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Luca, Oana - 2016

Most tax systems create a tax bias toward debt finance. Such debt bias increases leverage and may negatively affect … financial stability. This paper models and estimates debt bias in the financial sector, and present novel estimates for … investment banks and non-bank financial intermediaries such as finance and insurance companies. We find debt bias to be pervasive …

Persistent link: https://www.econbiz.de/10014408098

Financial Deepening, Inequality, and Growth; A Model-Based Quantitative Evaluation

Townsend, Robert M.; Ueda, Kenichi - International Monetary Fund (IMF) - 2003

We propose a coherent unified approach to the study of the linkages among economic growth, financial structure, and inequality, bringing together disparate theoretical and empirical literature. That is, we show how to conduct model-based quantitative research on transitional paths. With...

Persistent link: https://www.econbiz.de/10005825597

Stochastic Volatilities and Correlations, Extreme Values and Modeling the Macroeconomic Environment, Under Which Brazilian Banks Operate

Souto, Marcos; Barnhill, Theodore M. - International Monetary Fund (IMF) - 2007

Using monthly data for a set of variables, we examine the out-of-sample performance of various variance/covariance models and find that no model has consistently outperformed the others. We also show that it is possible to increase the probability mass toward the tails and to match reasonably...

Persistent link: https://www.econbiz.de/10005825598

Aid and Growth; What Does the Cross-Country Evidence Really Show?

Rajan, Raghuram; Subramanian, Arvind - International Monetary Fund (IMF) - 2005

We examine the effects of aid on growth-- in cross-sectional and panel data--after correcting for the bias that aid …

Persistent link: https://www.econbiz.de/10005825602

Solow Versus Harrod-Domar; Reexamining the Aid Costs of the First Millennium Development Goal

Dalgaard, Carl-Johan; Erickson, Lennart - International Monetary Fund (IMF) - 2006

The First Millennium Development Goal (MDG#1) is to cut the fraction of global population living on less than one dollar per day in half, by 2015. Foreign aid financed investments may contribute to the attainment of this goal. But how much can aid be reasonably expected to accomplish? A...

Persistent link: https://www.econbiz.de/10005825615

Modeling Aggregate Use of Fund Resources; Analytical Approaches and Medium-Term Projections

Ghosh, Atish R.; Zalduendo, Juan; Goretti, Manuela; … - International Monetary Fund (IMF) - 2007

This paper presents two approaches to modeling the use of IMF resources in order to gauge whether the recent decline in credit outstanding is a temporary or a permanent phenomenon. The two approaches-the time series behavior of credit outstanding and a two-stage program selection and access...

Persistent link: https://www.econbiz.de/10005825617

Irrational Exuberance in the U.S. Housing Market; Were Evangelicals Left Behind?

Crowe, Christopher W. - International Monetary Fund (IMF) - 2009

The recent housing bust has reignited interest in psychological theories of speculative excess (Shiller, 2007). I investigate this issue by identifying a segment of the U.S. population-evangelical protestants-that may be less prone to speculative motives, and uncover a significant negative...

Persistent link: https://www.econbiz.de/10005825622

How Different is the Cyclical Behavior of Home Production Across Countries?

Kose, M. Ayhan; Blankenau, William - International Monetary Fund (IMF) - 2006

This paper studies stylized business cycle properties of household production in four industrialized countries (Canada, the United States, Germany, and Japan). We employ a dynamic small open economy business cycle model that incorporates a household production sector. We use the model to...

Persistent link: https://www.econbiz.de/10005825641

Nonlinear Exchange Rate Models; A Selective Overview

Sarno, Lucio - International Monetary Fund (IMF) - 2003

This paper provides a selective overview of nonlinear exchange rate models recently proposed in the literature and assesses their contribution to understanding exchange rate behavior. Two key questions are examined. The first question is whether nonlinear autoregressive models of real exchange...

Persistent link: https://www.econbiz.de/10005825647

The Equilibrium Real Exchange Rate of the Malagasy Franc; Estimation and Assessment

Cady, John - International Monetary Fund (IMF) - 2003

Employing cointegration techniques, the long-run determinants of Madagascar's real exchange rate are examined from a stock-flow perspective. The long-run behavior of the real effective exchange rate is explained by the net foreign asset position and factors affecting trade flows. An index of the...

Persistent link: https://www.econbiz.de/10005825649

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