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  • Online Resource  (15)
  • Graue Literatur  (15)
  • Open access  (15)
  • 1
    Online Resource
    Online Resource
    Washington, D.C : International Monetary Fund
    UID:
    gbv_845812963
    Format: Online-Ressource (17 p)
    Edition: Online-Ausg.
    ISBN: 1484384911 , 9781484384916
    Series Statement: IMF Working Papers Working Paper No. 13/186
    Content: Financial lubrication in markets is indifferent to margin posting via money or collateral; the relative price(s) of money and collateral matter. Some central banks are now a major player in the collateral markets. Analogous to a coiled spring, the larger the quantitative easing (QE) efforts, the longer the central banks will impact the collateral market and associated repo rate. This may have monetary policy and financial stability implications since the repo rates map the financial landscape that straddles the bank/nonbank nexus
    Language: English
    Keywords: Graue Literatur
    URL: Volltext  (IMF e-Library)
    Author information: Kumar, Manmohan S.
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  • 2
    Online Resource
    Online Resource
    Washington, DC : Internat. Monetary Fund
    UID:
    gbv_737503653
    Format: Online-Ressource (36 S.) , graph. Darst.
    ISBN: 9781475583588
    Series Statement: IMF staff discussion note 2012/12
    Content: This note outlines the basic economics of the shadow banking system, highlights (systemic) risks related to it, and suggests implications for measurement and regulatory approaches
    Note: Systemvoraussetzungen: Acrobat Reader.
    Language: English
    Keywords: Graue Literatur
    URL: Volltext  (IMF e-Library)
    Author information: Claessens, Stijn 1959-
    Author information: Kumar, Manmohan S.
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  • 3
    Online Resource
    Online Resource
    Washington, D.C : International Monetary Fund
    UID:
    gbv_845820745
    Format: Online-Ressource (19 p)
    Edition: Online-Ausg.
    ISBN: 1475542356 , 9781475542356
    Series Statement: IMF Working Papers Working Paper No. 13/25
    Content: This paper highlights the changing collateral landscape and how it may shape the global demand/supply for collateral. We first identify the key collateral pools (relative to the “old” collateral space) and associated collateral velocities. Post-Lehman and continuing into the European crisis, some aspects of unconventional monetary policies pursued by central banks are significantly altering the collateral space. Moreover, regulatory demands stemming from Basel III, Dodd Frank, EMIR etc., new net debt issuance, and collateral connectivity via custodians (e.g., Euroclear/ Clearstream/ BoNY etc) will affect collateral movements
    Language: English
    Keywords: Graue Literatur
    URL: Volltext  (IMF e-Library)
    Author information: Kumar, Manmohan S.
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  • 4
    Online Resource
    Online Resource
    Washington, D.C : International Monetary Fund
    UID:
    gbv_845822233
    Format: Online-Ressource (49 p)
    Edition: Online-Ausg.
    ISBN: 1557754756 , 9781557754752
    Series Statement: IMF Working Papers Working Paper No. 12/252
    Content: This paper analyzes the extent to which the degree of international economic integration, both financial and trade, affects corporate tax rates. It explores this issue in the context of strategic behavior by countries, taking into account other global and domestic political economy factors. Tax rates are analyzed using a unique tax dataset for advanced and developing economies extending over five decades. We report a number of novel results: there is no general negative relationship between financial globalization and corporate tax rates and revenues—results vary according to country grouping with OECD countries showing a positive relationship; the United States exhibits a “Stackelberg” type of leadership on other countries; trade integration is inversely correlated with tax rates; and public sentiment and ideology affect tax rates. The policy implications of these findings, particularly given budgetary pressures in the aftermath of the global crisis, are noted
    Language: English
    Keywords: Graue Literatur
    URL: Volltext  (IMF e-Library)
    Author information: Kumar, Manmohan S.
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  • 5
    Online Resource
    Online Resource
    [Washington, D.C.] : International Monetary Fund
    UID:
    gbv_1041102526
    Format: 1 Online-Ressource (circa 27 Seiten) , Illustrationen
    ISBN: 9781484381922
    Series Statement: IMF working paper WP/18, 228
    Content: Changes to the regulatory system introduced after the financial crisis include not only mandatory clearing of OTC derivatives at central counterparties and margining of uncleared derivatives, but also prudential measures, including notably a 'Liquidity Coverage Ratio' which obliges firms to set aside high-quality liquid assets (HQLA) as a stopgap against anticipated cash outflows. We examine factors which may affect the demand for HQLA in a severely stressed market following a hypothetical default of a major clearing member. Immediately following a major default, the amount of HQLA demanded by the whole market would spike. We estimate the size of the spike and draw conclusions as to whether the depth of the market is adequate to absorb it
    Language: English
    Keywords: Graue Literatur
    URL: Volltext  (kostenfrei)
    URL: Volltext  (kostenfrei)
    Author information: Kumar, Manmohan S.
