INTERNATIONAL MONETARY FUND: STAFF PAPERS -- VOL. 29, NO. 1
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Publisher:
Published: 1982
Total Pages: 736
ISBN-13:
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IMF Staff Papers, Volume 50, No. 1
Author: Mr.Robert P. Flood
Publisher: International Monetary Fund
Published: 2003-04-17
Total Pages: 168
ISBN-13: 9781589061248
DOWNLOAD EBOOKForty years ago, Marcus Fleming and Robert Mundell developed independent models of macroeconomic policy in open economies. Why do we link the two, and why do we call the result the Mundell-Fleming, rather than Fieming-Mundell model?
IMF Staff papers
Author: International Monetary Fund. Research Dept.
Publisher: International Monetary Fund
Published: 1982-01-01
Total Pages: 171
ISBN-13: 1451956630
DOWNLOAD EBOOKThis paper analyzes determinants of the evolution of exchange rates within the context of alternative models of exchange rate dynamics. The overshooting hypothesis is examined in models that emphasize differential speeds of adjustment in asset and goods markets as well as in models that emphasize portfolio balance considerations. It is shown that exchange rate overshooting is not an intrinsic characteristic of the foreign exchange market and that it depends on a set of specific assumptions. It is also shown that the overshooting is not a characteristic of the assumption of perfect foresight, nor does it depend in general on the assumption that goods and asset markets clear at different speeds. If the speeds of adjustment in the various markets are less than infinite, the key factor determining the short-run effects of a monetary expansion is the degree of capital mobility. When capital is highly mobile, the exchange rate overshoots its long-run value, and when capital is relatively immobile, the exchange rate undershoots its long-run value. When internationally traded goods are a better hedge against inflation than nontraded goods, the nominal exchange rate overshoots the domestic price level, and conversely.
IMF Staff Papers, Volume 57, No. 1
Author: International Monetary Fund. Research Dept.
Publisher: International Monetary Fund
Published: 2010-03-26
Total Pages: 288
ISBN-13: 1589069110
DOWNLOAD EBOOKDo highly indebted countries suffer from a debt overhang? Can debt relief foster their growth rates? To answer these important questions, this article looks at how the debt-growth relation varies with indebtedness levels, as well as with the quality of policies and institutions, in a panel of developing countries. The main findings are that, in countries with good policies and institutions, there is evidence of debt overhang when the net present value of debt rises above 20–25 percent of GDP; however, debt becomes irrelevant above 70–80 percent. In countries with bad policies and institutions, thresholds appear to be lower, but the evidence of debt overhang is weaker and we cannot rule out that debt is always irrelevant. Indeed, in such countries, as well as in countries with high indebtedness levels, investment does not depend on debt levels. The analysis suggests that not all countries are likely to profit from debt relief, and thus that a one-size-fits-all debt relief approach might not be the most appropriate one.
IMF Staff Papers, Volume 49, No. 1
Author: Mr.Robert P. Flood
Publisher: International Monetary Fund
Published: 2002-04-18
Total Pages: 166
ISBN-13: 9781589060975
DOWNLOAD EBOOKThis paper presents details of a symposium on forecasting performance I organized under the auspices of the IMF Staff Papers. The assumption that the forecaster's goal is to do as well as possible in predicting the actual outcome is sometimes questionable. ln the context of private sector forecasts, this is because the incentives for forecasters may induce them to herd rather than to reveal their true forecasts. Public sector forecasts may also be distorted, although for different reasons. Forecasts associated with IMF programs, for example, are often the result of negotiations between the IMF staff and the country authorities and are perhaps more accurately viewed as goals, or targets, rather than pure forecasts. The standard theory of time series forecasting involves a variety of components including the choice of an information set, the choice of a cost function, and the evaluation of forecasts in terms of the average costs of the forecast errors. It is generally acknowledged that by including more relevant information in the information set, one should be able to produce better forecasts.
IMF Staff papers, Volume 43 No. 1
Author: International Monetary Fund. Research Dept.
Publisher: International Monetary Fund
Published: 1996-01-01
Total Pages: 268
ISBN-13: 1451957092
DOWNLOAD EBOOKThis paper extends a standard growth model and obtains consistent panel data estimates of the growth retarding effects of military spending via its adverse impact on capital formation and resource allocation. Simulation experiments suggest that a substantial long-term “peace dividend”—in the form of higher capacity output—may result from markedly lower military expenditure levels achieved in most regions during the late 1980s, and the further military spending cuts that would be possible if global peace could be secured.
Staff Guidance Note on Macroprudential Policy
Author: International Monetary Fund
Publisher: International Monetary Fund
Published: 2014-06-11
Total Pages: 45
ISBN-13: 1498342620
DOWNLOAD EBOOKThis note provides guidance to facilitate the staff’s advice on macroprudential policy in Fund surveillance. It elaborates on the principles set out in the “Key Aspects of Macroprudential Policy,” taking into account the work of international standard setters as well as the evolving country experience with macroprudential policy. The main note is accompanied by supplements offering Detailed Guidance on Instruments and Considerations for Low Income Countries
IMF Staff Papers, Volume 49, No. 3
Author: International Monetary Fund. Research Dept.
Publisher: International Monetary Fund
Published: 2002-09-23
Total Pages: 260
ISBN-13: 9781589061224
DOWNLOAD EBOOKThis paper empirically investigates the monetary impact of banking crises in Chile, Colombia, Denmark, Japan, Kenya, Malaysia, and Uruguay during 1975–98. Cointegration analysis and error correction modeling are used to research two issues: (i) whether money demand stability is threatened by banking crises; and (ii) whether crises lead to structural breaks in the relation between monetary indicators and prices. Overall, no systematic evidence that banking crises cause money demand instability is found. The paper also analyzes inflation targeting in the context of the IMF-supported adjustment programs.
The Quality of Eligible Collateral, Central Bank Losses and Monetary Stability
Author: Philipp Lehmbecker
Publisher: Peter Lang
Published: 2008
Total Pages: 276
ISBN-13: 9783631580769
DOWNLOAD EBOOKThis book investigates to what extent the quality of eligible collateral is able to explain inflation. Addressing this question, hypotheses derived from the Theory of Property Economics by Heinsohn & Steiger are tested. Data are collected using a questionnaire, answered by central banks. An index of the quality of eligible collateral is constructed. Regression analyses are performed based on a sample of 62 countries for the period 1990 to 2003. A negative, robust and statistically significant correlation between inflation and the quality of eligible collateral is found. Central bank independence cannot contribute to the explanation of inflation. The result supports the theory of Heinsohn & Steiger: Securitisation of central bank lending is crucial for price stability.
European Yearbook / Annuaire Europeen
Author: Council of Europe Staff
Publisher: Springer Science & Business Media
Published: 2013-12-01
Total Pages: 845
ISBN-13: 9401511977
DOWNLOAD EBOOKThe "European Yearbook promotes the scientific study of nineteen European supranational organisations and the Organisation for Economic Co-operation and Development (OECD). Each volume contains a detailed survey of the history, structure and yearly activities of each organisation and an up-to-date chart providing a clear overview of the member states of each organisation. Each volume contains a comprehensive bibliography covering the year's relevant publications.
