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Pricing of Sovereign Credit Risk; Evidence From Advanced Economies During the Financial Crisis
Alper, C. Emre; Forni, Lorenzo; Gerard, Marc - International Monetary Fund (IMF) - 2012
We investigate the pricing of sovereign credit risk over the period 2008-2010 for selected advanced economies by examining two widely-used indicators: sovereign credit default swap (CDS) and relative asset swap (RAS) spreads. Cointegration analysis suggests the existence of an imperfect market...
Persistent link: https://www.econbiz.de/10009650642
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Sovereign Risk and Belief-Driven Fluctuations in the Euro Area
Corsetti, Giancarlo; Kuester, Keith; Meier, André; … - International Monetary Fund (IMF) - 2013
Sovereign risk premia in several euro area countries have risen markedly since 2008, driving up credit spreads in the private sector as well. We propose a New Keynesian model of a two-region monetary union that accounts for this “sovereign risk channel.” The model is calibrated to the euro...
Persistent link: https://www.econbiz.de/10010790357
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Panama; 2009 Article IV Consultation: Staff Report; Staff Statement and Supplement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Dire...
International Monetary Fund (IMF); International … - 2009
Strong economic fundamentals helped Panama contain the adverse impact of the global economic downturn and financial turmoil. The 2009 Article IV Consultation highlights that real GDP of Panama in 2008 grew by 9.2 percent. Panama’s large banking system has weathered the global financial...
Persistent link: https://www.econbiz.de/10011244189
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Kenya; Selected Issues
International Monetary Fund (IMF); International … - 2008
This Selected Issues paper on Kenya reviews Kenya’s external stability in a context where the exchange rate has strengthened and capital inflows are playing an increasingly important role. Kenya’s external current account deficit has widened, reflecting strong import volumes as...
Persistent link: https://www.econbiz.de/10011244282
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Portugal; Selected Issues
International Monetary Fund (IMF); International … - 2007
This Selected Issues paper analyzes Portugal’s export performance in 2006 and assesses whether it might augur a … sustained recovery. The paper examines the factors underlying the recent export rebound, and searches for signs of fundamental … changes in structures of the export industries during the last decade. It highlights the importance of labor market …
Persistent link: https://www.econbiz.de/10011244471
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Former Yugoslav Republic of Macedonia; Selected Issues
International Monetary Fund (IMF); International … - 2009
This Selected Issues paper for the former Yugoslav Republic of Macedonia is examined. Real GDP growth accelerated to 5 percent in 2007 and 6 percent in the first half of 2008, from its historical average of about 3 percent. Increased investment, partly financed by FDI, is the main driver...
Persistent link: https://www.econbiz.de/10011244556
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Germany; Selected Issues
International Monetary Fund (IMF); International … - 2006
For more than a decade, growth in Germany has been subdued and uneven. This paper introduces the stylized facts pertaining to the strength in exports, the weakness in domestic demand, and the surge in the current account. It discusses the adjustment undertaken in the private sector and its...
Persistent link: https://www.econbiz.de/10011244845
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Arab Republic of Egypt; 2008 Article IV Consultation: Staff Report; Staff Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Dir...
International Monetary Fund (IMF); International … - 2009
This 2008 Article IV Consultation highlights that Egypt's economic performance since 2004 has been generally impressive, underpinned by a supportive external environment and the structural reform program that has included the liberalization of foreign trade, investment, and the exchange market....
Persistent link: https://www.econbiz.de/10011244915
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The Gambia; Enhanced Heavily Indebted Poor Countries Initiative: Completion Point Document and Multilateral Debt Relief Initiative
International Monetary Fund (IMF); International … - 2008
An assessment is provided of The Gambia’s performance in meeting the requirements for reaching the completion point under the Enhanced Heavily Indebted Poor Countries (HIPC) Initiative is provided. Next, the paper reviews the status of creditor participation and presents an updated debt...
Persistent link: https://www.econbiz.de/10011245106
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Chad; Selected Issues
International Monetary Fund (IMF); International … - 2009
This paper analyzes competitiveness in Chad since the advent of the oil era in the 2000s. Oil has since positioned itself as the key sector of a traditional economy that previously depended on agriculture and some light manufacturing. Dominated by developments in the oil sector, Chad’s...
Persistent link: https://www.econbiz.de/10011245147