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From Crisis to Recovery in Korea; Strategy, Achievements, and Lessons

Kang, Kenneth; Liang, Hong; Ma, Henry; Richards, Anthony J. - International Monetary Fund (IMF) - 2001

This paper reviews and draws lessons from the stabilization and reform program that Korea implemented in response to the 1997-98 crisis. The economy recovered quickly from the deep recession in 1998 and its vulnerability to a balance of payments crisis has been reduced sharply. Significant...

Persistent link: https://www.econbiz.de/10005825786

The Ties That Bind; Measuring International Bond Spillovers Using the Inflation-Indexed Bond Yields

Swiston, Andrew; Bayoumi, Tamim - International Monetary Fund (IMF) - 2007

This paper explores international bond spillovers using daily and intra-day data on yields on inflation-indexed bonds and associated inflation expectations for the United States, Australia, Canada, France, Sweden, Japan, and the United Kingdom. The analysis starts in 2002, by which point U.S....

Persistent link: https://www.econbiz.de/10005826197

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 … reverberate around the world much more strongly than shocks from other regions, including the Euro area, while inward spillovers … to the U.S. from elsewhere are minimal. There is also evidence of two-way spillovers between the UK and Euro area …

Persistent link: https://www.econbiz.de/10011242378

The Lender of Last Resort in the European Single Financial Market

Teixeira, Pedro Gustavo; Schinasi, Garry J. - International Monetary Fund (IMF) - 2006

This paper examines challenges in effectively implementing the lender-of-last-resort function in the EU single financial market. Briefly highlighted are features of the EU financial landscape that could increase EU systemic financial risk. Briefly described are the complexities of the EU's...

Persistent link: https://www.econbiz.de/10005605041

The Russian Default and the Contagion to Brazil

Baig, Taimur; Goldfajn, Ilan - International Monetary Fund (IMF) - 2000

This paper investigates the contagion from Russia to Brazil in late 1998 under two dimensions— players involved and the timing of events. The data does not seem to reflect a compensatory liquidation of assets story by international institutional investors. It does contribute, however, to the...

Persistent link: https://www.econbiz.de/10005825760

International Pricing of Emerging Market Corporate Debt; Does the Corporate Matter?

Keller, Sonja; Mody, Ashoka - International Monetary Fund (IMF) - 2010

We examine risk spreads charged on corporate bonds placed by emerging market borrowers on international exchanges. While global developments have an important effect on spreads, changes in firm-level default risk also matter significantly in a way consistent with theory and experience in mature...

Persistent link: https://www.econbiz.de/10008519506

Regional Integration of Stock Exchanges in Eastern and Southern Africa; Progress and Prospects

Irving, Jacqueline - International Monetary Fund (IMF) - 2005

This paper assesses whether regional cooperation and integration of stock exchanges in eastern and southern Africa could offer a way of overcoming impediments to the exchanges' development. The paper concludes that regional cooperation and, at a later stage, integration, if carried out at the...

Persistent link: https://www.econbiz.de/10005263689

Use of Participatory Notes in Indian Equity Markets and Recent Regulatory Changes

Singh, Manmohan - International Monetary Fund (IMF) - 2007

This paper focuses on the use of participatory notes (PNs) by foreign investors, as a conduit for portfolio flows into Indian equity markets for more than a decade. The broadening of India's foreign investor base, in recent years, has a bias towards hedge funds/unregistered foreign investors who...

Persistent link: https://www.econbiz.de/10005264002

How Private Creditors Fared in Emerging Debt Markets, 1970-2000

Zettelmeyer, Jeromin; Weder, Beatrice; Klingen, Christoph - International Monetary Fund (IMF) - 2004

We estimate ex post returns to emerging market debt by combining secondary-market prices with observed flows based on World Bank data. From 1970-2000, returns averaged 9 percent per annum, about the same as returns on a ten-year U.S. treasury bond. This reflects the combined effect of the 1980s...

Persistent link: https://www.econbiz.de/10005264003

Private Information, Capital Flows, and Exchange Rates

Gyntelberg, Jacob; Tientip, Subhanij; Loretan, Mico - International Monetary Fund (IMF) - 2012

We demonstrate empirically that not all capital flows influence exchange rates equally: Capital flows induced by foreign investorsâ€™ stock market transactions have both an economically significant and a permanent impact on exchange rates, whereas capital flows induced by foreign...

Persistent link: https://www.econbiz.de/10011142101

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