Essays On Financial Crises And Imf Interventions

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Essays On Financial Crises And Imf Interventions

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Author : Ilan Noy
language : en
Publisher:
Release Date : 2003

Essays On Financial Crises And Imf Interventions written by Ilan Noy and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Financial crises categories.

Imf Lending And Banking Crises

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Author : Luca Papi
language : en
Publisher: International Monetary Fund
Release Date : 2015-01-26

Imf Lending And Banking Crises written by Luca Papi 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 2015-01-26 with Business & Economics categories.

This paper looks at the effects of International Monetary Fund (IMF) lending programs on banking crises in a large sample of developing countries, over the period 1970-2010. The endogeneity of the IMF intervention is addressed by adopting an instrumental variable strategy and a propensity score matching estimator. Controlling for the standard determinants of banking crises, our results indicate that countries participating in IMF-supported lending programs are significantly less likely to experience a future banking crisis than nonborrowing countries. We also provide evidence suggesting that compliance with conditionality and loan size matter.

Background Papers On The Imf And The Crises In Greece Ireland And Portugal

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Author : Moisés J. Schwartz
language : en
Publisher: International Monetary Fund
Release Date : 2017-06-30

Background Papers On The Imf And The Crises In Greece Ireland And Portugal written by Moisés J. Schwartz 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 2017-06-30 with Business & Economics categories.

This volume book brings together nine background papers prepared for an evaluation by the IMF Independent Evaluation Office of “the IMF and the crises in Greece, Ireland, and Portugal.” It presents an authoritative work on the evolving relationship between the IMF and the euro area, a common currency area founded in 1999 consisting of advanced, highly integrated economies in Europe. The euro area, or any common currency area for that matter, has posed challenges to the IMF’s operational activities as its Articles of Agreement contain no provision for joint membership. The challenges became intense when a series of crises erupted in Greece, Ireland, and Portugal from 2009 to 2011, and the Fund was called upon to help intervene by offering its financing and crisis management expertise. The IMF found itself in uncharted territory where there was no precedent or established procedure. The chapters, many of which are prepared by prominent academics and former senior IMF officials who are thoroughly familiar with internal procedures, discuss various aspects of the IMF’s engagement with the euro area, including precrisis surveillance, how key decisions were made, how the IMF collaborated with European institutions, and how it designed and implemented its lending programs with the three crisis countries. The book gives prominence to governance-related issues, given the large voting share (of more than 20 percent) within the IMF of euro area members and the subsequent public perception that the IMF treated the euro area more favorably than it does developing and emerging market members. The approaches are both cross-cutting and country-based. Some chapters deal with issues related to the euro area as a whole, while others focus on how the Fund engaged with individual euro area countries. The book contains a statement on the IEO evaluation by the IMF Managing Director and a Summing Up of the Executive Board discussion held in July 2016.

Imf Staff Papers Volume 45 No 1

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Author : International Monetary Fund. Research Dept.
language : en
Publisher: International Monetary Fund
Release Date : 1998-01-01

Imf Staff Papers Volume 45 No 1 written by International Monetary Fund. Research 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 1998-01-01 with Business & Economics categories.

This paper analyzes some leading indicators of currency crises, and proposes a specific early warning system. This system involves monitoring the evolution of several indicators that tend to exhibit an unusual behavior in the periods preceding a crisis. When an indicator exceeds a certain threshold value, this is interpreted as a warning “signal” that a currency crisis may take place. The variables that have the best track record within this approach include exports, deviations of the real exchange rate from trend, and the ratio of broad money to gross international reserves, output, and equity prices.

Journal Of Economic Literature

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Author :
language : en
Publisher:
Release Date : 2004

Journal Of Economic Literature written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Economics categories.

The Long Shadow Of The Global Financial Crisis Public Interventions In The Financial Sector

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Author : Ms.Deniz O Igan
language : en
Publisher: International Monetary Fund
Release Date : 2019-07-30

The Long Shadow Of The Global Financial Crisis Public Interventions In The Financial Sector written by Ms.Deniz O Igan 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 2019-07-30 with Business & Economics categories.

