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Financial Crisis, US Unconventional Monetary Policy and International Spillovers

Financial Crisis, US Unconventional Monetary Policy and International Spillovers »

Volume/Issue: 2015/85

Series: IMF Working Papers

Author(s): Qianying Chen , Andrew Filardo , Dong He , and Feng Zhu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 April 2015

DOI: http://dx.doi.org/10.5089/9781475520668.001

ISBN: 9781475520668

Keywords: emerging economies, global VAR, international monetary policy spillovers, quantitative easing, unconventional monetary policy, federal reserve, securities, reserve, Financial Markets and the Macroeconomy, Monetary Policy (Targets

We study the impact of the US quantitative easing (QE) on both the emerging and advanced economies, estimating a global vector error-correction model (GVECM) and conducting counterfactual analyses. We focus on the...

Slowdown in Emerging Markets
			: Sign of a Bumpy Road Ahead?

Slowdown in Emerging Markets : Sign of a Bumpy Road Ahead? »

Volume/Issue: 2014/205

Series: IMF Working Papers

Author(s): Evridiki Tsounta

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 November 2014

DOI: http://dx.doi.org/10.5089/9781498304719.001

ISBN: 9781498304719

Keywords: potential growth, emerging market economies, growth, growth rate, capital, tfp, labor, Macroeconomic Analyses of Economic Development,

Following very strong growth during the period 2000-12, emerging market economies (EMEs) experienced a slowdown in the last couple of years. This paper examines the supply-side drivers of the strong growth performa...

The Comovement in Commodity Prices
			: Sources and Implications

The Comovement in Commodity Prices : Sources and Implications »

Volume/Issue: 2013/140

Series: IMF Working Papers

Author(s): Ron Alquist , and Olivier Coibion

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 June 2013

DOI: http://dx.doi.org/10.5089/9781484378144.001

ISBN: 9781484378144

Keywords: comovement, factor models, factor analysis, global production, agricultural commodities, idiosyncratic shocks, International Business Cycles, comovement: factor models,

We present a simple macroeconomic model with a continuum of primary commodities used in the production of the final good, such that the real prices of commodities have a factor structure. One factor captures the co...

Bank Asset Quality in Emerging Markets
			: Determinants and Spillovers

Bank Asset Quality in Emerging Markets : Determinants and Spillovers »

Volume/Issue: 2012/71

Series: IMF Working Papers

Author(s): Reinout De Bock , and Alexander Demyanets

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2012

DOI: http://dx.doi.org/10.5089/9781475502237.001

ISBN: 9781475502237

Keywords: Macro-financial linkages, Nonperforming loans, Exchange rate, Panel regressions, capital inflows, net capital flows, exchange rates, Bank Asset Quality in Emerging Markets, Financial Markets and the Macroeconomy, International Finance: General

This paper assesses the vulnerability of emerging markets and their banks to aggregate shocks. We find significant links between banks' asset quality, credit and macroeconomic aggregates. Lower economic growth, an...

Fiscal Policy and the Real Exchange Rate

Fiscal Policy and the Real Exchange Rate »

Volume/Issue: 2012/52

Series: IMF Working Papers

Author(s): Santanu Chatterjee , and Azer Mursagulov

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2012

DOI: http://dx.doi.org/10.5089/9781463937133.001

ISBN: 9781463937133

Keywords: real exchange rate, intersectoral adjustment costs, exchange rate, government spending, government spending shocks, Macroeconomic Aspects Of International Trade And Finance, National Government Expenditures And Related Policies,

Government spending on infrastructure has recently increased sharply in many emerging-market economies. This paper examines the mechanism through which public infrastructure spending affects the dynamics of the rea...

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...

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...

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...

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...

IMF Applications of Purchasing Power Parity Estimates

IMF Applications of Purchasing Power Parity Estimates »

Volume/Issue: 2010/253

Series: IMF Working Papers

Author(s): Mick Silver

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2010

DOI: http://dx.doi.org/10.5089/9781455209538.001

ISBN: 9781455209538

Keywords: International Comparison Program, household goods, Measurement and Analysis of Poverty

The IMF's main uses of the International Comparison Program's (ICP) estimates of purchasing power parity (PPP)-adjusted Gross Domestic Product (GDP) are as an element of the formula used to help guide decisions on...