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Kletzer, Kenneth; Eichengreen, Barry J.; Mody, Ashoka - International Monetary Fund (IMF) - 2003

of collective action clauses (CACs) in international bonds. This decision was shaped partly by Mexico's successful launch … of a bond subject to New York law but featuring CACs, and by subsequent issues with similar provisions from other … the future. It asks whether we can expect to see additional issuance by emerging markets of bonds featuring CACs, whether …

Persistent link: https://www.econbiz.de/10005599331

Policy Credibility and Sovereign Credit; The Case of New EU Member States

Kumar, Manmohan S.; Jonáš, Jirí; Hauner, David - International Monetary Fund (IMF) - 2007

References to policy credibility, particularly with regard to fiscal policy, are ubiquitous in both economic literature and financial markets, even though it is not directly observable. The case of the EU new member states (NMS)-emerging markets joining a supranational entity that is generally...

Persistent link: https://www.econbiz.de/10005825886

Do Economists' and Financial Markets' Perspectiveson the New Members of the Eu Differ?

Schadler, Susan; Luengnaruemitchai, Pipat - International Monetary Fund (IMF) - 2007

compressed sovereign bond yields. This paper examines the evidence from the perspective of economists' vulnerability analysis and … markets' pricing of sovereign bonds. It finds that spread are lower than can be explained by "fundamentals" and speculates on …

Persistent link: https://www.econbiz.de/10005599415

Developing Essential Financial Markets in Smaller Economies; Stylized Facts and Policy Options

International Monetary Fund (IMF); International … - 2008

This paper surveys the foreign exchange markets, money and secondary government security markets, and stock exchanges in 107 smaller economy countries. The underdevelopment of these markets impedes risk transfer, monetary policy, corporate financing, and the capacity to absorb capital inflows....

Persistent link: https://www.econbiz.de/10011245902

China's Growth and Integration into the World Economy; Prospects and Challenges

Prasad, Eswar - International Monetary Fund (IMF) - 2004

Chinaâ€™s transformation into a dynamic private-sector-led economy and its integration into the world economy have been among the most dramatic global economic developments of recent decades. This paper provides an overview of some of the key aspects of recent developments in Chinaâ€™s...

Persistent link: https://www.econbiz.de/10005252521

Contagion Risk in the International Banking System and Implications for London As a Global Financial Center

Chan-Lau, Jorge A.; Mitra, Srobona; Ong, Li L. - International Monetary Fund (IMF) - 2007

In this paper, we use the extreme value theory (EVT) framework to analyze contagion risk across the international banking system. We test for the likelihood that an extreme shock affecting a major, systemic U.K. bank would also affect another large local or foreign counterpart, and vice-versa....

Persistent link: https://www.econbiz.de/10005768965

Macroeconomic Implications of Financial Dollarization; The Case of Uruguay

Gelos, Gaston; Mejía, Alejandro López; Piñón-Farah, … - International Monetary Fund (IMF) - 2008

direct bearing on the ongoing efforts to move toward a fully fledged inflation-targeting regime and develop interest rates as …

Persistent link: https://www.econbiz.de/10011245904

Quality of Financial Policies and Financial System Stress

Das, Udaibir S.; Yossifov, Plamen; Podpiera, Richard; … - International Monetary Fund (IMF) - 2005

In this paper, we develop multi-country indices of financial system stress and quality of financial policies and use them in regression analysis of the determinants of financial stress. We find that countries with higher quality of financial policies are better able to contain the effects of...

Persistent link: https://www.econbiz.de/10005599559

Financial Sector Reforms and Prospects for Financial Integration in Maghreb Countries

Sole, Juan; Sensenbrenner, Gabriel; Tahari, Amor; … - International Monetary Fund (IMF) - 2007

A healthy and dynamic financial sector is essential to achieving high and sustainable economic growth in the Maghreb region-Algeria, Libya, Mauritania, Morocco, and Tunisia. Financial integration within the Maghreb region will help deepen financial markets, increase their efficiency, and enhance...

Persistent link: https://www.econbiz.de/10005825882

The Macroeconomics of Scaling Up Aid; Lessons from Recent Experience

Berg, Andrew; Hussain, Mumtaz; Roache, Shaun K.; … - International Monetary Fund (IMF) - 2007

, and inflation. The authors develop a framework that emphasizes the different roles of monetary and fiscal policy and apply …

Persistent link: https://www.econbiz.de/10005767387