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Machine Learning and Causality: The Impact of Financial Crises on Growth

Machine Learning and Causality: The Impact of Financial Crises on Growth »

Volume/Issue: 2019/228

Series: IMF Working Papers

Author(s): Andrew Tiffin

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2019

DOI: http://dx.doi.org/10.5089/9781513518305.001

ISBN: 9781513518305

Keywords: Financial soundness indicators, Economic analysis, Financial crises, Banking crisis, Economic sectors, Supervised machine learning, causal inference, policy evaluation, counterfactual prediction, randomized experiments

Machine learning tools are well known for their success in prediction. But prediction is not causation, and causal discovery is at the core of most questions concerning economic policy. Recently, however, the liter...

Household Debt, Consumption, and Monetary Policy in Australia

Household Debt, Consumption, and Monetary Policy in Australia »

Volume/Issue: 2019/76

Series: IMF Working Papers

Author(s): Elena Loukoianova , Yu Ching Wong , and Ioana Hussiada

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 April 2019

DOI: http://dx.doi.org/10.5089/9781498303767.001

ISBN: 9781498303767

Keywords: Financial statistics, Interest rates on loans, Cost of living, Interest rate increases, Monetary transmission mechanism, household debt, consumption, household survey data, monetary policy, household

This paper discusses the evolution of the household debt in Australia and finds that while higher-income and higher-wealth households tend to have higher debt, lower-income households may become more vulnerable to...

Australia
			: Financial Sector Assessment Program-Detailed Assessment of Observance-Basel Core Principles For Effective Banking Supervision

Australia : Financial Sector Assessment Program-Detailed Assessment of Observance-Basel Core Principles For Effective Banking Supervision »

Volume/Issue: 2019/53

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 February 2019

DOI: http://dx.doi.org/10.5089/9781484398982.002

ISBN: 9781484398982

Keywords: Bank credit, Central banks, Access to international capital markets, Related party lending, Bank capital, APRA;bank act;Adi;bank 's board;FSSA

This Detailed Assessment of Observance of the Basel Core Principles For Effective Banking Supervision for Australia was prepared by a staff team of the International Monetary Fund. It is based on the information av...

Australia
			: Financial Sector Assessment Program-Technical Note-Bank Resolution and Crisis Management

Australia : Financial Sector Assessment Program-Technical Note-Bank Resolution and Crisis Management »

Volume/Issue: 2019/48

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 February 2019

DOI: http://dx.doi.org/10.5089/9781484398845.002

ISBN: 9781484398845

Keywords: Central banks, Systemically important financial institutions, Banking safety nets, Bank liquidity, Deposit insurance, APRA;RBA;Adi;FCS;foreign branch, limate change, Sustainability, Energy technology & engineering, Energy, power generation, distribution & storage

This Technical Note on Bank Resolution and Crisis Management for Australia was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with the member c...

Australia
			: Financial Sector Assessment Program-Technical Note-Insurance Sector: Regulation and Supervision

Australia : Financial Sector Assessment Program-Technical Note-Insurance Sector: Regulation and Supervision »

Volume/Issue: 2019/49

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 February 2019

DOI: http://dx.doi.org/10.5089/9781484398890.002

ISBN: 9781484398890

Keywords: Economic growth, Financial crises, Consumer credit, Health insurance, Financial regulation and supervision, life insurer;APRA;ASIC;insurer;policyholder

This Technical Note on Insurance Sector: Regulation and Supervision for Australia was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with the m...

Australia
			: Financial Sector Assessment Program-Technical Note-Stress Testing the Banking Sector and Systemic Risk Analysis

Australia : Financial Sector Assessment Program-Technical Note-Stress Testing the Banking Sector and Systemic Risk Analysis »

Volume/Issue: 2019/51

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 February 2019

DOI: http://dx.doi.org/10.5089/9781484398920.002

ISBN: 9781484398920

Keywords: Bank credit, Central banks, Bank liquidity, Financial soundness indicators, Systemically important financial institutions, Australian bank;liquidity;fund cost;GFC;solvency

This Technical Note on Stress Testing the Banking Sector and Systemic Risk Analysis for Australia was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consult...

