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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
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Australia; Financial Sector Assessment Program: Technical Note: Investor Protection, Disclosure, and Financial Literacy
International Monetary Fund (IMF); International … - 2006
This study reviews selected issues on investor protection and corporate governance in Australia, and concludes that the corporate governance framework for Australian-listed companies is largely healthy and dynamic. Shareholder activism is an important element of corporate governance because it...
Persistent link: https://www.econbiz.de/10011243130
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Tax Biases to Debt Finance; Assessing the Problem, Finding Solutions
Mooij, Ruud A. de - International Monetary Fund (IMF) - 2011
Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief and written in nontechnical language, and so are aimed at a broad audience...
Persistent link: https://www.econbiz.de/10011245898
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Northern Star; Canada's Path to Economic Prosperity
Klyuev, Vladimir; Mühleisen, Martin; Bayoumi, Tamim - International Monetary Fund (IMF) - 2007
Robust GDP growth, declining unemployment, low and stable inflation, and a string of fiscal and current account surpluses -- it's a record to be envied. These outcomes in Canada owe much to sound macroeconomic policies, as well as to a favorable external environment. This book focuses on these...
Persistent link: https://www.econbiz.de/10011245903
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Perspectiveson High Real Interest Rates in Turkey
Kannan, Prakash - International Monetary Fund (IMF) - 2008
The Turkish economy is typically characterized as having particularly high real interest rates. Fundamental considerations, such as high growth rates or high returns to capital, do not provide a satisfactory resolution of this puzzle. Instead, we find that two other factors- doubts about the...
Persistent link: https://www.econbiz.de/10005248241
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Trade Credit and the Effect of Macro-Financial Shocks; Evidence From U.S. Panel Data
Kim, Yungsan; Choi, Woon Gyu - International Monetary Fund (IMF) - 2003
Many studies examine why firms are financed by their suppliers, but few empirical studies look at the macroeconomic implications of such financial arrangements. Using disaggregated panel data, we examine how firms extend and use trade credit. We find that, controlling for the transactions or...
Persistent link: https://www.econbiz.de/10005248324
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Bank Competition and Firm Creation
Dell'Ariccia, Giovanni - International Monetary Fund (IMF) - 2001
firms in the non-financial sector. It finds that bank competition has an overall positive effect on firm creation. However … firms, it also finds that asymmetric information limits the overall positive effect of bank competition on firm creation …. Indeed, bank competition is less favorable to the emergence of new firms in industrial sectors where informational …
Persistent link: https://www.econbiz.de/10005826289
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Transparency and International Investor Behavior
Wei, Shang-Jin; Gelos, Gaston - International Monetary Fund (IMF) - 2002
Does country "transparency" affect international portfolio investment? We examine this and related questions using a unique micro dataset on international portfolio holdings. We employ various indices of government and corporate transparency, focusing on the availability and quality of...
Persistent link: https://www.econbiz.de/10005826295
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Financial Crisis, Economic Recovery and Banking Development in Russia, Ukraine, and Other FSU Countries
Marin, Dalia; Huang, Haizhou; Xu, Chenggang - International Monetary Fund (IMF) - 2004
bank to nonbank finance, including trade credits and barter trade, generating an externality on banks' interest rates. The …
Persistent link: https://www.econbiz.de/10005769070
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Fiscal Indulgence in Central Europe; Loss of the External Anchor
Kopits, George; Berger, Helge; Székely, István P. - International Monetary Fund (IMF) - 2004
In recent years, fiscal performance in Central Europe has steadily deteriorated, in contrast to the improvement in the Baltics. This paper explores the determinants of such differences among countries slated for EU accession. Regression estimates suggest that economic and institutional...
Persistent link: https://www.econbiz.de/10005769135