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Debt and Growth
			: Is There a Magic Threshold?

Debt and Growth : Is There a Magic Threshold? »

Volume/Issue: 2014/34

Series: IMF Working Papers

Author(s): Andrea Pescatori , Damiano Sandri , and John Simon

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 February 2014

DOI: http://dx.doi.org/10.5089/9781484306444.001

ISBN: 9781484306444

Keywords: growth, gdp growth, debt thresholds, debt ratio, growth rate, General,

Using a novel empirical approach and an extensive dataset developed by the Fiscal Affairs Department of the IMF, we find no evidence of any particular debt threshold above which medium-term growth prospects are dra...

Global Rebalancing
			: A Roadmap for Economic Recovery

Global Rebalancing : A Roadmap for Economic Recovery »

Series: Books

Author(s): Hamid Faruqee , and Krishna Srinivasan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 August 2013

DOI: http://dx.doi.org/10.5089/9781475573664.071

ISBN: 9781475573664

Keywords: current account, public debt, public finances, fiscal consolidation, financial sector

This book examines imbalances in seven major economies: China, France, Germany, India, Japan, the United Kingdom, and the United States, evaluating key indicators agreed on by the G20 for identifying large imbalanc...

Institutional Arrangements for Macroprudential Policy in Asia

Institutional Arrangements for Macroprudential Policy in Asia »

Volume/Issue: 2013/165

Series: IMF Working Papers

Author(s): Cheng Lim , Rishi Ramchand , Helen Wagner , and Xiaoyong Wu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 July 2013

DOI: http://dx.doi.org/10.5089/9781484338360.001

ISBN: 9781484338360

Keywords: institutional arrangements, macroprudential, regulation, financial system, deposit insurance, financial services, Government Policy and Regulation,

This paper surveys institutional arrangements for macroprudential policy in Asia. Central banks in Asia typically have a financial stability mandate, and play a key role in the macroprudential framework. Smaller an...

Balance Sheet Strength and Bank Lending During the Global Financial Crisis

Balance Sheet Strength and Bank Lending During the Global Financial Crisis »

Volume/Issue: 2013/102

Series: IMF Working Papers

Author(s): Tümer Kapan , and Camelia Minoiu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 May 2013

DOI: http://dx.doi.org/10.5089/9781484315842.001

ISBN: 9781484315842

Keywords: bank lending channel, wholesale funding, net stable funding ratio, Basel III, bank capital, banking, return on assets, liquid asset, bank balance sheet, Government Policy and Regulation,

We examine the role of bank balance sheet strength in the transmission of financial sector shocks to the real economy. Using data from the syndicated loan market, we exploit variation in banks’ reliance on w...

Measuring Competitiveness
			: Trade in Goods or Tasks?

Measuring Competitiveness : Trade in Goods or Tasks? »

Volume/Issue: 2013/100

Series: IMF Working Papers

Author(s): Tamim Bayoumi , Mika Saito , and Jarkko Turunen

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 May 2013

DOI: http://dx.doi.org/10.5089/9781484325803.001

ISBN: 9781484325803

Keywords: Real Effective Exchange Rate, Global Supply Chains, reer, global supply, intermediate inputs, domestic production, gross exports, General,

With global supply chains, any value added or production task can be traded as part of goods. This means that competitiveness can be measured either in terms of “tasks” (Bems and Johnson, 2012), or go...

Asset Price Bubbles
			: A Selective Survey

Asset Price Bubbles : A Selective Survey »

Volume/Issue: 2013/45

Series: IMF Working Papers

Author(s): Anna Scherbina

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 February 2013

DOI: http://dx.doi.org/10.5089/9781475515299.001

ISBN: 9781475515299

Keywords: Bubbles, Limits to Arbitrage, stock market, discount rate, mortgage, cash flows, financial economics, General,

Why do asset price bubbles continue to appear in various markets? This paper provides an overview of recent literature on bubbles, with significant attention given to behavioral models and rational models with fric...

The Differential Effects of Oil Demand and Supply Shocks on the Global Economy

The Differential Effects of Oil Demand and Supply Shocks on the Global Economy »

Volume/Issue: 2012/253

Series: IMF Working Papers

Author(s): Paul Cashin , Kamiar Mohaddes , Mehdi Raissi , and Maziar Raissi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 October 2012

DOI: http://dx.doi.org/10.5089/9781475597158.001

ISBN: 9781475597158

Keywords: Global VAR (GVAR), global macroeconomic modeling, impulse responses, international business cycle, oil-demand and oil-supply shocks, oil exporters, exporters, oil prices, exporting countries, Time-Series Models

We employ a set of sign restrictions on the generalized impulse responses of a Global VAR model, estimated for 38 countries/regions over the period 1979Q2-2011Q2, to discriminate between supply-driven and demand-dr...

World Economic Outlook, October 2012
			: Coping with High Debt and Sluggish Growth

World Economic Outlook, October 2012 : Coping with High Debt and Sluggish Growth »

Series: World Economic Outlook

Author(s): International Monetary Fund. Research Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 October 2012

DOI: http://dx.doi.org/10.5089/9781616353896.081

ISBN: 9781616353896

Keywords: Budget estimates, Adjustment process, Commodity prices, Debt reduction, Euro, public debt, fiscal consolidation, current account, inflation

The October 2012 World Economic Outlook (WEO) assesses the prospects for the global recovery in light of such risks as the ongoing euro area crisis and the "fiscal cliff" facing U.S. policymakers. Reducing the risk...

Determinants of Growth Spells
			: Is Africa Different?

Determinants of Growth Spells : Is Africa Different? »

Volume/Issue: 2012/227

Series: IMF Working Papers

Author(s): Charalambos Tsangarides

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2012

DOI: http://dx.doi.org/10.5089/9781475510225.001

ISBN: 9781475510225

Keywords: International Growth, survival analysis, robustness, Bayesian Model Averaging, terms of trade, inflation, trade growth, per capita income, Macroeconomic Analyses of Economic Development, Economic Growth and Aggregate Productivity: General

Do growth spells in Africa end because of bad realizations of the same factors that influence growth spells in the rest of the world, or because of different factors altogether? To answer this question, we examine...

Donor Competition for Aid Impact, and Aid Fragmentation

Donor Competition for Aid Impact, and Aid Fragmentation »

Volume/Issue: 2012/204

Series: IMF Working Papers

Author(s): Kurt Annen , and Luc Moers

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2012

DOI: http://dx.doi.org/10.5089/9781475505542.001

ISBN: 9781475505542

Keywords: Aid Effectiveness, Aid Fragmentation, Donor Competition, Donor Coordination, humanitarian aid, aid coordination, foreign investment, Analysis of Collective Decision-Making: General,

This paper shows that donors that maximize relative aid impact spread their budgets across many recipient countries in a unique Nash equilibrium, explaining aid fragmentation. This equilibrium may be inefficient ev...