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This paper presents the theoretical structure of MAPMOD, a new IMF model designed to study vulnerabilities associated with excessive credit expansions, and to support macroprudential policy analysis. In MAPMOD, bank loans create purchasing power that facilitates adjustments in the real economy....
Persistent link: https://www.econbiz.de/10010790398
This paper, together with a technical companion paper, presents MAPMOD, a new IMF model designed to study vulnerabilities associated with excessive credit expansions, and to support macroprudential policy analysis. In MAPMOD, bank loans create purchasing power that facilitates adjustments in the...
Persistent link: https://www.econbiz.de/10010790408
This paper seeks to draw lessons from the IMF’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
This paper uses the IMF's Global Integrated Monetary and Fiscal Model to compute shortrun multipliers of fiscal stimulus measures and long-run crowding-out effects of higher debt. Multipliers of two-year stimulus range from 0.2 to 2.2 depending on the fiscal instrument, the extent of monetary...
Persistent link: https://www.econbiz.de/10008497609
toolkit of emerging markets, including debt restructurings and conversions, higher inflation, capital controls and other forms … economies, where debt restructuring or conversions, financial Repression, and a tolerance for higher inflation, or a combination …
Persistent link: https://www.econbiz.de/10010790367
This paper assesses the dynamics of the term structure of interest rates in the United States in light of the financial crisis in 2007-10. In particular, this paper assesses the dynamics of the term structure of U.S. Treasury security yields in light of economic and financial events and the...
Persistent link: https://www.econbiz.de/10009019574
The recent global financial crisis illustrates that financial frictions are a significant source of volatility in the economy. This paper investigates monetary policy stabilization in an environment where financial frictions are a relevant source of macroeconomic fluctuation. We derive a measure...
Persistent link: https://www.econbiz.de/10010800969
The Middle East and Central Asia’s economic growth potential is slowing faster than in other emerging and developing regions, dampening hopes for reducing persistent unemployment and improving the region’s generally low living standards. Why? And is it possible to alter this...
Persistent link: https://www.econbiz.de/10011242348
Korea’s rapid growth has slowed in recent years, suggesting lower potential growth. This paper uses an array of techniques, including statistical filters, a multivariate model and the production function, to estimate Korea’s potential growth. The main finding is that trend growth...
Persistent link: https://www.econbiz.de/10011142072
data series including inflation, actual output, unemployment and capacity utilization. The estimation results suggest that …
Persistent link: https://www.econbiz.de/10011142089