Imf Lending In An Interconnected World
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Imf Lending In An Interconnected World
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Author : Jean-Guillaume Poulain
language : en
Publisher: International Monetary Fund
Release Date : 2017-07-10
Imf Lending In An Interconnected World written by Jean-Guillaume Poulain 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 2017-07-10 with Business & Economics categories.
We analyze the determinants of IMF lending since the early nineties, a period during which the roles of financial cycles and interconnectedness as amplifiers and transmitters of economic crises have gained prominence. First, we show that the global financial cycle is an important driver of IMF lending cycles. Second, using a panel of 91 advanced, emerging, and frontier economies over 1992-2014, we show that global factors and interconnectedness, as proxied by a countries’ potential exposure to economic spillovers from trade partners, together with more traditional idiosyncratic factors, have a significant impact on the probability that a member country obtains financial assistance from the IMF. Our results are robust to various robustness checks. The approach presented in this paper can be used to assess future demand for IMF financial assistance.
Assessing Imf Lending A Model Of Sample Selection
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Author : Nicolas Mäder
language : en
Publisher: International Monetary Fund
Release Date : 2019-07-19
Assessing Imf Lending A Model Of Sample Selection written by Nicolas Mäder 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 2019-07-19 with Business & Economics categories.
Extending previous work on the determinants of IMF lending in an interconnected world, we introduce a model of sample selection in which both selection and size dimensions of individual IMF arrangements are presented within a unified econometric framework. We allow for unobserved heterogeneity to create an additional channel for sample selection at the country level. The results suggest that higher external financing needs, larger exchange rate depreciation, lower GDP growth, as well as deteriorated global financial conditions, are associated with larger individual IMF arrangement sizes. Using the estimated parameters, Monte Carlo simulation of a wide spectrum of global shock scenarios suggest that the distribution of potential aggregate IMF lending exhibits a substantial right tail. Our approach may provide an insightful input to broader policy discussions on the adequacy of the IMF resources.
International Monetary Fund Annual Report 2019 Financial Statements
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2019-10-04
International Monetary Fund Annual Report 2019 Financial Statements written by International Monetary Fund 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 2019-10-04 with Business & Economics categories.
The audited consolidated financial statements of the International Monetary Fund as of April 30, 2019 and 2018
Imf Lending In An Interconnected World
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Author : Jean-Guillaume Poulain
language : en
Publisher: International Monetary Fund
Release Date : 2017-07-10
Imf Lending In An Interconnected World written by Jean-Guillaume Poulain 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 2017-07-10 with Business & Economics categories.
We analyze the determinants of IMF lending since the early nineties, a period during which the roles of financial cycles and interconnectedness as amplifiers and transmitters of economic crises have gained prominence. First, we show that the global financial cycle is an important driver of IMF lending cycles. Second, using a panel of 91 advanced, emerging, and frontier economies over 1992-2014, we show that global factors and interconnectedness, as proxied by a countries’ potential exposure to economic spillovers from trade partners, together with more traditional idiosyncratic factors, have a significant impact on the probability that a member country obtains financial assistance from the IMF. Our results are robust to various robustness checks. The approach presented in this paper can be used to assess future demand for IMF financial assistance.
International Monetary Fund Annual Report 2019
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Author : International Monetary Fund. Secretary's Department
language : en
Publisher: International Monetary Fund
Release Date : 2019-10-04
International Monetary Fund Annual Report 2019 written by International Monetary Fund. Secretary's 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 2019-10-04 with Business & Economics categories.
This issue of Annual Report discusses that the global economy is at a delicate moment. The expansion of early 2018 has lost momentum, in large part in response to rising trade tensions. There are threats from rising financial vulnerabilities and geopolitical uncertainties. These challenges call for policymakers to avoid missteps and to take the right policy steps: at home, across borders, and globally. In addition to several major reviews looking at IMF conditionality, economic and financial surveillance, and lending facilities, the management has deepened its analysis on trade spillovers and financial stability and are revamping frameworks for debt sustainability assessment in low-income and market access countries. Building on earlier research that showed how trade can boost incomes and living standards by enabling the flow of technology across countries, the October 2018 World Economic Outlook provided illustrative scenarios of the potential impact of escalating trade tensions between the United States and China.
