Global Financial Stability Report: Financial Market by International Monetary Fund

By International Monetary Fund

Released two times every year, the worldwide monetary balance record (GFSR) used to be created to supply a extra common overview of world monetary markets by way of the IMF and to handle rising industry financing in a world context. It presents well timed research of advancements in either mature and rising marketplace international locations and seeks to spot power fault strains within the worldwide economic system that can bring about difficulty. The GFSR goals to deepen its readers’ realizing of world capital flows, which play a serious position as an engine of worldwide monetary progress. Of key worth, the file specializes in present stipulations in worldwide monetary markets, highlighting problems with monetary imbalances, and of a structural nature, which could pose hazards to monetary marketplace balance and sustained marketplace entry via rising marketplace debtors.

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Additional resources for Global Financial Stability Report: Financial Market Turbulence: Causes, Consequences, and Policies October 2007 (World Economic and Financial Surveys)

Example text

Regulated financial institutions should thoroughly explore the dynamics and sensitivities of the assets they hold and use as collateral, particularly if they are hard to value and have illiquid secondary markets, being aware of various “tail-risk” scenarios. Supervisors can better audit the risk management systems employed by such institutions to verify that they are appropriately tailored to their individual risks (see Chapter 2). Supervisors will want to check that counterparty risk is being given high priority.

Previous studies of flows into emerging markets also identified clear persistence of approximately the same degree as that reported here (Froot, O’Connell, and Seasholes, 2001). Investors also show some inclination to chase returns. Making use of the same panel vector 3In the simplest, single-period lag case the variance ratio statistic VR(2) is equivalent to VR(2) = Var(r t+r t+1)/2Var(r t) = (2Var(r t)+2Cov(r t,r t+1))/2Var(r t) = 1 + ρ, where ρ=σxy/σx2 is the coefficient in a firstorder autoregression of r.

INVESTMENT INFLOWS INTO EMERGING MARKETS—DO THEY DESTABILIZE LOCAL MARKETS? 42 Korean insurance companies have also invested in creditlinked notes based on a basket of Korean credits rather than on single names, as a way to generate a slightly higher yield than single names. S. and European debt) with a tenor of seven years or higher. Almost all are managed deals, with most purchases treated as buy-and-hold positions. These investments offer leveraged returns and tend to involve the selling of options to increase yield.

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