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A Risk-Based Debt Sustainability Framework
			: Incorporating Balance Sheets and Uncertainty

A Risk-Based Debt Sustainability Framework : Incorporating Balance Sheets and Uncertainty »

Volume/Issue: 2008/40

Series: IMF Working Papers

Author(s): Dale Gray , Elena Loukoianova , Samuel Malone , and Cheng Lim

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2008

DOI: http://dx.doi.org/10.5089/9781451869026.001

ISBN: 9781451869026

Keywords: Contingent Claims, currency debt, foreign currency, foreign currency debt, risk premium,

This paper proposes a new framework for the analysis of public sector debt sustainability. The framework uses concepts and methods from modern practice of contingent claims to develop a quantitative risk-based mode...

Currency Crises and the Real Economy
			: The Role of Banks

Currency Crises and the Real Economy : The Role of Banks »

Volume/Issue: 2001/49

Series: IMF Working Papers

Author(s): Piti Disyatat

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2001

DOI: http://dx.doi.org/10.5089/9781451846843.001

ISBN: 9781451846843

Keywords: currency crisis, foreign currency debt, balance sheet, banking, balance sheet effect, banking sector, currency crises, Financial Markets and the Macroeconomy, Monetary Policy, Central Banking

This paper shows that the quality of banks within each country is one of the important factors that can account for the fact that developing economies tend to suffer more severe output contractions in the wake of a...

Do Macroeconomic Effects of Capital Controls Vary by their Type? Evidence From Malaysia

Do Macroeconomic Effects of Capital Controls Vary by their Type? Evidence From Malaysia »

Volume/Issue: 2004/3

Series: IMF Working Papers

Author(s): Natalia Tamirisa

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2004

DOI: http://dx.doi.org/10.5089/9781451841930.001

ISBN: 9781451841930

Keywords: exchange, controls, portfolio, flows, Asian crisis, capital controls, foreign currency, capital flows, foreign exchange, direct investment

This paper examines how the macroeconomic effects of capital controls vary depending on which type of international financial transaction they cover. Drawing on Malaysia's experiences in regulating the capital acco...

Dollarization in Cambodia
			: Causes and Policy Implications

Dollarization in Cambodia : Causes and Policy Implications »

Volume/Issue: 2011/49

Series: IMF Working Papers

Author(s): Nombulelo Duma

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2011

DOI: http://dx.doi.org/10.5089/9781455218936.001

ISBN: 9781455218936

Keywords: seigniorage, foreign currency, monetary policy, inflation, macroeconomic stability, Central Banking, And The Supply Of Money And Credit,

Over the past decade, Cambodia has become Asia's most dollarized economy. In contrast, dollarization in neighboring Lao P.D.R., Mongolia, and Vietnam has been either declining or broadly stable. Somewhat paradoxica...

Foreign Currency Credit Ratings for Emerging Market Economies

Foreign Currency Credit Ratings for Emerging Market Economies »

Volume/Issue: 2001/191

Series: IMF Working Papers

Author(s): Roberto Perrelli , and Christian Mulder

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2001

DOI: http://dx.doi.org/10.5089/9781451859713.001

ISBN: 9781451859713

Keywords: foreign currency credit ratings, economic crises., statistics, autocorrelation, equation, short-term debt, covariance, International Lending and Debt Problems, General Financial Markets: Government Policy and Regulation, Economic Crises,

This paper examines how ratings for emerging market economies have been set. Given the high degree of autocorrelation in ratings, we use estimators that yield consistent parameters in the presence of such correlati...

Foreign Currency Deposits and the Demand for Money in Developing Countries

Foreign Currency Deposits and the Demand for Money in Developing Countries »

Volume/Issue: 1992/1

Series: IMF Working Papers

Author(s): Mohsin Khan , and Pierre-Richard Agénor

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 1992

DOI: http://dx.doi.org/10.5089/9781451931303.001

ISBN: 9781451931303

Keywords: foreign currency, equation, statistics, statistic, forward-looking model

This paper examines the relative demands for domestic and foreign currency deposits by residents of developing countries. A dynamic currency substitution model that incorporates forward-looking rational expectation...

Inflation and Monetary Reform

Inflation and Monetary Reform »

Volume/Issue: 1992/60

Series: IMF Working Papers

Author(s): Pierre-Richard Agénor , and Anna Lennblad

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 1992

DOI: http://dx.doi.org/10.5089/9781451965315.001

ISBN: 9781451965315

Keywords: money stock, foreign currency, monetary reform, foreign exchange

The introduction of a new currency has often occurred as part of a program to fight hyperinflation. In this context, non-uniform conversion rates for different types of assets and liabilities have been used as a me...

Macroeconomic Experiences of the Transition Economies in Indochina

Macroeconomic Experiences of the Transition Economies in Indochina »

Volume/Issue: 1996/112

Series: IMF Working Papers

Author(s): Chi Pham , Ajai Chopra , John Dodsworth , and Hisanobu Shishido

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 1996

DOI: http://dx.doi.org/10.5089/9781451853551.001

ISBN: 9781451853551

Keywords: foreign exchange, exchange rate, inflation, foreign currency, exchange rates, Viet Nam,

This paper examines stabilization policies in Vietnam, Cambodia, and Laos since the late 1980s. Compared with other transition economies, the Indochinese countries avoided an output collapse and moved quickly to st...

Managing Corporate Distress in the Philippines
			: Some Policy Recommendations

Managing Corporate Distress in the Philippines : Some Policy Recommendations »

Volume/Issue: 1998/138

Series: IMF Working Papers

Author(s): Charles Woodruff , and G. Lim

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 1998

DOI: http://dx.doi.org/10.5089/9781451930153.001

ISBN: 9781451930153

Keywords: Corporate debt, corporate ownership, debt restructuring, foreign currency, banking, interest income, banking system

While not widespread, the Philippine corporate sector is showing some signs of stress. The paper reviews the exposure of banks to distressed corporate borrowers, the ownership structure of the corporate sector, inc...

Measuring and Analyzing Sovereign Risk with Contingent Claims

Measuring and Analyzing Sovereign Risk with Contingent Claims »

Volume/Issue: 2005/155

Series: IMF Working Papers

Author(s): Michael Gapen , Dale Gray , Cheng Lim , and Yingbin Xiao

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2005

DOI: http://dx.doi.org/10.5089/9781451861747.001

ISBN: 9781451861747

Keywords: contingent claims, probability, currency debt, foreign currency debt, domestic currency, correlation,

This paper develops a comprehensive new framework to measure and analyze sovereign risk. Since traditional macroeconomic vulnerability indicators and accounting-based measures do not address risk in a comprehensive...