Australia
			: Financial Sector Assessment Program-Technical Note-Supervision, Oversight and Resolution Planning of Financial Market Infrastructures

Australia : Financial Sector Assessment Program-Technical Note-Supervision, Oversight and Resolution Planning of Financial Market Infrastructures »

Volume/Issue: 2019/52

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 February 2019

DOI: http://dx.doi.org/10.5089/9781484398968.002

ISBN: 9781484398968

Keywords: Economic stabilization, Clearing and settlement systems, Central banks, Payment systems, Financial crises, ASX;RBA;RITS;payment system;ACCC

This Technical Note on Supervision, Oversight, and Resolution Planning of Financial Market Infrastructures for Australia was prepared by a staff team of the International Monetary Fund as background documentation f...

Australia
			: Financial Sector Assessment Program-Technical Note-Systemic Risk Oversight and Macroprudential Policy

Australia : Financial Sector Assessment Program-Technical Note-Systemic Risk Oversight and Macroprudential Policy »

Volume/Issue: 2019/50

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 February 2019

DOI: http://dx.doi.org/10.5089/9781484398906.002

ISBN: 9781484398906

Keywords: Real sector, Financial crises, Macroprudential policies and financial stability, Interest rates, Central banks, APRA;RBA;CFR;lend standard;LTV

This Technical Note on Systemic Risk Oversight and Macroprudential Policy for Australia was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with...

Australia
			: Financial System Stability Assessment

Australia : Financial System Stability Assessment »

Volume/Issue: 2019/54

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 February 2019

DOI: http://dx.doi.org/10.5089/9781484398999.002

ISBN: 9781484398999

Keywords: Bank credit, Financial soundness indicators, Deposit insurance, Central banks, Nominal effective exchange rate, Bank liquidity, APRA;RBA;superannuation;household debt;Australian bank

This Financial System Stability Assessment paper on Australia was prepared by a staff team of the International Monetary Fund. It is based on the information available at the time it was completed on September 14,...

Australia
			: Selected Issues

Australia : Selected Issues »

Volume/Issue: 2019/56

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 February 2019

DOI: http://dx.doi.org/10.5089/9781484399033.002

ISBN: 9781484399033

Keywords: Fiscal policy, Fiscal sector, Real effective exchange rates, Fiscal space, Economic growth, net debt;PBO;economic cycle;GFC;output gap

This Selected Issues paper on Australia was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with the member country. It is based on the informat...

Australia
			: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Australia

Australia : 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Australia »

Volume/Issue: 2019/55

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 February 2019

DOI: http://dx.doi.org/10.5089/9781484399019.002

ISBN: 9781484399019

Keywords: Economic growth, Credit, Unemployment, Fiscal policy, Employment, household debt;RBA;wage growth;interest-only;Haver

Australia experienced only a minor downturn after the end of the mining investment and commodity price boom but, as elsewhere, the adjustment and rebalancing has been slow, with below-target inflation and low wage...

Australia's Linkages with China: Prospects and Ramifications of China's Economic Transition

Australia's Linkages with China: Prospects and Ramifications of China's Economic Transition »

Volume/Issue: 2018/119

Series: IMF Working Papers

Author(s): Philippe Karam , and Dirk Muir

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 May 2018

DOI: http://dx.doi.org/10.5089/9781484357200.001

ISBN: 9781484357200

Keywords: Asia and Pacific, Australia, Dynamic stochastic general equilibrium; open economy macoeconomics; small open economy; open economy simulation, Dynamic stochastic general equilibrium, open economy macoeconomics, small open economy, open economy simulation, Forecasting and Simulation, Open Economy Macroeconomics, International Policy Coordination and Transmission

China and Australia have increasingly strong links, especially through trade. These are driven by demand from China for Australian commodities (coal and iron ore) and services (tourism and education). These links a...

