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Displaying results 1 to 25 of 142.

  1. The new microfinance handbook
    a financial market system perspective
    Contributor: Ledgerwood, Joanna (Hrsg.)
    Published: 2013
    Publisher:  World Bank, Washington, DC

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    Fachinformationsverbund Internationale Beziehungen und Länderkunde
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    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Potsdamer Straße
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    1 A 880406
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    German Institute of Development and Sustainability (IDOS), Bibliothek
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    AZC135
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    German Institute of Development and Sustainability (IDOS), Bibliothek
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    PDF1050
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    German Institute of Development and Sustainability (IDOS), Bibliothek
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    PDF1050
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    Niedersächsische Staats- und Universitätsbibliothek Göttingen
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    39 976
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    Campusbibliothek Bergheim der Universität
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    WS/QM 353 L473
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    Duale Hochschule Baden-Württemberg Heidenheim, Bibliothek
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Universitätsbibliothek Mannheim
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    Saarländische Universitäts- und Landesbibliothek
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    2013-7339
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    Content information
    Source: Staatsbibliothek zu Berlin
    Contributor: Ledgerwood, Joanna (Hrsg.)
    Language: English
    Media type: Book
    Format: Print
    ISBN: 9780821389270
    Other identifier:
    9780821389270
    RVK Categories: QM 353
    Subjects: Entwicklungsfinanzierung; Mikrofinanzierung; Finanzmarkt; Finanzdienstleistung; Microfinance; Financial institutions; Poor
    Other subjects: Microfinance; Financial institutions
    Scope: XXIV, 504 S., graph. Darst., 24 cm
    Notes:

    Enth. 19 Beitr. - Enth. Index
  2. Connecting the disconnected
    coping strategies of the financially excluded in Bhutan
    Published: 2013
    Publisher:  World Bank, Washington, DC

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    C 269305
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Print
    ISBN: 9780821398340
    Series: Array
    Subjects: Finanzdienstleistung; Finanzwissen; Privater Haushalt; Soziale Lage; Bhutan; Monetary policy; Financial institutions; Household surveys
    Scope: XIII, 85 S., graph. Darst., 26 cm
    Notes:

    Acknowledgments -- About the authors -- Abbreviations and acronyms -- Executive summary -- Key patterns in the use of financial services -- Key findings of the field research -- Introduction -- Financial service providers -- Financial literacy, financial inclusion, and consumer protection -- Formal and informal savings strategies -- Formal and informal lending -- Remittances, insurance, and technology -- Appendix A: focus group survey findings and good practices informing Bhutan's draft financial inclusion policy -- Appendix B: selected examples of financial inclusion strategies -- Appendix C: financial inclusion questionnaire in Bhutan living standard survey 2012 -- Appendix D: technical note on focus group survey in Bhutan -- Appendix E: field guide for focus group survey in Bhutan -- Appendix F: two successful community-driven savings initiatives -- Appendix G: summary of terms and conditions for formal and informal lending in Bhutan.
  3. Countercyclical bank capital requirement and optimized monetary policy rules
    Published: 2013
    Publisher:  Bank of Canada, Ottawa

    Using BoC-GEM-Fin, a large-scale DSGE model with real, nominal and financial frictions featuring a banking sector, we explore the macroeconomic implications of various types of countercyclical bank capital regulations. Results suggest that... more

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    Using BoC-GEM-Fin, a large-scale DSGE model with real, nominal and financial frictions featuring a banking sector, we explore the macroeconomic implications of various types of countercyclical bank capital regulations. Results suggest that countercyclical capital requirements have a significant stabilizing effect on key macroeconomic variables, but mostly after financial shocks. Moreover, the bank capital regulatory policy and monetary policy interact, and this interaction is contingent on the type of shocks that drive the economic cycle. Finally, we analyze loss functions based on macroeconomic and financial variables to arrive at an optimal countercyclical regulatory policy in a class of simple implementable Taylor-type rules. Compared to bank capital regulatory policy, monetary policy is able to stabilize the economy more efficiently after real shocks. On the other hand, financial shocks require the regulator to be more aggressive in loosening/tightening capital requirements for banks, even as monetary policy works to counter the deviations of inflation from the target.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/80774
    Series: Working paper / Bank of Canada ; 2013-8
    Subjects: Economic models; Financial institutions; Financial stability; International topics
    Scope: Online-Ressource (III, 29 S.)
  4. Sudan
    2013 Article IV consultation
    Published: 2013
    Publisher:  IMF, Washington, DC

