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The IMF in a World of Private Capital Markets
Authors: --- ---
ISBN: 1462397255 1451990391 1282590227 9786613822628 1451906390 1451861036 Year: 2005 Publisher: Washington, D.C. : International Monetary Fund,

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The IMF attempts to catalyze and stabilize private capital flows to emerging markets by providing public monitoring and emergency finance. In analyzing its role we contrast cases where banks and bondholders do the lending. Banks have a natural advantage in monitoring and creditor coordination, while bonds have superior risk sharing characteristics. Consistent with this assumption, banks reduce spreads as they obtain more information through repeat transactions with borrowers. By comparison, repeat borrowing has little influence in bond markets, where publicly available information dominates. But spreads on bonds are lower when they are issued in conjunction with IMF-supported programs, as if the existence of a program conveyed positive information to bondholders. The influence of IMF monitoring in bond markets is especially pronounced for countries vulnerable to liquidity crises.


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Richesse des nations et bien-être des individus.
Authors: --- ---
ISBN: 2738124607 9782738124609 Year: 2009 Publisher: Paris Jacob

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" Si nous ne voulons pas que notre avenir, celui de nos enfants et des générations futures soit semé de catastrophes financières, économiques, sociales, écologiques et, par conséquent, humaines, nous devons changer nos manières de vivre, de consommer, de produire. Nous devons changer les critères de nos organisations sociales, de nos politiques publiques. Cette révolution ne s'accomplira pleinement que si elle est d'abord une révolution dans les esprits, dans les façons de penser, dans les mentalités, dans les valeurs.C'est fort de cette conviction que j'ai demandé en février 2008 à Joseph Stiglitz, Amartya Sen et Jean-Paul Fitoussi de constituer une commission avec les meilleurs experts du monde. Pour remédier à cette situation, il fallait bousculer les habitudes de pensée. Il fallait qu'un débat s'ouvre enfin. Il fallait que ce débat soit porté au plus haut niveau de compétence. " Nicolas Sarkozy.


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Liberalization, Prudential Supervision, and Capital Requirements : The Policy Trade-Offs
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ISBN: 1462367992 1452780439 1283512505 1451906919 9786613824950 Year: 2005 Publisher: Washington, D.C. : International Monetary Fund,

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While deregulated financial markets and strong competition are commonly viewed as prerequisites for successful economic development, recent empirical evidence suggests that financial liberalization, if not well phased, can lead to costly financial crises. This paper focuses on the roles of minimum capital requirements and prudential supervision in promoting financial stability during financial liberalization. The paper extends the Hellmann, Murdock, and Stiglitz model to analyze the effects of prudential supervision and demonstrates the trade-off between the quality of supervision and the level of minimum capital requirements. Where prudential supervision is poor, higher capital requirements are optimal.


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The Macroeconomic Relevance of Credit Flows : An Exploration of U.S. Data
Authors: --- ---
ISBN: 151353971X 1513525174 Year: 2015 Publisher: Washington, D.C. : International Monetary Fund,

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This paper exploits the Financial Accounts of the United States to derive long time series of bank and nonbank credit to different sectors, and to examine the cyclical behavior of these series in relation to (i) the long-term business cycle, (ii) recessions and recoveries, and (iii) systemic financial crises. We find that bank and nonbank credit exhibit different dynamics throughout the business cycle. This diverging cyclical behavior of output and bank and nonbank credit argues for placing greater emphasis on sector-specific macroprudential measures to contain risks to the financial system, rather than using interest rates to address any vulnerabilities. Finally, we examine the role of bank and nonbank credit in the creation of financial interconnections and illustrate a method to conduct macro-financial stability assessments.


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Capital Control Measures : A New Dataset
Authors: --- --- --- ---
ISBN: 1484332733 1484332342 Year: 2015 Publisher: Washington, D.C. : International Monetary Fund,

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This paper presents a new dataset of capital control restrictions on both inflows and outflows of 10 categories of assets for 100 countries over the period 1995 to 2013. Building on the data in Schindler (2009) and other datasets based on the analysis of the IMF’s Annual Report on Exchange Arrangements and Exchange Restrictions (AREAER), this dataset includes additional asset categories, more countries, and a longer time period. The paper discusses in detail the construction of the dataset and characterizes the data with respect to the prevalence and correlation of controls across asset categories and between controls on inflows and controls on outflows, the aggregation of the separate categories into broader indicators, and the comparison of this dataset with other indicators of capital controls.


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Sovereign Insurance and Program Design : What is Optimal for the Sovereign?
Authors: --- ---
ISBN: 1451863241 1462312489 1451908601 9786613828033 145278647X 128351558X Year: 2006 Publisher: Washington, D.C. : International Monetary Fund,

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The design of the optimal sovereign insurance contract is analyzed when: the sovereign chooses the contract; effort is not contractible; shocks are of uncertain magnitude; the sovereign can save; and the sovereign can default. Under these conditions: i) an ex ante premium leads to higher coverage; ii) the premium increases with the sovereign's incentive to take risks; iii) a deductible is chosen to limit moral hazard; iv) the deductible-to-support ratio is decreasing with the size of the realized shock; and v) the change in the choice of savings when insurance is available is ambiguous, as there is a trade-off between inducing higher effort and increasing the likelihood of default.

MULTIMOD Mark II : a revised and extended model.
Authors: --- ---
ISBN: 1557751412 9781557751416 Year: 1990 Volume: 71 Publisher: Washington (D.C.) IMF

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Keywords

Quantitative methods (economics) --- Capital movements --- Economic forecasting --- International trade --- International finance --- Economic policy --- Econometric models --- 330.115.001.57 --- -Economic forecasting --- -Economic policy --- -International finance --- -International trade --- -previsions economiques --- modeles economiques --- AA* / International - Internationaal --- 330.3 --- 338.90015195 --- 330.05 --- External trade --- Foreign commerce --- Foreign trade --- Global commerce --- Global trade --- Trade, International --- World trade --- Commerce --- International economic relations --- Non-traded goods --- International monetary system --- International money --- Finance --- Economic nationalism --- Economic planning --- National planning --- State planning --- Economics --- Planning --- National security --- Social policy --- Forecasting --- Economic indicators --- Capital flight --- Capital flows --- Capital inflow --- Capital outflow --- Flight of capital --- Flow of capital --- Movements of capital --- Balance of payments --- Foreign exchange --- Econometrische modellen. Simulatiemodellen --- economische vooruitzichten --- economische modellen --- Methode in staathuishoudkunde. Statische, dynamische economie. Modellen. Experimental economics. --- Working papers --- Econometric models. --- 330.115.001.57 Econometrische modellen. Simulatiemodellen --- previsions economiques --- Methode in staathuishoudkunde. Statische, dynamische economie. Modellen. Experimental economics --- Capital movements - Econometric models --- Economic forecasting - Econometric models --- International trade - Econometric models --- International finance - Econometric models --- Economic policy - Econometric models --- Modele mark ii

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