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Risk Exposures and Financial Spillovers in Tranquil and Crisis Times; Bank-Level Evidence
Poirson, Hélène; Schmittmann, Jochen M. - International Monetary Fund (IMF) - 2013
For a sample of 83 financial institutions during 2003–2011, this paper attempts to answer three questions: first, what is the evolution of banks’ stock price exposure to country-level and global risk factors as approximated by equity indices; second, which bank-specific characteristics...
Persistent link: https://www.econbiz.de/10011242342
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Global Bonding; Do U.S. Bond and Equity Spillovers Dominate Global Financial Markets?
Bayoumi, Tamim; Bui, Trung - International Monetary Fund (IMF) - 2012
This paper uses a novel variant of identification through hetroscedacity to estimate spillovers across U.S., Euro area, Japanese, and UK government bond and equity markets in a vector autoregression. The results suggest that U.S. financial shocks reverberate around the world much more strongly...
Persistent link: https://www.econbiz.de/10011242378
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Uncertainty and Unemployment: The Effects of Aggregate and Sectoral Channels
Choi, Sangyup; Loungani, Prakash - International Monetary Fund (IMF) - 2015
We study the role of uncertainty shocks in explaining unemployment dynamics, separating out the role of aggregate and sectoral channels. Using S&P500 data from the first quarter of 1957 to third quarter of 2014, we construct separate indices to measure aggregate and sectoral uncertainty and...
Persistent link: https://www.econbiz.de/10011242392
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The Discipline-Enhancing Role of Fiscal Institutions; Theory and Empirical Evidence
Debrun, Xavier; Kumar, Manmohan S. - International Monetary Fund (IMF) - 2007
This paper discusses the role of fiscal institutions, including budget rules and non-partisan agencies, in enhancing fiscal discipline. A dynamic model of fiscal policy shows that optimal institutions lack credibility unless the costs to bypass them are sufficiently high. In our model, a...
Persistent link: https://www.econbiz.de/10005825631
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Rethinking the Governance of the International Monetary Fund
Mirakhor, Abbas; Zaidi, Iqbal Mehdi - International Monetary Fund (IMF) - 2006
This paper attempts to set out the principal issues that need to be resolved in formulating a proposal for quotas and voice reform in the IMF that could command broad support. Following John Rawls, we argue that "justice is the first virtue of social institutions," and we use his theory of...
Persistent link: https://www.econbiz.de/10005825790
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Political Budget Cycles in Papua New Guinea
Faal, Ebrima - International Monetary Fund (IMF) - 2007
series data, a clear pattern emerges of pre-election manipulations of fiscal policy by incumbent governments, mainly in the … form of increased development spending and overall primary expenditure, followed in some cases by retrenchment in post-election … noteworthy that revenue was not statistically significantly related to elections, either in the pre- or post-election period. In …
Persistent link: https://www.econbiz.de/10005826270
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Political Price Cycles in Regulated Industries; Theory and Evidence
Paiva, Claudio; Moita, Rodrigo - International Monetary Fund (IMF) - 2006
election. The paper also provides empirical support for the theoretical model. Using quarterly data from 32 industrial and …
Persistent link: https://www.econbiz.de/10005826438
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Papua New Guinea; Selected Issues Paper and Statistical Appendix
International Monetary Fund (IMF); International … - 2007
the data set and the empirical methods used to test for the presence of election-influenced spending, and presents the …
Persistent link: https://www.econbiz.de/10011245020
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Hold Your Nose and Vote; Why Do Some Democracies tolerate Corruption?
Pani, Marco - International Monetary Fund (IMF) - 2009
This paper analyses why corruption can persist for long periods in a democracy and inquires whether this can result from a well-informed rational choice of the citizens. By applying a citizen-candidate model of representative democracy, the paper analyzes how corruption distortsthe allocation of...
Persistent link: https://www.econbiz.de/10004999974
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Ghana; Economic Development in a Democratic Environment
Harnack, Joachim; Leite, Sérgio Pereira.; Fabrizio, … - International Monetary Fund (IMF) - 2000
Persistent link: https://www.econbiz.de/10005767349