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Displaying results 1 to 10 of 10.

  1. Finance and employment in developing countries
    the working capital channel
    Published: August 2017
    Publisher:  International Monetary Fund, [Washington, D.C.]

    We study the effect of external financing constraint on job creation in emerging markets and developing countries (EMDC) at the firm level by looking at a specific transmission channel - the working capital channel. We develop a simple model to... more

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    We study the effect of external financing constraint on job creation in emerging markets and developing countries (EMDC) at the firm level by looking at a specific transmission channel - the working capital channel. We develop a simple model to illustrate how the need for working capital financing of a firm affects the link between financial constraint and the firm's job creation. We show that the effect of relaxing financial constraint on job creation is greater the smaller the firm scale and the more labor-intensive its production structure. We use the World Bank Enterprise Surveys data to test the main predictions of the model, and find strong evidence for the working capital channel of external finance on firm employment

     

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  2. Corporate investment and the real exchange rate
    Published: August 2017
    Publisher:  International Monetary Fund, [Washington, D.C.]

    We examine the relationship between real exchange rate depreciations and indicators of firm performance using data for a sample of more than 30,000 firms from 66 (advanced and emerging market) countries over the 2000-2011 period. We show that... more

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    We examine the relationship between real exchange rate depreciations and indicators of firm performance using data for a sample of more than 30,000 firms from 66 (advanced and emerging market) countries over the 2000-2011 period. We show that depreciations boost profits, investment, and sales of firms that are more financially-constrained and have higher labor shares. These findings are consistent with the view that depreciations boost internal financing opportunities by reducing real wages, thereby spurring investment. We show that these effects on firm performance are enduring, including in the market valuation of firms

     

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  3. Basel compliance and financial stability
    evidence from Islamic banks
    Published: July 2017
    Publisher:  International Monetary Fund, [Washington, D.C.]

    The paper provides robust evidence that compliance with Basel Core Principles (BCPs) has a strong positive effect on the Z-score of conventional banks, albeit less pronounced on the Zscore of Islamic banks. Using a sample of banks operating in 19... more

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    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
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    The paper provides robust evidence that compliance with Basel Core Principles (BCPs) has a strong positive effect on the Z-score of conventional banks, albeit less pronounced on the Zscore of Islamic banks. Using a sample of banks operating in 19 developing countries, the results appear to be driven by capital ratios, a component of Z-score for the two types of banks. Even though smaller on Islamic banks, individual chapters of BCPs also suggest a positive effect on the stability of conventional banks. The findings support the effective role of BCP standards in improving bank stability, whose important implications led to the Islamic Financial Services Board (IFSB) publication of new recommendations in 2015 to bring BCP standards in line with the Core Principles for Islamic Finance Regulation (CPIFRs) standards. Our findings suggest that because Islamic banks are benchmarked closely to BCPs, the implementation of CPFIRs should also positively affect their stability

     

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  4. Financial frictions, underinvestment, and investment composition
    evidence from Indian corporates
    Published: June 2017
    Publisher:  International Monetary Fund, [Washington, D.C.]

    This paper studies private investment in India against the backdrop of a significant investment decline over the past decade. We analyze the potential causes of weaker investment at the firm level, using both firm-level financial statements and a... more

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    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
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    This paper studies private investment in India against the backdrop of a significant investment decline over the past decade. We analyze the potential causes of weaker investment at the firm level, using both firm-level financial statements and a novel dataset on firms' investment project decisions, and find that financial frictions have played a role in the slowdown. Firms with higher financial leverage invest less, as do firms with lower earnings relative to their interest expenses. Consistent with the notion of credit constraints leading to pro-cyclical investment, we also find that firms with higher leverage are (i) less likely to undertake new investment projects, (ii) less likely to complete investment projects once begun, and (iii) undertake shorter-term investment projects

     

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  5. Farms, fertiliser, and financial frictions
    yields from a DSGE model
    Published: April 2017
    Publisher:  International Monetary Fund, [Washington, D.C.]

