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China's Bond Market and Global Financial Markets

China's Bond Market and Global Financial Markets »

Volume/Issue: 2018/253

Series: IMF Working Papers

Author(s): Eugenio Cerutti , and Maurice Obstfeld

Publisher: ChinaMoney Magazine by CFETS of PBoC

Publication Date: 03 April 2019

Language: Chinese

DOI: http://dx.doi.org/10.5089/WPICA2018253.001

ISBN: WPICA2018253

Keywords: Globalization, Asia and Pacific, China, International financial markets, Bond Market, Market Integration, Financial Aspects of Economic Integration, International Business Cycles

A cross-country comparative analysis shows that there is substantial room for further integration of China into global financial markets, especially in the case of the international bond market. A further successfu...

Fiscal Redistribution and Social Welfare

Fiscal Redistribution and Social Welfare »

Volume/Issue: 2019/51

Series: IMF Working Papers

Author(s): David Coady , Devin D'Angelo , and Brooks Evans

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 March 2019

DOI: http://dx.doi.org/10.5089/9781484398081.001

ISBN: 9781484398081

Keywords: Social security, Income distribution, Personal income taxes, Social welfare programs, Fiscal policy, Fiscal redistribution, progressivity, targeting, transfers, taxes

Fiscal policy is a key tool for achieving distributional objectives in advanced economies. This paper embeds the discussion of fiscal redistribution within the standard social welfare framework, which lends itself...

Debt Build-up in Frontier Low-Income Developing Countries (LIDCs) since 2012: Global or Country-specific Factors and Way Forward?

Debt Build-up in Frontier Low-Income Developing Countries (LIDCs) since 2012: Global or Country-specific Factors and Way Forward? »

Volume/Issue: 2019/37

Series: IMF Working Papers

Author(s): Constance de Soyres , Anna Rogantini Picco , and Randa Sab

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 February 2019

DOI: http://dx.doi.org/10.5089/9781484396247.001

ISBN: 9781484396247

Keywords: Domestic debt, Real interest rates, Economic growth, Heavily indebted poor countries, Interest rate increases, Debt build-up;Frontier LIDCs;global and country-specific factors;debt-to-GDP ratio;debt-to-GDP;country-specific;federal fund rate;fund rate

This paper focuses on the debt build-up that frontier low-income developing countries (LIDCs) have faced since 2012. First, it documents a 20-percentage point increase in the external and government debt-to-GDP ra...

Destabilizing the Global Monetary System: Germany's Adoption of the Gold Standard in the Early 1870s

Destabilizing the Global Monetary System: Germany's Adoption of the Gold Standard in the Early 1870s »

Volume/Issue: 2019/32

Series: IMF Working Papers

Author(s): Johannes Wiegand

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 February 2019

DOI: http://dx.doi.org/10.5089/9781484394724.001

ISBN: 9781484394724

Keywords: Currency reform, Fixed exchange rates, Exchange rate regimes, Currency question, Gold, Bimetallism;Gold Standard;France;Germany;Flandreau;specie;silver specie;gold currency

In 1871-73, newly unified Germany adopted the gold standard, replacing the silver-based currencies that had been prevalent in most German states until then. The reform sparked a series of steps in other countries t...

Inequality of Opportunity, Inequality of Income and Economic Growth

Inequality of Opportunity, Inequality of Income and Economic Growth »

Volume/Issue: 2019/34

Series: IMF Working Papers

Author(s): Shekhar Aiyar , and Christian Ebeke

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 February 2019

DOI: http://dx.doi.org/10.5089/9781484396988.001

ISBN: 9781484396988

Keywords: Income inequality, Economic growth, Income distribution, Income shocks, Human capital, Intergenerational Mobility;Growth;Gini;inequality;elasticity;unequal access;Brueckner

We posit that the relationship between income inequality and economic growth is mediated by the level of equality of opportunity, which we identify with intergenerational mobility. In economies characterized by int...

Inequality in Good and Bad Times: A Cross-Country Approach

Inequality in Good and Bad Times: A Cross-Country Approach »

Volume/Issue: 2019/20

Series: IMF Working Papers

Author(s): Burcu Hacibedel , Pierre Mandon , Priscilla Muthoora , and Nathalie Pouokam

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 January 2019

DOI: http://dx.doi.org/10.5089/9781484392911.001

ISBN: 9781484392911

Keywords: Developing countries, Inequality, Growth, Mediation analysis, Equity, Justice, and Other Normative Criteria and Measurement, General

This paper provides evidence of a strong relationship between the short-term dynamics of growth and inequality in developing economies. We find that reductions in inequality during growth upswings are largely rever...

Global Value Chains: What are the Benefits and Why Do Countries Participate?

Global Value Chains: What are the Benefits and Why Do Countries Participate? »

Volume/Issue: 2019/18

Series: IMF Working Papers

Author(s): Faezeh Raei , Anna Ignatenko , and Borislava Mircheva

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 January 2019

DOI: http://dx.doi.org/10.5089/9781484392928.001

ISBN: 9781484392928

Keywords: Economic integration, Trade, global value chains, gains from trade, Country and Industry Studies of Trade

Over the last two decades, world trade and production have become increasingly organized around global value chains (GVC). Recent theoretical work has shown that countries can benefit from participation in GVCs thr...

Innovation and Corporate Cash Holdings in the Era of Globalization

Innovation and Corporate Cash Holdings in the Era of Globalization »

Volume/Issue: 2019/17

Series: IMF Working Papers

Author(s): Konrad Adler , JaeBin Ahn , and Mai Chi Dao

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 January 2019

DOI: http://dx.doi.org/10.5089/9781484392164.001

ISBN: 9781484392164

Keywords: International trade, cash holdings, R&;D, R&;amp;#x0026;D, Models of Trade with Imperfect Competition and Scale Economies

We document a broad-based trend in rising cash holdings of firms across major industrialized countries over the last two decades, a trend that is most pronounced for firms engaged strongly in R&D activities. Our co...

Macroeconomic Consequences of Tariffs

Macroeconomic Consequences of Tariffs »

Volume/Issue: 2019/9

Series: IMF Working Papers

Author(s): Davide Furceri , Swarnali Ahmed Hannan , Jonathan Ostry , and Andrew Rose

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 January 2019

DOI: http://dx.doi.org/10.5089/9781484390061.001

ISBN: 9781484390061

Keywords: Productivity, Unemployment, Output, protection, inequality, exchange rate, trade balance, Macroeconomic Analyses of Economic Development

We study the macroeconomic consequences of tariffs. We estimate impulse response functions from local projections using a panel of annual data that spans 151 countries over 1963-2014. We find that tariff increases...

China's Bond Market and Global Financial Markets

China's Bond Market and Global Financial Markets »

Volume/Issue: 2018/253

Series: IMF Working Papers

Author(s): Eugenio Cerutti , and Maurice Obstfeld

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 December 2018

DOI: http://dx.doi.org/10.5089/9781484377475.001

ISBN: 9781484377475

Keywords: Globalization, Asia and Pacific, China, International financial markets, Bond Market, Market Integration, Financial Aspects of Economic Integration, International Business Cycles

A cross-country comparative analysis shows that there is substantial room for further integration of China into global financial markets, especially in the case of the international bond market. A further successfu...