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Creditor discrimination during sovereign debt restructurings
Erce, Aitor; Díaz-Cassou, Javier - Banco de España - 2010
This paper explores patterns of discrimination between residents and foreign creditors during recents sovereign debt … irrespective of their nationality and instances of discrimination against residents and non-residents. We then present evidence in … support of the hypothesis that these patterns of discrimination can be explained by the origin of liquidity pressures, the ex …
Persistent link: https://www.econbiz.de/10008455335
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Romania; Financial Sector Stability Assessment
International Monetary Fund (IMF); International … - 2010
This paper discusses key findings of the financial sector stability assessment for Romania. The assessment reveals that in recent years, Romania’s financial sector regulatory authorities have made significant progress in adopting international best practices, including through...
Persistent link: https://www.econbiz.de/10011245535
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Capital Markets and Financial Intermediation in The Baltics
Sheridan, Niamh; Schipke, Alfred; George, Susan Mary; … - International Monetary Fund (IMF) - 2004
In just over a decade after independence, the three Baltic countries, Estonia, Latvia, and Lithuania, have transformed themselves into fully functioning, small open-market economies that will be joining the European Union. Capital Markets and Financial Intermediation in The Baltics analyzes the...
Persistent link: https://www.econbiz.de/10005248055
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Financial Globalization and the Governance of Domestic Financial Intermediaries
Tressel, Thierry; Verdier, Thierry - International Monetary Fund (IMF) - 2007
We model an economy in which domestic banks and firms face incentive constraints, as in Holmstrom and Tirole (1997). Firms borrow from banks and uninformed investors, and can collude with banks to reduce the intensity of monitoring. We study the general equilibrium effects of capital flows...
Persistent link: https://www.econbiz.de/10005248244
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Belarus; Recent Economic Developments
International Monetary Fund (IMF); International … - 1996
This paper reviews economic developments in the Republic of Belarus during 1994–96. After several years of efforts at structural reform and stabilization during which little progress was made, following presidential elections in mid-1994, the authorities adopted a wide-ranging adjustment...
Persistent link: https://www.econbiz.de/10005252624
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Capital Account Liberalization and Financial Sector Stability
International Monetary Fund (IMF); International … - 2002
Persistent link: https://www.econbiz.de/10005824821
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Chile; Institutions and Policies Underpinning Stability and Growth
Kalter, Eliot; Phillips, Steven; Singh, Manmohan; … - International Monetary Fund (IMF) - 2004
This paper presents the primary institutions and economic policies that have led to Chile’s remarkable record of stability and growth over the past twenty years. The core of this policy stance is the combination of fiscal discipline and an open trade policy regime, together with carefully...
Persistent link: https://www.econbiz.de/10005767351
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Early Birds, Late Risers, and Sleeping Beauties; Bank Credit Growth to the Private Sector in Central and Eastern Europe and in the Balkans
Hollar, Ivanna Vladkova; Dell'Ariccia, Giovanni; … - International Monetary Fund (IMF) - 2003
Following a period of privatization and restructuring, commercial banks in Central and Eastern Europe and, more recently, in the Balkans have rapidly expanded their lending to the private sector. This paper describes the causes of this expansion, assesses future trends, and evaluates its policy...
Persistent link: https://www.econbiz.de/10005769208
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Domestic Bank Regulation and Financial Crises; Theory and Empirical Evidence From East Asia
Kletzer, Kenneth; Dekle, Robert - International Monetary Fund (IMF) - 2001
A model of the domestic financial intermediation of foreign capital inflows based on agency costs is developed for studying financial crises in emerging markets. In equilibrium, the banking system becomes progressively more fragile under imperfect prudential regulation and public sector loan...
Persistent link: https://www.econbiz.de/10005599585
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Former Yugoslav Republic of Macedonia Banking Soundness and Recent Lessons
International Monetary Fund (IMF); International … - 2000
After several years of transition, major weaknesses in the banking and enterprise sectors remain the root cause of low growth. A large share of nonperforming assets in the portfolio of large banks, stemming from losses in the enterprise sector, has been a key impediment to financial sector...
Persistent link: https://www.econbiz.de/10005605316