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Daily Archives: December 13, 2012

Global Financial Crisis, Financial Contagion, and Emerging Markets

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Global Financial Crisis, Financial Contagion, and Emerging Markets. F. Gulcin Ozkan, D. Filiz Unsal. IMF Working Paper No. 12/293. December 13, 2012.

  • “The recent global financial crisis was the first in recent history that was triggered by problems in the financial system of the mature economies. Existing work on financial crisis in emerging market countries, however, almost exclusively focus on the role of financial frictions in the domestic economy. In contrast, we propose a two-country DSGE model to investigate the transmission of a global financial crisis that originates from financial frictions in the rest of the world. We find that the scale of financial spillovers from the global to the domestic economy and trade openness are key determinants of the severity of the financial crisis for the domestic economy. Our results also suggest that the welfare ranking of alternative monetary policy regimes is determined by the degree of financial contagion, the degree of trade openness as well as the scale of foreign currency denominated debt in the domestic economy.”
  • Related postings on financial system

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    “The Global Burden of Disease Study 2010 (GBD 2010) is the largest ever systematic effort to describe the global distribution and causes of a wide array of major diseases, injuries, and health risk factors. The results show that infectious diseases, maternal and child illness, and malnutrition now cause fewer deaths and less illness than they… Continue Reading

    Key Dimensions and Processes in the U.S. Credit Reporting System

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    Key Dimensions and Processes in the U.S. Credit Reporting System: A review of how the nation’s largest credit bureaus manage consumer data, December 13, 2012 “This paper describes the credit reporting infrastructure at the three largest nationwide consumer reporting agencies (NCRAs) – Equifax Information Services LLC (Equifax), TransUnion LLC (TransUnion), and Experian Information Solutions Inc.… Continue Reading

    European Central Bank publishes consolidated banking data for end-June 2012

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    [December 12, 2012] “the European Central Bank (ECB) is publishing the June-2012 Consolidated Banking Data (CBD), a data set that provides various statistics about the EU banking system on consolidated basis. It includes statistics on both individual EU Member States and the EU as a whole. It refers to 430 banking groups together with 4,216… Continue Reading

    Systematic monetary policy and the forward premium puzzle

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    Systematic monetary policy and the forward premium puzzle, by Demosthenes N. Tambakis and Nikola Tarashev. Working Papers No 396, December 2012 “Is systematic monetary policy a driver of the forward premium puzzle, i.e. the tendency of high interest-rate currencies to appreciate, thus strongly violating Uncovered Interest Parity (UIP)? We address this question by studying a… Continue Reading

    Taxes and the Economy: An Economic Analysis of the Top Tax Rates Since 1945

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    CRS – Taxes and the Economy: An Economic Analysis of the Top Tax Rates Since 1945 (Updated), Thomas L. Hungerford, Specialist in Public Finance. December 12, 2012 “Income tax rates are at the center of many recent policy debates over taxes. Some policymakers argue that raising tax rates, especially on higher income taxpayers, to increase… Continue Reading

    European Central Bank – Statistics Pocket Book • December 2012

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    ECB • Statistics Pocket Book • December 2012: “Online access to data and metadata – “For series included in the Statistics Pocket Book, methodologies and descriptions of metadata are available in the ECB’s Statistical Data Warehouse (SDW), at http://sdw.ecb.europa.eu. The latest available data for the series published in the Pocket Book are presented in a… Continue Reading