Australia
			: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Australia

Australia : 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Australia »

Volume/Issue: 2018/44

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 February 2018

DOI: http://dx.doi.org/10.5089/9781484341827.002

ISBN: 9781484341827

Keywords: Asia and Pacific, Australia

Context. Australia has enjoyed a comparatively robust economic performance while adjusting to the end of the large mining boom of the 2000s. But the economy has not yet returned to full employment, and inflation is...

Australia
			: Selected Issues

Australia : Selected Issues »

Volume/Issue: 2018/45

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 February 2018

DOI: http://dx.doi.org/10.5089/9781484338322.002

ISBN: 9781484341872

Keywords: Asia and Pacific, Australia

Selected Issues...

Australia's Fiscal Framework: Revisiting Options for a Fiscal Anchor

Australia's Fiscal Framework: Revisiting Options for a Fiscal Anchor »

Volume/Issue: 2017/286

Series: IMF Working Papers

Author(s): Allan Dizioli , Philippe Karam , Dirk Muir , and Siegfried Steinlein

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 December 2017

DOI: http://dx.doi.org/10.5089/9781484335383.001

ISBN: 9781484335383

Keywords: Asia and Pacific, Australia, Fiscal policy; fiscal rules; general equilibrium models; taxation; debt, Fiscal policy, fiscal rules, general equilibrium models, taxation, debt, Forecasting and Simulation, General

This paper revisits options for fiscal anchors in Australia against the backdrop of a medium-term budget balance anchor that has led to larger than expected upward drift in the net debt to GDP ratio since the end o...

Labor Market Adjustments to Shocks in Australia

Labor Market Adjustments to Shocks in Australia »

Volume/Issue: 2017/124

Series: IMF Working Papers

Author(s): Adil Mohommad

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 May 2017

DOI: http://dx.doi.org/10.5089/9781484301760.001

ISBN: 9781484301760

Keywords: Australia, Asia and Pacific, labor market dynamics, economic flexibility, Labor Force and Employment, Size, and Structure

Labor markets in Australia have adjusted smoothly to significant declines in commodity prices with little increase in unemployment. This paper examines several aspects of the adjustment, focusing on (i) evidence of...

Australia
			: 2016 Article IV Consultation-Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for Australia

Australia : 2016 Article IV Consultation-Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for Australia »

Volume/Issue: 2017/42

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 February 2017

DOI: http://dx.doi.org/10.5089/9781475575835.002

ISBN: 9781475575835

Keywords: Asia and Pacific, Australia

This 2016 Article IV Consultation highlights that Australia has enjoyed robust growth despite the commodity price and mining investment bust. The moderate impact of the large shocks since 2011 highlights the resili...

Australia
			: Selected Issues

Australia : Selected Issues »

Volume/Issue: 2017/43

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 February 2017

DOI: http://dx.doi.org/10.5089/9781475575842.002

ISBN: 9781475575842

Keywords: Australia, Asset prices, Asia and Pacific, Budgets, Fiscal reforms, Fiscal consolidation, Fiscal policy, Real effective exchange rates, Labor markets, Medium-term strategy

This Selected Issues paper examines the adjustment of Australian labor markets to the recent adverse shocks. Australia's labor markets were not severely impacted by the global financial crisis and are adjusting smo...

How to Improve the Financial Oversight of Public Corporations

How to Improve the Financial Oversight of Public Corporations »

Volume: 16

Series: Fiscal Affairs Department How-To Notes

Author(s): Richard Allen , and Miguel Alves

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 November 2016

DOI: http://dx.doi.org/10.5089/9781475551983.061

ISBN: 9781475551983

Keywords: Capitalization, Public corporations, Europe, Asia and Pacific, Australia, South Africa, Sub-Saharan Africa, Sweden, state-owned enterprises, risk

Many studies have highlighted how failures of public corporations (otherwise known as state-owned enterprises) can result in huge economic and fiscal costs. To contain the risks associated with these costs, an effe...

