Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 212 pages
File Size : 38,22 MB
Release : 2007-05-30
Category : Business & Economics
ISBN : 1589066510
This issue features a timely paper by Vladimir Klyuev and Paul Mills on the role of personal wealth and home equity withdrawal in the decline in the U.S. saving rate. Lusine Lusinyan and Leo Bonato explain how work absence in 18 European countries affects labor supply and demand. And a paper by Paolo Manasse (University of Bologna) entitled "Deficit Limits and Fiscal Rules for Dummies" examines fiscal frameworks.
Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 236 pages
File Size : 20,67 MB
Release : 2007-09-26
Category : Business & Economics
ISBN : 1589066502
Vol. 54, No. 2 includes three notable contributions from the Seventh Jacques Polak Annual Research Conference (ARC) hosted by the IMF in November 2006. Its lead paper, by Olivier Blanchard of Harvard University, is the 2006 Mundell-Fleming Lecture (delivered at the ARC), which analyzes current-account deficits in the advanced economies. Other papers in this issue look at the relationship between international financial integration and the real economy. Other papers discuss whether (or not): i) the next capital account crisis can be predicted; ii) accepted definitions of debt crises are adequate; iii) the Doha Round of trade talks (if they are ever successfully completed) will lead to preference erosion; and finally iv) there is room for political opportunism in countries deciding between money-based or exchange-rate-based stabilization programs.
Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 248 pages
File Size : 31,31 MB
Release : 2009-07-31
Category : Business & Economics
ISBN : 1589068203
Studies of the impact of trade openness on growth are based either on crosscountry analysis—which lacks transparency—or case studies—which lack statistical rigor. This paper applies a transparent econometric method drawn from the treatment evaluation literature (matching estimators) to make the comparison between treated (that is, open) and control (that is, closed) countries explicit while remaining within a statistical framework. Matching estimators highlight that common cross-country evidence is based on rather far-fetched country comparisons, which stem from the lack of common support of treated and control countries in the covariate space. The paper therefore advocates paying more attention to appropriate sample restriction in crosscountry macro research.
Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 260 pages
File Size : 10,19 MB
Release : 2002-09-23
Category : Business & Economics
ISBN : 9781589061224
This paper empirically investigates the monetary impact of banking crises in Chile, Colombia, Denmark, Japan, Kenya, Malaysia, and Uruguay during 1975–98. Cointegration analysis and error correction modeling are used to research two issues: (i) whether money demand stability is threatened by banking crises; and (ii) whether crises lead to structural breaks in the relation between monetary indicators and prices. Overall, no systematic evidence that banking crises cause money demand instability is found. The paper also analyzes inflation targeting in the context of the IMF-supported adjustment programs.
Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 183 pages
File Size : 16,22 MB
Release : 2006-12-15
Category : Business & Economics
ISBN : 1589065816
This is the final issue for 2006 (Volume 53), and contains another paper in the occasional Special Data Section that seeks to measure financial development in the Middle East and North Africa by utilizing a new database. The issue also contains a comment from Jacques J. Polak on parity reversion in real exchange rates.
Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 216 pages
File Size : 37,34 MB
Release : 2004-11-23
Category : Business & Economics
ISBN : 9781589063518
This paper tests uncovered interest parity (UIP) using interest rates on longer maturity bonds for the Group of Seven countries. These long-horizon regressions yield much more support for UIP—all of the coefficients on interest differentials are of the correct sign, and almost all are closer to the UIP value of unity than to zero. The paper also analyzes the decision by a government facing electoral uncertainty to implement structural reforms in the presence of fiscal restraints similar to the Stability and Growth Pact.
Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 204 pages
File Size : 42,8 MB
Release : 2013-04-16
Category : Business & Economics
ISBN : 1616355557
Global economic prospects have improved again, but the bumpy recovery and skewed macroeconomic policy mix in advanced economies are complicating policymaking in emerging market economies. Chapter 3 examines the prospects for inflation, particularly because inflation was remarkably stable in the wake of the Great Recession and, in fact, has become less responsive to cyclical conditions. Chapter 4 examines whether today’s fast-growing, dynamic low-income countries are likely to maintain their momentum and avoid the reversals that afflicted many such countries in the past.
Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 193 pages
File Size : 41,92 MB
Release : 2005-12-22
Category : Business & Economics
ISBN : 1589064755
This last issue for 2005 comprises seven new papers, including a contribution to the journal's occasional Special Data Section about domestic debt markets in Sub-Saharan Africa, and also an in-depth look at the internal job market for entry-level economists at the IMF. The remaining articles cover toics as diverse as: modeling of asset markets, exchange rates in developing countries, international bank claims on Latin America, the effectiveness of "early warning" systems, and the use (by emerging market countries) of the IMF's Special Data Dissemination Standard (SDDS).
Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 292 pages
File Size : 16,65 MB
Release : 1990-01-01
Category : Business & Economics
ISBN : 1451973063
This paper analyzes macroeconomic effects of projected population aging in industrial countries. The effects of population aging are examined with a theoretical model and simulations of the IMF’s multiregion econometric model (MULTIMOD). The study highlights that an older population will consume more of aggregate disposable income, require higher government expenditure, and decrease labor supply. These effects should raise real interest rates and lower capital stock and output. Effects on current balances will depend on the relative speed and extent of aging.
Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 140 pages
File Size : 33,43 MB
Release : 2001-10-10
Category : Business & Economics
ISBN : 1451973748
This paper provides an overview of the recent theoretical and empirical research on herd behavior in financial markets. It looks at what precisely is meant by herding, the causes of herd behavior, the success of existing studies in identifying the phenomenon, and the effect that herding has on financial markets. The paper also surveys a selected number of studies that evaluated the demand for money using the error-correction model approach in the 1990s across a range of industrial and developing countries.
