WorldCat Identities

International Monetary Fund European Department

Overview
Works: 532 works in 1,071 publications in 1 language and 13,091 library holdings
Classifications: HG3810, 330.94
Publication Timeline
Key
Publications about International Monetary Fund Publications about International Monetary Fund
Publications by International Monetary Fund Publications by International Monetary Fund
Most widely held works by International Monetary Fund
How emerging Europe came through the 2008/09 crisis an account by International Monetary Fund ( )
3 editions published in 2012 in English and held by 206 WorldCat member libraries worldwide
Emerging Europe was particularly hard hit by the global financial crisis, but a concerted effort by local policymakers and the international community staved off impending financial meltdown and laid the foundations for renewed convergence with western Europe. This book, written by staff of the IMF's European Department that worked on the region at the time, provides a unique account of events: the origins of the crisis and the precrisis policy setting; the crisis trigger and the scramble to avoid the worst; the stabilization and recovery; the remaining challenges; and the lessons for the futu
Barriers to retail competition and prices evidence from Spain by Alexander W Hoffmaister ( )
5 editions published in 2006 in English and held by 191 WorldCat member libraries worldwide
Why do prices in Spain's regions fail to converge? The prime suspects for this puzzling result are differences in regional barriers to entry in retail distribution. This paper develops a Cournot-Nash model of imperfect competition to illustrate the effect of barriers on prices. A unique data set-derived from an extensive analysis of competition policies in Spain- provides evidence that barriers to entry increase regional prices. The evidence also suggests that, consistent with the model's predictions, barriers to entry raise prices up to a point, and thus indicate that barriers have a threshold effect on prices
The utilization-adjusted output gap is the Russian economy overheating? by Nienke Oomes ( )
5 editions published in 2006 in English and held by 190 WorldCat member libraries worldwide
This paper estimates the output gap in Russia using a utilization-adjusted production function approach, which we argue is preferable to traditional output gap methods. The approach amounts to (1) using available surveys to estimate the "natural rates" of capacity and labor utilization above which inflation begins to accelerate; (2) estimating a production function with utilization-adjusted capital and labor inputs; and (3) defining potential output as the level of output obtained when both capital and labor are at their estimated natural rates. The results suggest that the output gap in Russia was negative between 1999 and 2003, but may have recently become positive, thus contributing to inflationary pressures
Sudden stops and IMF-supported programs by Barry J Eichengreen ( )
6 editions published in 2006 in English and held by 190 WorldCat member libraries worldwide
Could a high-access, quick-disbursing "insurance facility" in the IMF help to reduce the incidence of sharp interruptions in capital flows ("sudden stops")? We contribute to the debate on this question by analyzing the impact of conventional IMF-supported programs on the incidence of sudden stops. Correcting for the non-random assignment of programs, we find that sudden stops are fewer and generally less severe when an IMF arrangement exists and that this form of "insurance" works best for countries with strong fundamentals. In contrast there is no evidence that a Fund-supported program attenuates the output effects of capital account reversals if these nonetheless occur
Reforming employment protection legislation in France by Jian-Ping Zhou ( )
5 editions published in 2006 in English and held by 189 WorldCat member libraries worldwide
Over the last 15 years, the reforms of employment protection legislation (EPL) in European countries have mainly eased hiring and firing restrictions for temporary employment while leaving the strict EPL provisions for regular or permanent contracts unchanged. Recent reforms in France follow this pattern. Using a search-matching model, we argue that this type of partial reform is inefficient: easing restrictions on temporary jobs fosters both job creation and job destruction, but strict EPL discourages both. The overall impact on equilibrium unemployment is thus ambiguous, depending on the characteristics of the specific labor market. Simulations of the model, calibrated for the French labor market, suggest that the job destruction effect is stronger, thus raising the unemployment rate
Forces driving inflation in the new EU10 members by Emil Stavrev ( )
4 editions published in 2009 in English and held by 186 WorldCat member libraries worldwide
The paper analyzes the forces driving inflation in the new EU10 member countries. A significant part of headline inflation in these countries is due to common factors, such as price level convergence and EU integration. However, idiosyncratic factors have also played a role in the inflation process. These factors are related to the country-specific financial conditions, pass-through from foreign prices, and demand-supply situation in each country, although administered price adjustments and increases of indirect taxes associated with EU accession are also likely to have played a role
Decoupling from the east toward the west? analyses of spillovers to the Baltic countries by Kingsley I Obiora ( )