    This paper develops a Dynamic Stochastic General Equilibrium (DSGE) model with a financial accelerator which captures key features of low-income countries (LICs). The predominance of supply shocks in LICs poses distinct challenges for policymakers,... more

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    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
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    This paper develops a Dynamic Stochastic General Equilibrium (DSGE) model with a financial accelerator which captures key features of low-income countries (LICs). The predominance of supply shocks in LICs poses distinct challenges for policymakers, given the negative correlation between inflation and the output gap in the case of supply shocks. Our results suggest that: (1) in the face of a supply-side shock, the most desirable interest rate rule involves simply targeting current inflation and smoothing the policy interest rate; and (2) ignoring financial frictions when evaluating policy rules can be particularly problematic in LICs, where financial frictions loom especially large

     

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  6. Multi-country report
    ensuring financial stability in countries with islamic banking : case studies : press release; staff report
    Published: June 2017
    Publisher:  International Monetary Fund, Washington, D.C.

    This paper presents country experiences with reforms to strengthen regulatory oversight of the Islamic banking sector. Based on the selected country experiences, a number of important lessons and policy options can be drawn that have implications for... more

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    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Unter den Linden
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    This paper presents country experiences with reforms to strengthen regulatory oversight of the Islamic banking sector. Based on the selected country experiences, a number of important lessons and policy options can be drawn that have implications for the stable and sound development of Islamic banking. An enabling regulatory and institutional framework and a level playing field for conventional and Islamic banks is critical for the sound and stable growth of the Islamic banking industry. The country experiences also underscore the importance of providing an enabling framework while letting market forces determine the size of the industry

     

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  7. Multi-country report
    ensuring financial stability in countries with islamic banking : case studies : press release; staff report
    Published: June 2017
    Publisher:  International Monetary Fund, Washington, D.C.

    This paper presents country experiences with reforms to strengthen regulatory oversight of the Islamic banking sector. Based on the selected country experiences, a number of important lessons and policy options can be drawn that have implications for... more

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    Orient-Institut Beirut
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    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Potsdamer Straße
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    Universitätsbibliothek Braunschweig
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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Technische Universität Hamburg, Universitätsbibliothek
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    Technische Informationsbibliothek (TIB) / Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek
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    Duale Hochschule Baden-Württemberg Heidenheim, Bibliothek
    e-Book Nationallizenz
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    Thüringer Universitäts- und Landesbibliothek
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    Fachhochschule Kiel, Zentralbibliothek
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    VS 302 (2017,145)
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    Universitätsbibliothek Leipzig
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    Leuphana Universität Lüneburg, Medien- und Informationszentrum, Universitätsbibliothek
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    Duale Hochschule Baden-Württemberg Mosbach, Bibliothek
    E-Book Nationallizenz IMF
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    Hochschule Offenburg, University of Applied Sciences, Bibliothek Campus Offenburg
    E-Book International Monetary Fund
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    Hochschulbibliothek Pforzheim, Bereichsbibliothek Technik und Wirtschaft
    e-Book International Monetary Fund eLibrary
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    Hochschule Albstadt-Sigmaringen, Bibliothek Sigmaringen
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    Duale Hochschule Baden-Württemberg Villingen-Schwenningen, Bibliothek
    E_Book IMF
    No inter-library loan

     

    This paper presents country experiences with reforms to strengthen regulatory oversight of the Islamic banking sector. Based on the selected country experiences, a number of important lessons and policy options can be drawn that have implications for the stable and sound development of Islamic banking. An enabling regulatory and institutional framework and a level playing field for conventional and Islamic banks is critical for the sound and stable growth of the Islamic banking industry. The country experiences also underscore the importance of providing an enabling framework while letting market forces determine the size of the industry

     

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  8. Farms, fertiliser, and financial frictions
    yields from a DSGE model
    Published: April 2017
    Publisher:  International Monetary Fund, [Washington, D.C.]

    This paper develops a Dynamic Stochastic General Equilibrium (DSGE) model with a financial accelerator which captures key features of low-income countries (LICs). The predominance of supply shocks in LICs poses distinct challenges for policymakers,... more

