Kooperativer Bibliotheksverbund

UID:

Format: XII, 542 S. : graph. Darst.

ISBN: 1-55775-645-7

Subjects: Economics

Keywords: Kreditwesen ; Konferenzschrift ; Graue Literatur ; Konferenzschrift

UID:

Format: 1 online resource (52 p.)

ISBN: 1-4623-2546-7 , 1-4552-3138-X , 1-282-84654-X , 9786612846540 , 1-4552-0216-9

Series Statement: IMF working paper ; WP/10/182

Content: This paper evaluates how successful is a policy of exchange rate stabilization to counteract the negative effects of a Dutch Disease episode. We consider a small open economy model that incorporates nominal rigidities and a learning-by-doing externality in the tradable sector. The paper shows that leaning against an appreciated exchange rate can prevent an inefficient loss of tradable output but at the cost of generating a misallocation of resources in other sectors of the economy. The paper also finds that welfare is a decreasing function of exchange rate intervention. These results suggest that stabilizing the nominal exchange rate in response to a Dutch Disease episode is highly distortionary.

Note: "July 2010." , Cover Page; Title Page; Copyright Page; Contents; I. Introduction; 1. Real Effective Exchange Rate and Terms of Trade in Canada, 1981-2008; 2. Real Effective Exchange Rate and Share of Tradable Production in Canada, 1981-2008; II. A Small Open Economy with Learning-by-Doing; A. Households; B. Firms; C. Commodity Sector; D. Monetary Policy Rule; E. Market Clearing Conditions; III. Calibration; 1. Baseline Parameter Values; IV. Findings; A. Effects of Learning-by-Doing; 3. Effects of Learning-by-Doing; 4. Effects of Learning-by-Doing; B. Learning-by-Doing and Exchange Rate Intervention , 5. Learning-by-Doing and Exchange Rate Intervention6. Learning-by-Doing and Exchange Rate Intervention; 7. Learning-by-Doing and Exchange Rate Intervention; 8. Learning-by-Doing and Exchange Rate Intervention; V. Welfare Calculations; 2. Business Cycles Moments and Welfare Costs; 9. Relative Welfare Cost and Exchange Rate Intervention; VI. Sensitivity Analysis; 10. Sensitivity Analysis; VII. Conclusions; A. Equilibrium Conditions; B. Internalization of Learning-by-Doing; References; Footnotes

Language: English

UID:

Format: 1 online resource (26 p.)

Edition: 1st ed.

ISBN: 1-4623-0844-9 , 1-4527-9656-4 , 1-283-51320-X , 9786613825650 , 1-4519-0846-6

Series Statement: IMF working paper ; WP/06/50

Content: The paper examines the implications of lower trade barriers for sectoral diversification and macroeconomic stability in developing economies with a large primary goods sector. It shows that lower trade barriers can have ambiguous effects on macroeconomic stability. It shows also that diversification, in the form of equal distribution of resources between nonprimary sectors, may be counterproductive. In fact, investment in the nonprimary sector with lower trade barriers unambiguously enhances macroeconomic stability in a developing economy that is subject to substantial primary shocks.

Note: "February 2006". , ""Contents""; ""I. INTRODUCTION""; ""II. THE BASELINE MODEL""; ""III. EQUILIBRIUM""; ""IV. ECONOMIC INTEGRATION AND DIVERSIFICATION""; ""V. RIGID WAGES""; ""VI. CONCLUSION""; ""APPENDIX: THE MODEL""; ""REFERENCES"" , English

Additional Edition: ISBN 1-4518-6310-1

Language: English

UID:

Format: 1 online resource (25 p.)

ISBN: 1-4623-5885-3 , 1-4527-9350-6 , 1-283-51329-3 , 9786613825742 , 1-4519-1183-1

Series Statement: IMF working paper ; WP/07/166

Content: Since the 1997 Asian currency crisis, new interest has emerged in the formation of a common currency area in East Asia. This paper provides estimates of trade and welfare effects of East Asian currency unions, using a micro-founded gravity model. Counter-factual experiments to assess the effects of various hypothetical currency arrangements for East Asia suggest that an East Asian currency union will double bilateral trade in the region, but the resulting welfare effects will be moderate. However, if Japan, a major trade partner for East Asia, is included in the union, welfare effects increase substantially. The evidence thus suggests that certain regional currency arrangements in East Asia will stimulate regional trade rigorously and can generate economically significant welfare gains.

Note: "July 2007." , Contents; I. Introduction; II. Gravity Model; A. Theory; B. Empirical Specification; III. National Currencies as a Trade Barrier; A. Estimating Parameters; Tables; 1. Gravity Model Estimation Results; B. East Asian Currency Unions; 2. Robustness Checks; 3. Common Currency Arrangements in East Asia; C. Extended Membership; 4. Common Currency Arrangements with Australia and New Zealand; IV. Yen Zone vs. Dollar Zone; A. Exchange Rate Policy in East Asia; B. Common Currency Arrangements; Figures; 1. Trade Effects of Common Currency; 5. Unilateral Arrangements vs. Regional Arrangements , 2. Welfare Effects of Common CurrencyV. Conclusion; References , English

Additional Edition: ISBN 1-4518-6730-1

Language: English

UID:

Format: 1 online resource (36 p.)

