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Rules, Discretion, and Macro-Prudential Policy

Agur, Itai; Sharma, Sunil - International Monetary Fund (IMF) - 2013

The paper examines the implementation of macro-prudential policy. Given the coordination, flow of information, analysis, and communication required, macro-prudential frameworks will have weaknesses that make it hard to implement policy. And dealing with the political economy is also likely to be...

Persistent link: https://www.econbiz.de/10010790438

Derivative Market Competition; OTC Versus Organized Derivative Exchanges

Nystedt, Jens - International Monetary Fund (IMF) - 2004

exchange (ODE) markets. This paper models some important aspects of how an ODE market interrelates with the OTC markets. It … analyzes various ways in which an ODE market can respond to competition from the OTC markets and considers whether ODE markets … markets. This implies that a potentially important service ODE markets can provide OTC market participants is to extend …

Persistent link: https://www.econbiz.de/10005599490

Taxing Financial Transactions; An Assessment of Administrative Feasibility

Brondolo, John - International Monetary Fund (IMF) - 2011

This paper considers how a tax on financial transactions could be applied to three broad and partially overlapping categories of financial instruments: (1) exchange-traded instruments; (2) over-the-counter instruments; and, (3) foreign exchange instruments. For each category, the paper examines...

Persistent link: https://www.econbiz.de/10009203525

De-Monopolization toward Long-Term Prosperity in China

Ahuja, Ashvin - International Monetary Fund (IMF) - 2012

During the past decade, the average Chinese earns roughly 9 times less and is 10 times less productive than the average American at purchasing power parity. Current consensus attributes large differences in output per worker to differences in total factor productivity (TFP). Evidence suggests...

Persistent link: https://www.econbiz.de/10011242303

A Simultaneous Equation Model for World Crude Oil and Natural Gas Markets

Krichene, Noureddine - International Monetary Fund (IMF) - 2005

A model for world crude oil and natural gas markets is estimated. It confirms low price and high income elasticities of …

Persistent link: https://www.econbiz.de/10005768887

Macroeconomic Challenges with Eu Accession in Southeastern Europe; An Overview

Sorsa, Piritta - International Monetary Fund (IMF) - 2006

The paper reviews key macroeconomic challenges with EU accession in Southeastern Europe (SEE). Most of the countries in the region are years away from EU accession and need substantial progress to meet the key macroeconomic criteria-the establishment of a functioning market economy and...

Persistent link: https://www.econbiz.de/10005768897

An Intraday Pricing Model of Foreign Exchange Markets

Romeu, Rafael - International Monetary Fund (IMF) - 2003

Market makers learn about asset values as they set intraday prices and absorb portfolio flows. Absorbing these flows causes inventory imbalances. Previous work has argued that market makers change prices to manage incoming flows and offset inventory imbalances. This study argues that they have...

Persistent link: https://www.econbiz.de/10005769015

Ukraine; The Cost of Weak Institutions

Tiffin, Andrew - International Monetary Fund (IMF) - 2006

Ukraine has the potential to be a very wealthy country. It has a well-educated workforce, some of the best agricultural land in the world, an enviable supply of hydrocarbons and minerals, and a relatively well-developed infrastructure. Despite these advantages, however, Ukraine's per capita...

Persistent link: https://www.econbiz.de/10005769281

Toward a Lender of First Resort

Cohen, Daniel; Portes, Richard - International Monetary Fund (IMF) - 2006

If interest rates (country spreads) rise, debt can rapidly be subject to a snowball effect, which becomes self-fulfilling with regard to the fundamentals themselves. This is a market imperfection, because we cannot be confident that the unaided market will choose the "good" over the "bad"...

Persistent link: https://www.econbiz.de/10005769315

Liberalized Markets Have More Stable Exchange Rates; Short-Run Evidence From Four Transition Countries

Bulir, Ales - International Monetary Fund (IMF) - 2004

liquidity" hypothesis suggests that opening financial markets militates in favor of exchange rate flexibility by increasing the …-Prescott-based values where markets are liberalized. The results suggest that early and successful foreign exchange liberalization pays off …

Persistent link: https://www.econbiz.de/10005599329