    Access:
    Verlag (kostenfrei)
    Verlag (kostenfrei)
    Orient-Institut Beirut
    Online
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    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Potsdamer Straße
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    Universitätsbibliothek Braunschweig
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    Staats- und Universitätsbibliothek Bremen
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    Universitätsbibliothek Erfurt / Forschungsbibliothek Gotha, Universitätsbibliothek Erfurt
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    Bibliothek der Pädagogischen Hochschule Freiburg/Breisgau
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    Niedersächsische Staats- und Universitätsbibliothek Göttingen
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    Universitäts- und Landesbibliothek Sachsen-Anhalt / Zentrale
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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Technische Universität Hamburg, Universitätsbibliothek
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    Technische Informationsbibliothek (TIB) / Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek
    No inter-library loan
    Duale Hochschule Baden-Württemberg Heidenheim, Bibliothek
    e-Book Nationallizenz
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    Thüringer Universitäts- und Landesbibliothek
    No inter-library loan
    Fachhochschule Kiel, Zentralbibliothek
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    VS 301 (2017,112)
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    Universitätsbibliothek Leipzig
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    Leuphana Universität Lüneburg, Medien- und Informationszentrum, Universitätsbibliothek
    No inter-library loan
    Duale Hochschule Baden-Württemberg Mosbach, Bibliothek
    E-Book Nationallizenz IMF
    No inter-library loan
    Hochschule Offenburg, University of Applied Sciences, Bibliothek Campus Offenburg
    E-Book International Monetary Fund
    No inter-library loan
    Hochschulbibliothek Pforzheim, Bereichsbibliothek Technik und Wirtschaft
    e-Book International Monetary Fund eLibrary
    No loan of volumes, only paper copies will be sent
    Hochschule Albstadt-Sigmaringen, Bibliothek Sigmaringen
    No loan of volumes, only paper copies will be sent
    Duale Hochschule Baden-Württemberg Villingen-Schwenningen, Bibliothek
    E_Book IMF
    No inter-library loan

     

    This paper develops a Dynamic Stochastic General Equilibrium (DSGE) model with a financial accelerator which captures key features of low-income countries (LICs). The predominance of supply shocks in LICs poses distinct challenges for policymakers, given the negative correlation between inflation and the output gap in the case of supply shocks. Our results suggest that: (1) in the face of a supply-side shock, the most desirable interest rate rule involves simply targeting current inflation and smoothing the policy interest rate; and (2) ignoring financial frictions when evaluating policy rules can be particularly problematic in LICs, where financial frictions loom especially large

     

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  9. Financial frictions, underinvestment, and investment composition
    evidence from Indian corporates
    Published: June 2017
    Publisher:  International Monetary Fund, [Washington, D.C.]

    This paper studies private investment in India against the backdrop of a significant investment decline over the past decade. We analyze the potential causes of weaker investment at the firm level, using both firm-level financial statements and a... more

    Access:
    Verlag (kostenfrei)
    Verlag (kostenfrei)
    Orient-Institut Beirut
    Online
    No inter-library loan
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Potsdamer Straße
    No inter-library loan
    Universitätsbibliothek Braunschweig
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    Staats- und Universitätsbibliothek Bremen
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    Universitätsbibliothek Erfurt / Forschungsbibliothek Gotha, Universitätsbibliothek Erfurt
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    Bibliothek der Pädagogischen Hochschule Freiburg/Breisgau
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    Niedersächsische Staats- und Universitätsbibliothek Göttingen
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    Universitäts- und Landesbibliothek Sachsen-Anhalt / Zentrale
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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Technische Universität Hamburg, Universitätsbibliothek
    No inter-library loan
    Technische Informationsbibliothek (TIB) / Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek
    No inter-library loan
    Duale Hochschule Baden-Württemberg Heidenheim, Bibliothek
    e-Book Nationallizenz
    No inter-library loan
    Thüringer Universitäts- und Landesbibliothek
    No inter-library loan
    Fachhochschule Kiel, Zentralbibliothek
    No inter-library loan
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    VS 301 (2017,134)
    No inter-library loan
    Universitätsbibliothek Leipzig
    No inter-library loan
    Leuphana Universität Lüneburg, Medien- und Informationszentrum, Universitätsbibliothek
    No inter-library loan
    Duale Hochschule Baden-Württemberg Mosbach, Bibliothek
    E-Book Nationallizenz IMF
    No inter-library loan
    Hochschule Offenburg, University of Applied Sciences, Bibliothek Campus Offenburg
    E-Book International Monetary Fund
    No inter-library loan
    Hochschulbibliothek Pforzheim, Bereichsbibliothek Technik und Wirtschaft
    e-Book International Monetary Fund eLibrary
    No loan of volumes, only paper copies will be sent
    Hochschule Albstadt-Sigmaringen, Bibliothek Sigmaringen
    No loan of volumes, only paper copies will be sent
    Duale Hochschule Baden-Württemberg Villingen-Schwenningen, Bibliothek
    E_Book IMF
    No inter-library loan