    This 2013 Article IV Consultation highlights that Sudan's economic performance in 2012 was unfavorable despite the introduction in June 2012 of a package of reforms. Non-oil real GDP growth slowed to 4.6 percent, inflation rose to 44.4 percent by the... more

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    This 2013 Article IV Consultation highlights that Sudan's economic performance in 2012 was unfavorable despite the introduction in June 2012 of a package of reforms. Non-oil real GDP growth slowed to 4.6 percent, inflation rose to 44.4 percent by the end of the year, and the gap between the official and curb market exchange rates remained at about 20 percent by end-December. The outlook for 2013 and the medium term are unfavorable. Non-oil real GDP growth is projected to slow further to 2.3 percent in 2013, and to remain below potential at about 3 percent over the medium term

     
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  5. Rwanda
    seventh review under the policy support instrument, request for a three-year policy support instrument and cancellation of current policy support instrument
    Published: 2013
    Publisher:  IMF, Washington, DC

    This paper discusses Rwanda's Seventh Review Under the Policy Support Instrument (PSI), Request for a Three-Year PSI and Cancellation of Current PSI. Progress under the PSI has continued to be satisfactory. Except for the ceiling on nonconcessional... more

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    This paper discusses Rwanda's Seventh Review Under the Policy Support Instrument (PSI), Request for a Three-Year PSI and Cancellation of Current PSI. Progress under the PSI has continued to be satisfactory. Except for the ceiling on nonconcessional borrowing (NCB), all quantitative assessment criteria were met. All indicative targets and structural benchmarks were also met. The nonobservance of the NCB ceiling came about when the authorities allowed Rwandair to contract a new USD 50.7 million external loan in July. Presently, the IMF staff recommends a waiver on the basis of the authorities' commitment to prevent any reoccurrence

     
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  6. Macroprudential policies for a resource rich economy
    the case of Mongolia
    Author: Maino, Rodolfo; Imam, Patrick; Ojima, Yasuhisa
    Published: 2013
    Publisher:  International Monetary Fund, Washington, D.C

    This paper explores the extent to which macroprudential tools can be used to manage banking sector risks in Mongolia, a commodity producing country exposed to both procyclical and cross-sectional financial sector risks. Loose fiscal policy, rising... more

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    This paper explores the extent to which macroprudential tools can be used to manage banking sector risks in Mongolia, a commodity producing country exposed to both procyclical and cross-sectional financial sector risks. Loose fiscal policy, rising credit activity, and heightened risk appetite—attributable to the commodity boom—are fuelling price volatility in asset markets, posing significant risks to financial stability if left unchecked. Rising interconnectedness, potential increase in dollarization and concentrated exposures are compounding those risks. Macroprudential tools can complement fiscal and monetary policy adjustments to avoid the buildup of vulnerabilities in the banking sector

     
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  7. Assessing the determinants of interest rate transmission through conditional impulse response functions
    Author: Saborowski, Christian; Weber, Sebastian
    Published: 2013
    Publisher:  International Monetary Fund, Washington, D.C

    We employ a structural panel VAR model with interaction terms to identify determinants of effective transmission from central bank policy rates to retail lending rates in a large country sample. The framework allows deriving country specific... more

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    We employ a structural panel VAR model with interaction terms to identify determinants of effective transmission from central bank policy rates to retail lending rates in a large country sample. The framework allows deriving country specific pass-through estimates broken down into the contributions of structural country characteristics and policies. The findings suggest that industrial economies tend to enjoy a higher pass-through largely on account of their more flexible exchange rate regimes and their more developed financial systems. The average pass-through in our sample increased from 30 to 60 percent between 2003 and 2008, mainly due to positive risk sentiment, rising inflation and increasingly diversified banking sectors. The crisis reversed this trend partly as banks increased precautionary liquidity holdings, non-performing loans proliferated and inflation moderated

