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Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit co...
With the global economy beginning to emerge from the financial crisis, capital is flowing back to emerging market countries (EMEs). These flows, and c...
Monetary and Exchange Rate Policies in Emerging Market Economies
The workhorse open-economy macro model suggests that capital inflows are contractionary because they appreciate the currency and reduce net exports. E...
Coordination Failures in Sovereign Debt Restructurings
Contrary to widespread expectation, debt renegotiations in the era of bond finance have generally been quick and involved little litigation. We presen...
Chinaโs household saving rate has increased markedly since the mid-1990s and the age-savings profile has become U-shaped. We find that rising income...
Does a Market-Friendly Approach Improve the Outcome?
Sovereign debt restructurings have been shown to influence the dynamics of imports and exports. This paper shows that the impact can vary substantiall...
This paper estimates the household income growth rates implied by food demand in a sample of urban Chinese households in 1993โ2005. Our estimates, b...
There are growing concerns that 25 years after the launch of the HIPC debt relief initiative, many low-income countries are again facing high debt vul...
The debate on government debt in the context of possible reforms of the international financial architecture has thus far focused on crisis resolution...
This paper uses Engel curves to estimate real income growth in Brazil. The estimated per capita household real income growth in metropolitan areas dur...
Several papers argue that debt crises can be the result of self-fulfilling expectations that no one will lend to a country. I show this type of coordi...
The current financial turmoil is confronting emerging market economies (EMEs) with two shocks: a "sudden stop" of capital inflows driven by global del...
From 1995 to 2005, the average urban household saving rate in China rose by 7 percentage points, to ยผ of disposable income. We use household-level da...
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From 1995 to 2005, the average urban household saving rate in China rose by 7 percentage points, to about one quarter of disposable income. We use hou...
Economic policies are often judged by a handful of statistics, some of which may be biased during periods of change. We estimate the income growth imp...
Evidence from Brazil and Mexico
China's household saving rate has increased markedly since the mid-1990s and the age-savings profile has become U-shaped during the 2000s. We find tha...
Restructuring Strategies, Bank Distress and the Capital Inflow-credit Channel
Sovereign debt restructurings are associated with declines in GDP, investment, bank credit, and capital flows. The transmission channels and associate...
Growth-indexed bonds have been suggested as a way of reducing the procyclicality of emerging-market countries' fiscal policies and the likelihood of c...
This paper considers the long-run evolution of the world economy in a model where countries' opportunities to develop depend on their trade with advan...
The availability of financial instruments related to indices that track global financial conditions and risk appetite can potentially offer countries ...
This paper examines the Argentine experience with GDP-indexed warrants in order to gauge the existence of a novelty premium on new financial instrumen...
Can They Reduce Sovereign Borrowing Costs?