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Borensztein, Eduardo; Sandri, Damiano; Jeanne, Olivier - International Monetary Fund (IMF) - 2009

This paper uses a dynamic optimization model to estimate the welfare gains of hedging against commodity price risk for commodity-exporting countries. The introduction of hedging instruments such as futures and options enhances domestic welfare through two channels. First, by reducing export...

Persistent link: https://www.econbiz.de/10008540918

Credit Derivatives; Systemic Risks and Policy Options?

Kiff, John; Elliott, Jennifer A.; Kazarian, Elias G.; … - International Monetary Fund (IMF) - 2009

Credit derivative markets are largely unregulated, but calls are increasingly being made for changes to this "hands off …. The purpose of this paper is to address two basic questions: (i) do credit derivative markets increase systemic risk; and … of credit derivative markets and recent events, followed by an assessment of their recent association with systemic risk …

Persistent link: https://www.econbiz.de/10008497598

Foreign Participation in Emerging Marketsâ€™ Local Currency Bond Markets

Peiris, Shanaka J. - International Monetary Fund (IMF) - 2010

This paper estimates the impact of foreign participation in determining long-term local currency government bond yields and volatility in a group of emerging markets from 2000-2009. The results of a panel data analysis of 10 emerging markets show that greater foreign participation in the...

Persistent link: https://www.econbiz.de/10008470377

Collateral, Netting and Systemic Risk in the OTC Derivatives Market

Singh, Manmohan - International Monetary Fund (IMF) - 2010

To mitigate systemic risk, some regulators have advocated the greater use of centralized counterparties (CCPs) to clear Over-The-Counter (OTC) derivatives trades. Regulators should be cognizant that large banks active in the OTC derivatives market do not hold collateral against all the positions...

Persistent link: https://www.econbiz.de/10008470392

Does Good Financial Performance Mean Good Financial Intermediation in China?

Feyzioglu, Tarhan - International Monetary Fund (IMF) - 2009

Chinese banks generate large profits and have relatively low nonperforming loans. However, good financial performance does not, in itself, guarantee that banks efficiently intermediate the economy's financial resources. This paper first examines how efficient Chinese banks are in financial...

Persistent link: https://www.econbiz.de/10008528607

The Systemic Regulation of Credit Rating Agencies and Rated Markets

Sy, Amadou N. R. - International Monetary Fund (IMF) - 2009

Credit ratings have contributed to the current financial crisis. Proposals to regulate credit rating agencies focus on micro-prudential issues and aim at reducing conflicts of interest and increasing transparency and competition. In contrast, this paper argues that macro-prudential regulation is...

Persistent link: https://www.econbiz.de/10008528614

Counterparty Risk, Impacton Collateral Flows and Role for Central Counterparties

Aitken, James; Singh, Manmohan - International Monetary Fund (IMF) - 2009

shown that OTC derivative positions are not supported by sufficient capital, constituting a major risk for participants in …

Persistent link: https://www.econbiz.de/10008528640

A Framework for Financial Market Development

Chami, Ralph; Sharma, Sunil; Fullenkamp, Connel - International Monetary Fund (IMF) - 2009

The paper proposes a framework for examining the process of financial market development. The framework, consistent with the functional view of financial system design, is anchored in studying the incentives facing the key players in financial markets-borrowers, lenders, liquidity providers, and...

Persistent link: https://www.econbiz.de/10008528687

Spillovers to Emerging Equity Markets; An Econometric Assessment

Sun, Tao; Psalida, L. Effie - International Monetary Fund (IMF) - 2009

This paper shows that emerging market equity prices are influenced by growing global factors, and therefore global factors constitute a significant channel for spillovers when the international economic environment changes. Strengthening their resilience to equity price declines remains an...

Persistent link: https://www.econbiz.de/10008528690

Out of the Box Thoughts About the International Financial Architecture

Eichengreen, Barry J. - International Monetary Fund (IMF) - 2009

The Global Credit Crisis of 2008-09 has underscored the urgency of reforming the international financial architecture. While a number of short-term reforms are already in train, this paper contemplates more ambitious reforms of the international financial architecture that might be implemented...

Persistent link: https://www.econbiz.de/10008528699