ISBN: 1-4623-4068-7 , 1-283-51130-4 , 9786613823755 , 1-4519-1286-2

Series Statement: IMF working paper ;

Content: This study estimates the impact of corruption on the revenue-generating capacity of different tax categories in the Middle East. We find that the low revenue collection as a share of GDP there compared to other middle-income regions is due in part to corruption, and certain taxes are more affected than others. Taxes that require frequent interaction between the tax authority and individuals, such as taxes on international trade, seem to be more affected by corruption than most other types of taxation. This suggests that if governments need to raise more tax revenues in a way that minimizes distortions and maximizes social welfare, they should implement reforms that either reduce corruption or raise revenues from tax categories that are less susceptible to corruption. Possible reforms of the revenue system and administration are examined.

Note: Description based upon print version of record. , Content; I. Introduction; II. Corruption in Revenue Administration; Factors Related to the Tax System; Factors Related to Tax Administration; Behavioral or Cultural Factors; III. Comparison of Taxation Systems in Middle East Countries; IV. Empirical Study; A. Hypothesis and Empirical Specifications; B. Econometric Results; V. Conclusion , English

Additional Edition: ISBN 1-4527-6524-3

Additional Edition: ISBN 1-4518-6833-2

Language: English

UID:

Format: 19 p.

ISBN: 1-4623-2459-2 , 1-283-51590-3 , 9786613828354 , 1-4519-0848-2

Series Statement: IMF working paper ;

Content: Workers' remittances are often argued to have a tendency to move countercyclically with the GDP in recipient countries since migrant workers are expected to remit more during down cycles of economic activity back home. Yet, how much to remit is a complex decision involving other factors, and different variables driving remittance behavior are differently affected by the state of economic activity over the business cycle. This paper investigates the behavior of workers' remittances flows into 12 developing countries over their respective business cycles during 1976-2003 and finds that countercyclicality of receipts is not commonly observed across these countries.

Note: Bibliographic Level Mode of Issuance: Monograph , English

Additional Edition: ISBN 1-4519-9743-4

Additional Edition: ISBN 1-4518-6312-8

Language: English

UID:

Format: 1 online resource (39 p.)

ISBN: 1-4623-8513-3 , 1-283-25572-3 , 9786613823410 , 1-4519-0813-X

Series Statement: IMF working paper ;

Content: The net worth approach to fiscal analysis is cast in a simple model able to capture the dynamics and steady-state equilibria of public sector's debt, nonfinancial and financial assets, and net worth under alternative fiscal rules, including the golden rule and the golden rule cum debt stabilization fund. The paper also presents an adaptation of the model to the case of economies with depletable resources that have introduced investment oil funds, and illustrates the fiscal conditions required for the solvency of the associated fiscal rules. The model brings to the forefront the rate of return of public assets, highlighting the need for policymakers to decide on the appropriate level of assets and debt ratios. Finally, the model's potential for use in a range of contexts is demonstrated with a simple numerical simulation. This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.

Note: Bibliographic Level Mode of Issuance: Monograph , English

Additional Edition: ISBN 1-4519-9239-4

Additional Edition: ISBN 1-4518-6277-6

Language: English

UID:

Format: 1 online resource (42 p.)

Edition: 1st ed.

ISBN: 1-4623-5788-1 , 1-4527-7336-X , 1-283-51813-9 , 1-4519-0838-5 , 9786613830586

Series Statement: IMF working paper ; WP/06/42

Content: The simple answer to both questions in the title of this paper is: No. We concentrate on the three main risk elements that contributed to the banking system’s difficulties during the crisis: increasing dollarization of the balance sheet, expanding exposure to the government, and, eventually, the run on deposits. We find that there was substantial cross-bank variation in these elements—that is, not all banks were hurt equally by macroeconomic shocks. Furthermore, using panel data estimation for the 1998–2001 period, we find that depositors were able to distinguish high- from low-risk banks, and that individual banks’ exposure to currency and government default risk depended on bank fundamentals and other characteristics. Thus, not all banks behaved equally in the run-up to the crisis. Finally, our results have implications for the existence of market discipline in periods of stress and for banking regulation, which may have led banks to underestimate some of the risks they incurred.

Note: "February 2006." , ""Contents""; ""I. INTRODUCTION""; ""II. OVERVIEW OF THE ARGENTINE BANKS IN THE RUN-UP TO THE CRISIS""; ""III. DESCRIPTIVE LOOK AT ARGENTINE BANKS IN THE 1995�2001 PERIOD""; ""IV. ECONOMETRIC ANALYSIS""; ""V. CONCLUSIONS""; ""REFERENCES"" , English

Additional Edition: ISBN 1-4518-6302-0

Language: English

UID:

Format: 1 online resource (152 p.)

