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Author: International Monetary Fund. Research Dept. Publisher: International Monetary Fund ISBN: 1451973462 Category : Business & Economics Languages : en Pages : 120
Book Description
This paper studies the case of Mexico to examine determinants of banking system fragility. The paper tests empirically the proposition that bank fragility is determined by bank-specific factors, macroeconomic conditions, and potential contagion effects. The methodology allows the variables that determine bank failure to differ from those that influence banks’ time to failure (or survival rate). Based on the indicators of fragility of individual banks, the paper constructs an index of fragility for the banking system. The framework is applied to the Mexican financial crisis that began in 1994.
Author: International Monetary Fund. Research Dept. Publisher: International Monetary Fund ISBN: 1451973462 Category : Business & Economics Languages : en Pages : 120
Book Description
This paper studies the case of Mexico to examine determinants of banking system fragility. The paper tests empirically the proposition that bank fragility is determined by bank-specific factors, macroeconomic conditions, and potential contagion effects. The methodology allows the variables that determine bank failure to differ from those that influence banks’ time to failure (or survival rate). Based on the indicators of fragility of individual banks, the paper constructs an index of fragility for the banking system. The framework is applied to the Mexican financial crisis that began in 1994.
Author: International Monetary Fund. Research Dept. Publisher: International Monetary Fund ISBN: 1451930968 Category : Business & Economics Languages : en Pages : 204
Book Description
This paper deals with liberalization and the evolution of output during the transition from plan to market. It explains why strong liberalization leads to a comparatively steep fall in output early in the transition, but a relatively strong recovery later on. Because it takes time to restructure the capital stock inherited from the old system, liberalization initially leads to transitional unemployment of capital and the contraction of the old enterprise sector. By making room quickly for the new, more efficient enterprises, however, liberalization also sets the stage for recovery and a much higher level of income in the medium term. [JEL E23, P21, P27, P52]
Author: International Monetary Fund. Research Dept. Publisher: International Monetary Fund ISBN: 1451957114 Category : Business & Economics Languages : en Pages : 156
Book Description
This paper argues that an important group of labor market policies are complementary in the sense that the effect of each policy is greater when implemented in conjunction with the other policies than in isolation. This may explain why the diverse, piecemeal labor market reforms in many European countries in recent years have had so little success in reducing unemployment. What is required instead is deeper labor market reforms across a broader range of complementary policies and institutions. To be politically feasible, these reforms must be combined with measures to address distributional issues.
Author: International Monetary Fund. Research Dept. Publisher: International Monetary Fund ISBN: 1451947240 Category : Business & Economics Languages : en Pages : 156
Book Description
The Chilean pension reform of 1981, a shift from cm unfunded to a funded scheme, is considered to have contributed to this country’s excellent economic performance. Positive growth effects allow, in principle, a Pareto-improving shift in pension financing. This paper highlights the theoretical underpinnings of the reform and presents empirical data and preliminary econometric testing of the conjectured reform effects on financial market developments, as well as the impact on total factor productivity. capital formation, and private saving. The empirical evidence is consistent with most but not all claims. In particular, the direct impact of the reform on saving was low, and initially even negative.
Author: International Monetary Fund. Research Dept. Publisher: International Monetary Fund ISBN: 1451969066 Category : Business & Economics Languages : en Pages : 203
Book Description
Selections from this paper were delivered at the Annual Meeting of the American Statistical Association, Philadelphia, Pennsylvania, on September 8, 1965.
Author: International Monetary Fund. Research Dept. Publisher: International Monetary Fund ISBN: 1451947232 Category : Business & Economics Languages : en Pages : 223
Book Description
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: 1451969104 Category : Business & Economics Languages : en Pages : 169
Book Description
This paper explores trends in payment imbalances between 1952 and 1964. When desired reserves deviate appreciably from actual holdings, the authorities will sooner or later readjust their economic policies to reduce the magnitude of the deviation. On the assumption that the priorities given in individual countries to domestic and external objectives of economic policy and the attitudes toward the use of various policy instruments remain unchanged, desired reserves would tend to rise chiefly as a result of the increase in the size of expected payments fluctuations. International reserves of all 65 countries of the study rose over the period studied by 2.5 per cent a year. This low rate of increase reflects, however, the large reduction in US reserves. For all countries of the study excluding the United States, the reserves grew by 6.0 per cent a year. Leaving aside the loss of reserves by the United States, reserves of all countries appear, therefore, to have grown roughly in proportion to the value of trade and to the size of payments imbalances.
Author: International Monetary Fund. Research Dept. Publisher: International Monetary Fund ISBN: 1451972989 Category : Business & Economics Languages : en Pages : 148
Book Description
The proposal to set up an international debt facility to buy the debt of developing countries at a discount and then mark down its contractual value is analyzed. The paper considers the central question of how the debtor countries, creditor banks, and owners of the facility would be affected; in particular, what redistribution of gains and losses there would be among them. The “market price effect” and the “ceiling effect” are distinguished. A crucial consideration is whether debt retained by banks is subordinated to debt bought by the facility.
Author: International Monetary Fund. Research Dept. Publisher: International Monetary Fund ISBN: 1451949707 Category : Business & Economics Languages : en Pages : 145
Book Description
This paper explores the role of the IMF in promoting price stability. The IMF has one of its major objectives is to eliminate exchange restrictions that are due to balance of payments reasons. It carries on extensive annual consultations with its members toward that end; and, once the post-war transition is at an end, these members cannot impose exchange restrictions on current transactions without the approval of the Fund. This paper has consistently dealt with the IMF in its role of helping members to avoid inflation. Inflation is the subject of our meeting; and, in the post-war world as it has in fact developed, inflation, latent or realized, has been the perennial problem. Recessions have been short lived. Wherever a member is under pressure, either from external causes such as shrinkage in its foreign markets or from its own policies at home, the IMF stands ready to help it through its period of adjustment. Also with the notable strengthening of its resources that is now in the mill, it should prove to be an even more powerful bulwark against deflation. In such a world, those major countries that are maintaining the most stable and orderly price systems will set the standard to which others must repair.
Author: International Monetary Fund. Research Dept. Publisher: International Monetary Fund ISBN: 1451949324 Category : Business & Economics Languages : en Pages : 187
Book Description
This paper discusses that the governments of forty-nine countries have accepted the Articles of Agreement of the IMF. They have accepted the Agreement on their own behalf and in respect of all their colonies, overseas territories, all territories under their protection, suzerainty, or authority and all territories in respect of which they exercise a mandate. Although the concept of a fixed par value and of rates of exchange based on it is of fundamental importance under the Articles of Agreement, provision is also made for the retention, adaptation and introduction of multiple currency practices in certain circumstances. Courts are frequently called upon to decide at what rate of exchange one currency shall be translated into another. The courts of many countries have been faced, both before and after the coming into force of the IMF Agreement, with the problem whether they should recognize the effect of the exchange control regulations of other countries.
Author: International Monetary Fund. Research Dept.
Author: International Monetary Fund. Research Dept.
Author: International Monetary Fund. Research Dept.
Author: International Monetary Fund. Research Dept.
Author: International Monetary Fund. Research Dept.
Author: International Monetary Fund. Research Dept.
Author: International Monetary Fund. Research Dept.
Author: International Monetary Fund. Research Dept.
Author: International Monetary Fund. Research Dept.
Author: International Monetary Fund. Research Dept.
Author: International Monetary Fund. Research Dept.