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Internationalization of Emerging Market Currencies
			: A Balance Between Risks and Rewards

Internationalization of Emerging Market Currencies : A Balance Between Risks and Rewards »

Volume/Issue: 2011/17

Series: Staff Discussion Notes

Author(s): Faisal Ahmed , Shengzu Wang , Isabelle Mateos y Lago , Samar Maziad , Stephanie Segal , Pascal Farahmand , and Udaibir Das

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 October 2011

DOI: http://dx.doi.org/10.5089/9781463926526.006

ISBN: 9781463926526

Keywords: Emerging markets, International monetary system, Currency internationalization, financial markets, international currencies, domestic financial markets, international currency, capital account liberalization,

Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief an...

Russian Federation; Staff Report for the 2011 Article IV Consultation

Russian Federation; Staff Report for the 2011 Article IV Consultation »

Volume/Issue: 2011/294

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 September 2011

DOI: http://dx.doi.org/10.5089/9781463904852.002

ISBN: 9781463904852

Keywords: inflation, monetary policy, external debt, current account, central bank

The reports highlights that, even though the Russian economy has started reviving from the crisis, growth has been moderate and inflation high. Executive Directors have advised that the focus should be on reducing...

Spatial Spillovers in Emerging Market Spreads

Spatial Spillovers in Emerging Market Spreads »

Volume/Issue: 2011/221

Series: IMF Working Papers

Author(s): Salvatore Dell'Erba , Emanuele Baldacci , and Tigran Poghosyan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2011

DOI: http://dx.doi.org/10.5089/9781463904234.001

ISBN: 9781463904234

Keywords: sovereign spreads, emerging market, spatial econometrics, external debt, bond, currency crises, sovereign bond, total external debt, International Finance: General,

We use novel spatial econometrics techniques to explore spillovers in the sovereign bond market for 24 emerging economies during 1995-2010. The paper extends the previous literature focusing on spillover effects fr...

Financing Infrastructure in India
			: Macroeconomic Lessons and Emerging Market Case Studies

Financing Infrastructure in India : Macroeconomic Lessons and Emerging Market Case Studies »

Volume/Issue: 2011/181

Series: IMF Working Papers

Author(s): James Walsh , Jiangyan Yu , and Chanho Park

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2011

DOI: http://dx.doi.org/10.5089/9781462310296.001

ISBN: 9781462310296

Keywords: infrastructure financing, growth, capital market, bonds, investors, bond, bond market, stock market,

Driving infrastructure development, notably mobilizing financial resources for infrastructure projects, has been challenging in many countries. This study includes two parts: an empirical analysis of macroeconomic...

Unforeseen Events Wait Lurking
			: Estimating Policy Spillovers From U.S. to Foreign Asset Prices

Unforeseen Events Wait Lurking : Estimating Policy Spillovers From U.S. to Foreign Asset Prices »

Volume/Issue: 2011/183

Series: IMF Working Papers

Author(s): Tamim Bayoumi , and Trung Bui

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2011

DOI: http://dx.doi.org/10.5089/9781462309290.001

ISBN: 9781462309290

Keywords: Event studies, policy announcements, interntational asset price transmission, bond yields, bond, foreign bond, equity prices, commodity prices, International Policy Coordination and Transmission, Corporate Finance and Governance: Government Policy and Regulation,

Event studies are used to analyze the impact of U.S. financial, fiscal, and monetary policies from US to foreign asset prices across a range of G20 countries and Switzerland. The initial announcement that the Admin...

Business Cycles in Emerging Markets
			: The Role of Durable Goods and Financial Frictions

Business Cycles in Emerging Markets : The Role of Durable Goods and Financial Frictions »

Volume/Issue: 2011/133

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2011

DOI: http://dx.doi.org/10.5089/9781455259380.001

ISBN: 9781455259380

Keywords: real business cycles, durables, financial frictions, business cycles, total consumption, interest rates, business cycle, elasticity of substitution, Open Economy Macroeconomics, Macroeconomic Aspects of International Trade and Finance: Forecasting and Simulation,

This paper examines how durable goods and financial frictions shape the business cycle of a small open economy subject to shocks to trend and transitory shocks. In the data, nondurable consumption is not as volatil...

Information Rigidity in Growth Forecasts
			: Some Cross-Country Evidence

Information Rigidity in Growth Forecasts : Some Cross-Country Evidence »

Volume/Issue: 2011/125

Series: IMF Working Papers

Author(s): Natalia Tamirisa , Prakash Loungani , and Herman Stekler

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2011

DOI: http://dx.doi.org/10.5089/9781455263424.001

ISBN: 9781455263424

Keywords: Information rigidity, forecasts, crises, banking crises, recession, impulse responses, number of observations, forecast errors, Forecasting and Other Model Applications, Prices

We document information rigidity in forecasts for real GDP growth in 46 countries over the past two decades. We investigate: (i) if rigidities are lower around turning points in the economy, such as in times of rec...

Protectionist Responses to the Crisis
			: Damage Observed in Product-Level Trade

Protectionist Responses to the Crisis : Damage Observed in Product-Level Trade »

Volume/Issue: 2011/139

Series: IMF Working Papers

Author(s): Brad McDonald , and Christian Henn

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2011

DOI: http://dx.doi.org/10.5089/9781455265442.001

ISBN: 9781455265442

Keywords: Global Crisis, First-differenced Gravity Equation, Time-varying Fixed Effects, WTO, trade impact, import restrictions, trade flows, global trade, world trade, Trade: General

This paper investigates how trade flows are being affected by new discriminatory measures implemented during the global financial crisis. We match data on behind-the-border measures (e.g., bailouts and subsidies) a...

The Distributive Effects of Land Titleon Labor Supply
			: Evidence From Brazil

The Distributive Effects of Land Titleon Labor Supply : Evidence From Brazil »

Volume/Issue: 2011/131

Series: IMF Working Papers

Author(s): Mauricio Moura , Caio Piza , and Marcos Poplawski-Ribeiro

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2011

DOI: http://dx.doi.org/10.5089/9781455259366.001

ISBN: 9781455259366

Keywords: land-titling, quantile regression, propensity score, land title, property rights, child labor, labor market, urban poor, Economic Growth and Aggregate Productivity: General, Time Allocation and Labor Supply

This paper studies the effects of property-titling on labor supply. The role of legal ownership security is isolated by comparing the effect that being part of, or excluded from, a land title program in a unique qu...

Causes of Asset Shortages in Emerging Markets

Causes of Asset Shortages in Emerging Markets »

Volume/Issue: 2011/114

Series: IMF Working Papers

Author(s): Jiaqian Chen , and Patrick Imam

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2011

DOI: http://dx.doi.org/10.5089/9781455262373.001

ISBN: 9781455262373

Keywords: Asset Shortage, Emerging Market, Capital Market, Regulation, financial assets, interest rates, capital markets, capital account, pension funds, Money and Interest Rates: General

We first illustrate that emerging markets (EMs) face a shortage of financial assets, with financial assets not growing as rapidly as domestic savings. We then estimate the asset shortage in EMs for 1995-2008. We de...