     
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  8. The changing collateral space
    Author: Kumar, Manmohan S.
    Published: 2013
    Publisher:  International Monetary Fund, Washington, D.C

    This paper highlights the changing collateral landscape and how it may shape the global demand/supply for collateral. We first identify the key collateral pools (relative to the “old” collateral space) and associated collateral velocities.... more

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    This paper highlights the changing collateral landscape and how it may shape the global demand/supply for collateral. We first identify the key collateral pools (relative to the “old” collateral space) and associated collateral velocities. Post-Lehman and continuing into the European crisis, some aspects of unconventional monetary policies pursued by central banks are significantly altering the collateral space. Moreover, regulatory demands stemming from Basel III, Dodd Frank, EMIR etc., new net debt issuance, and collateral connectivity via custodians (e.g., Euroclear/ Clearstream/ BoNY etc) will affect collateral movements

     
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  9. Banks' foreign credit exposures and borrowers’ rollover risks
    measurement, evolution and determinants
    Author: Cerutti, Eugenio M.
    Published: 2013
    Publisher:  International Monetary Fund, Washington, D.C

    The recent crises highlighted the role of cross-border banking linkages. This paper proposes two new measures for better capturing creditor banking systems’ foreign credit exposures and borrower countries’ reliance on foreign bank credit, by... more

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    The recent crises highlighted the role of cross-border banking linkages. This paper proposes two new measures for better capturing creditor banking systems’ foreign credit exposures and borrower countries’ reliance on foreign bank credit, by combining BIS data with bank-level data. The results indicate that the proposed refinements matter, especially when foreign bank affiliates’ funding relies heavily on local deposits. In addition, after developing novel and necessary break-in-series and exchange rate variation adjustments, estimations looking at the driving factors of both measures during 2006-2012 highlight: (i) the role of systemic banking crises and global financial conditions in the evolution of banks’ foreign credit exposures; (ii) the role of a larger set of factors in the case of the evolution of borrower countries’ reliance on foreign bank credit—how countries borrowed, from whom they borrowed, and global financial and domestic demand conditions

     
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  10. New Zealand banks’ vulnerabilities and capital adequacy
    Author: Jang, Byung K.; Kataoka, Masahiko
    Published: 2013
    Publisher:  International Monetary Fund, Washington, D.C

    The paper finds that, given New Zealand’s conservative approach in implementing the Basel II framework, New Zealand banks’ headline capital ratios underestimate their capital strength. A comparison with Canadian, UK and Australian banks highlights... more

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    The paper finds that, given New Zealand’s conservative approach in implementing the Basel II framework, New Zealand banks’ headline capital ratios underestimate their capital strength. A comparison with Canadian, UK and Australian banks highlights the impact of New Zealand’s more conservative approach. Stress tests in the paper show that four large New Zealand banks could withstand sizable stand-alone shocks to their exposure to either residential mortgages (calibrated on the Irish crisis experience) or corporate lending. However, combined shocks to both residential mortgages and corporate lending would put more pressure on the banks’ capital. Given high bank concentration and large offshore wholesale funding needs, the merits of higher minimum capital requirements for systemically important domestic banks could be considered, together with other measures to be implemented

     
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  11. Bond markets in Africa
    Author: Mu, Yibin; Phelps, Peter; Stotsky, Janet G.
    Published: 2013
    Publisher:  International Monetary Fund, Washington, D.C

    African bond markets have been steadily growing in recent years, but nonetheless remain undeveloped. African countries would benefit from greater access to financing and deeper financial markets. This paper compiles a unique set of data on corporate... more

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    African bond markets have been steadily growing in recent years, but nonetheless remain undeveloped. African countries would benefit from greater access to financing and deeper financial markets. This paper compiles a unique set of data on corporate bond markets in Africa. It then applies an econometric model to analyze the key determinants of African government securities market and corporate bond market capitalization. Government securities market capitalization is directly related to better institutions and interest rate volatility, and inversely related to the fiscal balance, higher interest rate spreads, exchange rate volatility, and current and capital account openness. Corporate bond market capitalization is directly linked to economic size, the level of development of the economy and financial markets, better institutions, and interest rate volatility, and inversely related to higher interest rate spreads and current account openness. Policy implications follow

