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Kannan, Prakash - 2009

The 2007 subprime crisis in the U.S. triggered a succession of financial crises around the globe, reigniting interest in the contagion phenomenon. Not all crises, however, are contagious. This paper models a new channel of contagion where the degree of anticipation of crises, through its impact...

Persistent link: https://www.econbiz.de/10012677491

Financial Sector Surveillance and the IMF

Gola, Carlo - 2009

The global financial crisis has magnified the role of Financial Sector Surveillance (FSS) in the Fund's activities. This paper surveys the various steps and initiatives through which the Fund has increasingly deepened its involvement in FSS. Overall, this process can be characterized by a...

Persistent link: https://www.econbiz.de/10012677502

Emerging Economy Responses to the Global Financial Crisis of 2007-09

Yehoue, Etienne B. - 2009

This paper draws on a unique data set on the nontraditional systemic liquidity easing measures recently undertaken by many emerging market economies. It offers an empirical analysis of the key determinants affecting the decision to undertake these measures over the period September 2008-March...

Persistent link: https://www.econbiz.de/10012677511

The Global Financial Crisis

Gelos, Gaston - 2009

We provide one of the first attempts at explaining the differences in the crisis impact across developing countries and emerging markets. Using cross-country regressions to explain the factors driving growth forecast revisions after the eruption of the global crisis, we find that a small set of...

Persistent link: https://www.econbiz.de/10012677512

Macrofinancial linkages : trends, crises, and policies

Crowe, Christopher W. - 2010

Macrofinancial linkages have long been at the core of the IMF's mandate to oversee the stability of the global financial system. With the advent of the economic crisis, the Fund has drawn on this research in order to contribute to critical debates on the nature of appropriate policy responses at...

Persistent link: https://www.econbiz.de/10012677527

The Anatomy of Banking Crises

Duttagupta, Rupa - 2008

This paper uses a Binary Classification Tree (BCT) model to analyze banking crises in 50 emerging market and developing … countries during 1990-2005. The BCT identifies key indicators and their threshold values at which vulnerability to banking … risk, poor financial soundness, and macroeconomic instability are key vulnerabilities triggering banking crises …

Persistent link: https://www.econbiz.de/10012677582

Sudden Stops and Optimal Self-Insurance

Kim, Jun Il - 2008

This paper presents a simple model of optimal reserves that can be easily calibrated to compute optimal reserves as well as the implied probability of a sudden stop for given reserves. The model builds upon the global games framework of Morris and Shin to establish a unique relationship between...

Persistent link: https://www.econbiz.de/10012677603

Real Effects of the Subprime Mortgage Crisis

Tong, Hui - 2008

We develop a methodology to study how the subprime crisis spills over to the real economy. Does it manifest itself primarily through reducing consumer demand or through tightening liquidity constraint on non-financial firms? Since most non-financial firms have much larger cash holding than...

Persistent link: https://www.econbiz.de/10012677630

Systemic Banking Crises

Valencia, Fabian - 2008

This paper presents a new database on the timing of systemic banking crises and policy responses to resolve them. The … database covers the universe of systemic banking crises for the period 1970-2007, with detailed data on crisis containment and …. The database extends and builds on the Caprio, Klingebiel, Laeven, and Noguera (2005) banking crisis database, and is the …

Persistent link: https://www.econbiz.de/10012677666

A Theory of International Crisis Lending and IMF Conditionality

Zettelmeyer, Jeromin - 2008

We present a framework that clarifies the financial role of the IMF, the rationale for conditionality, and the conditions under which IMF-induced moral hazard can arise. In the model, traditional conditionality commits country authorities to undertake crisis resolution efforts, facilitating the...

Persistent link: https://www.econbiz.de/10012677672