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Investment in the Euro Area: Why Has It Been Weak?
Barkbu, Bergljot; Berkmen, Pelin; Lukyantsau, Pavel; … - International Monetary Fund (IMF) - 2015
Investment across the euro area remains below its pre-crisis level. Its performance has been weaker than in most previous recessions and financial crises. This paper shows that a part of this weakness can be explained by output dynamics, particularly before the European sovereign debt crisis....
Persistent link: https://www.econbiz.de/10011242193
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The Crisis; Basic Mechanisms and Appropriate Policies
Blanchard, Olivier J. - International Monetary Fund (IMF) - 2009
The purpose of this lecture is to look beyond the complex events that characterize the global financial and economic crisis, identify the basic mechanisms, and infer the policies needed to resolve the current crisis, as well as the policies needed to reduce the probability of similar events in...
Persistent link: https://www.econbiz.de/10004999966
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Credit Constraints, Productivity Shocks and Consumption Volatility in Emerging Economies
Bhattacharya, Rudrani; Patnaik, Ila - International Monetary Fund (IMF) - 2013
How does access to credit impact consumption volatility? Theory and evidence from advanced economies suggests that … fraction of them are credit constrained. Unconstrained households can respond to shocks to trend growth by raising current … consumption volatility. Calibration of the model for pre and post financial reform in India provides support for the model's key …
Persistent link: https://www.econbiz.de/10010790416
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The Effects of U.S. Unconventional Monetary Policy on Asia Frontier Developing Economies
Rafiq, Sohrab - International Monetary Fund (IMF) - 2015
This paper explores the effect of U.S. unconventional monetary policy (QE2) on a group of frontier developing economies (FDEs) in Asia. This paper finds that spillovers emanating from the U.S. on FDEs in Asia have been small. The relative insulation of emerging Asia from the global financial...
Persistent link: https://www.econbiz.de/10011163125
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International Capital Crunches; The Time-Varying Role of Informational Asymmetries
Mody, Ashoka; Taylor, Mark P. - International Monetary Fund (IMF) - 2002
We examine the determinants of capital flows to four developing countries during the 1990s using an explicitly disequilibrium econometric framework in which the supply and demand for capital are not necessarily equal and the actual amount of the flow is determined by the ‘short side’ of the...
Persistent link: https://www.econbiz.de/10005825608
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Short-Run Pain, Long-Run Gain; The Effects of Financial Liberalization
Schmukler, Sergio L.; Kaminsky, Graciela Laura - International Monetary Fund (IMF) - 2003
We examine the short- and long-run effects of financial liberalization on capital markets. To do so, we construct a new comprehensive chronology of financial liberalization in 28 mature and emerging market economies since 1973. We also construct an algorithm to identify booms and busts in stock...
Persistent link: https://www.econbiz.de/10005826221
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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
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Credit Market in Morocco; A Disequilibrium Approach
Oulidi, Nada; Allain, Laurence - International Monetary Fund (IMF) - 2009
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 the role of asset price increases in the recent acceleration of credit … growth. Our results do not support the credit rationing hypothesis in the first half of the decade. They do however, show …
Persistent link: https://www.econbiz.de/10005826496
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Seychelles; 2010 Article IV Consultation and Second Review Under the Extended Arrangement, Request for Rephasing of Disbursements, and Financing Assurances Review-Staff Report; Sta...
International Monetary Fund (IMF); International … - 2011
Seychelles's strong stabilization efforts has helped the economy to overcome debt crisis and global recession under the Stand-By Arrangement (SBA). But the authorities need to address monetary policy trade-offs, and financial sector challenges exist. Executive Directors welcomed Seychelles's...
Persistent link: https://www.econbiz.de/10011242936
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Approaches to Corporate Debt Restructuring in the Wake of Financial Crises
Laryea, Thomas - International Monetary Fund (IMF) - 2010
This paper starts from a discussion of the economic case for moderated government intervention in debt restructuring in the nonfinancial corporate sector. It then draws on lessons from past crises to explain three broad approaches that have been applied to corporate debt restructurings in the...
Persistent link: https://www.econbiz.de/10010790467