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From Crisis to Recovery in Korea; Strategy, Achievements, and Lessons
Kang, Kenneth; Liang, Hong; Ma, Henry; Richards, Anthony J. - International Monetary Fund (IMF) - 2001
This paper reviews and draws lessons from the stabilization and reform program that Korea implemented in response to the 1997-98 crisis. The economy recovered quickly from the deep recession in 1998 and its vulnerability to a balance of payments crisis has been reduced sharply. Significant...
Persistent link: https://www.econbiz.de/10005825786
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Out of the Box Thoughts About the International Financial Architecture
Eichengreen, Barry J. - International Monetary Fund (IMF) - 2009
international financial architecture that might be implemented over the next ten years. It proposes routinizing the expansion of IMF … transactions, which would require someone-like the IMF-to act as market maker. It considers proposals for reimposing Glass …. Again there is likely to be a role for the IMF. Then there are arguments for a new agency or institution to deal with cross …
Persistent link: https://www.econbiz.de/10008528699
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Sovereign Insurance and Program Design; What is Optimal for the Sovereign?
Messmacher, Miguel - International Monetary Fund (IMF) - 2006
The design of the optimal sovereign insurance contract is analyzed when: the sovereign chooses the contract; effort is not contractible; shocks are of uncertain magnitude; the sovereign can save; and the sovereign can default. Under these conditions: i) an ex ante premium leads to higher coverage;...
Persistent link: https://www.econbiz.de/10005263743
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The Role of Domestic Debt Markets in Economic Growth; An Empirical Investigation for Low-Income Countries and Emerging Markets
Abbas, S. M. Ali; Christensen, Jakob - International Monetary Fund (IMF) - 2007
We develop a new public domestic debt (DD) database covering 93 low-income countries and emerging markets over the 1975-2004 period to estimate the growth impact of DD. Moderate levels of non-inflationary DD, as a share of GDP and bank deposits, are found to exert a positive overall impact on...
Persistent link: https://www.econbiz.de/10005768875
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Financial System Soundness in the Caribbean; An Initial Assessment
Cherebin, Desiree; Worrell, DeLisle; Polius, Tracy - International Monetary Fund (IMF) - 2001
A survey of the financial systems of Caribbean countries reveals systems dominated by banks, with services widely available. Jamaica is the only country to have experienced a financial crisis. The paper describes recent improvements in the regulatory framework, and examines factors, which affect...
Persistent link: https://www.econbiz.de/10005768880
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A Model of the Joint Distribution of Banking and Exchange-Rate Crises
Marion, Nancy P.; Flood, Robert P. - International Monetary Fund (IMF) - 2001
We develop a simple framework for studying the joint distribution of banking and currency crises triggered by real shocks. Our framework illustrates the fact that bank and currency collapses are related but they are not the same thing. Studying currency and bank collapses either in isolation or...
Persistent link: https://www.econbiz.de/10005768974
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Asset Securitization and Structured Financing; Future Prospects and Challenges for Countries in Emerging Markets
Alles, Lakshman - International Monetary Fund (IMF) - 2001
This article examines the issues and challenges involved for institutions, policy makers, and law-makers in less developed countries in their efforts to implement asset securitization techniques in their financial markets. Challenges and issues in the areas of market development, legislation,...
Persistent link: https://www.econbiz.de/10005769057
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Stock Returns and Output Growth in Emerging and Advanced Economies
Mauro, Paolo - International Monetary Fund (IMF) - 2000
This paper studies the correlation between output growth and lagged stock returns in a panel of emerging market economies and advanced economies. It finds that the correlation is as strong in emerging market economies as in advanced economies. Asset prices therefore contain valuable information...
Persistent link: https://www.econbiz.de/10005769095
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Investors’ Risk Appetite and Global Financial Market Conditions
González-Hermosillo, Brenda - International Monetary Fund (IMF) - 2008
A structural vector autoregression model is developed to analyze the dynamics of bond spreads among a sample of mature and developing countries during periods of financial stress in the last decade. The model identifies and quantifies the contribution on bond spreads from global market...
Persistent link: https://www.econbiz.de/10005769174
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Internal Models-Based Capital Regulation and Bank Risk-Taking Incentives
Kupiec, Paul H. - International Monetary Fund (IMF) - 2002
Advocates for internal model-based capital regulation argue that this approach will reduce costs and remove distortions that are created by rules-based capital regulations. These claims are examined using a Merton-style model of deposit insurance. Analysis shows that internal model-based capital...
Persistent link: https://www.econbiz.de/10005769175