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Does Fiscal Policy Affect Interest Rates? Evidence from a Factor-Augmented Panel

Dell'Erba, Salvatore; Sola, Sergio - International Monetary Fund (IMF) - 2013

This paper reconsiders the effects of fiscal policy on long-term interest rates employing a Factor Augmented Panel (FAP) to control for the presence of common unobservable factors. We construct a real-time dataset of macroeconomic and fiscal variables for a panel of OECD countries for the period...

Persistent link: https://www.econbiz.de/10010790255

Budget Deficits and Interest Rates; A Fresh Perspective

Aisen, Ari; Hauner, David - International Monetary Fund (IMF) - 2008

We extend the literature on budget deficits and interest rates in three ways: we examine both advanced and emerging economies and for the first time a large emerging market panel; explore interactions to explain some of the heterogeneity in the literature; and apply system GMM. There is overall a...

Persistent link: https://www.econbiz.de/10005605315

Fiscal Deficits, Public Debt, and Sovereign Bond Yields

Kumar, Manmohan S.; Baldacci, Emanuele - International Monetary Fund (IMF) - 2010

fiscal deficits and public debts are likely to put substantial upward pressures on sovereign bond yields in many advanced … and public debt on long-term interest rates during 1980 - 2008, taking into account a wide range of country …-specific factors, for a panel of 31 advanced and emerging market economies. It finds that higher deficits and public debt lead to a …

Persistent link: https://www.econbiz.de/10008646420

The Chicago Plan Revisited

Kumhof, Michael; Benes, Jaromir - International Monetary Fund (IMF) - 2012

supply of bank-created money. (2) Complete elimination of bank runs. (3) Dramatic reduction of the (net) public debt. (4 …

Persistent link: https://www.econbiz.de/10010790425

Overcoming Barriers to Reform:on Incentive-Compatible International Assistance

Mayer, Wolfgang; Mourmouras, Alex - International Monetary Fund (IMF) - 2007

International financial assistance (loans and grants) can potentially raise recipients' welfare in two ways, by affecting a direct resource transfer and by facilitating efficiency-enhancing reforms. In practice, barriers to reform limit the potential of assistance to deliver these two dividends....

Persistent link: https://www.econbiz.de/10005769075

External Debt and Growth

Poirson, Hélène; Ricci, Luca Antonio; Pattillo, … - International Monetary Fund (IMF) - 2002

This paper assesses the non linear impact of external debt on growth using a large panel data set of 93 developing countries over 1969–98. Results are generally robust across different econometric methodologies, regression specifications, and different debt indicators. For a country with...

Persistent link: https://www.econbiz.de/10005769136

Debt Relief, Additionality, and Aid Allocation in Low Income Countries

Powell, Robert - International Monetary Fund (IMF) - 2003

This paper models the resource implications of debt relief provided to low-income countries (LICs). Obtaining debt relief does not necessarily lead to individual aid-dependent countries receiving more overall resources from the donor community. Preliminary cross-section estimates suggest that...

Persistent link: https://www.econbiz.de/10005604878

Japan's Distressed Debt Market

Ohashi, Kazunari; Singh, Manmohan - International Monetary Fund (IMF) - 2004

Sizable risk capital from outside may be necessary to accelerate Japan's corporate restructuring to replace the stock of impaired bank loans. To attract risk capital, impaired loans must find market-clearing prices. However, the asymmetry in the bid-ask prices faced by banks and distressed-debt...

Persistent link: https://www.econbiz.de/10005605029

Recapitalizing Banks with Public Funds; Selected Issues

International Monetary Fund (IMF); International … - 1999

Recapitalizing banks in a systemic crisis is a complex medium-term process that requires significant government intervention and careful management at both the strategic and individual bank levels. This paper highlights the range of operational and strategic issues to be addressed and the...

Persistent link: https://www.econbiz.de/10005605095

Toward a Statutory Approach to Sovereign Debt Restructuring; Lessons From Corporate Bankruptcy Practice Around the World

Bolton, Patrick - International Monetary Fund (IMF) - 2003

This paper provides an overview of key elements of Corporate Bankruptcy Codes and Practice around the world that are relevant to the debate on Sovereign Debt Restructuring. It highlights four components common to most bankruptcy reorganization institutions: a stay on debt collection efforts to...

Persistent link: https://www.econbiz.de/10005605204