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The Use and Effectiveness of Macroprudential Policies: New Evidence

Cerutti, Eugenio; Claessens, Stijn; Laeven, Luc - International Monetary Fund (IMF) - 2015

Using a recent IMF survey and expanding on previous studies, we document the use of macroprudential policies for 119 countries over the 2000-13 period, covering many instruments. Emerging economies use macroprudential policies most frequently, especially foreign exchange related ones, while...

Persistent link: https://www.econbiz.de/10011242370

Macro-Prudential Policies to Mitigate Financial System Vulnerabilities

Claessens, Stijn; Ghosh, Swati R.; Mihet, Roxana - International Monetary Fund (IMF) - 2014

emerging markets and some advanced countries. Their effectiveness and efficacy are not well-known, however. Using panel data …

Persistent link: https://www.econbiz.de/10011142054

Liquidity Trap and Excessive Leverage

Korinek, Anton; Simsek, Alp - International Monetary Fund (IMF) - 2014

We investigate the role of macroprudential policies in mitigating liquidity traps driven by deleveraging, using a simple Keynesian model. When constrained agents engage in deleveraging, the interest rate needs to fall to induce unconstrained agents to pick up the decline in aggregate demand....

Persistent link: https://www.econbiz.de/10010800974

Reforming Tax Expenditures in Italy: What, Why, and How?

Tyson, Justin - International Monetary Fund (IMF) - 2014

efficiency, equity, and administrative and compliance costs. This paper analyzes tax expenditures in Italy, considering the …

Persistent link: https://www.econbiz.de/10011123882

Fiscal Decentralization and the Efficiency of Public Service Delivery

Sow, Moussé; Razafimahefa, Ivohasina Fizara - International Monetary Fund (IMF) - 2015

This paper explores the impact of fiscal decentralization on the efficiency of public service delivery. It uses a … stochastic frontier method to estimate time-varying efficiency coefficients and analyzes the impact of fiscal decentralization on … those efficiency coefficients. The findings indicate that fiscal decentralization can improve the efficiency of public …

Persistent link: https://www.econbiz.de/10011242349

Islamic Republic of Afghanistan; Selected Issues and Statistical Appendix

International Monetary Fund (IMF); International … - 2006

This Selected Issues paper provides a preliminary view on Afghanistanâ€™s external competitiveness through a review of …

Persistent link: https://www.econbiz.de/10011244319

Contagion, Monsoons, and Domestic Turmoil in Indonesia; A Case Study in the Asian Currency Crisis

Saxena, Sweta Chaman; Cerra, Valerie - International Monetary Fund (IMF) - 2000

This paper investigates whether Indonesia’s recent currency crisis was due to domestic fundamentals, common external shocks (“monsoons”), or contagion from neighboring countries. Markov-switching models attribute speculative pressure on Indonesia’s currency to domestic political and...

Persistent link: https://www.econbiz.de/10005248271

International Competitiveness of the Mediterranean Quartet:A Heterogeneous-Product Approach

Bennett, Herman Z.; Zarnic, Ziga - International Monetary Fund (IMF) - 2008

The real effective exchange rate (REER) is the most commonly used measure for assessing international competitiveness … literature are (i) product heterogeneity when identifying each country's international competitors and their weights and (ii) a … countries and the other euro area countries. In particular, considering product heterogeneity and services exports implies a …

Persistent link: https://www.econbiz.de/10005263676

Currency Crisis and Contagion; Evidence From Exchange Rates and Sectoral Stock Indices of the Philippines and Thailand

Nagayasu, Jun - International Monetary Fund (IMF) - 2000

This paper analyzes empirically the recent Asian financial crisis using high frequency data of exchange rates and stock indices of the Philippines and Thailand. Utilizing standard time-series techniques, this study confirms that there is evidence that developments in some sectoral...

Persistent link: https://www.econbiz.de/10005263754

Output Response to Currency Crises

Sahay, Ratna; Mishra, Deepak; Gupta, Poonam - International Monetary Fund (IMF) - 2003

This paper analyzes the behavior of output during currency crises using a sample of 195 crisis episodes in 91 developing countries during 1970-98. It finds that more than two-fifths of the crises in the sample were expansionary, and that output contraction was greater in large and more developed...

Persistent link: https://www.econbiz.de/10005263977