LEADER 06908oam 22014054 450 001 9910155013703321 005 20230808200831.0 010 $a1-4755-5420-6 035 $a(CKB)3710000000973028 035 $a(MiAaPQ)EBC4867568 035 $a(Au-PeEL)EBL4867568 035 $a(CaPaEBR)ebr11391092 035 $a(CaONFJC)MIL974472 035 $a(OCoLC)964526216 035 $a(IMF)WPIEA2016217 035 $a(EXLCZ)993710000000973028 100 $a20020129d2016 uf 0 101 0 $aeng 135 $aurcnu|||||||| 181 $ctxt$2rdacontent 182 $cc$2rdamedia 183 $acr$2rdacarrier 200 10$aFinancial Sector Debt Bias /$fOana Luca, Alexander Tieman 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2016. 215 $a1 online resource (29 pages) 225 1 $aIMF Working Papers 311 $a1-4755-5280-7 327 $aCover -- Contents -- I. Introduction -- II. Analyzing the oil market using a multi-country model -- A. The GVAR-Oil model -- B. Effects of a fall in oil prices -- III. Analyzing oil price changes using monthly data -- A. Has the relationship between real oil and equity prices been stable over time? -- B. Are lower oil prices beneficial for the U.S. and the world economy? -- IV. How do global oil supplies respond to lower oil prices? -- V. Concluding Remarks -- References -- Figures -- 1. Nominal and Real (2015 U.S. dollars) WTI Oil Prices -- 2. Effects of Lower Oil Prices on Global Real Equity Prices, Long-Term Interest Rates, and Real GDP -- 3. Effects of Lower Oil Prices on Long-Term Interest Rates in Various Countries -- 4. Effects of Lower Oil Prices on Inflation in Various Countries -- 5. Effects of Lower Oil Prices on Real GDP in Various Countries -- 6. U.S. Oil Production (1000 barrels/day) -- 7. Real Oil Prices and Real US Equity Prices (S& -- P 500), 1946M1-2016M3 -- 8. Rolling Estimates of the Effects of Changes in Oil Prices on Equity Prices -- 9. Real Oil Prices and Real Dividends (S& -- P 500), 1946M1-2016M3 -- 10. Rolling Estimates of the Effects of Changes in Oil Prices on Real Dividends -- 11. Monthly Oil Production for Iran, Iraq, Russia, Saudi Arabia, and the US (1000 barrels/day) -- Tables -- 1. Countries and Regions in the GVAR-Oil Model -- 2. Correlations between Changes in Real Oil Prices, Equity Prices and Dividends -- 3. Estimates of the Long-run Coefficients of Real Oil Prices based on Various ARDL Regressions and Sub-samples, 1970M1-2016M4. 330 3 $aMost tax systems create a tax bias toward debt finance. Such debt bias increases leverage and may negatively affect financial stability. This paper models and estimates debt bias in the financial sector, and present novel estimates for investment banks and non-bank financial intermediaries such as finance and insurance companies. We find debt bias to be pervasive, explaining as much as 10 percent of total leverage for regular banks and 20 percent for investment banks, with the effects most pronounced before the global financial crisis. Going forward, debt bias is likely to once again gain prominence as a key driver of leverage decisions, underscoring the importance of policy reform at this juncture. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2016/217 606 $aBanks and Banking$2imf 606 $aInvestments: Energy$2imf 606 $aInvestments: Stocks$2imf 606 $aMacroeconomics$2imf 606 $aIndustries: Energy$2imf 606 $aTime-Series Models$2imf 606 $aDynamic Quantile Regressions$2imf 606 $aDynamic Treatment Effect Models$2imf 606 $aDiffusion Processes$2imf 606 $aState Space Models$2imf 606 $aGeneral Aggregative Models: Forecasting and Simulation$2imf 606 $aBusiness Fluctuations$2imf 606 $aCycles$2imf 606 $aInternational Business Cycles$2imf 606 $aMacroeconomic Aspects of International Trade and Finance: Forecasting and Simulation$2imf 606 $aEconomywide Country Studies: U.S$2imf 606 $aCanada$2imf 606 $aEnergy and the Macroeconomy$2imf 606 $aEnergy: Demand and Supply$2imf 606 $aPrices$2imf 606 $aEnergy: General$2imf 606 $aMacroeconomics: Production$2imf 606 $aPension Funds$2imf 606 $aNon-bank Financial Institutions$2imf 606 $aFinancial Instruments$2imf 606 $aInstitutional Investors$2imf 606 $aInterest Rates: Determination, Term Structure, and Effects$2imf 606 $aInvestment & securities$2imf 606 $aPetroleum, oil & gas industries$2imf 606 $aFinance$2imf 606 $aOil prices$2imf 606 $aOil$2imf 606 $aOil production$2imf 606 $aStocks$2imf 606 $aLong term interest rates$2imf 606 $aCommodities$2imf 606 $aProduction$2imf 606 $aFinancial institutions$2imf 606 $aFinancial services$2imf 606 $aPetroleum industry and trade$2imf 606 $aInterest rates$2imf 607 $aUnited States$2imf 615 7$aBanks and Banking 615 7$aInvestments: Energy 615 7$aInvestments: Stocks 615 7$aMacroeconomics 615 7$aIndustries: Energy 615 7$aTime-Series Models 615 7$aDynamic Quantile Regressions 615 7$aDynamic Treatment Effect Models 615 7$aDiffusion Processes 615 7$aState Space Models 615 7$aGeneral Aggregative Models: Forecasting and Simulation 615 7$aBusiness Fluctuations 615 7$aCycles 615 7$aInternational Business Cycles 615 7$aMacroeconomic Aspects of International Trade and Finance: Forecasting and Simulation 615 7$aEconomywide Country Studies: U.S. 615 7$aCanada 615 7$aEnergy and the Macroeconomy 615 7$aEnergy: Demand and Supply 615 7$aPrices 615 7$aEnergy: General 615 7$aMacroeconomics: Production 615 7$aPension Funds 615 7$aNon-bank Financial Institutions 615 7$aFinancial Instruments 615 7$aInstitutional Investors 615 7$aInterest Rates: Determination, Term Structure, and Effects 615 7$aInvestment & securities 615 7$aPetroleum, oil & gas industries 615 7$aFinance 615 7$aOil prices 615 7$aOil 615 7$aOil production 615 7$aStocks 615 7$aLong term interest rates 615 7$aCommodities 615 7$aProduction 615 7$aFinancial institutions 615 7$aFinancial services 615 7$aPetroleum industry and trade 615 7$aInterest rates 700 $aLuca$b Oana 701 $aTieman$b Alexander 801 0$bDcWaIMF 906 $aBOOK 912 $a9910155013703321 996 $aFinancial Sector Debt Bias$92787743 997 $aUNINA