Author/Editor: Nkunde Mwase.

Release Date: August, 2012

This paper investigates the drivers of reserves in emerging markets (EMs) and small island (SIs) and develops an operational metric for estimating reserves in SIs taking into account their unique more...

Author/Editor: Nkunde Mwase, Yongzheng Yang.

Release Date: March, 2012

Flows of development financing from the BRICs (Brazil, Russia, India, and China) to low income countries (LICs) have surged in recent years. Unlike aid from traditional donors, BRICs (excluding more...

Author/Editor: Michael Keen, Ruud A. de Mooij.

Release Date: February, 2012

Understanding the impact of the asymmetric tax treatment of debt and equity on the capital structures of financial institutions is critical to shaping and assessing responses to the problem of more...

Author/Editor: Masafumi Yabara.

Release Date: January, 2012

Capital markets in the East African Community (EAC) face common challenges of low capitalization and liquidity, but to different degrees. EAC member countries have made noticeable progress in more...

Author/Editor: Ali Alichi, Sang Chul Ryoo, Cheol Hong.

Release Date: January, 2012

Korea has been active in implementing targeted macroprudential policies to address specific financial stability concerns. In this paper, we develop a conceptual model that could serve as a building more...

Author/Editor: Geoffrey J. Bannister, Luis-Diego Barrot.

Release Date: September, 2011

This paper presents an alternative method for calculating debt targets using the debt intolerance literature of Reinhart, Rogoff, and Savastano (2003) and Reinhart and Rogoff (2009). The methodology more...

Author/Editor: Michaela Erbenova, Magnus Saxegaard, Yan Liu.

Release Date: April, 2011

This paper reviews Latvia’s efforts to manage the increase in debt distress resulting from the unwinding of the 2000-07 credit boom and spillovers from the global financial crisis. The more...

Author/Editor: Ruud A. de Mooij.

Release Date: April, 2011

Although the empirical literature has long struggled to identify the impact of taxes on corporate financial structure, a recent boom in studies offers ample support for the debt bias of taxation. more...

Author/Editor: Eugen Tereanu, Dilek Aykut, Johanna L. Francis.

Release Date: December, 2010

We identify global and regional fluctuations in international private debt flows to emerging and developing countries using data on cross border loans and international bond issuance over 1993 -2009. more...

Author/Editor: Michael Kumhof, Romain Ranciere.

Release Date: November, 2010

The paper studies how high leverage and crises can arise as a result of changes in the income distribution. Empirically, the periods 1920-1929 and 1983-2008 both exhibited a large increase in the more...

Author/Editor: Ana Fostel, John Geanakoplos.

Release Date: September, 2010

The literature on leverage until now shows how an increase in volatility reduces leverage. However, in order to explain pro-cyclical leverage it assumes that bad news increases volatility. This paper more...

Author/Editor: Fabian Valencia.

Release Date: September, 2010

An important role for bank capital is that of a buffer against unexpected losses. As uncertainty about these losses increases, the theory predicts an increase in the optimal level of bank capital. more...

Author/Editor: Cheikh A. Gueye, Amadou N. R. Sy.

Release Date: June, 2010

Post debt relief, the number of African countries considering accessing international capital markets, often to fund large infrastructure projects, is increasing. Potential risks of capital inflows more...

Author/Editor: Martin Schindler, Patricio Valenzuela, Alessandro Prati.

Release Date: September, 2009

We provide new firm-level evidence on the effects of capital account liberalization. Based on corporate foreign-currency credit ratings data and a novel capital account restrictions index, we find more...

Author/Editor: Luc Laeven, Thomas Laryea.

Release Date: June, 2009

Author/Editor: Dan Galai, Zvi Wiener.

Release Date: May, 2009

The paper shows how-in a Merton-type model with bankruptcy-the currency composition of debt changes the risk profile of a company raising a given amount of financing, and thus affects the cost of more...

Author/Editor: Olivier J. Blanchard.

Release Date: April, 2009

Author/Editor: M. Ayhan Kose, Eswar Prasad, Marco Terrones.

Release Date: October, 2008

This paper provides a comprehensive analysis of the relationship between financial openness and total factor productivity (TFP) growth using an extensive dataset that includes various measures of more...

Author/Editor: Serpil Tekin, Stephen J. Turnovsky, Valerie Cerra.

Release Date: August, 2008

A dynamic dependent-economy model is developed to investigate the role of the real exchange rate in determining the effects of foreign aid. If capital is perfectly mobile between sectors, untied aid more...

Author/Editor: international Monetary Fund .

Release Date: April, 2008

Global Monitoring Report 2008, the fifth in an annual series, is essential reading for those who wish to follow the global development agenda and debate in 2008. The year marks the midpoint toward more...