password
username
Sponsored by CakeMail, an email marketing software.
Newsletter preview


New items about your countries of interest:

* Working Paper No. 07/132: Pooling Risk Among Countries

Author/Editor: Imbs, Jean ; Mauro, Paolo

Summary: In this paper, we identify the groups of countries where international risk-sharing opportunities are most attractive. We show that the bulk of risk-sharing gains can be achieved in groups consisting of as few as seven members, and that further marginal benefits quickly become negligible. For many such small groups, the welfare gains associated with risk sharing can amount to one order of magnitude larger than Lucas's classic calibration suggested for the United States, under similar assumptions on utility. Why do we not observe more arrangements of this type? Large welfare gains can only be achieved within groups where contracts are probably seen as relatively difficult to enforce. International diversification can thus yield substantial gains, but these may remain untapped owing to potential partners' weak institutional quality and a history of default on international obligations. Noting that existing risk sharing arrangements often have a regional dimension, we speculate that shared economic interests such as common trade may help sustain such arrangements, though risk-sharing gains are smaller when membership is constrained on a regional basis.
http://www.imf.org/external/pubs/cat/longres.cfm?sk=21005.0
[Matched: United States]

* Working Paper No. 07/129: France in the Global Economy: A Structural Approximate Dynamic Factor Model Analysis

Author/Editor: Kabundi, Alain N. ; Nadal De Simone, Francisco

Summary: This study identifies the main shocks that cause fluctuations in French output and their channels of transmission. It uses a large-dimensional structural approximate dynamic factor model. There are three main findings. First, common shocks, especially demand shocks, which seem to originate from the U.S., play an important role in explaining French economic activity. While international trade, relative prices, and FDI flows are the main channels of transmission, the stock market, consumer confidence, and interest rates also matter. Second, France's integration with the rest of the world has increased over time. Third, there is some tentative evidence of regional components in explaining French output fluctuations; countryspecific components also contribute. The predominance of exogenous factors affecting French output, the asymmetry in the transmission of shocks, and France's participation in a currency area, argue for making French goods, services, and labor markets as flexible as possible.
http://www.imf.org/external/pubs/cat/longres.cfm?sk=20988.0
[Matched: United States]

* Working Paper No. 07/128: The Ties that Bind: Measuring International Bond Spillovers Using the Inflation-Indexed Bond Yields

Author/Editor: Bayoumi, Tamim ; Swiston, Andrew

Summary: This paper explores international bond spillovers using daily and intra-day data on yields on inflation-indexed bonds and associated inflation expectations for the United States, Australia, Canada, France, Sweden, Japan, and the United Kingdom. The analysis starts in 2002, by which point U.S. inflation-indexed markets were fully mature. Real bond yields are found to be closely linked across countries, with developments in U.S. markets determining around half of real foreign yields and no evidence of spillovers back to the United States. Spillovers in inflation expectations are smaller and the direction of causation is less clear.
http://www.imf.org/external/pubs/cat/longres.cfm?sk=20989.0
[Matched: United States]

* IMF Seminars and Conferences -- IMF Book Forum: Economic Growth and Integration in Central America, June 21, 2007
http://www.imf.org/External/NP/EXR/BForums/2007/062107.htm
[Matched: United States]



***************************************************************
NEW! >> You can now sign up to receive e-mail notifications when we publish the IMF Publications Newsletter, a digest of new publications from the International Monetary Fund.

Modify your subscription at: https://www.imf.org/external/cntpst/signinmodify.aspx

Questions or comments about this email? Don't reply to the sender of this message. Instead, send a message to webmaster@imf.org.