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Procyclical Behavior of Institutional Investors During the Recent Financial Crisis; Causes, Impacts, and Challenges
Papaioannou, Michael G; Park, Joonkyu; Pihlman, Jukka; … - International Monetary Fund (IMF) - 2013
This paper (i) provides evidence on the procyclical investment behavior of major institutional investors during the … implications of procyclical behavior; and (iv) proposes a framework for sound investment practices for long-term investors. Such … procyclical investment behavior is understandable and may be considered rational from an individual institution’s perspective …
Persistent link: https://www.econbiz.de/10011242388
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Real Money Investors and Sovereign Bond Yields
Jaramillo, Laura; Zhang, Yuanyan Sophia - International Monetary Fund (IMF) - 2013
Experience from the global financial crisis suggests that countries’ borrowing costs are not solely determined by macro and fiscal fundamentals. Factors such as ownership structures of government securities, among others, also play a significant role. This paper investigates the effect of...
Persistent link: https://www.econbiz.de/10011142157
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Ghana; 2007 Article IV Consultation: Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Ghana
International Monetary Fund (IMF); International … - 2007
The 2007 Article IV Consultation reports on Ghana’s recent economic and policy development. Public Financial Management (PFM) has been strengthened through improvements in fiscal reporting and deployment of the new computerized payroll management system. Executive Directors commended the...
Persistent link: https://www.econbiz.de/10011244661
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Bulgaria; 2007 Article IV Consultation-Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Bulgaria
International Monetary Fund (IMF); International … - 2007
by massive capital inflows, particularly foreign direct investment inflows, the current account deficit could reach a …
Persistent link: https://www.econbiz.de/10011244823
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Kenya; Request for Disbursement Under the Rapid-Access Component of the Exogenous Shocks Facility: Staff Report; Staff Supplement; Press Release on the Executive Board Discussion;...
International Monetary Fund (IMF); International … - 2009
Kenya’s strong economic performance in recent years with real GDP growth of 6 percent on average over 2004–07 has been stalled by a series of exogenous but temporary shocks that hit the economy in 2008. The staff report highlights Kenya's request for Disbursement under the...
Persistent link: https://www.econbiz.de/10011244825
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Republic of Poland; Arrangement Under the Flexible Credit Line: Staff Report; Staff Supplement; Press Release on the Executive Board Discussion; and Statement by the Executive Dire...
International Monetary Fund (IMF); International … - 2009
This paper focuses on an arrangement under the Flexible Credit Line (FCL) for the Republic of Poland. Poland’s macroeconomic performance has been very strong. The authorities believe that access under an FCL arrangement in the amount of SDR 13.69 billion could help maintain market access...
Persistent link: https://www.econbiz.de/10011245204
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Iceland; Fifth Review Under the Stand-By Arrangement, and Request for Modification of Performance Criteria and Rephasing of Access—Staff Report; Informational Annex; Staff Statem...
International Monetary Fund (IMF); International … - 2011
The paper describes the impressive economic progress made by Iceland in implementing program policies, stabilizing the exchange rate, and bringing inflation down, under a program supported by a Stand-By Arrangement (SBA). The authorities noted that key challenges are to reduce the high level of...
Persistent link: https://www.econbiz.de/10011245508
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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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Coping with Capital Inflows; Experiences of Selected European Countries
Vávra, David; Ötker, Inci; Topf, Barry; Polanski, Zbigniew - International Monetary Fund (IMF) - 2007
This paper reviews the experiences of a number of European countries in coping with capital inflows. It describes the nature of the inflows, their implications for macroeconomic and financial stability, and the policy responses used to cope with them. The experiences suggest that as countries...
Persistent link: https://www.econbiz.de/10005248251
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Capital Income Taxation and Economic Growth in Open Economies
Palomba, Geremia - International Monetary Fund (IMF) - 2004
Do reductions in capital income taxes attract foreign capital and, at the same time, foster economic growth? This paper examines the effect of capital income taxation on the international allocation of capital and on economic growth in a two-country overlapping generations model with endogenous...
Persistent link: https://www.econbiz.de/10005263657