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Imf Staff Papers Volume 47 No 2
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Author :International Monetary Fund. Research Dept. Publisher :International Monetary Fund ISBN 13 :145197423X Total Pages :128 pages Book Rating :4.4/5 (519 download)
Book Synopsis IMF Staff Papers, Volume 47, No. 2 by : International Monetary Fund. Research Dept.
Download or read book IMF Staff Papers, Volume 47, No. 2 written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 2000-01-01 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes portfolio diversification, leverage, and financial contagion. It studies the extent to which basic principles of portfolio diversification explain “contagious selling” of financial assets when there are purely local shocks. The paper demonstrates that the elementary portfolio theory offers key insights into “contagion.” Most important, portfolio diversification and leverage are sufficient to explain why an investor will find it optimal to significantly reduce all risky asset positions when an adverse shock impacts just one asset.
Author :International Monetary Fund. Research Dept. Publisher :International Monetary Fund ISBN 13 :1451973748 Total Pages :140 pages Book Rating :4.4/5 (519 download)
Book Synopsis IMF Staff Papers, Volume 47, No. 3 by : International Monetary Fund. Research Dept.
Download or read book IMF Staff Papers, Volume 47, No. 3 written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 2001-10-10 with total page 140 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides an overview of the recent theoretical and empirical research on herd behavior in financial markets. It looks at what precisely is meant by herding, the causes of herd behavior, the success of existing studies in identifying the phenomenon, and the effect that herding has on financial markets. The paper also surveys a selected number of studies that evaluated the demand for money using the error-correction model approach in the 1990s across a range of industrial and developing countries.
Author :International Monetary Fund. Research Dept. Publisher :International Monetary Fund ISBN 13 :1451947232 Total Pages :223 pages Book Rating :4.4/5 (519 download)
Book Synopsis IMF Staff papers by : International Monetary Fund. Research Dept.
Download or read book IMF Staff papers written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 1966-01-01 with total page 223 pages. Available in PDF, EPUB and Kindle. Book excerpt: From the Foreword to the first issue: “Among the responsibilities of the International Monetary Fund, as set forth in the Articles of Agreement, is the obligation to fact as a center for the collection and exchange of information on monetary and financial problems,’ and thereby to facilitate ‘the preparation of studies designed to assist members in developing policies which further the purposes of the Fund.’ The publications of the Fund are one way in which this responsibility is discharged. “Through the publication of Staff Papers, the Fund is making available some of the work of members of its staff. The Fund believes that these papers will be found helpful by government officials, by professional economists, and by others concerned with monetary and financial problems. Much of what is now presented is quite provisional. On some international monetary problems, final and definitive views are scarcely to be expected in the near future, and several alternative, or even conflicting, approaches may profitably be explored. The views presented in these papers are not, therefore, to be interpreted as necessarily indicating the position of the Executive Board or of the officials of the Fund.”
Author :International Monetary Fund. Research Dept. Publisher :International Monetary Fund ISBN 13 :1451946953 Total Pages :196 pages Book Rating :4.4/5 (519 download)
Book Synopsis IMF Staff papers by : International Monetary Fund. Research Dept.
Download or read book IMF Staff papers written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 1986-01-01 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt: WILLIAM. white, who joined the International Monetary Fund in 1948, spent his entire professional life in the Research Department. Present and past staff members, many of whom benefited from his advice, have asked that his contribution-to the work of the Fund should receive recognition in Staff Papers. This appreciation draws on excerpts from written recollections of some of his colleagues.
Author :International Monetary Fund. Research Dept. Publisher :International Monetary Fund ISBN 13 :1451974582 Total Pages :168 pages Book Rating :4.4/5 (519 download)
Book Synopsis IMF Staff Papers, Volume 47, No. 1 by : International Monetary Fund. Research Dept.
Download or read book IMF Staff Papers, Volume 47, No. 1 written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 2000-01-01 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses the origins of the pyramid schemes and the way the authorities handled them. The paper analyzes the economic effects of the pyramid schemes, concluding that despite the descent into anarchy triggered by the schemes’ collapse, their direct effects on the economy are difficult to specify and appear to have been limited. The paper also argues that prevention of pyramid schemes is better than cure and that government and international financial institutions should be vigilant in clamping down on frauds.
Book Synopsis IMF Staff Papers, Volume 47, Special Issue, IMF Annual Research Conference, by : Mr.Robert P. Flood
Download or read book IMF Staff Papers, Volume 47, Special Issue, IMF Annual Research Conference, written by Mr.Robert P. Flood and published by International Monetary Fund. This book was released on 2001-11-28 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a broad overview of postwar analytical thinking on international macroeconomics, culminating in a more detailed discussion of recent progress. The paper reviews important empirical evidence that has inspired alternative modeling approaches, as well as theoretical and policy considerations behind developments in the field. The paper presents an empirical study of fiscal policy in countries with extreme monetary regimes. It also examines members of multilateral currency unions, dollarized countries that officially use the money of another country, and countries using currency boards.
