A Few White Papers
you are currently viewing::IMF Working paper-Long-Term Debt and Short-Term Rates: Fixed-Rate Mortgages and Monetary TransmissionJanuary 24, 2016--Summary Using instrumental-variablel local projections, we find both path-and state-dependency in monetary transmission. Monetary policy shapes mortgage choice, increasing (decreasing) the share of FRMs during easing (tightening) cycles. Over time, this mechanism alters the composition of the outstanding mortgage stock which, in turn, affects the central bank's ability to stabilize the economy ex-post. A greater (lower) prevalence of FRMs weakens (strengthens) monetary policy transmission to key macro-variables. Source: IMF |
IMF Working Paper: From Par to Pressure: Liquidity, Redemptions, and Fire Sales with a Systemic Stablecoin
January 16, 2026-Summary
Fiat-backed stablecoins are expanding, and their issuers may attain systemic relevance as reserve portfolios grow and as they become increasingly intertwined with financial markets. This paper analyzes the resulting risks and the design choices that can mitigate them. A detailed financial-economics discussion forms the core of the paper.
IMF Working Paper: Market Access and High Spread Issuances
January 16, 2026-Summary
We investigate the factors determining emerging markets' likelihood to access international capital markets. First, we develop a simple model to outline the theoretical foundations of market access, highlighting the role of risk, spreads, net worth, and the cost of repaying debt. The model also shows a trade-off between risk insurance and moral hazard and underscores the relevance of unconventional instruments such as guarantees and macro-contingent debt.
IMF Working Paper The Economic Implications of the Energy Transition in Asia-Pacific
January 9, 2026--Summary
This paper examines the economic effects of the global energy transition and the large uncertainty surrounding future fossil fuel demand on countries in the Asia-Pacific region. Under the paper's baseline, coal demand is expected to shrink by 15 percent by 2035, although depending on global policy ambition and technological uptake, the decline could be as large as 45 percent.
Four Futures for the New Economy: Geoeconomics and Technology in 2030
January 12, 2025-Four Futures for the New Economy: Geoeconomics and Technology in 2030 explores how the powerful interplay between geopolitical shifts and rapid technological change is reshaping the global economic landscape.
