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A Framework for Financial Market Development
Chami, Ralph; Sharma, Sunil; Fullenkamp, Connel - International Monetary Fund (IMF) - 2009
The paper proposes a framework for examining the process of financial market development. The framework, consistent with the functional view of financial system design, is anchored in studying the incentives facing the key players in financial markets-borrowers, lenders, liquidity providers, and...
Persistent link: https://www.econbiz.de/10008528687
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The Crisis; Basic Mechanisms and Appropriate Policies
Blanchard, Olivier J. - International Monetary Fund (IMF) - 2009
The purpose of this lecture is to look beyond the complex events that characterize the global financial and economic crisis, identify the basic mechanisms, and infer the policies needed to resolve the current crisis, as well as the policies needed to reduce the probability of similar events in...
Persistent link: https://www.econbiz.de/10004999966
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Measuring off-Balance-Sheet Leverage
Breuer, Peter - International Monetary Fund (IMF) - 2000
The simultaneous unwinding of leveraged positions can trigger financial market turbulence. Although balance-sheet measures of leverage are available, it is useful to construct a measure of leverage that incorporates both on- and off-balance-sheet activities. This paper provides measures of...
Persistent link: https://www.econbiz.de/10005263810
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A Taxonomy of Automated Trade Execution Systems
Domowitz, Ian - International Monetary Fund (IMF) - 1992
A taxonomy of existing and planned automated trade execution systems in financial markets is provided. Over 50 automated market structures in 16 countries are analyzed. The classification scheme is organized around the principle that such markets consist of an algorithm that performs a trade...
Persistent link: https://www.econbiz.de/10005826264
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Asset Securitization and Structured Financing; Future Prospects and Challenges for Countries in Emerging Markets
Alles, Lakshman - International Monetary Fund (IMF) - 2001
This article examines the issues and challenges involved for institutions, policy makers, and law-makers in less developed countries in their efforts to implement asset securitization techniques in their financial markets. Challenges and issues in the areas of market development, legislation,...
Persistent link: https://www.econbiz.de/10005769057
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Is there a Novelty Premiumon New Financial Instruments? the Argentine Experience with Gdp-Indexed Warrants
Ricci, Luca Antonio; Chamon, Marcos; Costa, Alejo - International Monetary Fund (IMF) - 2008
This paper examines the Argentine experience with GDP-indexed warrants in order to gauge the existence of a novelty premium on new financial instruments. It develops a Monte Carlo pricing exercise to calculate the expected net present value of payments, on the basis of various forecast...
Persistent link: https://www.econbiz.de/10005769334
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Out of the Box Thoughts About the International Financial Architecture
Eichengreen, Barry J. - International Monetary Fund (IMF) - 2009
The Global Credit Crisis of 2008-09 has underscored the urgency of reforming the international financial architecture …
Persistent link: https://www.econbiz.de/10008528699
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The Contingent Claims Approach to Corporate Vulnerability Analysis; Estimating Default Risk and Economy-Wide Risk Transfer
Xiao, Yingbin; Gray, Dale F.; Lim, Cheng Hoon; Gapen, … - International Monetary Fund (IMF) - 2004
In this paper, we examine the ability of the contingent claims approach (CCA) to identify corporate sector and economy-wide vulnerabilities. We apply the Moody's MfRisk model, which uses aggregated CCA principles, to assess vulnerabilities retroactively in two historical country cases. The...
Persistent link: https://www.econbiz.de/10005599251
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Deriving Market Expectations for the Euro-Dollar Exchange Rate From Option Prices
Krichene, Noureddine - International Monetary Fund (IMF) - 2004
Option prices provide valuable information on market expectations. This paper attempts to extract market expectations, as conveyed by an implied risk-neutral probability distribution, from option prices for the dollar-euro exchange rate. Returns' volatilities are inferred from observed and...
Persistent link: https://www.econbiz.de/10005605330
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An Anatomy of Credit Booms
Terrones, Marco - 2008
We study the characteristics of credit booms in emerging and industrial economies. Macro data show a systematic … relationship between credit booms and economic expansions, rising asset prices, real appreciations and widening external deficits …. Micro data show a strong association between credit booms and leverage ratios, firm values, and banking fragility. We also …
Persistent link: https://www.econbiz.de/10012677365