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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 … shocks. The paper establishes a relationship between oil prices, changes in the nominal effective exchange rate (NEER) of the … rates and the NEER are shown to influence crude prices inversely. The results imply that crude oil prices should be included …
Persistent link: https://www.econbiz.de/10005768887
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Dynamic Depositor Discipline in U.S. Banks
McDill, Kathleen; Maechler, Andrea M. - International Monetary Fund (IMF) - 2003
This paper investigates the presence of depositor discipline in the U.S. banking sector. We test whether depositors penalize (discipline) banks for poor performance by withdrawing their uninsured deposits. While focusing on the movements in uninsured deposits, we also account for the possibility...
Persistent link: https://www.econbiz.de/10005248320
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Asset Market Participation, Monetary Policy Rules, and the Great Inflation
Bilbiie, Florin; Straub, Roland - International Monetary Fund (IMF) - 2006
This paper argues that limited asset market participation is crucial in explaining U.S. macroeconomic performance and monetary policy before the 1980s, and their changes thereafter. We develop an otherwise standard sticky-price dynamic stochastic general equilibrium model, which implies that at...
Persistent link: https://www.econbiz.de/10005263711
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Structural Reforms in the Euro Area; Economic Impact and Role of Synchronization Across Markets and Countries
Everaert, Luc; Schule, Werner - International Monetary Fund (IMF) - 2006
markets are quantified for both a large and a small euro area economy. When markups in these markets are reduced, there are … transitional costs as they induce a temporary decline in consumption, but raising competition in goods markets can mitigate some of … these costs. Thus, coordinating the timing of reforms across markets is beneficial, and the more so the more open the …
Persistent link: https://www.econbiz.de/10005264078
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First; A Market-Based Approach to Evaluate Financial System Risk and Stability
Avesani, Renzo G. - International Monetary Fund (IMF) - 2005
, complex financial institutions (LCFIs) operating in the most advanced financial markets, MRI and CRI have also been applied to …
Persistent link: https://www.econbiz.de/10005264101
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An Incentive Approach to Identifying Financial System Vulnerabilities
Chai, Jingqing; Johnston, R. B. - International Monetary Fund (IMF) - 2000
This paper underscores the importance of the assessment of incentives of the main agents in a financial system as a key element in the analysis of financial system vulnerability and the surveillance over the financial system. We outline a diagnostic approach for the assessment of incentives....
Persistent link: https://www.econbiz.de/10005264193
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Assessing Bank Competition within the East African Community
Sanya, Sarah; Gaertner, Matthew - International Monetary Fund (IMF) - 2012
This paper is an empirical analysis of competitiveness in the banking system of four out of the five East African Community (EAC) countries2. The results show that the degree of competition is low due to a combination of structural and socio-economic factors. By way of preview, the analysis...
Persistent link: https://www.econbiz.de/10009650623
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Depositor Behavior and Market Discipline in Colombia
Steiner, Roberto; Barajas, Adolfo - International Monetary Fund (IMF) - 2000
This study examines how depositors choose among different banks and over time in Colombia, focusing on whether they discipline bank behavior. By controlling for a more comprehensive set of risk/return factors, the study improves upon conventional market discipline tests. Panel data estimations...
Persistent link: https://www.econbiz.de/10005825773
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Solving for Country Portfolios in Open Economy Macro Models
Devereux, Michael B.; Sutherland, Alan - International Monetary Fund (IMF) - 2007
environments in which markets are complete or incomplete, and it can be used for models of any dimension. Moreover, the …
Persistent link: https://www.econbiz.de/10005826170
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Optimal Monetary Policy in a Small Open Economy Under Segmented Asset Markets and Sticky Prices
Guzman, Juan Pablo Medina; Lama, Ruy - International Monetary Fund (IMF) - 2007
This paper studies optimal monetary policy in a two-sector small open economy model under segmented asset markets and … sticky prices. We solve the Ramsey problem under full commitment, and characterize the optimal monetary policy in a … flexible prices. Second, under the optimal policy the volatility of non-tradable inflation is close to zero. Third, stabilizing …
Persistent link: https://www.econbiz.de/10005826443