Author :International Monetary Fund. Research Dept. Publisher :International Monetary Fund ISBN 13 :1451947127 Total Pages :155 pages Book Rating :4.4/5 (519 download)
Book Synopsis IMF Staff papers by : International Monetary Fund. Research Dept.
Download or read book IMF Staff papers written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 1962-01-01 with total page 155 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides an analysis of attempts at international coordination of national policies leads to the conclusion that true international action that has a good chance to succeed for specific measures, such as changes in exchange rates, customs tariffs, and perhaps discount rates. There is, on the other hand, little reason to assume that the desire prevalent in all countries for full employment, stable prices, and growth could be supported to any important degree by the acceptance of international obligations. The targets of economic policy as they have been put forward for our discussion appear simple and noncontroversial: reasonable price stability, full employment and an adequate rate of growth, and balance of payments equilibrium. If in any country the relationship between wages and employment is such that at full employment wages increase more rapidly than is compatible with price stability, then obviously the price and employment objectives of that country are not compatible.
Book Synopsis IMF Staff Papers, Volume 50, No. 2 by : Mr.Robert P. Flood
Download or read book IMF Staff Papers, Volume 50, No. 2 written by Mr.Robert P. Flood and published by International Monetary Fund. This book was released on 2003-07-11 with total page 172 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines sources of economic growth in East Asia. The conventional growth-accounting approach to estimating the sources of economic growth requires unrealistically strong assumptions about either competitiveness of factor markets or the form of the underlying aggregate production function. The paper outlines a new approach utilizing nonparametric derivative estimation techniques that does not require imposing these restrictive assumptions. The results for East Asian countries show that output elasticities of capital and labor tend to be different from the income shares of these factors. The paper also explores the compensating potential of private intergenerational transfers.
Author :International Monetary Fund. Research Dept. Publisher :International Monetary Fund ISBN 13 :1451974167 Total Pages :204 pages Book Rating :4.4/5 (519 download)
Book Synopsis IMF Staff papers, Volume 45 No. 2 by : International Monetary Fund. Research Dept.
Download or read book IMF Staff papers, Volume 45 No. 2 written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 1998-01-01 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes contagion and volatility with imperfect credit markets. The paper interprets contagion effects as an increase in the volatility of shocks impinging on the economy. The implications of this approach are analyzed in a model in which domestic banks borrow at a premium on world capital markets, and domestic producers borrow at a premium from domestic banks. Financial spreads depend on a markup that compensates lenders, in particular, for the expected cost of contract enforcement. Higher volatility increases financial spreads and the producers’ cost of capital.
Author :International Monetary Fund. Research Dept. Publisher :International Monetary Fund ISBN 13 :1451947186 Total Pages :167 pages Book Rating :4.4/5 (519 download)
Book Synopsis IMF Staff papers by : International Monetary Fund. Research Dept.
Download or read book IMF Staff papers written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 1964-01-01 with total page 167 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper outlines the extent of the IMF with its present policies and practices or with some modification of those policies and practices that is capable of dealing satisfactorily with certain problems of international liquidity. Liquidity that is conditional in any of these senses may be somewhat less prized by the country possessing it than would be an equivalent amount of unconditional liquidity; but the imposition of such conditions may be for the general advantage of the international community, and may make countries having surpluses in their balances of payments readier to provide, or to facilitate the provision of, additional liquidity. An increased supply of the type of liquidity of which the use is subject to policy conditions will have somewhat different results. Although it will probably increase the amount and the financing of external deficits, even this is not certain. The various types of liquidity are to some extent substitutes for each other.
Author :International Monetary Fund. Research Dept. Publisher :International Monetary Fund ISBN 13 :145194702X Total Pages :196 pages Book Rating :4.4/5 (519 download)
Book Synopsis IMF Staff papers by : International Monetary Fund. Research Dept.
Download or read book IMF Staff papers written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 1988-01-01 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt: It has been argued that “buy-backs” and “debt-equity swaps” allow developing countries to benefit from market discounts on their external debt. It is argued here, however, that if such programs are expected to be successful in increasing the market value of remaining debt, they also lead to a roughly equivalent increase in prices at which a buy-back or debt-equity swap could be carried out.
Author :International Monetary Fund. Research Dept. Publisher :International Monetary Fund ISBN 13 :1451947208 Total Pages :208 pages Book Rating :4.4/5 (519 download)
Book Synopsis IMF Staff papers by : International Monetary Fund. Research Dept.
Download or read book IMF Staff papers written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 1995-01-01 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops an endogenous growth model of the influence of public investment, public transfers, and distortionary taxation on the rate of economic growth. The growth–enhancing effects of investment in public capital and transfer payments are modeled, as is the growth–inhibiting influence of the levying of distortionary taxes that are used to fund such expenditure. The theoretical implications of the model are then tested with data from 23 developed countries between 1971 and 1988, and time series cross sectional results are obtained that support the proposed influence of the public finance variables on economic growth.
