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Household Credit, Global Financial Cycle, and Macroprudential Policies
			: Credit Register Evidence from an Emerging Country

Household Credit, Global Financial Cycle, and Macroprudential Policies : Credit Register Evidence from an Emerging Country »

Volume/Issue: 2018/13

Series: IMF Working Papers

Author(s): Mircea Epure , Irina Mihai , Camelia Minoiu , and José-Luis Peydró

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 January 2018

DOI: http://dx.doi.org/10.5089/9781484338599.001

ISBN: 9781484338599

Keywords: Household credit, Romania, Europe, Central banks and their policies, macroprudential policies, global financial cycle, cross-border spillovers, General

We analyze the effects of macroprudential policies on local bank credit cycles and interactions with international financial conditions. For identification, we exploit the comprehensive credit register containing a...

Global Value Chains and the Exchange Rate Elasticity of Exports

Global Value Chains and the Exchange Rate Elasticity of Exports »

Volume/Issue: 2015/252

Series: IMF Working Papers

Author(s): Swarnali Ahmed , Maximiliano Appendino , and Michele Ruta

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 November 2015

DOI: http://dx.doi.org/10.5089/9781513531793.001

ISBN: 9781513531793

Keywords: Real Exchange Rate, Global Value Chains, exports, exchange, value, elasticity, trade, Country and Industry Studies of Trade, All Countries,

This paper analyzes how the formation of Global Value Chains (GVCs) has affected the exchange rate elasticity of exports. Using a panel framework covering 46 countries over the period 1996-2012, we first find some...

Can Foreign Exchange Intervention Stem Exchange Rate Pressures from Global Capital Flow Shocks?

Can Foreign Exchange Intervention Stem Exchange Rate Pressures from Global Capital Flow Shocks? »

Volume/Issue: 2015/159

Series: IMF Working Papers

Author(s): Olivier Blanchard , Gustavo Adler , and Irineu de Carvalho Filho

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 July 2015

DOI: http://dx.doi.org/10.5089/9781513585840.001

ISBN: 9781513585840

Keywords: exchange rate, gross capital flows, exchange, market, General,

Many emerging market economies have relied on foreign exchange intervention (FXI) in response to gross capital inflows. In this paper, we study whether FXI has been an effective tool to dampen the effects of these...

Global Monetary Tightening
			: Emerging Markets Debt Dynamics and Fiscal Crises

Global Monetary Tightening : Emerging Markets Debt Dynamics and Fiscal Crises »

Volume/Issue: 2014/215

Series: IMF Working Papers

Author(s): Julio Escolano , Christina Kolerus , and Constant Lonkeng Ngouana

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 December 2014

DOI: http://dx.doi.org/10.5089/9781475584691.001

ISBN: 9781475584691

Keywords: Debt dynamics, sovereign debt crisis, unconventional, debt, bond, interest, Monetary Policy (Targets, Instruments, and Effects), International Lending and Debt Problems

This paper finds that tightening global financial conditions can worsen emerging economies' public debt dynamics through an increasing interest rate-growth differential, particularly if coupled with high global ris...

Gross Private Capital Flows to Emerging Markets
			: Can the Global Financial Cycle Be Tamed?

Gross Private Capital Flows to Emerging Markets : Can the Global Financial Cycle Be Tamed? »

Volume/Issue: 2014/196

Series: IMF Working Papers

Author(s): Erlend Nier , Tahsin Saadi Sedik , and Tomas Mondino

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 October 2014

DOI: http://dx.doi.org/10.5089/9781498351867.001

ISBN: 9781498351867

Keywords: Global financial cycles, Emerging Market Economies, capital inflows, private capital, capital controls, Other, Portfolio Choice,

This paper assesses empirically the key drivers of private capital flows to a large sample of emerging market economies in the last decade. It analyzes the effect of the global financial cycle, measured by the VIX,...

International Monetary Fund Annual Report 2014
			: From stabilization to sustainable growth

International Monetary Fund Annual Report 2014 : From stabilization to sustainable growth »

Series: Annual Report of the Executive Board

Author(s): International Monetary Fund. Secretary's Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 October 2014

DOI: http://dx.doi.org/10.5089/9781498315357.011

ISBN: 9781498315357

Keywords: Annual reports, Administrative and Capital budgets, Bilateral surveillance, External training programs, Executive Board, Financial sector surveillance, IMF, IMF Finance, IMF Lending, Fund budget

Seven years after the onset of the global financial crisis, the world still has a way to go to secure a sustainable recovery marked by strong growth that supports rapid job creation and benefits all, International...

Tracking Global Demand for Emerging Market Sovereign Debt

Tracking Global Demand for Emerging Market Sovereign Debt »

Volume/Issue: 2014/39

Series: IMF Working Papers

Author(s): Serkan Arslanalp , and Takahiro Tsuda

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 March 2014

DOI: http://dx.doi.org/10.5089/9781484326541.001

ISBN: 9781484326541

Keywords: Portfolio Choice, Investment Decisions, government debt, central bank, external funding, central banks, Finance, Portfolio Choice and Investment Decisions,

This paper proposes an approach to track US$1 trillion of emerging market government debt held by foreign investors in local and hard currency, based on a similar approach that was used for advanced ec...

Sovereign CDS Spreads in Europe
			: The Role of Global Risk Aversion, Economic Fundamentals, Liquidity, and Spillovers

Sovereign CDS Spreads in Europe : The Role of Global Risk Aversion, Economic Fundamentals, Liquidity, and Spillovers »

Volume/Issue: 2014/17

Series: IMF Working Papers

Author(s): Frigyes Heinz , and Yan Sun

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 January 2014

DOI: http://dx.doi.org/10.5089/9781484393017.001

ISBN: 9781484393017

Keywords: CESEE countries, financial spillovers, CDS spreads, debt threshold, current account, public debt, current account balance, Financial Markets and the Macroeconomy, Asset Pricing,

By analysing data from January 2007 to December 2012 in a panel GLS error correction framework we find that European countries' sovereign CDS spreads are largely driven by global investor sentiment, macroeconomic f...

Global Spillovers into Domestic Bond Markets in Emerging Market Economies

Global Spillovers into Domestic Bond Markets in Emerging Market Economies »

Volume/Issue: 2013/264

Series: IMF Working Papers

Author(s): Laura Jaramillo , and Anke Weber

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 December 2013

DOI: http://dx.doi.org/10.5089/9781484328446.001

ISBN: 9781484328446

Keywords: Emerging Market Economies, Fiscal Deficit, Global Spillovers, bond, bond yields, domestic bond, sovereign bond, Financial Markets and the Macroeconomy,

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 domest...

Cross-Country Linkages in Europe
			: A Global VAR Analysis

Cross-Country Linkages in Europe : A Global VAR Analysis »

Volume/Issue: 2013/194

Series: IMF Working Papers

Author(s): Yan Sun , Frigyes Heinz , and Giang Ho

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 September 2013

DOI: http://dx.doi.org/10.5089/9781484345474.001

ISBN: 9781484345474

Keywords: Spillover, Global VAR, regional model, macro-financial linkages, emerging Europe, gdp growth, real gdp, inflation, growth rate, long-term interest rates

This paper uses the Global VAR (GVAR) model proposed by Pesaran et al. (2004) to study cross-country linkages among euro area countries, other advanced European countries (including the Nordics, the UK, etc.), and...