     
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  12. Explaining ASEAN-3’s investment puzzle
    a tale of two sectors
    Author: Zhou, Yong Sarah
    Published: 2013
    Publisher:  International Monetary Fund, Washington, D.C

    The prolonged investment decline in post-Asian crisis emerging Asia, in contrast to the swift recovery of economic growth, has remained a puzzle. This paper shows that the post-crisis investment recession has been mainly concentrated in the... more

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    The prolonged investment decline in post-Asian crisis emerging Asia, in contrast to the swift recovery of economic growth, has remained a puzzle. This paper shows that the post-crisis investment recession has been mainly concentrated in the nontradable sector, and hypothesizes that the slowdown is because firms operating in that sector are financially constrained. Empirical results based on macro and firm-level data from Indonesia, Malaysia, and Thailand (ASEAN-3) support this hypothesis

     
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  13. Connected to whom?
    international interbank borrowing during the global crisis
    Author: Tintchev, Kalin
    Published: 2013
    Publisher:  International Monetary Fund, Washington, D.C

    The unprecedented collapse of international interbank borrowing was a prominent feature of the global financial crisis that started in August 2007. This paper focuses on the drivers of the retrenchment from 32 advanced and emerging banking systems.... more

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    The unprecedented collapse of international interbank borrowing was a prominent feature of the global financial crisis that started in August 2007. This paper focuses on the drivers of the retrenchment from 32 advanced and emerging banking systems. Using novel risk-weighted indexes the paper examines whether the banking systems’ access to credit was related to their domestic financial soundness and exposure to distressed international counterparties. The empirical findings suggest that both domestic and international risk factors contributed to the decline in international interbank borrowing during the crisis

     
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  14. Macroeconomic model spillovers and their discontents
    Author: Bayoumi, Tamim A.; Vitek, Francis
    Published: 2013
    Publisher:  International Monetary Fund, Washington, D.C

    The Great Recession underlined that policies in some countries can have profound spillovers elsewhere. Sadly, the solution of simulating large macroeconomic models to measure these spillovers has been found wanting. Typical models generate lower... more

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    The Great Recession underlined that policies in some countries can have profound spillovers elsewhere. Sadly, the solution of simulating large macroeconomic models to measure these spillovers has been found wanting. Typical models generate lower international correlations of output and financial asset prices than are seen in even pre-crisis data. Imposing higher financial market correlations creates more reasonable cross-country spillovers, and is likely to become the norm in policy modeling despite weak theoretical underpinnings, as is already true of sticky wages. We propose using event studies to calibrate market reactions to particular policy announcements, and report results for U.S. monetary and fiscal policy announcements in 2009 and 2010 that are plausible and event-specific

     
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  15. Macro-financial linkages in Egypt
    a panel analysis of economic shocks and loan portfolio quality
    Author: Love, Inessa; Turk Ariss, Rima
    Published: 2013
    Publisher:  International Monetary Fund, Washington, D.C

    This paper investigates macro-financial linkages in Egypt using two complementary methods, assessing the interaction between different macroeconomic aggregates and loan portfolio quality in a multivariate framework as well as through a panel vector... more

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    This paper investigates macro-financial linkages in Egypt using two complementary methods, assessing the interaction between different macroeconomic aggregates and loan portfolio quality in a multivariate framework as well as through a panel vector autoregressive method that controls for bank-level characteristics. Using a panel of banks over 1993-2010, the authors find that a positive shock to capital inflows and growth in gross domestic product improves banks’ loan portfolio quality, and that the effect is fairly similar in magnitude using the multivariate and panel vector autoregressive frameworks. In contrast, higher lending rates may lead to adverse selection problems and hence to a drop in portfolio quality. The paper also reports that a larger market share of foreign banks in the industry improves loan quality

     
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  16. Credit constraints, political instability, and capital accumulation
    Author: Herrala, Risto; Turk Ariss, Rima
    Published: 2013
    Publisher:  International Monetary Fund, Washington, D.C

    We investigate the complex interactions between credit constraints, political instability, and capital accumulation using a novel approach based on Kiyotaki and Moore’s (1997) theoretical framework. Drawing on a unique firm-level data set from... more