Can Reform Waves Turn the Tide? Some Case Studies Using the Synthetic Control Method

Can Reform Waves Turn the Tide? Some Case Studies Using the Synthetic Control Method »

Volume/Issue: 2016/171

Series: IMF Working Papers

Author(s): Bibek Adhikari , Romain Duval , Bingjie Hu , and Prakash Loungani

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 August 2016

DOI: http://dx.doi.org/10.5089/9781475524277.001

ISBN: 9781475524277

Keywords: structural reforms, synthetic control method,liberalization, labor and productivity market reforms, growth.

A number of advanced economies carried out a sequence of extensive reforms of their labor and product markets in the 1990s and early 2000s. Using the Synthetic Control Method (SCM), this paper implements six case s...

Asia
			: A Survey of Gender Budgeting Efforts

Asia : A Survey of Gender Budgeting Efforts »

Volume/Issue: 2016/150

Series: IMF Working Papers

Author(s): Lekha Chakraborty

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 July 2016

DOI: http://dx.doi.org/10.5089/9781475519914.001

ISBN: 9781475519914

Keywords: India, Fiscal policy, Cross country analysis, Budgeting, Asia, Asia and Pacific, Australia, Philippines, Korea, Republic of, Gender

This paper reviews gender budgeting efforts in Asia. The countries in the region have achieved mixed success in improving gender equality. Gender budgeting is ideally a fiscal innovation that translates gender-rela...

The Role of Fiscal Transfers in Smoothing Regional Shocks
			: Evidence from Existing Federations

The Role of Fiscal Transfers in Smoothing Regional Shocks : Evidence from Existing Federations »

Volume/Issue: 2016/141

Series: IMF Working Papers

Author(s): Tigran Poghosyan , Abdelhak Senhadji , and Carlo Cottarelli

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 July 2016

DOI: http://dx.doi.org/10.5089/9781498379601.001

ISBN: 9781498379601

Keywords: public debt cycles, credit cycles, asset price cycles, duration analysis

We assess the extent to which fiscal transfers smooth regional shocks in three large federations: the U.S., Canada, and Australia. We find that fiscal transfers offset 4-11 percent of idiosyncratic shocks (risk-sha...

Introducing an Advance Tax Ruling (ATR) Regime

Introducing an Advance Tax Ruling (ATR) Regime »

Volume: 1

Series: Tax Law Technical Note

Author(s): Christophe Waerzeggers , and Cory Hillier

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 May 2016

DOI: http://dx.doi.org/10.5089/9781513511610.008

ISBN: 9781513511610

Keywords: United Kingdom, United States, Western Hemisphere, Netherlands, South Africa, Sub-Saharan Africa, Taxation, Asia and Pacific, Australia, Europe

Advance tax rulings are a common feature of mature tax systems. The tax systems of the United States, the United Kingdom, the Netherlands, Germany, Australia, and South Africa all have established ruling practices....

Bank Solvency and Funding Cost

Bank Solvency and Funding Cost »

Volume/Issue: 2016/64

Series: IMF Working Papers

Author(s): Christoph Aymanns , Carlos Caceres , Christina Daniel , and Liliana Schumacher

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 March 2016

DOI: http://dx.doi.org/10.5089/9781513591131.001

ISBN: 9781513591131

Keywords: Solvency, funding cost, bank fundamentals, bank, banks, interest, capital, risk, General, All Countries,

Understanding the interaction between bank solvency and funding cost is a crucial pre-requisite for stress-testing. In this paper we study the sensitivity of bank funding cost to solvency measures while controlling...

Fiscal Analysis of Resource Industries
			: (FARI Methodology)

Fiscal Analysis of Resource Industries : (FARI Methodology) »

Volume: 16

Series: Technical Notes and Manuals

Author(s): Oana Luca , and Diego Mesa Puyo

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 February 2016

DOI: http://dx.doi.org/10.5089/9781513575117.005

ISBN: 9781513575117

Keywords: Mining taxation, petroleum taxation, fiscal regime design, tax, instruments, revenue, valuation, cash flows, General, Business Taxes and Subsidies

This manual introduces key concepts and methodology used by the Fiscal Affairs Department (FAD) in its fiscal analysis of resource industries (FARI) framework. Proper evaluation of fiscal regimes for extractive ind...

