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The Impact of Macroeconomic Announcementson Emerging Market Bonds

Andritzky, Jochen R.; Bannister, Geoffrey J.; Tamirisa, … - International Monetary Fund (IMF) - 2005

This paper examines how emerging bond markets react to macroeconomic announcements. Global bond spreads respond to rating actions and changes in global interest rates rather than domestic data and policy announcements. All announcements affect market volatility. Data and policy announcements...

Persistent link: https://www.econbiz.de/10005768842

Bank Competition, Risk and Asset Allocations

Boyd, John H.; Nicoló, Gianni De; Jalal, Abu M. - International Monetary Fund (IMF) - 2009

-to-assets ratio is ambiguous. Similarly, as competition increases, the probability of bank failure can either increase or decrease. We … explore these predictions empirically using a cross-sectional sample of 2,500 U.S. banks in 2003, and a panel data set of … 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

Empirical Modeling of Contagion; A Review of Methodologies

Dungey, Mardi; Fry, Renee; Martin, Vance; … - International Monetary Fund (IMF) - 2004

The existing literature suggests a number of alternative methods to test for the presence of contagion during financial market crises. This paper reviews those methods and shows how they are related in a unified framework. A number of extensions are also suggested that allow for multivariate...

Persistent link: https://www.econbiz.de/10005825971

Expansionary Austerity New International Evidence

Leigh, Daniel; Pescatori, Andrea; Guajardo, Jaime - International Monetary Fund (IMF) - 2011

This paper investigates the short-term effects of fiscal consolidation on economic activity in OECD economies. We examine the historical record, including Budget Speeches and IMFdocuments, to identify changes in fiscal policy motivated by a desire to reduce the budget deficit and not by...

Persistent link: https://www.econbiz.de/10009203541

Predicting Recessions; A New Approach for Identifying Leading Indicators and Forecast Combinations

Kisinbay, Turgut; Baba, Chikako - International Monetary Fund (IMF) - 2011

forecasting recessions. The algorithm selects leading indicators of recessions based on the forecast encompassing principle and … best in a large comparative forecasting exercise at various forecasting horizons. In addition, the selected indicators are …

Persistent link: https://www.econbiz.de/10009369447

From Stress to Costress; Stress Testing Interconnected Banking Systems

Maino, Rodolfo; Tintchev, Kalin - International Monetary Fund (IMF) - 2012

This paper presents an integrated framework for assessing systemic risk. The framework models banksâ€™ capital asset ratios as a function of future losses and credit growth using a generalized method of moments to calibrate shocks to credit quality and credit growth. The analysis is...

Persistent link: https://www.econbiz.de/10009654147

Are More Competitive Banking Systems More Stable?

Cihák, Martin; Wolfe, Simon; Schaeck, Klaus - International Monetary Fund (IMF) - 2006

, and alternative samples. …

Persistent link: https://www.econbiz.de/10005825680

The Missing Link Between Financial Constraints and Productivity

Badia, Marialuz Moreno; Slootmaekers, Veerle - International Monetary Fund (IMF) - 2009

The global financial crisis has reopened the debate on the potential spillover effects from the financial sector to the real economy. This paper adds to that debate by providing new evidence on the link between finance and firm-level productivity, focusing on the case of Estonia. We contribute...

Persistent link: https://www.econbiz.de/10004999959

The Location of Domestic and Foreign Production Affiliates by French Multinational Firms

Méjean, Isabelle; Mayer, Thierry; Nefussi, Benjamin - International Monetary Fund (IMF) - 2010

Economists interested in location choices usually focus their attention on investments abroad. This neglects the fact that multinational enterprises continue to invest domestically while undertaking foreign expansion. This paper compares investments at home and abroad. Our firm-level dataset...

Persistent link: https://www.econbiz.de/10011242345

Do IMF Programs Improve Economic Governance?

Honda, Jiro - International Monetary Fund (IMF) - 2008

This paper examines the effects of IMF financial assistance on economic governance in developing countries, based on panel data analyses of perceived governance indicators. It uses a two-stage approach to address possible endogeneity issues. The results show that successful implementation of IMF...

Persistent link: https://www.econbiz.de/10005263964