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Euro Area Policies; 2009 Article IV Consultation: Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Member Coun...

International Monetary Fund (IMF); International … - 2009

This 2009 Article IV Consultation focuses on euro area policies. The euro area remains in recession, with signs of improvement yet to evolve into a recovery. The large drop in financial wealth, an associated increase in private savings, tight financing conditions, and the adjustment of global...

Persistent link: https://www.econbiz.de/10011245769

Predicting Sovereign Debt Crises

Schimmelpfennig, Axel; Roubini, Nouriel; Manasse, Paolo - International Monetary Fund (IMF) - 2003

We develop an early-warning model of sovereign debt crises. A country is defined to be in a debt crisis if it is classified as being in default by Standard & Poor's, or if it has access to nonconcessional IMF financing in excess of 100 percent of quota. By means of logit and binary recursive...

Persistent link: https://www.econbiz.de/10005248202

Moral Hazard and International Crisis Lending: A Test

Dell'Ariccia, Giovanni; Zettelmeyer, Jeromin; Schnabel, … - International Monetary Fund (IMF) - 2002

We test for the existence of a moral hazard effect attributable to official crisis lending by analyzing the evolution of sovereign bond spreads in emerging markets before and after the Russian crisis. The nonbailout of Russia in August 1998 is interpreted as an event that decreased the perceived...

Persistent link: https://www.econbiz.de/10005263951

Using Credit Ratings for Capital Requirementson Lending to Emerging Market Economies; Possible Impact of a New Basel Accord

Mulder, Christian B.; Monfort, Brieuc - International Monetary Fund (IMF) - 2000

The Basel Committee on Banking Supervision has proposed linking capital requirements for bank loans to ratings by … commercial credit rating agencies. Estimates for 20 emerging market economies show that sovereign ratings react procyclically to … crisis indicators. Ratings deteriorate if the real effective exchange rate depreciates, in contrast with the positive effect …

Persistent link: https://www.econbiz.de/10005264127

Are Rating Agencies Powerful? An Investigation Into the Impact and Accuracy of Sovereign Ratings

International Monetary Fund (IMF); International … - 2012

consequently ratings are a concern for financial stability. While ratings produced by the major CRAs perform reasonably well when … global financial crisis. These failures suggest that ratings should incorporate the obligor's resilience to stress scenarios …) more stringent validation requirements for ratings if they are to be used in capital regulations; and (iii) more …

Persistent link: https://www.econbiz.de/10009650631

Macroprudential Policy; What Instruments and How to Use them? Lessons From Country Experiences

International Monetary Fund (IMF); International … - 2011

This paper provides the most comprehensive empirical study of the effectiveness of macroprudential instruments to date. Using data from 49 countries, the paper evaluates the effectiveness of macroprudential instruments in reducing systemic risk over time and across institutions and markets. The...

Persistent link: https://www.econbiz.de/10009369434

Managing Financial Crises; Recent Experience and Lessons for Latin America

Kincaid, G. Russell; Collyns, Charles - International Monetary Fund (IMF) - 2003

This paper seeks to draw lessons from the IMFâ€™s experience in handling financial crises around the globe over the past ten years that are relevant to the challenges faced by countries in Latin America, especially in the wake of the recent crisis in Argentina. Experience suggests that...

Persistent link: https://www.econbiz.de/10005824823

Two Approaches to Resolving Nonperforming Assets During Financial Crises

Woo, D. - International Monetary Fund (IMF) - 2000

The unprecedented rise in nonperforming assets during the recent Asian financial crisis severely tested the limit and capacity of the existing asset management infrastructure, leading policymakers to consider new approaches to resolve them. This paper examines two such approaches—the creation...

Persistent link: https://www.econbiz.de/10005826132

Distress in European Banks; An Analysis Basedon a New Dataset

Poghosyan, Tigran; Cihák, Martin - International Monetary Fund (IMF) - 2009

The global financial crisis has highlighted the importance of early identification of weak banks: when problems are identified late, solutions are much more costly. Until recently, Europe has seen only a small number of outright bank failures, which made the estimation of early warning models...

Persistent link: https://www.econbiz.de/10005826186

Availability of Financial Soundness Indicators

Slack, Graham L. - International Monetary Fund (IMF) - 2003

Because the wave of financial crises in recent years has spurred analysts' and policymakers' interest in monitoring the vulnerabilities of financial systems, the need for supporting data has increased. This paper presents survey results on the collection, compilation, and dissemination of data...

Persistent link: https://www.econbiz.de/10005826399