Imf Staff Papers Volume 56 No 3
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Imf Staff Papers Volume 56 No 3
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Author : International Monetary Fund. Research Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2009-07-31
Imf Staff Papers Volume 56 No 3 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 2009-07-31 with Business & Economics categories.
Studies of the impact of trade openness on growth are based either on crosscountry analysis—which lacks transparency—or case studies—which lack statistical rigor. This paper applies a transparent econometric method drawn from the treatment evaluation literature (matching estimators) to make the comparison between treated (that is, open) and control (that is, closed) countries explicit while remaining within a statistical framework. Matching estimators highlight that common cross-country evidence is based on rather far-fetched country comparisons, which stem from the lack of common support of treated and control countries in the covariate space. The paper therefore advocates paying more attention to appropriate sample restriction in crosscountry macro research.
Imf Staff Papers Volume 56 No 4
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Author : International Monetary Fund. Research Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2009-11-04
Imf Staff Papers Volume 56 No 4 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 2009-11-04 with Business & Economics categories.
This paper empirically evaluates four types of costs that may result from an international sovereign default: reputational costs, international trade exclusion costs, costs to the domestic economy through the financial system, and political costs to the authorities. It finds that the economic costs are generally significant but short-lived, and sometimes do not operate through conventional channels. The political consequences of a debt crisis, by contrast, seem to be particularly dire for incumbent governments and finance ministers, broadly in line with what happens in currency crises.
Imf Staff Papers Volume 56 No 1
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Author : International Monetary Fund. Research Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2009-06-01
Imf Staff Papers Volume 56 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 2009-06-01 with Business & Economics categories.
This special issue brings together world-renowned experts to provide a systematic and critical analysis of the costs and benefits of financial globalization. Contributors include Kenneth Rogoff, Maurice Obstfeld, Dani Rodrik, and Frederic S. Mishkin.
Imf Staff Papers Volume 56 No 2
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Author : International Monetary Fund. Research Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2009-06-03
Imf Staff Papers Volume 56 No 2 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 2009-06-03 with Business & Economics categories.
China’s growth performance since the start of economic reforms in 1978 has been impressive, but the gains have not been distributed equally across provinces. We use a nonparametric approach to analyze the variation in labor productivity growth across China’s provinces. This approach imposes less structure on the data than the standard growth accounting framework and allows for a breakdown of labor productivity into efficiency gains, technological progress, and capital deepening. We have the following results. First, we find that on average capital deepening accounts for about 75 percent of total labor productivity growth, while efficiency and technological improvements account for about 7 and 18 percent, respectively. Second, technical change is not neutral. Third, whereas improvement in efficiency contributes to convergence in labor productivity between provinces, technical change contributes to productivity disparity across provinces. Finally, we find that foreign direct investment has a positive and significant effect on efficiency growth and technical progress.
Imf Staff Papers Volume 46 No 3
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Author : International Monetary Fund. Research Dept.
language : en
Publisher: International Monetary Fund
Release Date : 1999-01-01
Imf Staff Papers Volume 46 No 3 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 1999-01-01 with Business & Economics categories.
This paper examines determinants and leading indicators of banking crises. The paper examines episodes of banking system distress and crisis in a large sample of countries to identify which macroeconomic and financial variables can be useful leading indicators. The best warning signs of the recent Asian crises were proxies for the vulnerability of the banking and corporate sector. Full-blown banking crises are shown to be associated more with external developments, and domestic variables are the main leading indicators of severe but contained banking distress.
Imf Staff Papers
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Author : International Monetary Fund. Research Dept.
language : en
Publisher: International Monetary Fund
Release Date : 1954-01-01
Imf Staff Papers 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 1954-01-01 with Business & Economics categories.