Trading on Their Terms? Commodity Exporters in the Aftermath of the Commodity Boom

Trading on Their Terms? Commodity Exporters in the Aftermath of the Commodity Boom »

Volume/Issue: 2016/27

Series: IMF Working Papers

Author(s): Aqib Aslam , Samya Beidas-Strom , Rudolfs Bems , Oya Celasun , Sinem Kılıç Çelik , and Zsoka Koczan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 February 2016

DOI: http://dx.doi.org/10.5089/9781498338158.001

ISBN: 9781498338158

Keywords: Resource Boom, commodity, output, trade, price, prices, Global Commodity Crises, Resource Booms, All Countries,, Natural resources

Commodity prices have declined sharply over the past three years, and output growth has slowed considerably among countries that are net exporters of commodities. A critical question for policy makers in these econ...

Introducing a General Anti-Avoidance Rule (GAAR)
			: Ensuring That a GAAR Achieves Its Purpose

Introducing a General Anti-Avoidance Rule (GAAR) : Ensuring That a GAAR Achieves Its Purpose »

Volume: 1

Series: Tax Law Technical Note

Author(s): Christophe Waerzeggers , and Cory Hillier

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 January 2016

DOI: http://dx.doi.org/10.5089/9781513515823.008

ISBN: 9781513515823

Keywords: Tax evasion, Tax regimes, Tax systems, tax, tax benefit, tax law, transaction, tax avoidance

Tax avoidance continues to attract attention globally with strong support for tax law reform at all levels. This Tax Law IMF Technical Note focuses on some of the key design and drafting considerations of one speci...

The Whole Elephant
			: A Proposal for Integrating Cash, Accrual, and Sustainability-Gap Accounts

The Whole Elephant : A Proposal for Integrating Cash, Accrual, and Sustainability-Gap Accounts »

Volume/Issue: 2015/261

Series: IMF Working Papers

Author(s): Timothy Irwin

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 December 2015

DOI: http://dx.doi.org/10.5089/9781513597492.001

ISBN: 9781513597492

Keywords: Accrual accounts, comprehensive accounts, factor income distribution, budget deficit, deficit, accounting, transactions, All Countries,

Although the budget deficit is much discussed in political debate and economic research, there is no agreement on how it should be measured. There are at least four options, which can be called the cash deficit, th...

Contingent Liabilities from Banks
			: How to Track Them?

Contingent Liabilities from Banks : How to Track Them? »

Volume/Issue: 2015/255

Series: IMF Working Papers

Author(s): Serkan Arslanalp , and Yin Liao

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 December 2015

DOI: http://dx.doi.org/10.5089/9781513568560.001

ISBN: 9781513568560

Keywords: bank, banks, banking, risk, Government Policy and Regulation, All Countries,

In this paper, we develop a methodology to assess potential losses to the government that could arise from bank failures. The approach is intended to be simple, parsimonious, and used in real time. It generates an...

Recognizing the Bias
			: Financial Cycles and Fiscal Policy

Recognizing the Bias : Financial Cycles and Fiscal Policy »

Volume/Issue: 2015/246

Series: IMF Working Papers

Author(s): Nina Budina , Borja Gracia , Xingwei Hu , and Sergejs Saksonovs

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 November 2015

DOI: http://dx.doi.org/10.5089/9781513508863.001

ISBN: 9781513508863

Keywords: housing cycles, private debt, debt bias, debt, price, output, prices, International Lending and Debt Problems, All Countries, debt bias.,

This paper argues that asset price cycles have significant effects on fiscal outcomes. In particular, there is evidence of debt bias-the tendency of debt to increase over the cycle- that is significantly larger for...

Australia
			: 2015 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Australia

Australia : 2015 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Australia »

Volume/Issue: 2015/274

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 September 2015

DOI: http://dx.doi.org/10.5089/9781513543239.002

ISBN: 9781513543239

This 2015 Article IV Consultation highlights that the Australia's economy is now facing a large transition as the mining investment boom winds down and the terms of trade has fallen back. Growth has been below tren...

