United States : Selected Issues.

Format:

Book

Government document

Author/Creator:

International Monetary Fund.

Contributor:

International Monetary Fund, Contributor.

Series:

IMF Staff Country Reports; Country Report ; No. 2007/265

IMF Staff Country Reports

Language:

English

Subjects (All):

Banks and banking--United States.

Banks and banking.

Financial crises--United States.

Financial crises.

Housing--United States--Finance.

Housing.

Saving and investment--United States.

Saving and investment.

Physical Description:

1 online resource (62 p.)

Edition:

First edition.

Place of Publication:

Washington, D.C. : International Monetary Fund, 2007.

Language Note:

English

Summary:

The size and sources of international spillovers of activity remain subject to significant uncertainty. This Selected Issues paper uses a new approach to differentiating these effects using disturbances to a diverse group of small industrial countries as a proxy for global shocks. The results from the baseline vector autoregressions suggest that shocks to the United States are significant for foreign activity. The paper also evaluates alternative explanations for the easy financing of the U.S. current account deficit in recent years.

Contents:

Cover; Contents; PART I. INTERNATIONAL LINKS; I. Summary of Foreign Entanglements: Measuring the Size and Source of Spillovers Across Industrial Countries; Figure 1. Responses to U.S. GDP Across Eight VARs; Figure 2. Decomposition of Responses to U.S. GDP; II. Summary of The Ties that Bind: Measuring International Bond Spillovers Using Inflation-Indexed Bond Yields; Table 1. Variance Decompositions After 50 Days; III. Summary of Globalization, Gluts, Innovation, or Irrationality: What Explains the Easy Financing of the U.S. Current Account Deficit?

Figure 1. Financing of the U.S. Current Account DeficitPART II. FINANCIAL INNOVATION; IV. New Landscape, New Challenges: Structural Change and Regulation in the U.S. Financial Sector; Figure 1. The Shrinking Core; A. Topography of the System; Figure 2. Waves of S; Figure 3. Core vs. Periphery; Figure 4. Inside the Core.; B. Regulatory Philosophy and Structure; C. Emerging Challenges; D. Broad Policy Implications; E. Specific Policy Considerations; Abbreviations and Acronyms; References; V. Money for Nothing and Checks for Free: Recent Developments in U.S. Subprime Mortgage Markets

A. Origins and History of the Subprime Mortgage MarketFigure 1. Homeownership Rate; Figure 2. Subprime and FHA Mortgage Originations; Box 1. Twisting by the Pool: The Mechanics of Mortgage Securitization; B. The Rapid Recent Expansion of Subprime Lending; Figure 3. All Mortgage Originations; C. What Prompted the Subprime "Crisis"?; Figure 4. Declining Mortgage Holdings of Depository Institutions; Box 2. Brothers in ARMs: Hybrids, Options, IOs, Neg-Ams, and Teasers; Figure 5 ARM Delinquencies and Foreclosures; Figure 6. Subprime ARMs: Delinquencies by Mortgage Vintage Year

D. The Impact on Financial InstitutionsFigure 7. Delinquency Rates for Adjustable-Rate and Fixed-Rate Mortgages; Figure 8. Early Payment Defaults; E. The Impact on Households; F. Risk Management and Consumer Protection in the Securitization Model; G. Resolving the Policy Tradeoff: Palliatives versus Future Reforms; H. Conclusion; References; PART III. FISCAL ISSUES; VI. Summary of U.S. Revenue Surprises: Are Happy Days Here to Stay?; Figure 1. Contribution to Revenue Increase, 2004-2006; Figure 2. Out-of-Sample Revenue Forecast, 2007-2009

VII. Summary of Applying The GFSM 2001 Framework to U.S. Fiscal DataTable 1. Statement of Federal Government Operations; Table 2. Integrated Balance Sheet for the Federal Government

Notes:

Description based upon print version of record.

Includes bibliographical references.

Description based on print version record.

ISBN:

9786613874139

9781455296361

1455296368

9781452733791

1452733791

9781283561686

1283561689

9781452721477

1452721475

OCLC:

870597766