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The Puzzle of Persistently Negative Interest Rate-Growth Differentials; Financial Repression or Income Catch-Up?

Shabunina, Anna; Escolano, Julio; Woo, Jaejoon - International Monetary Fund (IMF) - 2011

The interest rate-growth differential (IRGD) shows a marked correlation with GDP per capita. It has been on average around 1 percentage point for large advanced economies during 1999-2008; but below -7 percentage points among non-advanced economies - exerting a powerful stabilizing influence on...

Persistent link: https://www.econbiz.de/10009370559

Assessing Fiscal Stress

Dobrescu, Gabriela; Petrova, Iva; Belhocine, Nazim; … - International Monetary Fund (IMF) - 2011

This paper develops a new index which provides early warning signals of fiscal sustainability problems for advanced and emerging economies. Unlike previous studies, the index assesses the determinants of fiscal stress periods, covering public debt default as well as near-default events. The...

Persistent link: https://www.econbiz.de/10009019579

Endogenous Creditor Seniority and External Debt Values

Dooley, Michael P.; Stone, Mark R. - International Monetary Fund (IMF) - 1992

A new aggregation scheme used to measure the sources of fiscal financing of indebted countries suggests that there was a fundamental improvement in the seniority of domestic debt at the expense of foreign bank debt during the late 1980s. We argue that this was the revenue maximizing response of...

Persistent link: https://www.econbiz.de/10005825730

The Cost of Private Debt Over the Credit Cycle

Tereanu, Eugen; Francis, Johanna L.; Aykut, Dilek - International Monetary Fund (IMF) - 2010

We identify global and regional fluctuations in international private debt flows to emerging and developing countries using data on cross border loans and international bond issuance over 1993 -2009. We estimate the effects of individual borrower characteristics as well as macroeconomic...

Persistent link: https://www.econbiz.de/10008777015

Re-Accessing International Capital Markets After Financial Crises; Some Empirical Evidence

Zanforlin, L. - International Monetary Fund (IMF) - 2007

The paper analyzes the factors that contribute to the re-access of countries that emerge from a severe financial crisis to the international capital markets. It conjectures that these factors depend on a sovereign's commitment and ability to repay its foreign debt, signaled by sound...

Persistent link: https://www.econbiz.de/10005768932

Exchange Rate Policy and Sovereign Bond Spreads in Developing Countries

Yue, Vivian Z.; Jahjah, Samir - International Monetary Fund (IMF) - 2004

We test the hypothesis of a link between exchange rate policy and sovereign bonds. We analyze the effect of exchange … rate policies on supply and credit spreads of sovereign bonds issued by developing countries. An exchange rate policy is … likelihood of issuing bonds depend on the exchange rate regime; (3) exchange rate misalignment under a hard peg significantly …

Persistent link: https://www.econbiz.de/10005599729

Structural Reforms and Economic Performance in Advanced and Developing Countries

Spilimbergo, Antonio; Prati, Alessandro; Ostry, … - International Monetary Fund (IMF) - 2009

This volume examines the impact on economic performance of structural policies-policies that increase the role of market forces and competition in the economy, while maintaining appropriate regulatory frameworks. The results reflect a new dataset covering reforms of domestic product markets,...

Persistent link: https://www.econbiz.de/10010790490

Restoring Debt Sustainability After Crises; Implications for the Fiscal Mix

Baldacci, Emanuele; Gupta, Sanjeev; Mulas-Granados, Carlos - International Monetary Fund (IMF) - 2010

This paper analyzes the experience of 99 advanced and developing economies in restoring fiscal sustainability during 1980 - 2008 after banking crises, which led to large accumulation of public debt. It finds that successful debt reductions have relied chiefly on generation of large primary...

Persistent link: https://www.econbiz.de/10008680272

As You sow so Shall You Reap; Public Investment Surges, Growth, and Debt Sustainability in togo

David, Antonio; Zanna, Luis-Felipe; Espinoza, Raphael A.; … - International Monetary Fund (IMF) - 2012

This paper presents an analysis of the public investment scaling-up strategy for Togo using a dynamic macroeconomic model that explicitly analyzes the links between public investment, economic growth, and debt sustainability. In the model, public capital is productive and complementary to...

Persistent link: https://www.econbiz.de/10011242420

Global Market Conditions and Systemic Risk

González-Hermosillo, Brenda; Hesse, Heiko - International Monetary Fund (IMF) - 2009

This paper examines several key global market conditions, such as a proxy for market uncertainty and measures of interbank funding stress, to assess financial volatility and the likelihood of crisis. Using Markov regime-switching techniques, it shows that the Lehman Brothers failure was a...

Persistent link: https://www.econbiz.de/10008460596

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