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Using the Balance Sheet Approach in Surveillance; Framework, Data Sources, and Data Availability

Pellechio, Anthony J.; Mathisen, Johan - International Monetary Fund (IMF) - 2006

Recent improvements in statistical methodologies and data availability are facilitating detailed, high-frequency, timely macroeconomic balance sheet analysis. This paper provides practical instruction on how to design the framework to analyze vulnerabilities in a country as well as an overview...

Persistent link: https://www.econbiz.de/10005605198

Asset Mispricing Due to Cognitive Dissonance

Eckwert, Bernhard; Drees, Burkhard - International Monetary Fund (IMF) - 2005

The behavior of equity prices is analyzed in a general equilibrium model where agents have preferences not only over consumption but also (implicitly) over their beliefs. To alleviate cognitive dissonance, investors endogenously choose to ignore information that conflicts too much with their ex...

Persistent link: https://www.econbiz.de/10005605203

Defining Financial Stability

Schinasi, Garry J. - International Monetary Fund (IMF) - 2004

The main objective of this paper is to propose a definition of financial stability that has some practical and operational relevance. Financial stability is defined in terms of its ability to facilitate and enhance economic processes, manage risks, and absorb shocks. Moreover, financial...

Persistent link: https://www.econbiz.de/10005605285

Capital Market Development in a Small Country; The Case of Slovenia

Andritzky, Jochen R. - International Monetary Fund (IMF) - 2007

Small emerging economies, despite their significant growth, lack the scale to develop thriving capital markets from their local investor and issuer base that are able to deliver the benefits of a large, mature market. Slovenia is such an example. Despite the necessary infrastructure in place,...

Persistent link: https://www.econbiz.de/10005605308

Debt Maturity and the International Financial Architecture

Jeanne, Olivier - International Monetary Fund (IMF) - 2004

This paper presents a theory of the maturity of international sovereign debt and derives its implications for the reform of the international financial architecture. It presents a general equilibrium model in which the need to roll over external debt disciplines the policies of debtor countries...

Persistent link: https://www.econbiz.de/10005605335

The Tasks Ahead

International Monetary Fund (IMF); International … - 2008

This note, prepared ahead of the G20 Summit (November 15), builds upon the points laid out in the Managing Directorâ€™s letter to the Heads of State and Government (November 9). It lays out two tasks ahead for policy makers. Policies for now should cover:(i)implementing and coordinating...

Persistent link: https://www.econbiz.de/10005605385

The Pricing of Credit Default Swaps During Distress

Singh, Manmohan; Andritzky, Jochen R. - International Monetary Fund (IMF) - 2006

Credit default swaps (CDS) provide the buyer with insurance against certain types of credit events by entitling him to exchange any of the bonds permitted as deliverable against their par value. Unlike bonds, whose risk spreads are assumed to be the product of default risk and loss rate, CDS are...

Persistent link: https://www.econbiz.de/10005605393

Revisiting the Derivative: Implications on the Rate of Change Analysis

Khumalo, Bhekuzulu - Volkswirtschaftliche Fakultät, … - 2009

The aim of this paper is to raise concerns with the mathematical concept of the derivative as we know it. It raises … easily understood. The paper looks at linear and polynomial functions to illustrate that the derivative is not as precise as … simple derivative. It is the nature of polynomial functions that lead to the derivative not to be accurate and this paper …

Persistent link: https://www.econbiz.de/10005621634

Unconventional Monetary Policy and Asset Price Risk

Roache, Shaun K.; Rousset, Marina V - International Monetary Fund (IMF) - 2013

We examine the effects of unconventional monetary policy (UMP) events in the United States on asset price risk using risk-neutral density functions estimated from options prices. Based on an event study including a key exchange rate, an equity index, and five commodities, we find that “tail...

Persistent link: https://www.econbiz.de/10010790292

Leverage? What Leverage? A Deep Dive into the U.S. Flow of Funds in Search of Clues to the Global Crisis

Bayoumi, Tamim; Bhatia, Ashok Vir - International Monetary Fund (IMF) - 2012

This paper questions the view that leverage should have forewarned us of the global financial crisis of 2007-09, pointing to several gearing indicators that were neither useful portents of the onset of the crisis nor of its ferocity. Instead it shows, first, that the use of ill-suited collateral...

Persistent link: https://www.econbiz.de/10010790365