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Banks' Reserve Management, Transaction Costs, and the Timing of Federal Reserve Intervention
Bertola, Giuseppe; Bartolini, Leonardo; Prati, Alessandro - International Monetary Fund (IMF) - 2000
We use daily data on bank reserves and overnight interest rates to document a striking pattern in the high-frequency behavior of the U.S. market for federal funds: depository institutions tend to hold more reserves during the last few days of each “reserve maintenance period,” when the...
Persistent link: https://www.econbiz.de/10005825728
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Kernel Density Estimation Basedon Grouped Data; The Case of Poverty Assessment
Minoiu, Camelia; Reddy, Sanjay - International Monetary Fund (IMF) - 2008
We analyze the performance of kernel density methods applied to grouped data to estimate poverty (as applied in Sala-i-Martin, 2006, QJE). Using Monte Carlo simulations and household surveys, we find that the technique gives rise to biases in poverty estimates, the sign and magnitude of which...
Persistent link: https://www.econbiz.de/10005826163
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Parity Reversion in Real Exchange Rates; Fast, Slow or Not At All?
McDermott, C. John; Cashin, Paul - International Monetary Fund (IMF) - 2004
Consensus estimates put the half-life of deviations from purchasing power parity (PPP) at about four years (Rogoff, 1996). However, conventional least squares estimates of half-lives are biased downward. Accordingly, as a preferred measure of the persistence of real exchange rate shocks, this...
Persistent link: https://www.econbiz.de/10005604970
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Comparing Projections and Outcomes of IMF-Supported Programs
Phillips, Steven; Musso, Alberto - International Monetary Fund (IMF) - 2001
“Program numbers” from a sample of IMF-supported programs are studied as if they were forecasts, through statistical analyses of the relationship between projections and outcomes for growth, inflation, and three balance of payments concepts. Statistical bias is found only for projections of...
Persistent link: https://www.econbiz.de/10005263972
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Infrastructure and Income Distribution in ASEAN-5; What are the Links?
Seneviratne, Dulani; Sun, Yan - International Monetary Fund (IMF) - 2013
Adequate infrastructure has long been viewed as an important factor in economic development. Based on regressions covering 76 advanced and emerging market economies, this paper estimates the impact of infrastructure and investment on income distribution. It finds that better infrastructure, both...
Persistent link: https://www.econbiz.de/10011242245
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Vietnam: 2014 Article IV Consultation-Staff Report; Press Release; and Statement by the Executive Director for Vietnam
International Monetary Fund (IMF); International … - 2014
KEY ISSUES Context. Economic performance has improved over the last year. The recovery is taking hold, although domestic activity remains weak, in part constrained by weak banks and inefficient state-owned enterprises (SOEs). Inflation has declined, the current account remains in large surplus,...
Persistent link: https://www.econbiz.de/10011243354
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Economic Diversification in LICs; Stylized Facts and Macroeconomic Implications
Papageorgiou, Chris; Spatafora, Nicola - International Monetary Fund (IMF) - 2012
Limited diversification is an underlying characteristic of many low-income countries (LICs). Concentration in sectors with limited scope for increases in productivity and quality may result in less broad-based and sustainable growth. Moreover, lack of diversification may increase exposure to...
Persistent link: https://www.econbiz.de/10011245889
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Inflation Dynamics and Monetary Policy Transmission in Vietnam and Emerging Asia
Bhattacharya, Rina - International Monetary Fund (IMF) - 2013
This paper provides an overview of inflation developments in Vietnam in the years following the doi moi reforms, and … uses empirical analysis to answer two key questions: (i) what are the key drivers of inflation in Vietnam, and what role … does monetary policy play? and (ii) why has inflation in Vietnam been persistently higher than in most other emerging …
Persistent link: https://www.econbiz.de/10010790430
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Vietnam; Bayesian Estimation of Output Gap
Maliszewski, Wojciech - International Monetary Fund (IMF) - 2010
The paper constructs a new output gap measure for Vietnam by applying Bayesian methods to a two-equation AS-AD model …
Persistent link: https://www.econbiz.de/10008560446
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Capital Account Liberalization and Financial Sector Stability
International Monetary Fund (IMF); International … - 2002
Persistent link: https://www.econbiz.de/10005824821