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Financial Sector Evolution in the Central European Economies; Challenges in Supporting Macroeconomic Stability and Sustainable Growth

Wagner, Nancy L.; Iakova, Dora M. - International Monetary Fund (IMF) - 2001

This paper takes stock of the current state of development of the financial systems in five Central European transition economies (the Czech Republic, Hungary, Poland, the Slovak Republic, and Slovenia) that are also leading EU accession candidates. It presents both a progress report and an...

Persistent link: https://www.econbiz.de/10005248292

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

Market Phoenixes and Banking Ducks Are Recoveries Faster in Market-Based Financial Systems?

Allard, Julien; Blavy, Rodolphe - International Monetary Fund (IMF) - 2011

Recoveries vary considerably across countries: our paper compares recoveries in bank-based and market-based economies … and finds that market-based economies experience significantly and durably stronger rebounds than the bank-based ones (in … particular the more bank-based economies of continental Europe). Further, stronger recoveries also tend to be associated with …

Persistent link: https://www.econbiz.de/10009293778

Does Regulatory Governance Matter for Financial System Stability? An Empirical Analysis

Das, Udaibir S.; Quintyn, Marc; Chenard, Kina - International Monetary Fund (IMF) - 2004

This paper provides empirical evidence that the quality of regulatory governance-governance practices adopted by financial system regulators and supervisors-matters for financial system soundness. The paper constructs indices of financial system soundness and regulatory governance, based on...

Persistent link: https://www.econbiz.de/10005825836

The Stock Market and the Financing of Corporate Growth in Africa; The Case of Ghana

Yartey, Charles Amo - International Monetary Fund (IMF) - 2006

This paper examines the corporate financing pattern in Ghana. In particular, it investigates whether Singh's theoretically anomalous findings that developing country firms make considerably more use of external finance and new equity issues than developed country firms to finance asset growth...

Persistent link: https://www.econbiz.de/10005605262

The Quality Effect; Does Financial Liberalization Improve the Allocation of Capital?

Abiad, Abdul; Oomes, Nienke; Ueda, Kenichi - International Monetary Fund (IMF) - 2004

The study documents evidence of a "quality effect" of financial liberalization on allocative efficiency, which is measured by the dispersion in Tobin's Q across firms. Based on a simple model, the authors predict that financial liberalization, by equalizing access to credit, reduces the...

Persistent link: https://www.econbiz.de/10005825813

Limits of Market-Based Risk Transfer and Implications for Managing Systemic Risks.

Kim, Yoon Sook - 2006

Intro -- Contents -- Executive Summary -- I. INTRODUCTION -- II. LONG- TERM SYSTEMIC RISKS -- III. INNOVATIONS IN RISK TRANSFER MARKETS -- IV. INCOMPLETE MARKETS -- V. POLICY CONSIDERATIONS -- VI. CONCLUSIONS -- References.

Persistent link: https://www.econbiz.de/10012691045

From Subprime Loans to Subprime Growth? Evidence for the Euro Area

Cihák, Martin; Brooks, Petya Koeva - International Monetary Fund (IMF) - 2009

activity. We examine the linkages between the financial and real sectors in the euro area, finding that (i) bank loan supply … responds negatively to declines in bank soundness; (ii) a cutback in bank loan supply has a negative impact on economic … 2007. These estimates imply that the currently estimated bank losses would subtract some 2 percentage points from the euro …

Persistent link: https://www.econbiz.de/10005825755

Corporate Balance Sheet Restructuring and Investment in the Euro Area

Jaeger, Albert - International Monetary Fund (IMF) - 2003

The recent boom-bust cycle in the euro area's equity valuations has left nonfinancial corporations saddled with a legacy of high debt or leverage. Models of corporate investment behavior based on imperfect capital markets predict that highly leveraged balance sheets can act as a brake on...

Persistent link: https://www.econbiz.de/10005605417

Puts in the Shadow

Singh, Manmohan - International Monetary Fund (IMF) - 2012

within a bank, money market funds, Triparty repo, OTC derivatives market, collateral with central banks, and issuance of …

Persistent link: https://www.econbiz.de/10011123818

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