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Budget Rigidity and Expenditure Efficiency in Slovenia

Mattina, Todd D.; Gunnarsson, Victoria - International Monetary Fund (IMF) - 2007

This paper assesses the relative efficiency and flexibility of public spending in Slovenia compared to the advanced and new EU member states. Spending on health care, education, and social protection is relatively high in Slovenia without achieving correspondingly better outcomes. Inefficiencies...

Persistent link: https://www.econbiz.de/10005826042

Trust As a Means of Improving Corporate Governance and Efficiency

Chami, Ralph; Fullenkamp, Connel - International Monetary Fund (IMF) - 2002

Agency problems within the firm are a significant hindrance to efficiency. We propose trust between coworkers as a superior alternative to the standard tools used to mitigate agency problems: increased monitoring and incentive-based pay. We show how trust induces employees to work harder,...

Persistent link: https://www.econbiz.de/10005826212

Conditional Lending Under Altruism

Mourmouras, Alex; Rangazas, Peter - International Monetary Fund (IMF) - 2004

We analyze how the altruism of an international financial institution (IFI) towards its lowincome member countries …. Thus, IFI altruism and the inability to commit are sufficient reasons to equip loans with conditions. Conditional loans … produce an efficient allocation of resources, so altruism is not a fundamental reason that loans fail to increase welfare. …

Persistent link: https://www.econbiz.de/10005604948

The Use of Blanket Guarantees in Banking Crises

Laeven, Luc - 2008

In episodes of significant banking distress or perceived systemic risk to the financial system, policymakers have often opted for issuing blanket guarantees on bank liabilities to stop or avoid widespread bank runs. In theory, blanket guarantees can prevent bank runs if they are credible....

Persistent link: https://www.econbiz.de/10012677371

Credit Booms and Lending Standards

Dell'Ariccia, Giovanni - 2008

This paper links the current sub-prime mortgage crisis to a decline in lending standards associated with the rapid expansion of this market. We show that lending standards declined more in areas that experienced larger credit booms and house price increases. We also find that the underlying...

Persistent link: https://www.econbiz.de/10012677586

A Theory of International Crisis Lending and IMF Conditionality

Zettelmeyer, Jeromin - 2008

We present a framework that clarifies the financial role of the IMF, the rationale for conditionality, and the conditions under which IMF-induced moral hazard can arise. In the model, traditional conditionality commits country authorities to undertake crisis resolution efforts, facilitating the...

Persistent link: https://www.econbiz.de/10012677672

Are Asset Price Guarantees Useful for Preventing Sudden Stops? A Quantitative Investigation of the Globalization Hazard-Moral Hazard Tradeoff.

Durdu, Ceyhun Bora - 2006

Intro -- Contents -- I. INTRODUCTION -- II. A MODEL OF GLOBALIZATION HAZARD AND PRICE GUARANTEES -- III. CHARACTERIZING THE GLOBALIZATION HAZARD-MORAL HAZARD TRADEOFF -- IV. QUANTITATIVE ANALYSIS -- V. NORMATIVE IMPLICATIONS AND SENSITIVITY ANALYSIS -- VI. CONCLUSIONS -- REFERENCES.

Persistent link: https://www.econbiz.de/10012691021

Credit Booms and Lending Standards : Evidence From the Subprime Mortgage Market

Dell'Ariccia, Giovanni - 2008

Persistent link: https://www.econbiz.de/10014409025

Altruism and Workers' Remittances : Evidence from Selected Countries in the Middle East and Central Asia

Bouhga-Hagbe, Jacques - 2006

Intro -- Contents -- I. INTRODUCTION -- II. DETERMINANTS OF WORKERS' REMITTANCES AND THEIR IMPLICATIONS -- III. EMPIRICAL INVESTIGATION -- IV. CONCLUSION -- REFERENCES -- APPENDIX -- A. Egypt -- B. Jordan -- C. Morocco -- D. Pakistan -- E. Tunisia.

Persistent link: https://www.econbiz.de/10012691145

Intertwined Sovereign and Bank Solvencies in a Model of Self-Fulfilling Crisis

Adler, Gustavo - International Monetary Fund (IMF) - 2012

Large fiscal financing needs, both in advanced and emerging market economies, have often been met by borrowing heavily from domestic banks. As public debt approached sustainability limits in a number of countries, however, high bank exposure to sovereign risk created a fragile inter-dependence...

Persistent link: https://www.econbiz.de/10010878417

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