This paper presents a study on economic development with stability in India. While the Five-Year Plan occupies the central position as the means through which the Government of India proposes to deal with the basic economic problem, it must be implemented by many specific economic and social measures. It is of the utmost importance that the measures taken in various fields should not only contribute to the fulfilment of the Five-Year Plan but that they should form part of a consistent economic and social policy. Apart from the change in total foreign investment, the composition of foreign investment in India now includes a larger proportion of direct and a smaller proportion of fixed interest obligations than before the war. While India's official sterling debt has been practically wiped out, the Government of India has incurred new obligations in dollars. If India could meet its pre-war obligations on foreign investment without any great strain on its balance of payments, it should be able to meet future obligations, resulting from any new debts, provided its balance of payments position in the future is not materially worse than in the past.
Imf Staff Papers
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Author : International Monetary Fund. Research Dept.
language : en
Publisher: International Monetary Fund
Release Date : 1957-01-01
Imf Staff Papers 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 1957-01-01 with Business & Economics categories.
As a part of the proceedings of the Eleventh Annual Meeting of the Board of Governors of the International Monetary Fund, an Informal Session on “Recent Developments in Monetary Analysis” was held on September 25, 1956. The three papers which were presented at that Session by Dr. M. W. Holtrop, President of De Nederlandsche Bank, Dr. Paolo Baffi, Economic Adviser to Banca d’Italia, and Dr. Ralph A. Young, Director of the Division of Research and Statistics, Board of Governors of the Federal Reserve System, are reproduced below, together with the background paper, “Monetary Analyses,” prepared by the Statistics Division of the Research and Statistics Department of the International Monetary Fund.
Imf Staff Papers
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Author : International Monetary Fund. Research Dept.
language : en
Publisher: International Monetary Fund
Release Date :
Imf Staff Papers 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 with Business & Economics categories.
This paper focuses on problems of economic policy in terms of targets and instruments. Both the fixed-targets approach and the welfare-economics approach tend to favor a multiplication of policy instruments, the former so as to increase the number of targets that can be attained and the latter so as to permit all objectives to be more closely approximated. It is necessary that policies be centrally coordinated, and in each country, there is a limit to the number of policies that can be successfully coordinated by the political and administrative machine. For this reason, the costs of applying any given policy instrument will depend not only on the degree of its use but also on the number and nature of the instruments already in use. The existence of both kinds of cost, and particularly the latter, will set a limit on the number of policy instruments that can appropriately be brought into operation.
Imf Staff Papers
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Author : International Monetary Fund. Research Dept.
language : en
Publisher: International Monetary Fund
Release Date : 1966-01-01
Imf Staff Papers 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 1966-01-01 with Business & Economics categories.
This paper explores trends in payment imbalances between 1952 and 1964. When desired reserves deviate appreciably from actual holdings, the authorities will sooner or later readjust their economic policies to reduce the magnitude of the deviation. On the assumption that the priorities given in individual countries to domestic and external objectives of economic policy and the attitudes toward the use of various policy instruments remain unchanged, desired reserves would tend to rise chiefly as a result of the increase in the size of expected payments fluctuations. International reserves of all 65 countries of the study rose over the period studied by 2.5 per cent a year. This low rate of increase reflects, however, the large reduction in US reserves. For all countries of the study excluding the United States, the reserves grew by 6.0 per cent a year. Leaving aside the loss of reserves by the United States, reserves of all countries appear, therefore, to have grown roughly in proportion to the value of trade and to the size of payments imbalances.
Imf Staff Papers Volume 37 No 3
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Author : International Monetary Fund. Research Dept.
language : en
Publisher: International Monetary Fund
Release Date : 1990-01-01
Imf Staff Papers Volume 37 No 3 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 1990-01-01 with Business & Economics categories.
This paper analyzes macroeconomic effects of projected population aging in industrial countries. The effects of population aging are examined with a theoretical model and simulations of the IMF’s multiregion econometric model (MULTIMOD). The study highlights that an older population will consume more of aggregate disposable income, require higher government expenditure, and decrease labor supply. These effects should raise real interest rates and lower capital stock and output. Effects on current balances will depend on the relative speed and extent of aging.