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    We investigate the complex interactions between credit constraints, political instability, and capital accumulation using a novel approach based on Kiyotaki and Moore’s (1997) theoretical framework. Drawing on a unique firm-level data set from Middle-East and North Africa (MENA), empirical findings point to a large and significant effect of credit conditions on capital accumulation and suggest that continued political unrest worsens credit constraints. The results support the view that financial development measured by a relaxing of financial constraints is key to macroeconomic development

     
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  17. This time they are different
    heterogeneity and nonlinearity in the relationship between debt and growth
    Author: Eberhardt, Markus; Presbitero, Andrea
    Published: 2013
    Publisher:  International Monetary Fund, Washington, D.C

    We study the long-run relationship between public debt and growth in a large panel of countries. Our analysis takes particular note of theoretical arguments and data considerations in modeling the debt-growth relationship as heterogeneous across... more

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    We study the long-run relationship between public debt and growth in a large panel of countries. Our analysis takes particular note of theoretical arguments and data considerations in modeling the debt-growth relationship as heterogeneous across countries. We investigate the issue of nonlinearities (debt thresholds) in both the cross-country and within-country dimensions, employing novel methods and diagnostics from the time-series literature adapted for use in the panel. We find some support for a nonlinear relationship between debt and long-run growth across countries, but no evidence for common debt thresholds within countries over time

     
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  18. Monetary transmission in Brazil
    has the credit channel changed?
    Author: Garcia-Escribano, Mercedes
    Published: 2013
    Publisher:  International Monetary Fund, Washington, D.C

    This paper investigates the transmission of monetary policy by private banks in Brazil during the recent easing cycle. The analysis presented uses a panel dataset with information on lending by private banks in Brazil and concludes that monetary... more

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    This paper investigates the transmission of monetary policy by private banks in Brazil during the recent easing cycle. The analysis presented uses a panel dataset with information on lending by private banks in Brazil and concludes that monetary transmission through lending volumes was not impaired. Instead, the observed diminished lending appears to be related to supply and demand factors, as well as to the rapid expansion of public banks’ lending

     
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  19. Securitization
    lessons learned and the road ahead
    Published: 2013
    Publisher:  International Monetary Fund, Washington, D.C

    This paper examines the financial stability implications arising from securitization markets, with one eye on the past and another on the future. The paper begins by deriving a number of “lessons learned” based on an examination of key industry... more

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    This paper examines the financial stability implications arising from securitization markets, with one eye on the past and another on the future. The paper begins by deriving a number of “lessons learned” based on an examination of key industry developments in the years before the crisis. Emphasis is placed on the various ways in which securitization markets dramatically changed shape in the years preceding the crisis, vis-à-vis their earlier (simpler) incarnation. Current impediments to securitization markets are then discussed, including a treatment of various regulatory initiatives, the operational infrastructure of securitization markets, and related official sector intervention. Finally, a broad suite of policy recommendations is presented to address the factors that either contributed to the crisis or may currently be posing obstacles to growth-supportive, sustainable securitization markets. These proposals are guided by the objective of preserving the beneficial features of securitization, while mitigating those that pose a potential risk to financial stability

     
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  20. A financial conditions index for Poland
    Author: Ho, Giang; Lu, Yinqiu
    Published: 2013
    Publisher:  International Monetary Fund, Washington, D.C

    This paper constructs a financial conditions index for Poland to explore the link between financial conditions and real economic activity. The index in constructed by applying two complementary approaches—factor analysis and vector auto-regression... more

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    This paper constructs a financial conditions index for Poland to explore the link between financial conditions and real economic activity. The index in constructed by applying two complementary approaches—factor analysis and vector auto-regression approach. We evaluate the index’s forecasting performance against a composite leading indicator developed by the OECD. We found that the FCI is highly correlated with GDP growth, attesting to the importance of financial sector in Poland’s economy. In-sample and out-of-sample forecasting exercises indicate that the FCI can outperform the CLI in predicting near-term GDP growth

     
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  21. Real money investors and sovereign bond yields
    Author: Jaramillo, Laura; Zhang, Y. Sophia
    Published: 2013
    Publisher:  International Monetary Fund, Washington, D.C

    Experience from the global financial crisis suggests that countries’ borrowing costs are not solely determined by macro and fiscal fundamentals. Factors such as ownership structures of government securities, among others, also play a significant... more

