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From Crisis to Recovery in Korea; Strategy, Achievements, and Lessons

Kang, Kenneth; Liang, Hong; Ma, Henry; Richards, Anthony J. - International Monetary Fund (IMF) - 2001

This paper reviews and draws lessons from the stabilization and reform program that Korea implemented in response to the 1997-98 crisis. The economy recovered quickly from the deep recession in 1998 and its vulnerability to a balance of payments crisis has been reduced sharply. Significant...

Persistent link: https://www.econbiz.de/10005825786

The Quality Effect; Does Financial Liberalization Improve the Allocation of Capital?

Abiad, Abdul; Oomes, Nienke; Ueda, Kenichi - International Monetary Fund (IMF) - 2004

The study documents evidence of a "quality effect" of financial liberalization on allocative efficiency, which is measured by the dispersion in Tobin's Q across firms. Based on a simple model, the authors predict that financial liberalization, by equalizing access to credit, reduces the...

Persistent link: https://www.econbiz.de/10005825813

The Efficiency of the Japanese Equity Market

Nagayasu, Jun - International Monetary Fund (IMF) - 2003

Using the ARFIMA-FIGARCH model, this paper studies the efficiency of the Japanese equity market by examining the statistical properties of the return and volatility of the Nikkei 225. It shows that both follow a long range dependence, which stands against the efficient market hypothesis (EMH)....

Persistent link: https://www.econbiz.de/10005825859

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

Counterparty Risk in the Over-The-Counter Derivatives Market

Singh, Manmohan; Basurto, Miguel A. Segoviano - International Monetary Fund (IMF) - 2008

The financial market turmoil of recent months has highlighted the importance of counterparty risk. Here, we discuss counterparty risk that may stem from the OTC derivatives markets and attempt to assess the scope of potential cascade effects. This risk is measured by losses to the financial...

Persistent link: https://www.econbiz.de/10005825910

The Role of Mature Market Mutual Funds in Emerging Markets; Myth or Mayhem?

Sy, Amadou N. R.; Ong, Li L. - International Monetary Fund (IMF) - 2004

The expansion of the global mutual funds industry has been characterized by growth in mature as well as emerging markets. This has clearly contributed to the development of local securities markets in emerging market economies, which in turn, has been key in attracting investment inflows from...

Persistent link: https://www.econbiz.de/10005825920

International Stock Returns and Market Integration; A Regional Perspective

Negro, Marco Del; Brooks, Robin - International Monetary Fund (IMF) - 2002

We investigate the relative importance of country and industry effects in international stock returns, with the innovation that we decompose country effects into region and within-region country effects. We divide the global stock market into the Americas, Asia, and Europe and find that most of...

Persistent link: https://www.econbiz.de/10005825921

Five Years After; European Union Membership and Macro-Financial Stability in the New Member States

Cihák, Martin; Fonteyne, Wim - International Monetary Fund (IMF) - 2009

The proximity of the European Union, the prospect of membership, and actual entry by the New Member States (NMS) increased economic and financial integration in the region, leading to fast economic growth based on sizeable capital inflows. EU membership helped in developing sound macroeconomic...

Persistent link: https://www.econbiz.de/10005825949

Issues in Managing and Sequencing Financial Sector Reforms Lessons From Experiences in Five Developing Countries

International Monetary Fund (IMF); International … - 1992

A review of the experience of five developing countries in reforming their financial systems illustrates the benefits and risks, and provides lessons on the factors which contribute to successful financial sector reforms. Financial sector reforms need to be supported by active monetary policy,...

Persistent link: https://www.econbiz.de/10005825950

Portfolio Choice in a Monetary Open-Economy DSGE Model

Matsumoto, Akito; Engel, Charles - International Monetary Fund (IMF) - 2005

choose a portfolio of home and foreign equities, and a forward position in foreign exchange. Some goods prices are set … shocks, sticky prices generate a negative correlation between labor income and the profits of domestic firms, biasing … portfolios in favor of home equities. In contrast, under flexible prices, labor income and the profits of the domestic firms are …

Persistent link: https://www.econbiz.de/10005825960