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What Shakes It? What Shapes It?
Financial sector liberalization was high on the agenda of policymakers during the last quarter of the twentieth century. But there were significant di...
This paper discusses proposals for common euro area sovereign securities. Such instruments can potentially serve two functions: in the short-term, sta...
Heightened uncertainty since the onset of the Great Recession has materially increased saving rates, contributing to lower consumption and GDP growth....
How Banks and Sovereigns Came to Be Joined At the Hip
We use the rise and dispersion of sovereign spreads to tell the story of the emergence and escalation of financial tensions within the eurozone. This ...
Using recent advances in the classification of exchange rate regimes, this paper finds no support for the popular bipolar view that countries will ten...
Evidence From the Indian States
Large cohorts of young adults are poised to add to the working-age population of developing economies. Despite much interest in the consequent growth ...
Volume 51: Special Issue: IMF Fourth Annual Research Conference
This is the 2004 (Volume 51) Special Issue of IMF Staff Papers, which includes 6 selected papers (from more than 20) that were presented at the IMF's ...
Next Steps
At the April 2003 meeting of the International Monetary and Financial Committees, it was decided to further encourage the contractual approach to smoo...
Host-Country Transparency and Source-Country Specialization
We develop a simple information-based model of FDI flows. On the one hand, the abundance of "intangible" capital in specialized industries in the sour...
Does the Corporate Matter?
We examine risk spreads charged on corporate bonds placed by emerging market borrowers on international exchanges. While global developments have an i...
Do IMF-Supported Programs Work As Commitment Devices?
An objective of IMF-supported programs is to help countries improve their access to international capital markets. In this paper, we examine the issue...
The Role of the IMF
In this paper, we examine the IMF''s role in maintaining the access of emerging market economies to international capital markets. We find evidence th...
The Role of Volatility Regimes
Recent commentary has downplayed the growth dividend from international financial integration, highlighting the possibly negative correlation between ...
Some see Indiaโs corporate sector as the fundamental driver of recent and future prosperity. Others see it as a source of excessive market power, pe...
Lower Consumption Growth But Narrower Global Imbalances?
We estimate consumption dynamics in the G-7 economies, paying particular attention to the possibility of precautionary behavior in the face of uncerta...
Will they Counteract the "Great Moderation"?
Even prior to the extreme volatility just observed, output growth volatility-following protracted decline-was flattening or mildly rising in some coun...