Download or read book IMF Staff Papers Volume 48 No 3 written by Mr.Robert P. Flood and published by International Monetary Fund. This book was released on 2002-01-18 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the financial implications of the 1956 crisis of nationalization of the Suez Canal by Egypt. It examines the regional distribution of public employment in Italy. The paper quantifies the impact of changes in the U.S. monetary policy on sovereign bond spreads in emerging market countries. Specifically, the paper explores empirically how country risk, as proxied by sovereign bond spreads, is influenced by U.S. monetary policy, country-specific fundamentals, and conditions in global capital markets. Modeling the IMF’s statistical discrepancy in the global current account is also discussed.

Download or read book Imf Staff Papers 2001 written by Robert P. Flood and published by . This book was released on 2001-11-08 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper re-examines the issue of the existence of threshold effects in the relationship between inflation and growth, using new econometric techniques that provide appropriate procedures for estimation and inference. The threshold level of inflation above which inflation significantly slows growth is estimated at 1-3 percent for industrial countries and 11-12 percent for developing countries. The negative and significant relationship between inflation and growth, for inflation rates above the threshold level, is quite robust with respect to the estimation method, perturbations in the location of the threshold level, the exclusion of high-inflation observations, data frequency, and alternative specifications.

Download or read book IMF Staff papers written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 1965-01-01 with total page 203 pages. Available in PDF, EPUB and Kindle. Book excerpt: Selections from this paper were delivered at the Annual Meeting of the American Statistical Association, Philadelphia, Pennsylvania, on September 8, 1965.

Download or read book IMF Staff Papers Volume 48 No 2 written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 2001-12-12 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the link between product variety and economic growth. It finds support for the hypothesis that a greater degree of product variety relative to the United States helps to explain relative per capita GDP levels. The paper presents an empirical study for South Africa, which indicates that there exists a stable money demand type of relationship among domestic prices, broad money, real income, and interest rates, as well as a long-term relationship among domestic prices, foreign prices, and the nominal exchange rate.

Download or read book IMF Staff papers written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 1971-01-01 with total page 285 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses the implications for credit policy of changes in the income velocity of money; it neglects other policy elements of financial programs unless they have a direct bearing on velocity changes. Control over credit expansion by domestic banks is used to influence expenditure decisions, since the availability of credit has a strong impact on expenditures on domestic and foreign goods and services and, possibly, on net capital flows and, therefore, on the balance of payments. The paper also describes some relationships between monetary and national income accounts in order to identify the changes in velocity that must be considered in determining credit policies. The relevance of incorporating lags into the demand for money function has been mentioned earlier. Lags in the formation of expectations within a country usually can be expected to change only slowly over time and, therefore, can be assumed constant in the estimation of the demand for money function.

Download or read book IMF Staff papers written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 1960 with total page 145 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book IMF Staff papers written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 1966-01-01 with total page 169 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book IMF Staff papers written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 1954-01-01 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book IMF Staff Papers Volume 48 Special Issue Transition Economies How Much Progress written by Mr.Richard D. Haas and published by International Monetary Fund. This book was released on 2002-04-25 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: This chapter is the collection of eight papers on different aspects of the first 10 years of economic transition. Transition issues have appeared initially quite controversial. There have been controversies on the speed of reforms, privatization methods, the role and organization of government, the kind of financial system needed, etc. Although these controversies often have been ideological, they also reflect to a large extent the initial ignorance and unpreparedness of the economics profession with respect to the large. Resident representatives in transforming economies have had a unique opportunity to witness and participate in one of the most interesting and challenging events of the economics profession in the past 50 years: the transformation of centrally planned economies into market-based systems. The job is intellectually fascinating, frequently extremely rewarding, occasionally frustrating, however, never boring. The decline in cash revenue in Russia has been the key macroeconomic policy failure of the transition. This paper argues that the fall in cash compliance emerged when money printing was replaced with a method of budget financing that did not, in the short run, compromise the government's goals of low inflation, a stable exchange rate, and low interest rates, but which ultimately has led the government into a low cash revenue trap.

Download or read book IMF Staff papers written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 1952-01-01 with total page 143 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper focuses on the relation of inflation to economic development. Due to the inadequacy of savings and the difficulty of directing them into productive investment, there is a strong temptation to raise the level of investment by expanding bank credit—that is, by inflation. In most low-income countries, even the most forceful measures for increasing savings and for applying them to the most urgent needs would still leave the economy with inadequate resources for the investment necessary to assure tolerable progress in raising productive efficiency and expanding production. The only way of securing adequate resources for development in such countries is by supplementing domestic savings with capital from abroad. It is characteristic of the underdeveloped countries that the resources they put into investment are generally a smaller proportion of their very much smaller national product than is true for the more highly developed countries. The proportionally low level of investment in underdeveloped countries may be due to various factors. Frequently, though not universally, the cause of inadequate investment is the unavailability of savings.

Download or read book IMF Staff papers written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 1953-01-01 with total page 191 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book IMF Staff papers written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 1980-01-01 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the implications of credit policies for output and growth and how they relate to the development of the current account and overall balance of payments. The framework chosen for the analysis is one in which the availability of financing is a direct and major determinant of current and future production. The paper identifies three channels through which credit policies can affect production in the economy. The principal conclusions are that limiting the overall level of credit is not a panacea for balance of payments problems; considerations regarding the distribution and the use of credit are important; in the absence of distortions, the current account objectives are best served by permitting credit expansion and investment to take place in the sector with the highest productivity, independent of whether this sector produces traded goods or nontraded goods; and tight credit policies can endanger the current account objectives when prevailing distortions lead to a “crowding out” of productive uses of credit.

Download or read book IMF Staff papers written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 1974-01-01 with total page 278 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper constructs three simple model of the financial effects on countries in different situations of the various arrangements regarding reserve supply that were discussed during the recent negotiations on reform of the international monetary system. Much of the analysis is devoted to an identification of the conflicting factors that determine the financial impact on a country of the possible arrangements considered. It is demonstrated that nonreserve centers have a financial interest in the existence of convertibility and in the absence of holding limits for primary assets, while the converse is true for a reserve center. Another clear-cut conclusion is that net users of special drawing rights (SDR) have a financial interest in increasing the role of the SDR by means of restrictions on reserve composition rather than by means of an increased SDR yield, while the reverse is true of countries with SDR holdings in excess of allocations.

Download or read book IMF Staff papers Volume 46 No 3 written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 1999-01-01 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines determinants and leading indicators of banking crises. The paper examines episodes of banking system distress and crisis in a large sample of countries to identify which macroeconomic and financial variables can be useful leading indicators. The best warning signs of the recent Asian crises were proxies for the vulnerability of the banking and corporate sector. Full-blown banking crises are shown to be associated more with external developments, and domestic variables are the main leading indicators of severe but contained banking distress.

Download or read book IMF Staff Papers Volume 54 No 3 written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 2007-05-30 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book IMF Staff Papers Volume 47 No 3 written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 2001-10-10 with total page 140 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book IMF Staff papers written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 1987-01-01 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the middle of 1985 Argentina and Israel launched frontal attacks on inflation which succeeded in reducing it drastically during the first year without very significant costs in employment and output. Despite basic differences in the countries’ structures, the programs were similar in their design and their effects. This paper covers some of these similarities in the implementation and the results of the two stabilization programs, and analyzes the rationale of the underlying conception of the plans. The focus is on the strategy for the transitional period, and the ability of the programs to sustain price stability.