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Euro Area Policies; Selected Issues
International Monetary Fund (IMF); International … - 2009
This Selected Issues paper discusses the effectiveness of monetary policy in the euro area in the context of the financial crisis, the need for special resolution regimes for financial institutions in the European Union (EU), and the proposed new EU financial stability arrangements. The paper...
Persistent link: https://www.econbiz.de/10011244389
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Developing Essential Financial Markets in Smaller Economies; Stylized Facts and Policy Options
International Monetary Fund (IMF); International … - 2008
This paper surveys the foreign exchange markets, money and secondary government security markets, and stock exchanges in 107 smaller economy countries. The underdevelopment of these markets impedes risk transfer, monetary policy, corporate financing, and the capacity to absorb capital inflows....
Persistent link: https://www.econbiz.de/10011245902
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Understanding Chinese Bond Yields and their Role in Monetary Policy
Porter, Nathan; Cassola, Nuno - International Monetary Fund (IMF) - 2011
interest rates. While bond yields are not fully efficient?reflecting regulation, liquidity, and segmentation?we find they …: changes in PBC rates influence the structure of Treasury, financial, and corporate bond yield curves, which are then …
Persistent link: https://www.econbiz.de/10009327875
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Chile; Institutions and Policies Underpinning Stability and Growth
Kalter, Eliot; Phillips, Steven; Singh, Manmohan; … - International Monetary Fund (IMF) - 2004
This paper presents the primary institutions and economic policies that have led to Chile’s remarkable record of stability and growth over the past twenty years. The core of this policy stance is the combination of fiscal discipline and an open trade policy regime, together with carefully...
Persistent link: https://www.econbiz.de/10005767351
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Panacea, Curse, or Nonevent? Unconventional Monetary Policy in the United Kingdom
Meier, André - International Monetary Fund (IMF) - 2009
The Bank of England's current "quantitative easing" strategy has given rise to a controversial debate about the effects and risks of unconventional monetary policy. The present paper makes two contributions to this debate. First, it provides a systematic overview of unconventional policy...
Persistent link: https://www.econbiz.de/10008528642
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What Drives China's Interbank Market?
International Monetary Fund (IMF); International … - 2009
Interest rates in China comprise a mix of both market determined interest rates (interbank rates and bond yields), and …
Persistent link: https://www.econbiz.de/10008528670
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Euro Area Monetary Policy in Uncharted Waters
Stavrev, Emil; Harjes, Thomas; Cihák, Martin - International Monetary Fund (IMF) - 2009
increase in the ECB's balance sheet may have contributed to a reduction in government bond term spreads. …We analyze the European Central Bank's (ECB's) response to the global financial crisis. Our results suggest that even … during the crisis, the core part of ECB's monetary policy transmission-from policy rates to market rates-has continued to …
Persistent link: https://www.econbiz.de/10008528698
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Unconventional Choices for Unconventional Times Credit and Quantitative Easing in Advanced Economies
Klyuev, Vladimir; Imus, Phil De; Srinivasan, Krishna - International Monetary Fund (IMF) - 2009
Persistent link: https://www.econbiz.de/10010790472
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India; 2006 Article IV Consultation: Staff Report; Staff Statement; and Public Information Notice on the Executive Board Discussion
International Monetary Fund (IMF); International … - 2007
This 2006 Article IV Consultation highlights that India’s economy has continued to grow above trend, with an average growth of 8 percent in the last three years. Growth is broad based, with robust consumption, investment, and exports. With manufacturing expanding at more than 10 percent...
Persistent link: https://www.econbiz.de/10011245493
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Recovery Rates From Distressed Debt; Empirical Evidence From Chapter 11 Filings, International Litigation, and Recent Sovereign Debt Restructurings
Singh, Manmohan - International Monetary Fund (IMF) - 2003
On a credit rating-adjusted basis, spreads on U.S. high-yield debt have typically been regarded as a lower bound for emerging market debt. However in the C-rated and defaulted segment, emerging market debt has traded at lower spreads than similarly rated U.S. high yield debt. We show that the...
Persistent link: https://www.econbiz.de/10005253001