A Few White Papers
you are currently viewing::IMF Note-Fund Investor Types and Bond Market VolatilityMarch 12, 2025-Summary This paper explores the similarities and differences of tokens with traditional legal instruments in commercial law and how tokens could offer superior solutions, provided that proper legal foundations are established for their operation, including aspects of the law of securities and consumer protection law. However, there is a stark divergence between the behavior of institutional and retail ETF investors and their impact on the underlying market. When a larger share of a bond is owned by institutional investors through ETFs, its volatility tends to be higher. Conversely, retail investors tend to offset this impact of institutional investors. This disparity is not evident for OEMFs. Source: imf.org |
Social Security Reforms, Retirement and Sectoral Decisions
January 31, 2025--Summary
In many countries, the regulations governing pension systems, hiring procedures, and job contracts differ between the public and private sectors. Public sector employees tend to have longer tenures and higher wages compared to workers in the private sector.
As such, social security reforms can affect both retirement decisions and sectoral choices. We study the effects of social security reforms on retirement and sectoral behavior in an economy with multiple pension systems.
IMF Working Paper-Tokenization and Financial Market Inefficiencies
January 29, 2025--Summary
Most financial assets are digital today. Tomorrow, they may be tokenized. Tokenization implies recording and transferring assets on a widely shared and trusted digital ledger that can be programmed. Interest in tokenization is strong and experiments abound, but what are the consequences of this new trend for financial markets?
IMF Working paper-Long-Term Debt and Short-Term Rates: Fixed-Rate Mortgages and Monetary Transmission
January 24, 2016--Summary
We study the two-way relationship between fixed-rate mortgages (FRMs) and monetary policy in a panel of up to 35 countries over the last two decades. The dataset includes quarterly information on the composition of mortgage flows and stock by type of rate-fixation and monetary policy shocks cleaned of information effects.
Spillovers from Large Emerging Economies: How Dominant Is China?
January 24, 2016--Summary
This paper investigates the global economic spillovers emanating from G20 emerging markets (G20-EMs), with a particular emphasis on the comparative influence of China. Employing a Bayesian Global Vector Autoregression (GVAR) model, we assess the impacts of both demand-side and supply-side shocks across 63 countries, capturing the nuanced dynamics of global economic interactions. Our findings reveal that China's contribution to global economic spillovers significantly overshadows that of other G20-EMs.