Australia
			: Selected Issues

Australia : Selected Issues »

Volume/Issue: 2015/275

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 September 2015

DOI: http://dx.doi.org/10.5089/9781513556499.002

ISBN: 9781513556499

Keywords: prices, income, interest, supply, debt

This Selected Issues paper analyzes the housing prices in Australia. Housing prices in Australia have increased strongly over the past two decades, including by comparison internationally. Thus housing prices are o...

Getting the Dog to Bark
			: Disclosing Fiscal Risks from the Financial Sector

Getting the Dog to Bark : Disclosing Fiscal Risks from the Financial Sector »

Volume/Issue: 2015/208

Series: IMF Working Papers

Author(s): Timothy Irwin

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 September 2015

DOI: http://dx.doi.org/10.5089/9781513507736.001

ISBN: 9781513507736

Keywords: Implicit guarantees, fiscal risks, financial crisis, budget reports, guarantees, debt, liabilities, Forecasts of Budgets, Deficits, and Debt,

Fiscal reporting is intended to warn of fiscal crises while there is still time to prevent them. The recent crisis thus seems to reveal a failure of fiscal reporting: before the crisis, even reports on fiscal risk...

Building a Better Union
			: Incentivizing Structural Reforms in the Euro Area

Building a Better Union : Incentivizing Structural Reforms in the Euro Area »

Volume/Issue: 2015/201

Series: IMF Working Papers

Author(s): Angana Banerji , Bergljot Barkbu , James John , Tidiane Kinda , Sergejs Saksonovs , Hanni Schoelermann , and Tao Wu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 September 2015

DOI: http://dx.doi.org/10.5089/9781513517087.001

ISBN: 9781513517087

Keywords: Structural reform, European economic governance, governance, states, member states, legislation, fiscal, Planning, Coordination, and Reform

The momentum for structural reforms is waning in the euro area at a time when even faster progress is needed to boost productivity and growth, achieve real economic convergence, and improve the resilience of the mo...

What Really Drives Public Debt
			: A Holistic Approach

What Really Drives Public Debt : A Holistic Approach »

Volume/Issue: 2015/137

Series: IMF Working Papers

Author(s): Pablo Anaya , and Alex Pienkowski

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 June 2015

DOI: http://dx.doi.org/10.5089/9781513591353.001

ISBN: 9781513591353

Keywords: debt, interest, interest rate, General, Monetary Policy (Targets, Instruments, and Effects),

This paper presents a novel approach to detail the propagation of shocks to public debt. The modeling technique involves a structural vector auto-regression (SVAR) estimator with an endogenous debt accumulation equ...

Sub-National Government's Risk Premia
			: Does Fiscal Performance Matter?

Sub-National Government's Risk Premia : Does Fiscal Performance Matter? »

Volume/Issue: 2015/117

Series: IMF Working Papers

Author(s): Sergio Sola , and Geremia Palomba

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 May 2015

DOI: http://dx.doi.org/10.5089/9781513511061.001

ISBN: 9781513511061

Keywords: Sub-national governments, market, markets, debt, bonds, primary market, Financial Markets and the Macroeconomy, Asset Pricing, General,

This paper examines the determinants of sub-national governments risk premia using secondary market data for U.S., Canada, Australia and Germany. It finds that, as for central governments, fiscal fundamentals matte...

Fair Weather or Foul? The Macroeconomic Effects of El Niño

Fair Weather or Foul? The Macroeconomic Effects of El Niño »

Volume/Issue: 2015/89

Series: IMF Working Papers

Author(s): Paul Cashin , Kamiar Mohaddes , and Mehdi Raissi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 April 2015

DOI: http://dx.doi.org/10.5089/9781475535495.001

ISBN: 9781475535495

Keywords: El Ni&;amp;#x00F1;o weather shocks, oil and non-fuel commodity prices, global macroeconometric modeling, international business cycle, prices, inflation, variables, gdp, trade, Time-Series Models

This paper employs a dynamic multi-country framework to analyze the international macroeconomic transmission of El Niño weather shocks. This framework comprises 21 country/region-specific models, estimated over the...

