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  • Open access  (7)
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  • 1
    Online Resource
    Online Resource
    Washington, D.C : International Monetary Fund
    UID:
    gbv_845836560
    Format: Online-Ressource (43 p)
    Edition: Online-Ausg.
    ISBN: 1463936443 , 9781463936440
    Series Statement: IMF Working Papers Working Paper No. 12/43
    Content: This paper seeks to uncover the main drivers of credit growth in emerging Asia using a multi-country structural vector autoregressive (SVAR) model. Taking a novel approach, we developed a two-block SVAR whereby shocks within blocks are identified using sign restrictions, whereas shocks across the blocks are identified using a recursive (block-) Cholesky structure. We find that domestic factors are more dominant than external factors in driving rapid credit growth in emerging Asia. This is particularly true for domestic monetary policy, which can play a pivotal role in terms of managing rapid credit growth in emerging Asia
    Language: English
    URL: Volltext  (IMF e-Library)
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  • 2
    UID:
    gbv_845952587
    Format: Online-Ressource (24 p)
    Edition: Online-Ausg.
    ISBN: 1498327222 , 9781498327220
    Series Statement: IMF Working Papers Working Paper No. 14/161
    Content: This paper quantifies the effects of external risks for Peru, with particular attention to two major external risks, China’s investment slowdown and the U.S. monetary policy tightening. In particular, a macroeconomic model for a small open and partially dollarized economy is developed and estimated for Peru to measure the risk spillovers, and simulate domestic macroeconomic responses in different scenarios with these two external risks. The simulation results suggest that Peru’s output is vulnerable to both risks, particularly the U.S. monetary policy tightening. Simulations also highlight the importance of higher exchange rate flexiblity and a lower degree of dollarization, which could help mitigate the negative spillover effects of these external risks
    Language: English
    URL: Volltext  (IMF e-Library)
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  • 3
    UID:
    edochu_18452_10590
    ISSN: 1437-4331 , 1437-4331
    Content: Background: Endothelial cell antigens are important targets in acute rejection (AR). Our goal was to measure the serum concentrations of pre-transplant anti-endothelial cell antibody (AECA) in panel reactive antibody (PRA) negative recipients and its impact on AR within 6 months following renal transplantation. Methods: We retrospectively examined pre-transplant sera from 392 patients using cellular enzyme linked immunosorbent assay (ELISA) with substrate from a permanent endothelial cell line EAhy926. Equal volumes of serum from 40 healthy volunteers were mixed and used as the negative control. Results: The positive rate of AECA was 15.8%. There were no significant differences with respect to age, gender, original disease, dialysis history, immune suppressive regimen, cytomegalovirus (CMV) antigen positive rate, complement dependent cytotoxicity (CDC) level and soluble CD30 (sCD30) levels between the AECA positive group and AECA negative group. AR rate in the AECA positive group was higher than that in the AECA negative group (35.5% vs. 22.4%, p=0.023). The AECA positive patients had significantly higher rates of acute grade II T-cell mediated rejection (TMR) and acute antibody mediated rejection (AMR) compared with AECA negative patients. The concentrations of sCD30, and AECA were independent risk factors for AR within 6 months; the odds ratios were 7.005 and 2.469, respectively. Conclusions: Positive AECA was an independent risk factor for AR and appeared to correlate with relatively severe rejection subtypes. Clin Chem Lab Med 2009;47:1265–9.
    Content: Peer Reviewed
    In: Clinical Chemistry and Laboratory Medicine, : de Gruyter, 2009, 47,2009,10, Seiten 1265-1269, 1437-4331
    Language: Undetermined
    URL: Volltext  (kostenfrei)
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  • 4
    UID:
    gbv_1023555379
    Format: 1 Online-Ressource (circa 44 Seiten) , Illustrationen
    ISBN: 9781484353677
    Series Statement: IMF working paper WP/18, 96
    Content: Quantitative easing could improve market liquidity through many channels such as relaxing bank funding constraints, increasing risk appetite, and facilitating trades. However, it can also reduce market liquidity when the increase in the central bank's holdings of certain securities leads to a scarcity of those securities and hence higher search costs in the market. Using security-level data from the Japanese government bond (JGB) market, this paper finds evidence of the scarcity (flow) effects of the Bank of Japan (BOJ)'s JGB purchases on market liquidity. Moreover, we also find evidence that such scarcity effects could dominate other effects when the share of the BOJ's holdings exceeds certain thresholds, suggesting that the flow effects may also depend on the stock
    Language: English
    Keywords: Graue Literatur
    URL: Volltext  (kostenfrei)
    URL: Volltext  (kostenfrei)
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  • 5
    Online Resource
    Online Resource
    Washington, D.C : International Monetary Fund
    UID:
    gbv_845963198
    Format: Online-Ressource (24 p)
    Edition: Online-Ausg.
    ISBN: 1513581929 , 9781513581927
    Series Statement: IMF Working Papers: Working Paper No. 15 / 212
    Content: This paper explores the contribution of credit growth and the composition of credit portfolio (corporate, consumer, and housing credit) to economic growth in emerging market economies (EMs). Using cross-country panel regressions, we find significant impact of credit growth on real GDP growth, with the magnitude and transmission channel of the impact of credit on real activity depending on the specific type of credit. In particular, the results show that corporate credit shocks influence GDP growth mainly through investment, while consumer credit shocks are associated with private consumption. In addition, taking Brazil as a case study, we use a time series model to examine the role that the expansion and composition of credit played in driving real GDP growth in the past. The results of the case study are consistent with those found in the cross-country panel regressions
    Language: English
    URL: Volltext  (IMF e-Library)
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  • 6
    Online Resource
    Online Resource
    [Washington, DC] : International Monetary Fund
    UID:
    gbv_166640814X
    Format: 1 Online-Ressource (circa 32 Seiten) , Illustrationen
    ISBN: 9781484396230
    Series Statement: IMF working paper WP/19, 31
    Content: Japan's aging and shrinking population could lower the natural rate of interest and, together with low inflation expectations, challenge the Bank of Japan's efforts to reflate the economy. This paper uses a semi-structural model to estimate the impact of demographics on the natural rate in Japan. We find that demographic change has a significantly negative impact on the natural rate by lowering trend potential growth. We also find that the negative impact has been increasing over time amid stronger demographic headwinds. These findings highlight the importance of boosting potential growth to offset the negative demographic impact and lift the natural rate in Japan
    Language: English
    Keywords: Graue Literatur
    URL: Volltext  (kostenfrei)
    URL: Volltext  (kostenfrei)
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  • 7
    Online Resource
    Online Resource
    [Washington, DC] : International Monetary Fund
    UID:
    gbv_167779058X
    Format: 1 Online-Ressource (circa 20 Seiten) , Illustrationen
    ISBN: 9781498317344
    Series Statement: IMF working paper WP/19, 136
    Content: The yen is an important barometer for the Japanese economy. Depreciations are typically associated with favorable economic developments such as increased corporate profits, rising equity prices, and upward pressure on domestic consumer prices. On the other hand, large and sharp appreciations run the risk of lowering actual and expected inflation, squeezing corporate profits, generating a negative wealth effect through depressed equity prices, and reducing confidence in the Bank of Japan's efforts to reflate the domestic economy and achieve the inflation target. This paper takes a closer look at underlying drivers of rapid yen appreciations, highlighting the key role of carry-trade and the zero lower bound as important amplifiers
    Language: English
    Keywords: Graue Literatur
    URL: Volltext  (kostenfrei)
    URL: Volltext  (kostenfrei)
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