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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

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

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

Private Information, Capital Flows, and Exchange Rates

Gyntelberg, Jacob; Tientip, Subhanij; Loretan, Mico - International Monetary Fund (IMF) - 2012

We demonstrate empirically that not all capital flows influence exchange rates equally: Capital flows induced by foreign investorsâ€™ stock market transactions have both an economically significant and a permanent impact on exchange rates, whereas capital flows induced by foreign...

Persistent link: https://www.econbiz.de/10011142101

Exchange Rate Fluctuations and International Portfolio Rebalancing in Thailand

Gyntelberg, Jacob; Tientip, Subhanij; Loretan, Mico - International Monetary Fund (IMF) - 2012

We present empirical evidence that the Thai bahtâ€™s value is driven in part by investorsâ€™ cross-border equity portfolio rebalancing decisions. Our results are based on comprehensive datasets of FX and stock market transactions undertaken by nonresident investors in Thailand in 2005...

Persistent link: https://www.econbiz.de/10011142113

Impact of Regulatory Reforms on Large and Complex Financial Institutions

Ötker, Inci; Pazarbasioglu, Ceyla - International Monetary Fund (IMF) - 2010

Financial sector reforms are being considered to address the risks posed by large and complex financial institutions (LCFIs). The vast majority of global finance is intermediated by a handful of these institutions with growing interconnections within and across borders. Common trends that...

Persistent link: https://www.econbiz.de/10011142217

Italian Sovereign Spreads; Their Determinants and Pass-through to Bank Funding Costs and Lending Conditions

Zoli, Edda - International Monetary Fund (IMF) - 2013

Volatility in Italian sovereign spreads has increased since mid-2011. This paper finds that news on the euro area debt crisis and country specific events were important drivers of sovereign spreads. Movements in sovereign spreads affect CDS spreads and bond yields of Italian banks, and are...

Persistent link: https://www.econbiz.de/10011242184

Financial Structures and Economic Outcomes; An Empirical Analysis

Gole, Tom; Sun, Tao - International Monetary Fund (IMF) - 2013

This paper investigates the potential relationships between financial structures and economic outcomes. The empirical results that withstand a battery of methods suggest that some financial intermediation structures are likely to be more closely related to positive economic outcomes than others....

Persistent link: https://www.econbiz.de/10011242374

Do Inflows or Outflows Dominate? Global Implications of Capital Account Liberalization in China

Bayoumi, Tamim; Ohnsorge, Franziska - International Monetary Fund (IMF) - 2013

This paper assesses the implications of Chinese capital account liberalization for capital flows. Stylized facts from capital account liberalization in advanced and large emerging market economies illustrate that capital account liberalization has historically generated large gross capital in-...

Persistent link: https://www.econbiz.de/10010790306

Fiscal Foresight and Information Flows

Walker, Todd B.; Leeper, Eric M.; Yang, Shu-Chun S. - International Monetary Fund (IMF) - 2012

News - or foresight - about future economic fundamentals can create rational expectations equilibria with non-fundamental representations that pose substantial challenges to econometric efforts to recover the structural shocks to which economic agents react. Using tax policies as a leading...

Persistent link: https://www.econbiz.de/10010790371