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    Experience from the global financial crisis suggests that countries’ borrowing costs are not solely determined by macro and fiscal fundamentals. Factors such as ownership structures of government securities, among others, also play a significant role. This paper investigates the effect of “real money investors” domestic nonbanks and national and foreign central banks—on bond yields for a sample of 45 advanced and emerging market economies. The results show that, while bond yields rise with the debt to GDP ratio, this increase is partly offset if this debt falls in the hands of real money investors. Nonetheless, for some countries there is the risk that such ownership structure could change over the long run, which would impose upward pressure on borrowing costs, especially where fiscal positions are weak

     
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  22. Resilience in Latin America
    lessons from macroeconomic management and financial policies
    Author: De Gregorio, Jose
    Published: 2013
    Publisher:  International Monetary Fund, Washington, D.C

    This paper analyzes the unprecedented resilience of Latin American countries to the global financial crisis. It argues that sound macroeconomic conditions, which allowed an unusual monetary and fiscal expansion, exchange rate flexibility, a strong... more

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    This paper analyzes the unprecedented resilience of Latin American countries to the global financial crisis. It argues that sound macroeconomic conditions, which allowed an unusual monetary and fiscal expansion, exchange rate flexibility, a strong and well--regulated financial system, high level of reserves, and a bit of luck coming from very high terms of trade, were central to good economic performance. Persevering along the road of strong macroeconomic and financial policies is necessary, but not sufficient, to go from recovery to sustained growth

     
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  23. Financial soundness indicators and banking crises
    Author: Costa Navajas, Matias; Thegeya, Aaron
    Published: 2013
    Publisher:  International Monetary Fund, Washington, D.C

    The paper tests the effectiveness of financial soundness indicators (FSIs) as harbingers of banking crises, using multivariate logit models to see whether FSIs, broad macroeconomic indicators, and institutional indicators can indeed predict crisis... more

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    The paper tests the effectiveness of financial soundness indicators (FSIs) as harbingers of banking crises, using multivariate logit models to see whether FSIs, broad macroeconomic indicators, and institutional indicators can indeed predict crisis occurrences. The analysis draws upon a data set of homogeneous indicators comparable across countries over the period 2005 to 2012, leveraging the IMF’s FSI database. Results indicate significant correlation between some FSIs and the occurrence of systemic banking crises, and suggest that some indicators are precursors to the occurrence of banking crises

     
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  24. Global spillovers into domestic bond markets in emerging market economies
    Author: Jaramillo, Laura; Weber, Anke
    Published: 2013
    Publisher:  International Monetary Fund, Washington, D.C

    While fiscal conditions remain healthier than in advanced economies, emerging economies continue to be exposed to negative spillovers if global conditions were to become less favorable. This paper finds that domestic bond yields in emerging economies... more

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    While fiscal conditions remain healthier than in advanced economies, emerging economies continue to be exposed to negative spillovers if global conditions were to become less favorable. This paper finds that domestic bond yields in emerging economies are heavily influenced by two international factors: global risk appetite and global liquidity. Using a novel approach, the analysis goes on to show that the vulnerability of emerging economies to these factors is not uniform but rather depends on country specific characteristics, namely fiscal fundamentals, financial sector openness and the external current account balance

     
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  25. Cross-border activity of Japanese banks
    Author: Lam, W. Raphael
    Published: 2013
    Publisher:  International Monetary Fund, Washington, D.C

    This paper explores the determinants of Japanese banks’ overseas expansion and assesses whether the growing cross-border activity will continue under the new macroeconomic policies referred as “Abenomics”. The analysis finds that Japanese banks are... more

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    This paper explores the determinants of Japanese banks’ overseas expansion and assesses whether the growing cross-border activity will continue under the new macroeconomic policies referred as “Abenomics”. The analysis finds that Japanese banks are well positioned to scale up foreign exposures, thanks to their relative resilient balance sheets and continued growth in the region. Stronger domestic growth in Japan could mitigate the pace, but is unlikely to reverse the expansion as global and regional pull-factors play a more prominent role in the growth of cross-border claims. Increasing cross-border activity could pose funding risks and supervisory challenges and require continued close monitoring

     
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