Patrick A. Imam's Books

Macroprudential Policies for a Resource Rich Economy The Case of Mongolia

By: Mr.Rodolfo Maino,Patrick A. Imam,Mr.Yasuhisa Ojima

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Macroprudential Policies for a Resource Rich Economy The Case of Mongolia

By: Mr.Rodolfo Maino,Patrick A. Imam,Mr.Yasuhisa Ojima

This paper explores the extent to which macroprudential tools can be used to manage banking sector risks in Mongolia, a commodity producing country exposed to both procyclical and cross-sectional financial sector risks. Loose fiscal policy, rising credit activity, and heightened risk appetite—attributable to the commodity boom—are fuelling price volatility in asset markets, posing significant risks to financial stability if left unchecked. Rising interconnectedness, potential increase in dollarization and concentrated exposures are compounding those risks. Macroprudential tools can complement fiscal and monetary policy adjustments to avoid the buildup of vulnerabilities in the banking sector.

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International Monetary Fund

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ISBN 10

1475588615

ISBN 13

9781475588613

Balance Sheet Vulnerabilities of Mauritius During a Decade of Shocks

By: Patrick A. Imam,Rainer Koehler

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Balance Sheet Vulnerabilities of Mauritius During a Decade of Shocks

By: Patrick A. Imam,Rainer Koehler

After reviewing the economic reform strategy of Mauritius for the past 10 years in the face of several external shocks, we apply a balance sheet analysis (BSA) focusing on currency, maturity, and intersectoral mismatches. In reviewing developments over this decade, we find that the currency and maturity mismatches have fallen across various sectors, and the intersectoral risks to each analyzed sector’s balance sheet appear controllable. The government has implemented reforms in recent years that have contributed to general improvement in the balance sheet of the Mauritian economy and its subsectors. We conclude that from a BSA perspective, the macroeconomic vulnerabilities of Mauritius seem manageable, though vulnerabilities remain, and data gaps mean that more work will be needed to support these findings.

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International Monetary Fund

Published Date

ISBN 10

1455201316

ISBN 13

9781455201310

Does A Regional Trade Agreement Lessen or Exacerbate Growth Volatility? An Empirical Investigation

By: Mr.Kangni Kpodar,Patrick A. Imam

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Does A Regional Trade Agreement Lessen or Exacerbate Growth Volatility? An Empirical Investigation

By: Mr.Kangni Kpodar,Patrick A. Imam

This paper assesses how regional trade agreements (RTAs) impact growth volatility on a worldwide sample of 170 countries with data spanning the period 1978-2012. Notwithstanding concerns that trade openness through RTAs can heighten exposure to shocks, in particular when it leads to increased product specialization, RTAs through enhanced policy credibility, improved policy coordination, and reduced risk of conflicts can ease growth volatility. Empirical estimations suggest the benefits outweigh the costs as RTAs are consistently associated with lower growth volatility, after controlling for trade openness and other determinants of growth volatility. Furthermore, regression results also suggest that countries that are more prone to shocks are more likely to join a RTA, in particular with countries with relatively less volatile growth, additionally enhancing the stabilization effect.

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International Monetary Fund

Published Date

ISBN 10

1513560956

ISBN 13

9781513560953

Aging Gracefully: Steering the Banking Sector Through Demographic Shifts

By: Patrick A. Imam,Mr. Christian Schmieder

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Aging Gracefully: Steering the Banking Sector Through Demographic Shifts

By: Patrick A. Imam,Mr. Christian Schmieder

We analyze how aging populations might affect the stability of banking systems through changes in the balance sheets and risk preferences of banks over the period 2000-2022. While the anticipated decline in maturity transformation due to aging hints at a possible reduction in risk exposure, an older population may propel banks towards yield-seeking behaviors, offsetting the diminishing prominence of conventional lending operations. Through a comprehensive examination of advanced economies over the past two decades, our findings reveal a general enhancement in bank stability correlating with the aging of populations. However, the adaptive responses of banks to these demographic changes are potentially introducing tail risks. Given the rapid global shift towards aging societies, our analysis highlights the critical need for policymakers to be proactive and vigilant. This is particularly pertinent considering historical precedents where periods of relative stability have often been harbingers of emerging risks.

