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Do Financial Markets Value Quality of Fiscal Governance?

Do Financial Markets Value Quality of Fiscal Governance? »

Source: Do Financial Markets Value Quality of Fiscal Governance?

Volume/Issue: 2019/218

Series: IMF Working Papers

Author(s): Kady Keita , Gene Leon , and Frederico Lima

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 October 2019

ISBN: 9781513516127

Keywords: Access to international capital markets, International bond markets, Financial crises, Sovereign credit ratings, Access to capital markets, Fiscal governance, public financial management, sovereign bond, credit rating, WP

We examine the link between the quality of fiscal governance and access to market-based external finance. Stronger fiscal governance is associated with improvements in several indicators of market access, including...

Do Financial Markets Value Quality of Fiscal Governance?

Do Financial Markets Value Quality of Fiscal Governance? »

Volume/Issue: 2019/218

Series: IMF Working Papers

Author(s): Kady Keita , Gene Leon , and Frederico Lima

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 October 2019

DOI: http://dx.doi.org/10.5089/9781513516127.001

ISBN: 9781513516127

Keywords: Access to international capital markets, International bond markets, Financial crises, Sovereign credit ratings, Access to capital markets, Fiscal governance, public financial management, sovereign bond, credit rating, WP

We examine the link between the quality of fiscal governance and access to market-based external finance. Stronger fiscal governance is associated with improvements in several indicators of market access, including...

A Capital Market Union for Europe

A Capital Market Union for Europe »

Source: A Capital Market Union For Europe

Volume/Issue: 2019/7

Series: Staff Discussion Notes

Author(s): Ashok Bhatia , Srobona Mitra , Anke Weber , Shekhar Aiyar , Luiza Antoun de Almeida , Cristina Cuervo , Andre Santos , and Tryggvi Gudmundsson

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 September 2019

ISBN: 9781498313278

Keywords: Capital markets, Monetary unions, Financial integration, Bilateral payments arrangements, Capital flows, Europe, Financial crises, Economic integration, Economic conditions, Macroprudential policies and financial stability

This note weighs the merits of a capital market union (CMU) for Europe, identifies major obstacles in its path, and recommends a set of carefully targeted policy actions. European capital markets are relatively sm...

A Capital Market Union For Europe

A Capital Market Union For Europe »

Volume/Issue: 2019/7

Series: Staff Discussion Notes

Author(s): Ashok Bhatia , Srobona Mitra , Anke Weber , Shekhar Aiyar , Luiza Antoun de Almeida , Cristina Cuervo , Andre Santos , and Tryggvi Gudmundsson

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 September 2019

DOI: http://dx.doi.org/10.5089/9781498313278.006

ISBN: 9781498313278

Keywords: Capital markets, Monetary unions, Financial integration, Bilateral payments arrangements, Capital flows, Europe, Financial crises, Economic integration, Economic conditions, Macroprudential policies and financial stability

This note weighs the merits of a capital market union (CMU) for Europe, identifies major obstacles in its path, and recommends a set of carefully targeted policy actions. European capital markets are relatively sm...

Cook Islands

Cook Islands »

Source: Cook Islands : Technical Assistance Report-International Financial Services Industry

Volume/Issue: 2019/270

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Asia and Pacific Dept

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 August 2019

ISBN: 9781513510880

Keywords: Financial services industry, National accounts, Financial regulation and supervision, Tax revenue, International capital markets, trustee company, ship registry, international financial service, captive insurance, FSC

The Pacific Financial Technical Assistance Centre was approached to estimate how international companies, and the wider international financial services industry, contribute to the Cook Islands' economy and revenue...

Cook Islands
			: Technical Assistance Report-International Financial Services Industry

Cook Islands : Technical Assistance Report-International Financial Services Industry »

Volume/Issue: 2019/270

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Asia and Pacific Dept

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 August 2019

DOI: http://dx.doi.org/10.5089/9781513510880.002

ISBN: 9781513510880

Keywords: Financial services industry, National accounts, Financial regulation and supervision, Tax revenue, International capital markets, trustee company, ship registry, international financial service, captive insurance, FSC

The Pacific Financial Technical Assistance Centre was approached to estimate how international companies, and the wider international financial services industry, contribute to the Cook Islands' economy and revenue...

Long-Term Returns in Distressed Sovereign Bond Markets: How Did Investors Fare?

Long-Term Returns in Distressed Sovereign Bond Markets: How Did Investors Fare? »

Volume/Issue: 2019/138

Series: IMF Working Papers

Author(s): Jochen Andritzky , and Julian Schumacher

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2019

DOI: http://dx.doi.org/10.5089/9781498317375.001

ISBN: 9781498317375

Keywords: International bond markets, Collective action clauses, International capital markets, Sovereign debt restructuring, Bond issues, Debt crisis, public debt, sovereign risk, sovereign default, bond restructuring

Sovereign debt restructurings are perceived as inflicting large losses to bondholders. However, many bonds feature high coupons and often exhibit strong post-crisis recoveries. To account for these aspects, we anal...

Long-Term Returns in Distressed Sovereign Bond Markets: How Did Investors Fare?

Long-Term Returns in Distressed Sovereign Bond Markets: How Did Investors Fare? »

Source: Long-Term Returns in Distressed Sovereign Bond Markets: How Did Investors Fare?

Volume/Issue: 2019/138

Series: IMF Working Papers

Author(s): Jochen Andritzky , and Julian Schumacher

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2019

ISBN: 9781498317375

Keywords: International bond markets, Collective action clauses, International capital markets, Sovereign debt restructuring, Bond issues, Debt crisis, public debt, sovereign risk, sovereign default, bond restructuring

Sovereign debt restructurings are perceived as inflicting large losses to bondholders. However, many bonds feature high coupons and often exhibit strong post-crisis recoveries. To account for these aspects, we anal...

Sri Lanka
			: Technical Assistance Report-Enhancing the Effectiveness of the Sri Lankan Securities Market Enforcement Program

Sri Lanka : Technical Assistance Report-Enhancing the Effectiveness of the Sri Lankan Securities Market Enforcement Program »

Volume/Issue: 2019/140

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 May 2019

DOI: http://dx.doi.org/10.5089/9781498316187.002

ISBN: 9781498316187

Keywords: Capital markets, Securities markets, Global competitiveness, Financial markets, Financial sector reform, ISCR, CR, SEC, enforcement action, enforcement policy

After three decades of civil war and political instability that ended in 2009, Sri Lanka has embarked on a program of reform intended to enable the country to emerge as an internationally competitive middle level e...

Internal Capital Markets in Business Groups and the Propagation of Credit Supply Shocks

Internal Capital Markets in Business Groups and the Propagation of Credit Supply Shocks »

Volume/Issue: 2019/111

Series: IMF Working Papers

Author(s): Yu Shi , Robert Townsend , and Wu Zhu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 May 2019

DOI: http://dx.doi.org/10.5089/9781498314411.001

ISBN: 9781498314411

Keywords: Interest rate ceilings, Supply and demand, Credit demand, Credit, Bank credit, Internal capital markets, business groups, bank lending, China, corporate shareholder

Using business registry data from China, we show that internal capital markets in business groups can propagate corporate shareholders' credit supply shocks to their subsidiaries. An average of 16.7% local bank cre...