ISBN: 1-4623-2757-5 , 1-4527-5011-4 , 1-283-51736-1 , 1-4519-1164-5 , 9786613829818

Series Statement: IMF working paper ; WP/07/147

Content: This paper-consisting of a regional study and seven country studies-reviews the state of domestic public debt markets in Costa Rica, Dominican Republic, El Salvador, Guatemala, Honduras, Nicaragua, and Panama as at end-2005. Although they account for the lion's share of capital markets, regional public debt markets remain underdeveloped for a variety of reasons. The problems of small scale, dollarization, and weak public finances in many countries are compounded by poor structure and composition of debt (with sizeable nonstandard and non-tradable components), fragmentation of public debt between central banks and the sovereigns and across instruments, poor debt management practices, weaknesses in securities market, and small investor bases all of which result in high transaction costs and a lack of liquid benchmarks. The paper also briefly discusses efforts towards and impediments to regional integration of public debt markets. The authorities recognize these problems and the paper takes note of the regional efforts to harmonize debt standards and improve issuance practices. It offers several recommendations to improve strategic debt management, issuance mechanics, and secondary trading.

Note: "June 2007." , Contents; I. Public Debt Markets in Central America, Panama and the Dominican Republic; A. Financial Sector in Central America; Tables; 1. Central America: Structure of the Financial System; B. Structure and Composition of Public Debt; Figures; 1. Public Debt Composition in Central America, 2005; 2. Outstanding Public Debt in Central America, 2005; 2. Central America: Public Debt Composition; C. Organization of Public Debt Management; 3. Domestic Debt Issued as Securities, 2005; D. Dual Sovereign Issuers: Government and the Central Bank; 4. Domestic Central Bank Debt/Domestic Government Debt , E. Primary Issuance of Public Debt3. Central America: Securities Issued by the Ministry of Finance and the Central Bank; 4. Central America: Auction Mechanisms for Public Debt Securities; 5. Central America: Potential Debt Auctions per Year; 6. Central America: Actual Debt Auctions per Year; F. Secondary Markets; 5. Central America: Secondary Trading of Fixed Income Domestic Securities; G. Investor Universe and Regulation of Investments in Public Debt; H. The Challenge of Creating a Regional Market; I. Key Problems and Recommendations; J. Conclusions; II. The Public Debt Market in Costa Rica , A. Financial Sector6. Costa Rica: Structure of the Financial System; B. Structure and Composition of Public Debt; 7. Costa Rica: Local Government Debt; 8. Costa Rica: External Government Debt; 9. Costa Rica: Local Central Bank Debt; C. Primary Issuance; 10. Costa Rica: External Central Bank Debt; 11. Costa Rica: Outstanding Government and Central Bank Debt Securities, 2005; 12. Costa Rica: Securities Issued by the Ministry of Finance and the Central Bank; D. Secondary Markets for Public Debt; 13. Costa Rica: Comparative Rates of Return of Public Debt Issues in 2005; Boxes , 1. Electronic Trading Platforms in Costa Rica14. Costa Rica: Secondary Trading of Domestic Securities in 2005; E. Investor Universe and Regulation of Investments in Public Debt; F. Problems and Recommendations; 15. Costa Rica: Investor Breakdown of Public Debt (2000-05); III. The Public Debt Market in the Dominican Republic; 16. Dominican Republic: Structure of the Financial System; A. Structure and Composition of Public Debt; 17. Dominican Republic: Public External Debt; B. Primary Market for Sovereign Debt; 2. The Repayment of Bond 104-99; C. Central Bank Issues and the Quasi-Fiscal Deficit , 7. Central Bank Securities by Holder8. Central Bank Certificate Rates at the Direct Window; 9. Central Bank Deficit and Outstanding Securities; 10. Dominican Republic Central Bank Certificates Auction; D. Investors in Public Debt; 18. Dominican Republic: Public Debt Securities Issued; 19. Dominican Republic Interest Rates; 20. Investor Breakdown of Central Bank Securities; 11. Dominican Republic: Secondary Market Trading, 2005; E. Problems and Recommendations; IV. The Public Debt Market in El Salvador; A. Financial Sector; 21. El Salvador: Structure of the Financial System , B. Structure and Composition of Public Debt , English

Additional Edition: ISBN 1-4518-6711-5

Language: English

UID:

Format: 1 online resource (34 p.)

ISBN: 1-4623-3368-0 , 1-283-51398-6 , 9786613826435 , 1-4519-0724-9

Series Statement: IMF working paper ;

Content: An endogenous growth model with financial intermediation demonstrates how deposit insurance and prudential regulatory forbearance lead to banking crises and growth declines. The model assumptions are based on features of the Japanese financial system and regulation. The model demonstrates how banking and growth crises can evolve under perfect foresight. The dynamics for economic aggregates and asset prices predicted by the model are shown to be generally consistent with the experience of the Japanese economy and financial system through the 1990s. We also test our maintained hypothesis of rational expectations using asset price data for Japan over the 1980s and 1990s.

Note: Bibliographic Level Mode of Issuance: Monograph , English

Additional Edition: ISBN 1-4527-5016-5

Additional Edition: ISBN 1-4518-6188-5

Language: English