3 editions published in 2009 in English and held by 186 WorldCat member libraries worldwide
This paper uses VAR models to examine the magnitude and sources of growth spillovers to the Baltics from key trading partners, as well asfrom the real effective exchange rate (REER). Our results show there are significant cross-country spillovers to the Baltics with those from the EU outweighing spillovers from Russia. Shocks to the REER generally depress growth in the Baltics, and this intensifies over time. We also find that financial and trade channels dominate the transmission of spillovers to the region which partly explains the realization of downside risks to the Baltics from the global slowdown
The size of government and U.S.-European differences in economic performance by Gerwin Bell ( )
3 editions published in 2009 in English and held by 186 WorldCat member libraries worldwide
An influential strand of recent research has claimed that large governments in European countries explain their weaker long-term economic performance compared to the U.S. On the other hand, despite these alleged costs, large governments have been popular with electorates. This paper seeks to shed light on this apparent inconsistency; it confirms an adverse effect of taxes on labor supply, but also finds evidence of efficiency-increasing government intervention. However, and especially in the core ""Rhineland-model"" European countries, actual government policies often depart from such efficien
Structural reforms in the Euro area economic impact and role of synchronization across markets and countries by Luc Everaert ( )
4 editions published in 2006 in English and held by 185 WorldCat member libraries worldwide
Using the IMF's Global Economic Model, calibrated to the European Union, the effects of reform in product and labor markets are quantified for both a large and a small euro area economy. When markups in these markets are reduced, there are sizable long-term gains in output and employment. Most of these gains accrue to the reforming country regardless of whether reform takes place elsewhere; conversely, spillovers of reform elsewhere are limited. Labor and services market reforms have transitional costs as they induce a temporary decline in consumption, but raising competition in goods markets can mitigate some of these costs. Thus, coordinating the timing of reforms across markets is beneficial, and the more so the more open the reforming economy. In addition, synchronizing structural reforms across large countries of the euro area could eliminate transition costs. Increased supply would allow monetary policy to ease without jeopardizing price stability objectives, though in practice uncertainty may prevent full accommodation
Anatomy of regional disparities in the Slovak Republic by Biswajit Banerjee ( )
3 editions published in 2009 in English and held by 184 WorldCat member libraries worldwide
This paper examines economic growth and various dimensions of regional disparities in Slovakia. We find that regional disparities in the levels of GDP per capita, labor productivity, and labor utilization have widened since 2000, coinciding with the time that Slovakia initiated negotiations on EU accession. Notwithstanding ?-divergence in the levels, there was conditional ?-convergence in the growth rates of GDP per capita and labor productivity. Improvements in total factor productivity were the main engine of growth of GDP in all regions. Sustaining growth and reducing disparities will requi
From subprime loans to subprime growth? evidence for the Euro area by Martin Čihák ( )
2 editions published in 2009 in English and held by 183 WorldCat member libraries worldwide
The global financial crisis has highlighted the potential of financial conditions for influencing real economic activity. We examine the linkages between the financial and real sectors in the euro area, finding that (i) bank loan supply responds negatively to declines in bank soundness; (ii) a cutback in bank loan supply has a negative impact on economic activity; (iii) a positive shock to the corporate bond spread lowers industrial output; and (iv) risk indicators for the banking, corporate, and public sectors show an improvement beginning in 2002-03, followed by a major deterioration since 2
Regional financial spillovers across Europe a global VAR analysis by Alessandro Galesi ( )
3 editions published in 2009 in English and held by 183 WorldCat member libraries worldwide
Recent French export performance is there a competitiveness problem? by Alain N Kabundi ( )
3 editions published in 2009 in English and held by 183 WorldCat member libraries worldwide
Recently, the export performance of France relative to its own past and relative to a major trading partner, Germany, deteriorated. That deterioration seems related to the geographical destination and product composition of trend exports. Faced with an increase in unit labor costs or in its terms of trade, France adjusts relatively less via price and wage changes, and more via employment changes. Given that SMIC convergence resulted in a significant increase in unit labor costs, foreign sector difficulties might be structural. Trade flows relevance and euro area policy constraints highlight the importance of structural reforms that increase markets flexibility
Panacea, curse, or nonevent? unconventional monetary policy in the United Kingdom by Andre Meier ( )
4 editions published in 2009 in English and held by 183 WorldCat member libraries worldwide