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International Monetary Fund

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ISBN 13

9798400279447

Kufic Inscriptions of the Historic Grand Mosque of Shoushtar

By: S. M. V. Mousavi Jazayeri,Patrick Ringgenberg,Perette E. Michelli,Ali M. Chaharmahali,S. M. H. Mousavi Jazayeri

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Kufic Inscriptions of the Historic Grand Mosque of Shoushtar

By: S. M. V. Mousavi Jazayeri,Patrick Ringgenberg,Perette E. Michelli,Ali M. Chaharmahali,S. M. H. Mousavi Jazayeri

The authors of this book have taken a rare opportunity to bring together the many factors crucial to an adequate understanding of architectural inscriptions, and they have done so in relation to those in an important but sadly under-published historic mosque. The grand mosque of Shoushtar contains many historic inscriptions installed over time for documentary purposes, but the four monumental Kufic texts are integral parts of its design and meaning. They are here studied calligraphically, hermeneutically and phenomenologically, and in relation to the structure of the mosque itself, the whole being set against an outline of Shoushtar’s history and the features of the mosque. Begun in the ninth century CE, the grand mosque of Shoushtar is one of the earliest hypostyle mosques in Iran. It was built in “the city of scholars” when its residents included two great Sufis, Sahl Ibn Abdullah Tostari and Mansur Hallaj. This scholarly, mystical emphasis is reflected in the mosque itself and it is tempting to wonder whether the eleventh Shiite Imam, Hassan al-Askari, under house arrest at the time of building, had anything to do with its design. This mosque is idiosyncratic and much modified and now presents a complex interpretational challenge. This book is an important and long overdue contribution to our knowledge of Shoushtar and the historic application of monumental Kufic inscriptions. Its high quality illustrations allow personal study of all four Kufic inscriptions of the city’s grand mosque: Surat Ya-Sin which was once encircling the entire prayer hall, the dedicatory inscription above the secondary internal mihrab, its fascia inscription containing the last two verses of Surat al-Isra’ whose content parallels the fourth inscription of Surat al-Ikhlas (al-Tawhid) on the external mihrab.

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236

Publisher

Blautopf Publishing

Published Date

ISBN 10

151153799X

ISBN 13

9781511537995

At the Threshold: The Increasing Relevance of the Middle-Income Trap

By: Patrick A. Imam,Jonathan R. W. Temple

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At the Threshold: The Increasing Relevance of the Middle-Income Trap

By: Patrick A. Imam,Jonathan R. W. Temple

We investigate the existence of a middle-income trap using finite state Markov chains, constant growth thresholds, and mean passage times. As well as studying output per head, we examine the dynamics of its proximate determinants: TFP, the capital-output ratio, and human capital. We find upwards mobility for the capital-output ratio and human capital, but not for relative TFP. The lack of upwards mobility in relative TFP, at least from an intermediate level, suggests that escaping the middle-income category can take many years, and such traps may become increasingly apparent in the years to come.

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International Monetary Fund

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ISBN 13

9798400274855

Exchange Rate Choices of Microstates

By: Patrick A. Imam

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Exchange Rate Choices of Microstates

By: Patrick A. Imam

In this paper we first explain why most microstates (countries with less than 2 million inhabitants) have gained independence only in the last 30 years. Despite the higher costs and risks microstates face, their ability to better accommodate local preferences combined with a more integrated world economy probably explains why the benefits of independence have risen. We explain why microstates at independence have chosen either dollarization, currency board arrangements, or fixed exchange rates rather than more flexible forms of exchange rate systems. We then, using the Geweke-Hajvassiliou-Keane multivariate normal simulator, model empirically the determinants of each of the different fixed exchange rate regimes in microstates and analyze the policy implications.

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International Monetary Fund

Published Date

ISBN 10

1451962002

ISBN 13

9781451962000

Political Institutions and Output Collapses

By: Patrick A. Imam,Jonathan R. W. Temple

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Political Institutions and Output Collapses

By: Patrick A. Imam,Jonathan R. W. Temple

Major output collapses are costly and frequent in the developing world. Using cross-country data, we classify five-year periods using a two-dimensional state space based on growth regimes and political institutions. We then model the joint evolution of output growth and political institutions as a finite state Markov chain, and study how countries move between states. We find that growth is more likely to be sustained under democracy than under autocracy; output collapses are more persistent under autocracy; and stagnation under autocracy can give way to outright collapse. Democratic countries appear to be more resilient.

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International Monetary Fund

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ISBN 13

9798400225802

Book's by Patrick A. Imam

Macroprudential Policies for a Resource Rich Economy The Case of Mongolia

Macroprudential Policies for a Resource Rich Economy The Case of Mongolia

Balance Sheet Vulnerabilities of Mauritius During a Decade of Shocks

Balance Sheet Vulnerabilities of Mauritius During a Decade of Shocks

Does A Regional Trade Agreement Lessen or Exacerbate Growth Volatility? An Empirical Investigation

Does A Regional Trade Agreement Lessen or Exacerbate Growth Volatility? An Empirical Investigation

Aging Gracefully: Steering the Banking Sector Through Demographic Shifts

Aging Gracefully: Steering the Banking Sector Through Demographic Shifts

Kufic Inscriptions of the Historic Grand Mosque of Shoushtar

Kufic Inscriptions of the Historic Grand Mosque of Shoushtar

At the Threshold: The Increasing Relevance of the Middle-Income Trap

At the Threshold: The Increasing Relevance of the Middle-Income Trap

Exchange Rate Choices of Microstates

Exchange Rate Choices of Microstates

Political Institutions and Output Collapses

Political Institutions and Output Collapses

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