     

    This paper studies private investment in India against the backdrop of a significant investment decline over the past decade. We analyze the potential causes of weaker investment at the firm level, using both firm-level financial statements and a novel dataset on firms' investment project decisions, and find that financial frictions have played a role in the slowdown. Firms with higher financial leverage invest less, as do firms with lower earnings relative to their interest expenses. Consistent with the notion of credit constraints leading to pro-cyclical investment, we also find that firms with higher leverage are (i) less likely to undertake new investment projects, (ii) less likely to complete investment projects once begun, and (iii) undertake shorter-term investment projects

     

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  10. Basel compliance and financial stability
    evidence from Islamic banks
    Published: July 2017
    Publisher:  International Monetary Fund, [Washington, D.C.]

    The paper provides robust evidence that compliance with Basel Core Principles (BCPs) has a strong positive effect on the Z-score of conventional banks, albeit less pronounced on the Zscore of Islamic banks. Using a sample of banks operating in 19... more

    Access:
    Verlag (kostenfrei)
    Verlag (kostenfrei)
    Orient-Institut Beirut
    Online
    No inter-library loan
    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Potsdamer Straße
    No inter-library loan
    Universitätsbibliothek Braunschweig
    No inter-library loan
    Staats- und Universitätsbibliothek Bremen
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    Universitätsbibliothek Erfurt / Forschungsbibliothek Gotha, Universitätsbibliothek Erfurt
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    Bibliothek der Pädagogischen Hochschule Freiburg/Breisgau
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    Niedersächsische Staats- und Universitätsbibliothek Göttingen
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    Universitäts- und Landesbibliothek Sachsen-Anhalt / Zentrale
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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    No inter-library loan
    Technische Universität Hamburg, Universitätsbibliothek
    No inter-library loan
    Technische Informationsbibliothek (TIB) / Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek
    No inter-library loan
    Duale Hochschule Baden-Württemberg Heidenheim, Bibliothek
    e-Book Nationallizenz
    No inter-library loan
    Thüringer Universitäts- und Landesbibliothek
    No inter-library loan
    Fachhochschule Kiel, Zentralbibliothek
    No inter-library loan
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    VS 301 (2017,161)
    No inter-library loan
    Universitätsbibliothek Leipzig
    No inter-library loan
    Leuphana Universität Lüneburg, Medien- und Informationszentrum, Universitätsbibliothek
    No inter-library loan
    Duale Hochschule Baden-Württemberg Mosbach, Bibliothek
    E-Book Nationallizenz IMF
    No inter-library loan
    Hochschule Offenburg, University of Applied Sciences, Bibliothek Campus Offenburg
    E-Book International Monetary Fund
    No inter-library loan
    Hochschulbibliothek Pforzheim, Bereichsbibliothek Technik und Wirtschaft
    e-Book International Monetary Fund eLibrary
    No loan of volumes, only paper copies will be sent
    Hochschule Albstadt-Sigmaringen, Bibliothek Sigmaringen
    No loan of volumes, only paper copies will be sent
    Duale Hochschule Baden-Württemberg Villingen-Schwenningen, Bibliothek
    E_Book IMF
    No inter-library loan

     

    The paper provides robust evidence that compliance with Basel Core Principles (BCPs) has a strong positive effect on the Z-score of conventional banks, albeit less pronounced on the Zscore of Islamic banks. Using a sample of banks operating in 19 developing countries, the results appear to be driven by capital ratios, a component of Z-score for the two types of banks. Even though smaller on Islamic banks, individual chapters of BCPs also suggest a positive effect on the stability of conventional banks. The findings support the effective role of BCP standards in improving bank stability, whose important implications led to the Islamic Financial Services Board (IFSB) publication of new recommendations in 2015 to bring BCP standards in line with the Core Principles for Islamic Finance Regulation (CPIFRs) standards. Our findings suggest that because Islamic banks are benchmarked closely to BCPs, the implementation of CPFIRs should also positively affect their stability

     

    Export to reference management software   RIS file
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