Country Transparency And The Global Transmission Of Financial Shocks
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Country Transparency And The Global Transmission Of Financial Shocks
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Author : Mr.Luis Brandão Brandao Marques
language : en
Publisher: International Monetary Fund
Release Date : 2013-07-03
Country Transparency And The Global Transmission Of Financial Shocks written by Mr.Luis Brandão Brandao Marques and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-07-03 with Business & Economics categories.
This paper considers the role of country-level opacity (the lack of availability of information) in amplifying shocks emanating from financial centers. We provide a simple model where, in the presence of ambiguity (uncertainty about the probability distribution of returns), prices in emerging markets react more strongly to signals from the developed market, the more opaque the emerging market is. The second contribution is empirical evidence for bond and equity markets in line with this prediction. Increasing the availability of information about public policies, improving accounting standards, and enhancing legal frameworks can help reduce the unpleasant side effects of financial globalization.
Country Transparency And The Global Transmission Of Financial Shocks
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Author : Luis Brandao-Marques
language : en
Publisher:
Release Date : 2013
Country Transparency And The Global Transmission Of Financial Shocks written by Luis Brandao-Marques and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
This paper considers the role of country-level opacity (the lack of availability of information) in amplifying shocks emanating from financial centers. We provide a simple model where, in the presence of ambiguity (uncertainty about the probability distribution of returns), prices in emerging markets react more strongly to signals from the developed market, the more opaque the emerging market is. The second contribution is empirical evidence for bond and equity markets in line with this prediction. Increasing the availability of information about public policies, improving accounting standards, and enhancing legal frameworks can help reduce the unpleasant side effects of financial globalization.
Is Transparency Good For You And Can The Imf Help
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Author : Yongseok Shin
language : en
Publisher: International Monetary Fund
Release Date : 2003-06-01
Is Transparency Good For You And Can The Imf Help written by Yongseok Shin and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-06-01 with Computers categories.
This paper finds that reforms introduced by the IMF to promote transparency have created more informed markets and reduced borrowing costs for those emerging market countries that volunteered for them. Using a quarterly panel estimation with fixed country effects, we find that sovereign spreads fall following the adoption of three different transparency reforms. The effects are economically important, especially for those countries with low initial transparency. We use two-stage least squares to address any endogeneity in the timing of reforms exploiting internal IMF timetables that are unrelated to country events. Next, using a panel GARCH specification, we show that spreads move more than normal in the days immediately following publication of IMF country documents.
Global Financial Stability Report April 2016
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Author : International Monetary Fund. Monetary and Capital Markets Department
language : en
Publisher: International Monetary Fund
Release Date : 2016-04-11
Global Financial Stability Report April 2016 written by International Monetary Fund. Monetary and Capital Markets Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-04-11 with Business & Economics categories.
The current Global Financial Stability Report (April 2016) finds that global financial stability risks have risen since the last report in October 2015. The new report finds that the outlook has deteriorated in advanced economies because of heightened uncertainty and setbacks to growth and confidence, while declines in oil and commodity prices and slower growth have kept risks elevated in emerging markets. These developments have tightened financial conditions, reduced risk appetite, raised credit risks, and stymied balance sheet repair. A broad-based policy response is needed to secure financial stability. Advanced economies must deal with crisis legacy issues, emerging markets need to bolster their resilience to global headwinds, and the resilience of market liquidity should be enhanced. The report also examines financial spillovers from emerging market economies and finds that they have risen substantially. This implies that when assessing macro-financial conditions, policymakers may need to increasingly take into account economic developments in emerging market economies. Finally, the report assesses changes in the systemic importance of insurers, finding that across advanced economies the contribution of life insurers to systemic risk has increased in recent years. The results suggest that supervisors and regulators should take a more macroprudential approach to the sector.
Global Financial Stability Report April 2017
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Author : International Monetary Fund. Monetary and Capital Markets Department
language : en
Publisher: International Monetary Fund
Release Date : 2017-04-19
Global Financial Stability Report April 2017 written by International Monetary Fund. Monetary and Capital Markets Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-04-19 with Business & Economics categories.
Financial stability has continued to improve since the October 2016 Global Financial Stability Report (GFSR). Economic activity has gained momentum, as outlined in the April 2017 World Economic Outlook (WEO), amid broadly accommodative monetary and financial conditions, spurring hopes for reflation. Chapter 2 analyzes the potential long-term impact of a scenario of sustained low growth and low real and nominal rates for the business models of financial institutions and the products offered by the financial sector. Chapter 3 examines whether countries still retain influence over their domestic financial conditions in a globally integrated financial system. The chapter develops financial conditions indices that make it possible to compare a large set of advanced and emerging market economies.
Global Waves Of Debt
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Author : M. Ayhan Kose
language : en
Publisher: World Bank Publications
Release Date : 2021-03-03
Global Waves Of Debt written by M. Ayhan Kose and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-03-03 with Business & Economics categories.
The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.
Finance And Development December 2013
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Author : International Monetary Fund. External Relations Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2013-11-25
Finance And Development December 2013 written by International Monetary Fund. External Relations Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-11-25 with Business & Economics categories.
For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.
Cultures Of Transparency
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Author : Stefan Berger
language : en
Publisher: Taylor & Francis
Release Date : 2021-04-19
Cultures Of Transparency written by Stefan Berger and has been published by Taylor & Francis this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-04-19 with Social Science categories.
This volume addresses the major questions surrounding a concept that has become ubiquitous in the media and in civil society as well as in political and economic discourses in recent years, and which is demanded with increasing frequency: transparency. How can society deal with increasing and often diverging demands and expectations of transparency? What role can different political and civil society actors play in processes of producing, or preventing, transparency? Where are the limits of transparency and how are these boundaries negotiated? What is the relationship of transparency to processes of social change, as well as systems of social surveillance and control? Engaging with transparency as an interrelated product of law, politics, economics and culture, this interdisciplinary volume explores the ambiguities and contradictions, as well as the social and political dilemmas, that the age of transparency has unleashed. As such it will appeal to researchers across the social sciences and humanities with interests in politics, history, sociology, civil society, citizenship, public policy, criminology and law.
The Effects Of Data Transparency Policy Reforms On Emerging Market Sovereign Bond Spreads
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Author : Sangyup Choi
language : en
Publisher: International Monetary Fund
Release Date : 2017-03-30
The Effects Of Data Transparency Policy Reforms On Emerging Market Sovereign Bond Spreads written by Sangyup Choi and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-03-30 with Business & Economics categories.
We find that data transparency policy reforms, reflected in subscriptions to the IMF’s Data Standards Initiatives (SDDS and GDDS), reduce the spreads of emerging market sovereign bonds. To overcome endogeneity issues regarding a country’s decision to adopt such reforms, we first show that the reform decision is largely independent of its macroeconomic development. By using an event study, we find that subscriptions to the SDDS or GDDS leads to a 15 percent reduction in the spreads one year following such reforms. This finding is robust to various sensitivity tests, including careful consideration of the interdependence among the structural reforms.
Shocks And Capital Flows
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Author : GASTON. SAHAY GELOS (RATNA.)
language : en
Publisher: International Monetary Fund
Release Date : 2023
Shocks And Capital Flows written by GASTON. SAHAY GELOS (RATNA.) and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023 with categories.