The Bank of England's current ""quantitative easing"" strategy has given rise to a controversial debate about the effects and risks of unconventional monetary policy. The present paper makes two contributions to this debate. First, it provides a systematic overview of unconventional policy options, drawing from existing theoretical and empirical studies. Against this backdrop, it then analyzes the BoE's specific policies, discussing their effectiveness so far and putting them into a cross-country context. Tentative evidence on the BoE's quantitative easing is moderately encouraging, although t
The missing link between financial constraints and productivity by Marialuz Moreno Badia ( )
1 edition published in 2009 in English and held by 182 WorldCat member libraries worldwide
The global financial crisis has reopened the debate on the potential spillover effects from the financial sector to the real economy. This paper adds to that debate by providing new evidence on the link between finance and firm-level productivity, focusing on the case of Estonia. We contribute to the literature in two important respects: (i) we look explicitly at the role of financial constraints; and (ii) we develop a methodology that corrects for the misspecification problems of previous studies. Our results indicate that young and highly indebted firms tend to be more financially constrained. Overall, a large number of firms shows some degree of financial constraints, with firms in the primary sector being the most constrained. More importantly, we find that financial constraints do not lower productivity for most sectors
Optimal monetary and fiscal policy with limited asset market participation by Sven Jari Stehn ( )
2 editions published in 2009 in English and held by 182 WorldCat member libraries worldwide
This paper characterises the jointly optimal monetary and fiscal stabilisation policy in a new Keynesian model that allows for consumers who lacking access to asset markets consume their disposable income each period. With full asset market participation, the optimal policy relies entirely on the interest rate to stabilise cost-push shocks and government expenditure is not changed. When asset market participation is limited, there is a case for fiscal stabilisation policy. Active use of public spending raises aggregate welfare because it enables a more balanced distribution of the stabilisatio
Fiscal stimulus with spending reversals by Giancarlo Corsetti ( )
3 editions published in 2009 in English and held by 181 WorldCat member libraries worldwide
The impact of fiscal stimulus depends not only on short-term tax and spending policies, but also on expectations about offsetting measures in the future. This paper analyzes the effects of an increase in government spending under a plausible debt-stabilizing policy that links current stimulus to a subsequent period of spending restraint. Accounting for such spending reversals brings an otherwise standard new Keynesian model in line with the stylized facts of fiscal transmission, including the crowding-in of consumption and the 'puzzle' of real exchange rate depreciation. Time series evidence f
Distress in European banks an analysis based on a new data set by Tigran Poghosyan ( )
3 editions published in 2009 in English and held by 181 WorldCat member libraries worldwide
The global financial crisis has highlighted the importance of early identification of weak banks: when problems are identified late, solutions are much more costly. Until recently, Europe has seen only a small number of outright bank failures, which made the estimation of early warning models for bank supervision very difficult. This paper presents a unique database of individual bank distress across the European Union from mid-1990s to 2008. Using this data set, we analyze the causes of banking distress in Europe. We identify a set of indicators and thresholds that can help to distinguish sound banks from those vulnerable to financial distress
Spain financial system stability assessment by International Monetary Fund ( )
4 editions published in 2012 in English and held by 180 WorldCat member libraries worldwide
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country
Euro area sovereign risk during the crisis by Silvia Sgherri ( )
4 editions published in 2009 in English and held by 180 WorldCat member libraries worldwide
While the use of public resources is critical to cushion the impact of the financial crisis on the euro-area economy, it is key that the entailed fiscal costs not be seen by markets as undermining fiscal sustainability. From this perspective, to what extent do movements in euro area sovereign spreads reflect country-specific solvency concerns? In line with previous studies, the paper suggests that euro area sovereign risk premium differentials tend to co-move over time and are mainly driven by a common time-varying factor, mimicking global risk repricing. Since October 2008, however, there is evidence that markets have become progressively more concerned about the potential fiscal implications of national financial sectors' frailty and future debt dynamics. The liquidity of sovereign bond markets still seems to play a significant (albeit fairly limited) role in explaining changes in euro area spreads
 
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Alternative Names

controlled identity International Monetary Fund

controlled identity International Monetary Fund. European I Department

controlled identity International Monetary Fund. European II Department

EUR
European Department.
International Monetary Fund. European Department.
International Monetary Fund. European Dept.
Languages
English (70)