Fw: Your IMF Weekly Update: 3 new items
From: NewContent@InternationalMonetaryFund.org
To: me
ReplyTo: NewContent@InternationalMonetaryFund.org
Subject: Your IMF Weekly Update: 3 new items
Sent: Nov 29, 2009 22:08
New items in your series of interest:
* Working Paper No. 09/258: Institutional Factors and Financial Sector Development: Evidence from Sub-Saharan Africa
Author/Editor: Anayiotos, George C.; Toroyan, Hovhannes
Summary: The paper assesses the effects of certain institutional factors on financial sector development in Sub- Saharan Africa (SSA). Data Envelopment Analysis (DEA) is applied to determine the extent to which these institutions affect the financial sector, and to suggest which institutions play a more critical role in each country. Results suggest that institutional factors affect financial depth and access to financial services more than asset quality and profitability (measured by nonperforming loans (NPL) and return on equity (ROE). The results also suggest that depth of credit information has the strongest influence on the NPL ratio, and political stability affects access the most. Based on model findings, policy implications on prioritizing institutional reforms to enhance financial sector development are suggested for individual countries and for country groups.
http://www.imf.org/external/pubs/cat/longres.cfm?sk=23418.0
* Working Paper No. 09/259: From Lombard Street to Avenida Paulista: Foreign Exchange Liquidity Easing in Brazil in Response to the Global Shock of 2008-09
Author/Editor: Stone, Mark R.; Walker, W. Christopher; Yasui, Yosuke
Summary: The provision of foreign exchange liquidity by emerging market central banks during the global shock of 2008-09 departs from the domestic liquidity lender of last resort role described by Bagehot in his classic "Lombard Street." This paper documents and analyzes the foreign exchange liquidity providing measures of the Banco Central do Brasil (BCB) in response to varied market stresses. These measures appear to have reduced the relative onshore cost of dollar liquidity on impact and seemed to stabilize market expectations of exchange rate volatility. The results suggest that foreign exchange liquidity easing operations may become a standard central bank tool.
http://www.imf.org/external/pubs/cat/longres.cfm?sk=23417.0
* Working Paper No. 09/260: Improving Surveillance Across the CEMAC Region
Author/Editor: Iossifov, Plamen; Kinoshita, Noriaki; Takebe, Misa; York, Robert C.; Zhan, Zaijin
Summary: In this paper, we consider the design of the surveillance, and, in particular, the fiscal criteria in the Central African Economic and Monetary Community (CEMAC) with the view to ensuring they are consistent with internal and external sustainability. This consistency is important within a monetary union because fiscal policy is the primary instrument through which national governments can influence macroeconomic performance. We comment on how surveillance might be improved by broadening the region's current criteria through alternative fiscal indicators, some focus on the scope and nature of external shocks, and attention to the consistency of policies in assuring the viability of the union and its fixed exchange rate regime.
http://www.imf.org/external/pubs/cat/longres.cfm?sk=23421.0
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Regards,
Tarek Hoteit
http://tarek.hoteit.org
Labels: finance