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An Investigation of Some Macro-Financial Linkages of Securitization

Long, Xin; Goswami, Mangal; Jobst, Andreas - International Monetary Fund (IMF) - 2009

Policy-makers have attributed the scale of the credit crisis and its profound impact on money markets (as well as financial sector stability) to the fast rise of securitization and the way it has arguably complicated both the conduct of monetary policy and the effect of interest rate...

Persistent link: https://www.econbiz.de/10005263753

Sovereign Borrowing by Developing Countries; What Determines Market Access?

Gelos, Gaston; Sandleris, Guido; Sahay, Ratna - International Monetary Fund (IMF) - 2004

What determines the ability of governments from developing countries to access international credit markets? We examine this question using detailed data on sovereign bond issuances and public syndicated bank loans since 1982. We find that traditional measures of a country’s links with the...

Persistent link: https://www.econbiz.de/10005263984

Domestic Investment and the Cost of Capital in the Caribbean

Roache, Shaun K. - International Monetary Fund (IMF) - 2006

Investment-to-GDP ratios across the Caribbean tend to be relatively high. In many countries, these ratios have been trending higher since the mid-1990s, largely reflecting public investment and foreign direct investment. Private domestic investors have been less prominent. This may be one reason...

Persistent link: https://www.econbiz.de/10005264172

International Capital Crunches; The Time-Varying Role of Informational Asymmetries

Mody, Ashoka; Taylor, Mark P. - International Monetary Fund (IMF) - 2002

default risk—in conditioning capital flows. …

Persistent link: https://www.econbiz.de/10005825608

Foreign Currency Deposits and International Liquidity Shortages in Pakistan

Mirakhor, Abbas; Zaidi, Iqbal Mehdi - International Monetary Fund (IMF) - 2004

This paper studies the implications of foreign currency deposits (FCDs) for international liquidity shortages in Pakistan. The analysis focuses on how the large volume of FCDs and the specific institutional characteristics of those deposits have made the Pakistan economy highly vulnerable to...

Persistent link: https://www.econbiz.de/10005826483

Credit Market in Morocco; A Disequilibrium Approach

Oulidi, Nada; Allain, Laurence - International Monetary Fund (IMF) - 2009

In this paper we use a disequilibrium framework common in the â€œcredit crunchâ€ literature, first to examine whether the slow credit growth in Morocco during the rapid expansion of liquidity in the first half of the decade can be attributed to credit rationing, and second to investigate...

Persistent link: https://www.econbiz.de/10005826496

Banks' Precautionary Capital and Credit Crunches

Valencia, Fabian - International Monetary Fund (IMF) - 2008

Periods of banking distress are often followed by sizable and long-lasting contractions in bank credit. They may be explained by a declined demand by financially impaired borrowers (the conventional financial accelerator) or by lower supply by capital-constrained banks, a "credit crunch". This...

Persistent link: https://www.econbiz.de/10005769120

Understanding the Growth of African Financial Markets

Andrianaivo, Mihasonirina; Yartey, Charles Amo - International Monetary Fund (IMF) - 2009

risk are the main determinants of banking sector development in Africa, and that stock market liquidity, domestic savings …, banking sector development, and political risk are the main determinants of stock market development. We also find that … institutions, or both. The powerful impacts of political risk on both banking sector and stock market development suggest that …

Persistent link: https://www.econbiz.de/10008528658

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

An Anatomy of Credit Booms; Evidence From Macro Aggregates and Micro Data

Terrones, Marco; Mendoza, Enrique G. - International Monetary Fund (IMF) - 2008

We study the characteristics of credit booms in emerging and industrial economies. Macro data show a systematic relationship between credit booms and economic expansions, rising asset prices, real appreciations and widening external deficits. Micro data show a strong association between credit...

Persistent link: https://www.econbiz.de/10005263687

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