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Does Financial Globalization Induce Better Macroeconomic Policies?

Does Financial Globalization Induce Better Macroeconomic Policies? »

Volume/Issue: 2004/84

Series: IMF Working Papers

Author(s): Shang-Jin Wei , and Irina Tytell

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2004

DOI: http://dx.doi.org/10.5089/9781451850673.001

ISBN: 9781451850673

Keywords: Discipline effect, mood swings, deficit, financial globalization, foreign assets, and deficit,

Monetary and fiscal policies around the world are in better shape today than two decades ago. This paper studies whether financial globalization has helped induce governments to pursue better macroeconomic policies...

France in the Global Economy
			: A Structural Approximate Dynamic Factor Model Analysis

France in the Global Economy : A Structural Approximate Dynamic Factor Model Analysis »

Volume/Issue: 2007/129

Series: IMF Working Papers

Author(s): Francisco Nadal De Simone , and Alain Kabundi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2007

DOI: http://dx.doi.org/10.5089/9781451866933.001

ISBN: 9781451866933

Keywords: Dynamic factor models, international business cycles, sign restrictions, fixed capital formation, capital formation, balance of payments, terms of trade, fixed investment,

This study identifies the main shocks that cause fluctuations in French output and their channels of transmission. It uses a large-dimensional structural approximate dynamic factor model. There are three main findi...

Income Inequality
			: Does Inflation Matter?

Income Inequality : Does Inflation Matter? »

Volume/Issue: 1998/7

Series: IMF Working Papers

Author(s): Ales Bulir

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 1998

DOI: http://dx.doi.org/10.5089/9781451928549.001

ISBN: 9781451928549

Keywords: Income distribution, Kuznets hypothesis, low inflation, price stability, effects of inflation, high inflation

This paper contributes to the income inequality literature that is based on the traditional Kuznets model. Price stability, financial deepening, level of development, state employment, and fiscal redistribution are...

Income Inequality, Fiscal Decentralization and Transfer Dependency

Income Inequality, Fiscal Decentralization and Transfer Dependency »

Volume/Issue: 2014/64

Series: IMF Working Papers

Author(s): Caroline-Antonia Goerl , and Mike Seiferling

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 April 2014

DOI: http://dx.doi.org/10.5089/9781484354711.001

ISBN: 9781484354711

Keywords: transfer dependency, COFOG, decentralization, fiscal federalism, federalism, government expenditure, Personal Income and Wealth Distribution, Intergovernmental Relations,

Within the context of reigniting post crisis macroeconomic growth, income inequality has emerged as a topic of significant interest for both academics and policymakers (Bastagli, Coady, and Gupta, 2012) This study...

Modeling Banking, Sovereign, and Macro Risk in a CCA Global VAR

Modeling Banking, Sovereign, and Macro Risk in a CCA Global VAR »

Volume/Issue: 2013/218

Series: IMF Working Papers

Author(s): Dale Gray

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 October 2013

DOI: http://dx.doi.org/10.5089/9781484322185.001

ISBN: 9781484322185

Keywords: contingent claims analysis (CCA), global vector autoregression (GVAR), banking, banking systems, banking system, sovereign risk, Model Construction and Estimation,

The purpose of this paper is to develop a model framework for the analysis of interactions between banking sector risk, sovereign risk, corporate sector risk, real economic activity, and credit growth for 15 Europe...

Redistribution Through Public Employment
			: The Case of Italy

Redistribution Through Public Employment : The Case of Italy »

Volume/Issue: 1999/177

Series: IMF Working Papers

Author(s): Stephan Danninger , Alberto Alesina , and Massimo Rostagno

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 1999

DOI: http://dx.doi.org/10.5089/9781451858853.001

ISBN: 9781451858853

Keywords: Public Employment, Redistribution of Income, Public Policy and Economic Behavior of Agents, employment, unemployment, work experience, job search

This paper examines the regional distribution of public employment in Italy and documents two sets of facts. The first is the use of public employment as a subsidy from the North to the less wealthy South. We calcu...

Regional Income Redistribution and Risk Sharing
			: How Does Italy Compare in Europe?

Regional Income Redistribution and Risk Sharing : How Does Italy Compare in Europe? »

Volume/Issue: 1999/123

Series: IMF Working Papers

Author(s): Jörg Decressin

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 1999

DOI: http://dx.doi.org/10.5089/9781451854596.001

ISBN: 9781451854596

Keywords: Public policy, regions, redistribution, risk sharing, household income, fiscal revenue, capital expenditure

This paper investigates income redistribution and risk sharing among Italy’s regions and the implications for public policy. Using a richer data set than in previous works, this study allows for an assessmen...

Safe Havens, Feedback Loops, and Shock Propagation in Global Asset Prices

Safe Havens, Feedback Loops, and Shock Propagation in Global Asset Prices »

Volume/Issue: 2014/81

Series: IMF Working Papers

Author(s): Franziska Ohnsorge , Marcin Wolski , and Yuanyan Zhang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 May 2014

DOI: http://dx.doi.org/10.5089/9781484381588.001

ISBN: 9781484381588

Keywords: Feedback loops, Sovereigns, bond yields, bond, sovereign bond, bond yield, equity prices, General, Globalization: Finance,

We create a network of bilateral correlations of changes in sovereign bond yields and individual bank equity price changes since 2000. We extract some stylized facts from this network of asset price correlations an...

Sovereign Spreads
			: Global Risk Aversion, Contagion or Fundamentals?

Sovereign Spreads : Global Risk Aversion, Contagion or Fundamentals? »

Volume/Issue: 2010/120

Series: IMF Working Papers

Author(s): Miguel Segoviano Basurto , Carlos Caceres , and Vincenzo Guzzo

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2010

DOI: http://dx.doi.org/10.5089/9781455200795.001

ISBN: 9781455200795

Keywords: Sovereign spreads, contagion, market price of risk, probability, bond, bonds, bond yields, probabilities, Financial Markets and the Macroeconomy, General Financial Markets: General (includes Measurement and Data)

Over the past year, euro area sovereign spreads have exhibited an unprecedented degree of volatility. This paper explores how much of these large movements reflected shifts in (i) global risk aversion (ii) country-...

The Italian Social Protection System
			: The Poverty of Welfare

The Italian Social Protection System : The Poverty of Welfare »

Volume/Issue: 1998/74

Series: IMF Working Papers

Author(s): Massimo Rostagno , and Francesca Utili

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 1998

DOI: http://dx.doi.org/10.5089/9781451849561.001

ISBN: 9781451849561

Keywords: Social protection, vertical and horizontal efficiency, means-testing formula, pensions, pension, disability, disability pensions, minimum income

Italy’s system of social protection has come under criticism for being fragmented and excessively skewed toward pensioners and “insiders.” After setting up a consolidated presentation of the so...