Author :International Monetary Fund. Research Dept. Publisher :International Monetary Fund ISBN 13 :1451947453 Total Pages :340 pages Book Rating :4.4/5 (519 download)
Book Synopsis IMF Staff papers by : International Monetary Fund. Research Dept.
Download or read book IMF Staff papers written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 1975-01-01 with total page 340 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper it is argued that in a system of widespread managed floating, as in a par value system with occasional floating, the problem of asymmetry of adjustment between the issuers of the principal intervention currencies and other countries and the problem of ensuring an effective international management of reserves remain to be solved. If the latter problem is less acute under a floating system, the former problem is potentially more acute than under par values. Although widespread floating would appear to offer no obstacle to the operation of a substitution account, its effect on the acceptability of asset settlement is debatable and it would add considerably to the difficulties of organizing multicurrency intervention. If politically acceptable, a system of guided intervention oriented to an established system of normal exchange rate zones would probably be superior to any other arrangement under floating for the purpose of promoting symmetry in adjustment, while permitting an adequate degree of exchange rate management and avoiding the anomaly of mutually offsetting intervention.
Author :International Monetary Fund. Research Dept. Publisher :International Monetary Fund ISBN 13 :1451947291 Total Pages :219 pages Book Rating :4.4/5 (519 download)
Book Synopsis IMF Staff papers by : International Monetary Fund. Research Dept.
Download or read book IMF Staff papers written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 1969 with total page 219 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper shows how to utilize the data on trade structure to achieve the best possible estimates of the effects of price changes, given any reasonable array of elasticity estimates. The credibility of estimates of price effects depends on thorough and systematic use of these data, as well as on the statistical credentials of the elasticities assumed. The observations show that the impact of a given price change on a country's exports will be greater, the more that country's exports are concentrated in markets in which substitution elasticities are high, and vice versa, but for most countries strong correlations of this kind are not probable. The general conclusion to be drawn from the paper would seem to be that the information implicit in the base-period matrix is not enough to yield results in which a high degree of confidence can be placed. It remains essential to employ substitution elasticities that are supported by the historical record. Nevertheless, the role of trade structure is vitally important.
Author :International Monetary Fund. Research Dept. Publisher :International Monetary Fund ISBN 13 :1451947305 Total Pages :246 pages Book Rating :4.4/5 (519 download)
Book Synopsis IMF Staff papers by : International Monetary Fund. Research Dept.
Download or read book IMF Staff papers written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 1970-01-01 with total page 246 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the determination of monetary policy is an exercise that must include the organization of information so that proper conclusions may be reached regarding the application of policy instruments. The information on which policies have to be based is frequently a complex set of interrelated data. It is extremely difficult to obtain a reasonable view of the future unless it is possible to assign some quantitative magnitudes to the significant monetary aggregates. In all countries, but particularly in the less developed, the immediate monetary situation may be judged largely in terms of the level of international reserves and the comparative rates of growth in bank credit and money. Central bankers are faced with the terrifying complexity of information and relations between variables that typifies the financial structure of any economy. In order to classify the statements and to clarify the financial relations in an economy, the bankers need an organized arrangement of the available information.
Author :International Monetary Fund. Research Dept. Publisher :International Monetary Fund ISBN 13 :1451947151 Total Pages :133 pages Book Rating :4.4/5 (519 download)
Book Synopsis IMF Staff Papers by : International Monetary Fund. Research Dept.
Download or read book IMF Staff Papers written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 1963-01-01 with total page 133 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper describes the operations of the international monetary system and to evaluate its efficacy to meet existing and foreseeable problems. The attempt is made to put the essential characteristics of the entire monetary system in a realistic perspective and to lay a better basis for studying and evaluating problems importantly affected by the operations of the system. Thus, the present international payments system is a deliberate choice among the means of conducting international financial relations. It is not rigid, and it makes provision for both adapting to enduring changes and meeting sudden and grave financial crises. However, the system has two permanent features—the use of par values and the convertibility of currencies for current transactions; without these features, it would cease to exist. The measures taken will be dealt with in a subsequent article on the management of the convertibility system and the techniques available for its defense.
Author :International Monetary Fund. Research Dept. Publisher :International Monetary Fund ISBN 13 :1451974256 Total Pages :208 pages Book Rating :4.4/5 (519 download)
Book Synopsis IMF Staff Papers, Volume 48, No. 2 by : International Monetary Fund. Research Dept.
Download or read book IMF Staff Papers, Volume 48, No. 2 written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 2001-12-12 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the link between product variety and economic growth. It finds support for the hypothesis that a greater degree of product variety relative to the United States helps to explain relative per capita GDP levels. The paper presents an empirical study for South Africa, which indicates that there exists a stable money demand type of relationship among domestic prices, broad money, real income, and interest rates, as well as a long-term relationship among domestic prices, foreign prices, and the nominal exchange rate.
