The paper argues that the endogenous behavior of monetary authorities provides an important channel through which fiscal policy influences financial variables, and that growing internationalization has increased the sensitivity of financial conditions to fiscal policy. The core of the argument...

Regional integration of Pacific Island countries (PICs) with Australia, New Zealand, and emerging Asia has increased over the last two decades. PICs have become more exposed to the region’s business cycles, and spillovers from regional economies are more important for PICs than from advanced...

The Annual Report 2006 to the Board of Governors reviews the IMF’s activities and policies during the financial year (May 1, 2005, through April 30, 2006). The main sections cover the Fund’s Medium-Term Strategy; country, global, and regional surveillance; strengthening surveillance and crisis...

Motivating SMEs to cooperate and internationalize : a dynamic perspective : introduction / George Tesar -- Entrepreneurial action -- From small businesses to internationalized entrepreneurial ventures : some personal notes / Rolf A. Lundin -- Come to the northern side : we have a business model...

Abstract What do climate change, global financial crises, pandemics, and fragility and conflict have in common? They are all examples of global risks that can cross geographical and generational boundaries and whose mismanagement can reverse gains in development and jeopardize the well-being of...

Although cross-border bank lending has fallen sharply since the crisis, extending our bank ownership database from 1995-2009 up to 2013 shows only limited retrenchment in foreign bank presence. While banks from OECD countries reduced their foreign presence (but still represent 89% of foreign...

Sub-Saharan African countries are exposed to spillovers from global financial variables, but the impact on economic activity is more significant in more financially developed economies. Generalized impulse responses from a GVAR exercise demonstrate how the CBOE volatility index (VIX) and credit...