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Nonperforming Loans and Macrofinancial Vulnerabilities in Advanced Economies
Nkusu, Mwanza - International Monetary Fund (IMF) - 2011
We analyze the link between nonperforming loans (NPL) and macroeconomic performance using two complementary approaches. First, we investigate the macroeconomic determinants of NPL in panel regressions and confirm that adverse macroeconomic developments are associated with rising NPL. Second, we...
Persistent link: https://www.econbiz.de/10009203534
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Bank Competition, Risk and Asset Allocations
Boyd, John H.; Nicoló, Gianni De; Jalal, Abu M. - International Monetary Fund (IMF) - 2009
about 2600 banks in 134 non-industrialized countries for the period 1993-2004. With both samples, we find that banks …
Persistent link: https://www.econbiz.de/10008528611
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Predicting Sovereign Debt Crises
Schimmelpfennig, Axel; Roubini, Nouriel; Manasse, Paolo - International Monetary Fund (IMF) - 2003
We develop an early-warning model of sovereign debt crises. A country is defined to be in a debt crisis if it is … solvency and liquidity factors that predict a debt-crisis episode one year in advance. The logit model predicts 74 percent of …
Persistent link: https://www.econbiz.de/10005248202
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The Level and Composition of Public Sector Debt in Emerging Market Crises
Rother, Bjoern; Hakobyan, Ivetta; Bolle, Monica … - International Monetary Fund (IMF) - 2006
The paper examines the evolution of public sector debt levels and structures in 12 emerging market countries around the … time of financial crises. In particular, it focuses on whether the debt situation of sovereign borrowers became more … vulnerable in the aftermath of crises. The principal findings are that (i) debt levels tend to increase significantly post …
Persistent link: https://www.econbiz.de/10005825985
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Financial Frictions, Investment, and Institutions
Yafeh, Yishay; Ueda, Kenichi; Claessens, Stijn - International Monetary Fund (IMF) - 2010
Financial frictions have been identified as key factors affecting economic fluctuations and growth. But, can institutional reforms reduce financial frictions? Based on a canonical investment model, we consider two potential channels: (i) financial transaction costs at the firm level; and (ii)...
Persistent link: https://www.econbiz.de/10008680276
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Iceland; 2010 Article IV Consultation and Third Review under Stand-By Arrangement and Request for Modification of Performance Criteria-Staff Report; Staff Supplement; Public Inform...
International Monetary Fund (IMF); International … - 2010
Iceland’s gross external debt rose above 600 percent of GDP, while households and corporations accumulated heavy debt …
Persistent link: https://www.econbiz.de/10011243289
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Peru; Second Review Under the Stand-By Arrangement and Requests for Establishment of Performance Criteria, Wavier of Nonobservance of Performance Criteria, and Rephasing of Future...
International Monetary Fund (IMF); International … - 2007
This paper discusses key findings of the Second Review Under the Stand-By Arrangement for Peru. The economy continued to perform well in 2004. Real GDP grew by 5.1 percent, inflation was 3.5 percent at end-December, and the fiscal deficit of the combined public sector narrowed to 1.1 percent of...
Persistent link: https://www.econbiz.de/10011244851
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Central African Republic; Second Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility, Requests for Waivers of Nonobservance of Performance Crite...
International Monetary Fund (IMF); International … - 2008
and caused serious fiscal losses. The new financing strategy is based on issuing debt instruments in the regional … financial market to improve the domestic debt profile. IMF staff recommends completion of the second review, granting of waivers …
Persistent link: https://www.econbiz.de/10011244185
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Parity Reversion in Real Exchange Rates; Fast, Slow or Not At All?
McDermott, C. John; Cashin, Paul - International Monetary Fund (IMF) - 2004
Consensus estimates put the half-life of deviations from purchasing power parity (PPP) at about four years (Rogoff, 1996). However, conventional least squares estimates of half-lives are biased downward. Accordingly, as a preferred measure of the persistence of real exchange rate shocks, this...
Persistent link: https://www.econbiz.de/10005604970
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Republic of Tajikistan; 2006 Article IV Consultation: Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for the Rep...
International Monetary Fund (IMF); International … - 2007
Tajikistan’s external debt profile has improved significantly, total public and publicly guaranteed debt is projected to … Directors welcomed the authorities’ intention to put in place a debt management strategy that will prevent public debt from …
Persistent link: https://www.econbiz.de/10011242906