Mary; … - International Monetary Fund (IMF) - 2004
In just over a decade after independence, the three Baltic countries, Estonia, Latvia, and Lithuania, have transformed themselves into fully functioning, small open-market economies that will be joining the European Union. Capital Markets and Financial Intermediation in The Baltics analyzes the...
Persistent link: https://www.econbiz.de/10005248055
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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
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An Anatomy of Corporate Bond Markets; Growing Pains and Knowledge Gains
Luengnaruemitchai, Pipat; Ong, Li L. - International Monetary Fund (IMF) - 2005
The objective of this paper is to discuss the key issues relating to the development of local corporate bond markets. We examine the requirements for local corporate bond market development, and compare and contrast experiences across both mature and emerging markets. We suggest that core...
Persistent link: https://www.econbiz.de/10005264116
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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
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Capital Markets and Financial Intermediation in the Baltic States
International Monetary Fund (IMF); International … - 2003
This paper analyzes the capital markets and financial intermediation in the Baltic States. It provides a comprehensive overview of the structure and level of development of the financial system, discussing some of the unique characteristics of the Baltics, such as leasing; and comparing the...
Persistent link: https://www.econbiz.de/10005591529
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Beyond Aid; How Much Should African Countries Pay to Borrow?
Gueye, Cheikh A.; Sy, Amadou N. R. - International Monetary Fund (IMF) - 2010
Post debt relief, the number of African countries considering accessing international capital markets, often to fund large infrastructure projects, is increasing. Potential risks of capital inflows are well known but the literature offers little help to estimate the cost of borrowing...
Persistent link: https://www.econbiz.de/10008560452
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The Elusive Gains From International Financial Integration
Gourinchas, Pierre-Olivier; Jeanne, Olivier - International Monetary Fund (IMF) - 2004
Standard theoretical arguments tell us that countries with relatively little capital benefit from financial integration as foreign capital flows in and speeds up the process of income convergence. We show in a calibrated neoclassical model that conventionally measured welfare gains from this...
Persistent link: https://www.econbiz.de/10005605034
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Pricing of Sovereign Credit Risk; Evidence From Advanced Economies During the Financial Crisis
Alper, C. Emre; Forni, Lorenzo; Gerard, Marc - International Monetary Fund (IMF) - 2012
We investigate the pricing of sovereign credit risk over the period 2008-2010 for selected advanced economies by examining two widely-used indicators: sovereign credit default swap (CDS) and relative asset swap (RAS) spreads. Cointegration analysis suggests the existence of an imperfect market...
Persistent link: https://www.econbiz.de/10009650642