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Reform of the international financial architecture : an Asian perspective
Kawai, Masahiro - 2009
powerful Financial Stability Board, and augmenting the financial resources of the IMF. However, the international financial … architecture remains inadequate for the needs of many emerging market economies. The effectiveness of IMF surveillance …
Persistent link: https://www.econbiz.de/10003901587
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IMF-supported adjustment programs : welfare implications and the catalytic effect
De Resende, Carlos (contributor) - 2007
The author studies the welfare implications of adjustment programs supported by the International Monetary Fund (IMF … joining a program is driven by IMF conditionality: to be able to borrow from the IMF, the country has to submit to limits on … the consumption of public goods. The benefits derive from the additional borrowing from the IMF (at a lower interest rate …
Persistent link: https://www.econbiz.de/10003462980
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What do we know about the global financial safety net? : a new comprehensive data set
Scheubel, Beatrice; Stracca, Livio - 2016
provide a comprehensive database covering four elements of the GFSN (foreign exchange reserves, IMF financing, central bank …
Persistent link: https://www.econbiz.de/10011565481
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Short-term and long-term growth effects of exchange rate adjustment
Kočenda, Evžen; Maurel, Mathilde; Schnabl, Gunther - 2012 - Version: 22 November 2012
The European sovereign debt crisis revived the discussion concerning the pros and cons of exchange rate adjustment in the face of asymmetric shocks. Exit from the euro area is to regain rapidly international competitiveness. Exchange rate stability with structural reforms could be beneficial for...
Persistent link: https://www.econbiz.de/10009683152
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Default risk and economic activity : a small open economy model with sovereign debt and default
Roldán-Peña, Jessica - 2012
Empirical evidence shows that sovereign defaults are associated with significant downturns in economic activity in defaulting countries. However, the existing literature on sovereign debt and default mainly analyzes endowment economies and, therefore, does not address the relationship between...
Persistent link: https://www.econbiz.de/10009705418
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On the benefits of repaying
Caselli, Francesca; Faralli, Matilde; Manasse, Paolo; … - 2021
US allowed Colombia do to so outside the standard framework of an IMF program. Our counterfactual analysis shows that in …
Persistent link: https://www.econbiz.de/10012621318
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On the benefits of repaying
Caselli, Francesca; Faralli, Matilde; Manasse, Paolo; … - 2021
US allowed Colombia to do so outside the standard framework of an IMF program. Our counterfactual analysis shows that in …
Persistent link: https://www.econbiz.de/10012617658
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Do countries default in bad times? : the role of alternative detrending techniques
Panizza, Ugo - 2022
Quantitative models of sovereign debt predict that countries should default during deep recessions. However, empirical research on sovereign debt has found a surprisingly large share of "good times" defaults (i.e., defaults that happen when GDP is above trend). Existing evidence also indicates...
Persistent link: https://www.econbiz.de/10013173175
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Welfare gains of bailouts in a sovereign default model
Pancrazi, Roberto; Seoane, Hernán D.; Vukotic, Marija - 2019
We examine the welfare effects of bailouts in economies exposed to sovereign default risk. When a government of a small open economy requests a bailout from an international financial institution, it receives a non-defaultable loan of size G that comes with imposed debt limits. The government...
Persistent link: https://www.econbiz.de/10012160653
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The effect of IMF lending on the probability of sovereign debt crises
Jorra, Markus - 2010
This paper explores empirically how the adoption of IMF programs affects sovereign risk over the medium term. We find … that IMF programs significantly increase the probability of subsequent sovereign defaults by approximately 1.5 to 2 … sovereign defaults and program participation simultaneously. Furthermore, IMF programs turn out to be especially detrimental to …
Persistent link: https://www.econbiz.de/10008695546