[PDF] Imf Staff Papers Volume 47 No 3 eBook

Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 140 pages
File Size : 39,84 MB
Release : 2001-10-10
Category : Business & Economics
ISBN : 1451973748

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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
Page : 168 pages
File Size : 37,1 MB
Release : 2000-01-01
Category : Business & Economics
ISBN : 1451974582

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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.

Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 128 pages
File Size : 17,39 MB
Release : 2000-01-01
Category : Business & Economics
ISBN : 145197423X

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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
Page : 193 pages
File Size : 18,60 MB
Release : 2005-12-22
Category : Business & Economics
ISBN : 1589064755

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This last issue for 2005 comprises seven new papers, including a contribution to the journal's occasional Special Data Section about domestic debt markets in Sub-Saharan Africa, and also an in-depth look at the internal job market for entry-level economists at the IMF. The remaining articles cover toics as diverse as: modeling of asset markets, exchange rates in developing countries, international bank claims on Latin America, the effectiveness of "early warning" systems, and the use (by emerging market countries) of the IMF's Special Data Dissemination Standard (SDDS).

Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 260 pages
File Size : 17,35 MB
Release : 2002-09-23
Category : Business & Economics
ISBN : 9781589061224

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This paper empirically investigates the monetary impact of banking crises in Chile, Colombia, Denmark, Japan, Kenya, Malaysia, and Uruguay during 1975–98. Cointegration analysis and error correction modeling are used to research two issues: (i) whether money demand stability is threatened by banking crises; and (ii) whether crises lead to structural breaks in the relation between monetary indicators and prices. Overall, no systematic evidence that banking crises cause money demand instability is found. The paper also analyzes inflation targeting in the context of the IMF-supported adjustment programs.

Author : Mr.Robert P. Flood
Publisher : International Monetary Fund
Page : 168 pages
File Size : 14,68 MB
Release : 2003-04-17
Category : Business & Economics
ISBN : 9781589061248

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Forty years ago, Marcus Fleming and Robert Mundell developed independent models of macroeconomic policy in open economies. Why do we link the two, and why do we call the result the Mundell-Fleming, rather than Fieming-Mundell model?

Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 248 pages
File Size : 18,97 MB
Release : 2009-07-31
Category : Business & Economics
ISBN : 1589068203

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Studies of the impact of trade openness on growth are based either on crosscountry analysis—which lacks transparency—or case studies—which lack statistical rigor. This paper applies a transparent econometric method drawn from the treatment evaluation literature (matching estimators) to make the comparison between treated (that is, open) and control (that is, closed) countries explicit while remaining within a statistical framework. Matching estimators highlight that common cross-country evidence is based on rather far-fetched country comparisons, which stem from the lack of common support of treated and control countries in the covariate space. The paper therefore advocates paying more attention to appropriate sample restriction in crosscountry macro research.

Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 136 pages
File Size : 20,47 MB
Release : 1954-01-01
Category : Business & Economics
ISBN : 1451960115

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This paper presents a study on economic development with stability in India. While the Five-Year Plan occupies the central position as the means through which the Government of India proposes to deal with the basic economic problem, it must be implemented by many specific economic and social measures. It is of the utmost importance that the measures taken in various fields should not only contribute to the fulfilment of the Five-Year Plan but that they should form part of a consistent economic and social policy. Apart from the change in total foreign investment, the composition of foreign investment in India now includes a larger proportion of direct and a smaller proportion of fixed interest obligations than before the war. While India's official sterling debt has been practically wiped out, the Government of India has incurred new obligations in dollars. If India could meet its pre-war obligations on foreign investment without any great strain on its balance of payments, it should be able to meet future obligations, resulting from any new debts, provided its balance of payments position in the future is not materially worse than in the past.

Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 191 pages
File Size : 37,64 MB
Release : 1953-01-01
Category : Business & Economics
ISBN : 1451949421

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This paper discusses the causes of the imbalance of international payments. Under the forces of supply and demand, gold came to have a certain value in relation to goods, which enabled it to function smoothly as a medium of reserve and settlement. This value varied somewhat from time to time under the influence of new discoveries or the exhaustion of existing sources. Of all the particular imbalances in the international payments pattern, that between the dollar and other currencies is the greatest. Unfortunately, it is extremely difficult to measure the amount of imbalance existing. Europe has made considerable and, to some extent, successful efforts to expand direct sales to the United States. It is in the sphere of finished manufactures principally that one could hope for an expansion of exports by an organized export drive or currency devaluation, other categories of goods depending more on the level of US production and national income.

Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 212 pages
File Size : 31,24 MB
Release : 2007-05-30
Category : Business & Economics
ISBN : 1589066510

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This issue features a timely paper by Vladimir Klyuev and Paul Mills on the role of personal wealth and home equity withdrawal in the decline in the U.S. saving rate. Lusine Lusinyan and Leo Bonato explain how work absence in 18 European countries affects labor supply and demand. And a paper by Paolo Manasse (University of Bologna) entitled "Deficit Limits and Fiscal Rules for Dummies" examines fiscal frameworks.