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  • 6
    Online Resource
    Online Resource
    [Washington, D.C.] : International Monetary Fund
    UID:
    gbv_1023239132
    Format: 1 Online-Ressource (circa 29 Seiten) , Illustrationen
    ISBN: 9781484347034
    Series Statement: IMF working paper WP/18, 62
    Content: Traditional measures of leverage in the financial system tend to reflect bank balance sheet data. The paper argues that these traditional, bank-centric measures should be augmented by considering pledged collateral in the financial system since pledged collateral provides a measure of an important part of nonbank funding to banks. From a policy perspective, the paper suggests that a broader view on leverage will enhance our understanding of global systemic risk, and complement the theoretical work in this field by providing a link from micro-level leverage data to macro aggregates such as credit to the economy
    Language: English
    Keywords: Graue Literatur
    URL: Volltext  (kostenfrei)
    URL: Volltext  (kostenfrei)
    Author information: Kumar, Manmohan S.
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  • 7
    Online Resource
    Online Resource
    [Washington, D.C.] : International Monetary Fund
    UID:
    gbv_1023240696
    Format: 1 Online-Ressource (circa 24 Seiten) , Illustrationen
    ISBN: 9781484347300
    Series Statement: IMF working paper WP/18, 65
    Content: Recovery and resolution regimes are being developed for central counterparties (CCPs). We analyse current resolution tools in the context of policy, which is to restore the critical functions of a failed CCP. We conclude that the toolkit is insufficient to avoid the costs of resolution being borne by taxpayers, and propose alternative policy suggestions for addressing the problem of a failed CCP
    Language: English
    Keywords: Graue Literatur
    URL: Volltext  (kostenfrei)
    URL: Volltext  (kostenfrei)
    Author information: Kumar, Manmohan S.
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  • 8
    Online Resource
    Online Resource
    [Washington, DC] : International Monetary Fund
    UID:
    gbv_1668136694
    Format: 1 Online-Ressource (circa 22 Seiten) , Illustrationen
    ISBN: 9781498312790
    Series Statement: IMF working paper WP/19, 106
    Content: In global financial centers, short-term market rates are effectively determined in the pledged collateral market, where banks and other financial institutions exchange collateral (such as bonds and equities) for money. Furthermore, the use of long-dated securities as collateral for short tenors-or example, in securities-lending and repo markets, and prime brokerage funding-impacts the risk premia (or moneyness) along the yield curve. In this paper, we deploy a methodology to show that transactions using long dated collateral also affect short-term market rates. Our results suggest that the unwind of central bank balance sheets will likely strengthen the monetary policy transmission, as dealer balance-sheet space is now relatively less constrained, with a rebound in collateral reuse
    Language: English
    Keywords: Graue Literatur
    URL: Volltext  (kostenfrei)
    URL: Volltext  (kostenfrei)
    Author information: Kumar, Manmohan S.
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  • 9
    UID:
    gbv_1666514527
    Format: 1 Online-Ressource (circa 36 Seiten) , Illustrationen
    ISBN: 9781498303569
    Series Statement: IMF working paper WP/19, 68
    Content: This paper contributes to the literature by looking at the possible relevance of the structure of the financial system-whether financial intermediation is performed through banks or markets-for macroeconomic volatility, against the backdrop of increased policy attention on strengthening growth resilience. With low-income countries (LICs) being the most vulnerable to large and frequent terms of trade shocks, the paper focuses on a sample of 38 LICs over the period 1978-2012 and finds that banking sector development acts as a shock-absorber in poor countries, dampening the transmission of terms of trade shocks to growth volatility. Expanding the sample to 121 developing countries confirms this result, although this role of shock-absorber fades away as economies grow richer. Stock market development, by contrast, appears neither to be a shock-absorber nor a shock-amplifier for most economies. These findings are consistent across a range of econometric estimators, including fixed effect, system GMM and local projection estimates
    Language: English
    Keywords: Graue Literatur
    URL: Volltext  (kostenfrei)
    URL: Volltext  (kostenfrei)
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  • 10
    UID:
    gbv_1015033989
    Format: 1 Online-Ressource (72 Seiten) , Illustrationen
    Series Statement: Studies and perspectives 65
    Content: This study focuses on the identification of the challenges and capacity constraints faced by enterprises in the sub-region in exploiting trade opportunities provided by Free Trade Agreements (FTAs) and Partial Scope Agreements (PSAs). It concentrates on the goods sector and case studies for Belize, Suriname, and Trinidad and Tobago, and seeks to develop a strategic framework aimed at addressing these challenges and constraints, thereby creating a platform for economic diversification and export expansion. It explores the recent trade performance of the countries in question under selected trade agreements; identifies challenges and constraints faced by exporters in these countries; and presents possible avenues for strengthening export expansion both at the intensive and extensive margins.
    Content: Abstract. --Introduction. -- I. Trade openness and the structure and performance of theCaribbean’s exports. -- II. Case study: Belize. -- III. Case study: Suriname. -- IV. Case study: Trinidad and Tobago. -- V. Summary of the case study findings. -- VI. Elements of a new trade and development strategy. -- VII. Conclusion. -- Bibliography.
    Note: Gesehen am 21.09.2018
    Language: English
    Keywords: Amtsdruckschrift ; Graue Literatur
    URL: Volltext  (kostenfrei)
    URL: Volltext  (kostenfrei)
    URL: Volltext  (kostenfrei)
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