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International Monetary Fund. Research Dept.

Economies Thomas Philippon Macro Risk Premium and Intermediary Balance Sheet Quantities Tobias Adrian, Emanuel Moench, and Hyun Song Shin For information on ordering and pricing, please point your browser to http://www.palgravejournals.com/imfer .

International Monetary Fund. Research Dept.
This paper analyzes transmission of the great recession from advanced to emerging economies. The widespread impact of the global financial crisis of 2008–09 has spurred researchers to examine how the associated recession was transmitted from advanced to emerging economies. Recent IMF studies have found that precrisis vulnerabilities such as large current account deficits, rapid credit growth, and high levels of short-term debt were strongly associated with the magnitude of spillovers. Trade, bank lending, and financial markets served as key transmission channels.
International Monetary Fund. Research Dept.

This paper analyzes transmission of the great recession from advanced to emerging economies. The widespread impact of the global financial crisis of 2008–09 has spurred researchers to examine how the associated recession was transmitted from advanced to emerging economies. Recent IMF studies have found that precrisis vulnerabilities such as large current account deficits, rapid credit growth, and high levels of short-term debt were strongly associated with the magnitude of spillovers. Trade, bank lending, and financial markets served as key transmission channels.

International Monetary Fund. Research Dept.

This paper analyzes transmission of the great recession from advanced to emerging economies. The widespread impact of the global financial crisis of 2008–09 has spurred researchers to examine how the associated recession was transmitted from advanced to emerging economies. Recent IMF studies have found that precrisis vulnerabilities such as large current account deficits, rapid credit growth, and high levels of short-term debt were strongly associated with the magnitude of spillovers. Trade, bank lending, and financial markets served as key transmission channels.

International Monetary Fund. Research Dept.

This paper analyzes transmission of the great recession from advanced to emerging economies. The widespread impact of the global financial crisis of 2008–09 has spurred researchers to examine how the associated recession was transmitted from advanced to emerging economies. Recent IMF studies have found that precrisis vulnerabilities such as large current account deficits, rapid credit growth, and high levels of short-term debt were strongly associated with the magnitude of spillovers. Trade, bank lending, and financial markets served as key transmission channels.

International Monetary Fund. Research Dept.

This paper analyzes transmission of the great recession from advanced to emerging economies. The widespread impact of the global financial crisis of 2008–09 has spurred researchers to examine how the associated recession was transmitted from advanced to emerging economies. Recent IMF studies have found that precrisis vulnerabilities such as large current account deficits, rapid credit growth, and high levels of short-term debt were strongly associated with the magnitude of spillovers. Trade, bank lending, and financial markets served as key transmission channels.

International Monetary Fund. Research Dept.

This paper analyzes transmission of the great recession from advanced to emerging economies. The widespread impact of the global financial crisis of 2008–09 has spurred researchers to examine how the associated recession was transmitted from advanced to emerging economies. Recent IMF studies have found that precrisis vulnerabilities such as large current account deficits, rapid credit growth, and high levels of short-term debt were strongly associated with the magnitude of spillovers. Trade, bank lending, and financial markets served as key transmission channels.

International Monetary Fund. Western Hemisphere Dept.

. Monetary Conditions Index D. Financial Conditions Index E. Macro-Risk Premium F. Conclusion FIGURES 1. Exchange Rate Depreciation, Inflation, and Monetary Policy Rate 2. Monetary Conditions Index 3. FCI and GDP Growth, 2001Q3–2015Q3 4. Contributions to FCI, 2008Q1–2015Q4 5. Factor Loadings in FCI 6. MRP and Real GDP Growth 7. EMBI Spreads versus Lending Spreads TABLES 1. Estimates of the Neutral Interest Rate 2. Correlations of Financial Variables and Real Activity (2001Q3–2015Q2) 3. MRP on Different Categories of Credit Growth

International Monetary Fund. Western Hemisphere Dept.

Monetary and Financial Conditions in Colombia 1 This paper presents an assessment of the monetary policy stance and broad financial conditions in Colombia, which provides insights about macro-financial linkages. First, we estimate the nominal neutral interest rate, and find a positive monetary policy gap. 2 Second, we study two traditional indices based on interest rates and spreads (monetary and financial conditions indices) and a more recent one (Macro-Risk Premium) that can be related to intermediaries’ balance sheet data. We conclude that while the