The International Monetary Fund In The Global Economy
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Author : Mark S. Copelovitch
language : en
Publisher:
Release Date : 2010
The International Monetary Fund In The Global Economy written by Mark S. Copelovitch and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with Business & Economics categories.
Explains the policies and decisions of the International Monetary Fund (IMF) in the context of changes in the global economy.
Impact Of Labour Market Institutions And Demographic Factors O Labor Markets In Latin America
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Author : Adriana D. Kugler
language : en
Publisher:
Release Date : 2019
Impact Of Labour Market Institutions And Demographic Factors O Labor Markets In Latin America written by Adriana D. Kugler and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
Extending previous work on the determinants of IMF lending in an interconnected world, we introduce a model of sample selection in which both selection and size dimensions of individual IMF arrangements are presented within a unified econometric framework. We allow for unobserved heterogeneity to create an additional channel for sample selection at the country level. The results suggest that higher external financing needs, larger exchange rate depreciation, lower GDP growth, as well as deteriorated global financial conditions, are associated with larger individual IMF arrangement sizes. Using the estimated parameters, Monte Carlo simulation of a wide spectrum of global shock scenarios suggest that the distribution of potential aggregate IMF lending exhibits a substantial right tail. Our approach may provide an insightful input to broader policy discussions on the adequacy of the IMF resources.
The Imf In A World Of Private Capital Markets
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Author : Barry J. Eichengreen
language : en
Publisher: International Monetary Fund
Release Date : 2005-04
The Imf In A World Of Private Capital Markets written by Barry J. Eichengreen 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 2005-04 with Business & Economics categories.
The IMF attempts to catalyze and stabilize private capital flows to emerging markets by providing public monitoring and emergency finance. In analyzing its role we contrast cases where banks and bondholders do the lending. Banks have a natural advantage in monitoring and creditor coordination, while bonds have superior risk sharing characteristics. Consistent with this assumption, banks reduce spreads as they obtain more information through repeat transactions with borrowers. By comparison, repeat borrowing has little influence in bond markets, where publicly available information dominates. But spreads on bonds are lower when they are issued in conjunction with IMF-supported programs, as if the existence of a program conveyed positive information to bondholders. The influence of IMF monitoring in bond markets is especially pronounced for countries vulnerable to liquidity crises.
Understanding Financial Interconnectedness
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Author : International Monetary Fund. Strategy, Policy, & Review Department
language : en
Publisher: International Monetary Fund
Release Date : 2010-04-10
Understanding Financial Interconnectedness written by International Monetary Fund. Strategy, Policy, & Review 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 2010-04-10 with Business & Economics categories.
This paper seeks to advance our understanding of global financial interconnectedness by (i) mapping aspects of the architecture of global finance and (ii) investigating critical fault lines related to interconnectedness along which systemic risks were built up and shocks transmitted in the crisis. It thus takes initial steps toward operationalizing enhanced financial sector and macro-financial surveillance called for by the IMF’s Executive Board and by experts such as de Larosiere et al. (2009). Getting a better handle on interconnectedness would strengthen the Fund‘s ability, together with the Financial Stability Board, to track systemic risk concentrations. It would also inform spillover and vulnerability analyses, and sharpen bilateral and multilateral surveillance.
A New Multilateralism For The 21st Century
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Author : Ms.Christine Lagarde
language : en
Publisher: International Monetary Fund
Release Date : 2014-02-03
A New Multilateralism For The 21st Century written by Ms.Christine Lagarde 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 2014-02-03 with Business & Economics categories.
This chapter presents the content of the Richard Dimbleby lecture, which has been delivered by an influential business or a political figure every year since 1972. Christine Lagarde, Managing Director of the IMF, delivered the 2014 lecture at Guildhall in London on February 3. The 44 nations gathering at Bretton Woods have been determined to set a new course based on the principle that peace and prosperity flow from the font of cooperation. Fundamentally, the new multilateralism needs to instil a broader sense of social responsibility on the part of all players in the modern global economy. A renewed commitment to openness and to the mutual benefits of trade and foreign investment is requested. It also requires collective responsibility for managing an international monetary system that has travelled light-years since the old Bretton Woods system. The collective responsibility would translate into all monetary institutions cooperating closely mindful of the potential impact of their policies on others.
