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(Why) Should Current Account Balances Be Reduced?

(Why) Should Current Account Balances Be Reduced? »

Volume/Issue: 2011/3

Series: Staff Discussion Notes

Author(s): Gian Milesi-Ferretti , and Olivier Blanchard

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 March 2011

DOI: http://dx.doi.org/10.5089/9781462384860.006

ISBN: 9781462384860

Keywords: global imbalances, current account, exchange rates, current account deficits, current account surpluses, exchange rate, current account deficit, Account Balances Be Reduced?,

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...

Asian Financial Integration
			: Trends and Interruptions

Asian Financial Integration : Trends and Interruptions »

Volume/Issue: 2011/4

Series: IMF Working Papers

Author(s): Eduardo Borensztein , and Prakash Loungani

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2011

DOI: http://dx.doi.org/10.5089/9781455211821.001

ISBN: 9781455211821

Keywords: equity premium, gravity model, home bias, risk-sharing, herding, investors, bond, foreign investors, bonds, international investors

The paper compares trends in financial integration within Asia with those in industrialized countries and other regional groups. Declines in cross-country dispersion in equity returns and interest rates suggest inc...

Transforming China
			: Insights from the Japanese Experience of the 1980s

Transforming China : Insights from the Japanese Experience of the 1980s »

Volume/Issue: 2010/284

Series: IMF Working Papers

Author(s): Papa N'Diaye

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2010

DOI: http://dx.doi.org/10.5089/9781455210916.001

ISBN: 9781455210916

Keywords: Plaza accord, asset bubble, and growth rebalancing, deposit rates, financial liberalization, domestic demand, financial system, bonds, Saving, Employment

China is poised on the brink of a transition to a service-based economy. The Japanese experience of the 1980s provides several insights about the way to manage such a transition and the downsides to avoid. In parti...

Financial Frictions, Investment, and Institutions

Financial Frictions, Investment, and Institutions »

Volume/Issue: 2010/231

Series: IMF Working Papers

Author(s): Yishay Yafeh , Kenichi Ueda , and Stijn Claessens

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2010

DOI: http://dx.doi.org/10.5089/9781455209316.001

ISBN: 9781455209316

Keywords: Financial Friction, institution, creditor rights, measurement errors, correlation, equation, financial markets, standard deviation, Corporate Finance and Governance: General, Economic Growth and Aggregate Productivity: General,

Financial frictions have been identified as key factors affecting economic fluctuations and growth. But, can institutional reforms reduce financial frictions? Based on a canonical investment model, we consider two...

Redesigning the Contours of the Future Financial System

Redesigning the Contours of the Future Financial System »

Volume/Issue: 2010/10

Series: IMF Staff Position Notes

Author(s): Laura Kodres , and Aditya Narain

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 August 2010

DOI: http://dx.doi.org/10.5089/9781462388882.004

ISBN: 9781462388882

Keywords: Bank supervision, Banks, Financial instruments, Financial institutions, Risk management, Multilateral surveillance, Nonbank financial sector, Global Financial Crisis 2008-2009, Fund role, Crises

This paper explores the private- and public-sector responses to the crisis and some of the probable outcomes. Aside from improved supervision of individual institutions, greater emphasis needs to be put on financia...

Consensus Forecasts and Inefficient Information Aggregation

Consensus Forecasts and Inefficient Information Aggregation »

Volume/Issue: 2010/178

Series: IMF Working Papers

Author(s): Christopher Crowe

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2010

DOI: http://dx.doi.org/10.5089/9781455201891.001

ISBN: 9781455201891

Keywords: Consensus Forecasts, Information Aggregation, Forecast Efficiency, efficiency, forecast horizons, forecast errors, forecast horizon, forecast error, Forecasting and Other Model Applications, General Aggregative Models: Forecasting and Simulation,

Consensus forecasts are inefficient, over-weighting older information already in the public domain at the expense of new private information, when individual forecasters have different information sets. Using a cro...

IMF Staff Papers, Volume 57, No. 2

IMF Staff Papers, Volume 57, No. 2 »

Volume: 57

Series: IMF Staff Papers

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 June 2010

DOI: http://dx.doi.org/10.5089/9781589069121.024

ISBN: 9781589069121

Keywords: financial liberalization, financial sector, reserve requirements, interest rate controls, financial reforms

This paper introduces a new database of financial reforms covering 91 economies over 1973-2005. It describes the content of the database, the information sources utilized, and the coding rules used to create an ind...

Rethinking Macroeconomic Policy

Rethinking Macroeconomic Policy »

Volume/Issue: 2010/03

Series: IMF Staff Position Notes

Author(s): Olivier Blanchard , Giovanni Dell'Ariccia , and Paolo Mauro

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 February 2010

DOI: http://dx.doi.org/10.5089/9781455224982.004

ISBN: 9781455224982

Keywords: Bank credit, Bank regulations, Bank supervision, Central bank role, Economic policy, Economic stabilization, Financial crisis, Financial intermediation, Fiscal policy, Inflation targeting

The great moderation lulled macroeconomists and policymakers alike in the belief that we knew how to conduct macroeconomic policy. The crisis clearly forces us to question that assessment. In this paper, we review...

Sovereign Wealth Funds and Financial Stability-An Event Study Analysis

Sovereign Wealth Funds and Financial Stability-An Event Study Analysis »

Volume/Issue: 2009/239

Series: IMF Working Papers

Author(s): Heiko Hesse , and Tao Sun

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2009

DOI: http://dx.doi.org/10.5089/9781451873863.001

ISBN: 9781451873863

Keywords: Event Study, financial sector, financial markets, stock market, General Financial Markets: Government Policy and Regulation, Corporate Finance and Governance: General,

This paper examines financial stability issues that arise from the increased presence of sovereign wealth funds (SWFs) in global financial markets by assessing whether and how stock markets react to the announcemen...

What Drives China's Interbank Market?

What Drives China's Interbank Market? »

Volume/Issue: 2009/189

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2009

DOI: http://dx.doi.org/10.5089/9781451873368.001

ISBN: 9781451873368

Keywords: Interbank market, GARCH, reserve requirements, bond, deposit rate, reserve requirement,

Interest rates in China comprise a mix of both market determined interest rates (interbank rates and bond yields), and regulated interest rates (lending and deposit rates), reflecting China's gradual process of int...