We track direct public interventions and public holdings in 1,114 financial institutions over the period 2007–17 in 37 countries based on publicly available information. We use aggregate official data to validate this new dataset and estimate the fiscal impact of interventions, including the value of asset holdings remaining in state hands at end-2017. Direct public support to financial institutions amounted to $1.6 trillion ($3.5 trillion including guarantees), with larger amounts allocated to lower capitalized and less profitable banks. As of end-2017, only a few countries had fully divested the initial support they provided during the crisis. Public holdings were divested faster in better capitalized, more profitable, and more liquid banks, and in countries where the economy recovered faster. In countries where the government stake remained high relative to the initial intervention, private investment and credit growth were slower, financial access, depth, efficiency, and competition were worse, and financial stability improved less.

Global Financial Crises And Reforms

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Author : B. N. Ghosh
language : en
Publisher: Routledge
Release Date : 2000-12-14

Global Financial Crises And Reforms written by B. N. Ghosh and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000-12-14 with Business & Economics categories.

This book is a collection of papers that provides deeper insight into the financial crises of the 1990's in Asia and Latin America and explores the possibilities for their solution.

The Asian Financial Crisis Origins Implications And Solutions

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Author : Federal Reserve Bank of Chicago
language : en
Publisher: Springer Science & Business Media
Release Date : 1999-05-31

The Asian Financial Crisis Origins Implications And Solutions written by Federal Reserve Bank of Chicago and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999-05-31 with Business & Economics categories.

"This book collects the papers and discussions delivered at an October, 1998 conference co-sponsored by the Federal Reserve Bank of Chicago and the International Monetary Fund to examine the causes, implications and possible solutions to the crises. The conference participants included a broad range of academic, industry, and regulatory experts representing more than thirty countries.

Governing Globalization

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Author : Deepak Nayyar
language : en
Publisher:
Release Date : 2002

Governing Globalization written by Deepak Nayyar and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Business & Economics categories.

It is now more than fifty years since the United Nations system and the Bretton Woods institutions were created. The world has changed since then, and so have its governance needs in terms of institutions and rules. It is time to think about the contours of institutions and governance that would meet the needs of the world economy, and also polity, at least for the first quarter of the twenty-first century. This book is the first to examine the subject in depth.The study is divided into four parts. The first situates the subject in the wider context of globalization which has shaped development in the world economy, affected the living conditions of people, and constrained the role of nation states. The international context and the national setting are explored. The second part analyses some issues of emerging significance in the contemporary world, such as global macroeconomic management, transnational corporations, international capital flows, and cross-border movements of people, to suggest that there are some missing institutions which are needed. The third part provides a critical evaluation of the existing institutions, in retrospect, with a focus on the UN, the IMF, the World Bank, and the WTO. It analyses how existing rules need to be modified or existing institutions need to be restructured to meet the present and future needs of global governance. The fourth part explores some important elements of governance which are critical for any vision of the future. It suggests some changes in existing institutions and points to emerging governance needs where new institutions may have to be created.This authoritative volume will be of enormous value to readers with an interest in international economics, development economics, and international relations. It will also be of immense value to practitioners, both policy-makers and diplomats, concerned with problems of global governance, and should become the standard reference on the subject.

Unveiling The Effects Of Foreign Exchange Intervention

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Author : Gustavo Adler
language : en
Publisher: International Monetary Fund
Release Date : 2015-06-23

Unveiling The Effects Of Foreign Exchange Intervention written by Gustavo Adler 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 2015-06-23 with Business & Economics categories.

We study the effect of foreign exchange intervention on the exchange rate relying on an instrumental-variables panel approach. We find robust evidence that intervention affects the level of the exchange rate in an economically meaningful way. A purchase of foreign currency of 1 percentage point of GDP causes a depreciation of the nominal and real exchange rates in the ranges of [1.7-2.0] percent and [1.4-1.7] percent respectively. The effects are found to be quite persistent. The paper also explores possible asymmetric effects, and whether effectiveness depends on the depth of domestic financial markets.