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Denmark; Financial Sector Assessment Program-Technical Note-Review of Danish Capital Market

International Monetary Fund (IMF); International … - 2007

This technical note discusses the structure of the Danish capital market and related issues. The focus is on the organization and functioning of domestic securities markets. The note provides a regional perspective on these markets. It reviews the prudential framework for capital markets, and...

Persistent link: https://www.econbiz.de/10011242689

A New Database of Financial Reforms

Detragiache, Enrica; Abiad, Abdul; Tressel, Thierry - International Monetary Fund (IMF) - 2008

This paper introduces a new database of financial reforms, covering 91 economies over 1973–2005. It describes the content of the database, the information sources utilized, and the coding rules used to create an index of financial reform. It also compares the database with other measures of...

Persistent link: https://www.econbiz.de/10005604989

Causes of Asset Shortages in Emerging Markets

Chen, Jiaqian; Imam, Patrick A. - International Monetary Fund (IMF) - 2011

We first illustrate that emerging markets (EMs) face a shortage of financial assets, with financial assets not growing as rapidly as domestic savings. We then estimate the asset shortage in EMs for 1995-2008. We develop a model that explains how asset shortage develop, and then econometrically...

Persistent link: https://www.econbiz.de/10009147327

Stock Market Development in Sub-Saharan Africa; Critical Issues and Challenges

Adjasi, Charles Komla; Yartey, Charles Amo - International Monetary Fund (IMF) - 2007

This paper examines the economic importance of stock markets in Africa. It discusses policy options for promoting the development of the stock market in Africa. The results of the paper show that the stock markets have contributed to the financing of the growth of large corporations in certain...

Persistent link: https://www.econbiz.de/10005264024

Israel; 2008 Article IV Consultation: Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Israel.

International Monetary Fund (IMF); International … - 2009

The staff report for the 2008 Article IV Consultation of Israel on economic developments and policies is examined. Fiscal and monetary credentials have been established in markets. Banks and their supervisory arrangements have been robust, and growth has been strong, sustained, and balanced....

Persistent link: https://www.econbiz.de/10011243740

The Equity Premium Puzzle, Ambiguity Aversion, and Institutional Quality

Mirakhor, Abbas; Erbas, S. Nuri - International Monetary Fund (IMF) - 2007

With cross-section data from 53 emerging and mature markets, we provide evidence that equity premium puzzle is a global phenomenon. In addition to risk aversion, equity premium may reflect ambiguity aversion. We explore the sources of equity premium using some pertinent fundamental independent...

Persistent link: https://www.econbiz.de/10005604935

The Role of Domestic Debt Markets in Economic Growth; An Empirical Investigation for Low-Income Countries and Emerging Markets

Abbas, S. M. Ali; Christensen, Jakob - International Monetary Fund (IMF) - 2007

We develop a new public domestic debt (DD) database covering 93 low-income countries and emerging markets over the 1975-2004 period to estimate the growth impact of DD. Moderate levels of non-inflationary DD, as a share of GDP and bank deposits, are found to exert a positive overall impact on...

Persistent link: https://www.econbiz.de/10005768875

Government Bonds and their Investors; What Are the Facts and Do they Matter?

Andritzky, Jochen R. - International Monetary Fund (IMF) - 2012

government bond markets. The financial crisis broke this trend. Domestic financial institutions allocated a larger share of … points, respectively. The data show a varied lead-lag relationship between bond yields and investor holdings. Portfolio …

Persistent link: https://www.econbiz.de/10011242181

Government Debt; A Key Role in Financial Intermediation

Kumhof, Michael; Tanner, Evan - International Monetary Fund (IMF) - 2005

The literature on optimal fiscal policy finds that highly volatile real returns on government debt, for example through surprise inflation, have very low costs. However, policymakers are almost always very apprehensive of this option. The paper discusses evidence concerning features of...

Persistent link: https://www.econbiz.de/10005826435

Puttable and Extendible Bonds; Developing Interest Rate Derivatives for Emerging Markets

Neftci, Salih N.; Santos, Andre - International Monetary Fund (IMF) - 2003

This paper analyzes the price stabilizing properties of puttable and extendible bonds, their potential to help develop … interest-rate derivative markets, and their use by governments. Their stabilizing properties imply that, when bond prices fall …, prices for puttable and extendible bonds fall by less. Their embedded options work as a cushion and replicate the trading …

Persistent link: https://www.econbiz.de/10005826508