What has Capital Liberalization Meant for Economic and Financial Statistics

What has Capital Liberalization Meant for Economic and Financial Statistics »

Volume/Issue: 2015/88

Series: IMF Working Papers

Author(s): Robert Heath

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 April 2015

DOI: http://dx.doi.org/10.5089/9781475520965.001

ISBN: 9781475520965

Keywords: data dissmination standards, financial interconnections, capital flow, capital flows, investment, financial stability, monetary fund, General, financial interconnections.,

The liberalization of capital flows both in the domestic economy and cross-border has been among the most important policies adopted by IMF member countries over recent decades. The impact has been wide-ranging. Th...

Fair Play
			: More Equal Laws Boost Female Labor Force Participation

Fair Play : More Equal Laws Boost Female Labor Force Participation »

Volume/Issue: 2015/2

Series: Staff Discussion Notes

Author(s): Christian Gonzales , Sonali Jain-Chandra , Kalpana Kochhar , and Monique Newiak

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 February 2015

DOI: http://dx.doi.org/10.5089/9781498354424.006

ISBN: 9781498354424

Keywords: Labor force participation, Gender equality, Women, female labor force participation, gender equity, legal rights, gender, labor force, female labor, Participación en la fuerza laboral;Mujeres;Igualdad de género;Mercados de trabajo;Reformas del mercado laboral;Aspectos económicos de la familia;Análisis entre países

This Staff Discussion Note examines the effect of gender-based legal restrictions and other policy choices and demographic characteristics on female labor force participation. Drawing on a large and novel panel dat...

Juego limpio
			: Leyes más equitativas fomentan la participación femenina en la fuerza laboral

Juego limpio : Leyes más equitativas fomentan la participación femenina en la fuerza laboral »

Volume/Issue: 2015/2

Series: Staff Discussion Notes

Author(s): Christian Gonzales , Sonali Jain-Chandra , Kalpana Kochhar , and Monique Newiak

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 February 2015

Language: Spanish

DOI: http://dx.doi.org/10.5089/9781513573564.006

ISBN: 9781513573564

Keywords: Participación en la fuerza laboral, Mujeres, Igualdad de género,Mercados de trabajo, Reformas del mercado laboral, Aspectos económicos de la familia, Análisis entre países

En este Documento de Análisis del Personal Técnico se estudia el efecto de las restricciones legales basadas en el género y de las políticas públicas y las características demográficas en la participación femenina...

Learning, Monetary Policy and Asset Prices

Learning, Monetary Policy and Asset Prices »

Volume/Issue: 2015/16

Series: IMF Working Papers

Author(s): Marco Airaudo , Salvatore Nisticò , and Luis-Felipe Zanna

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 January 2015

DOI: http://dx.doi.org/10.5089/9781498343466.001

ISBN: 9781498343466

Keywords: Learning, Expectational Stability, Interest Rate Rules, Multiple Equilibria, Determinacy, stock, equilibrium, economy, markets, General,

We explore the stability properties of interest rate rules granting an explicit response to stock prices in a New-Keynesian DSGE model populated by Blanchard-Yaari non-Ricardian households. The constant turnover be...

The Impact of the Global Financial Crisis on Banking Globalization

The Impact of the Global Financial Crisis on Banking Globalization »

Volume/Issue: 2014/197

Series: IMF Working Papers

Author(s): Stijn Claessens , and Neeltje Horen

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 October 2014

DOI: http://dx.doi.org/10.5089/9781498301435.001

ISBN: 9781498301435

Keywords: financial globalization, global financial crisis, financial fragmentation, host country, banking, foreign bank, host countries,

Although cross-border bank lending has fallen sharply since the crisis, extending our bank ownership database from 1995-2009 up to 2013 shows only limited retrenchment in foreign bank presence. While banks from OEC...

Financial Crises and the Composition of Cross-Border Lending

Financial Crises and the Composition of Cross-Border Lending »

Volume/Issue: 2014/185

Series: IMF Working Papers

Author(s): Eugenio Cerutti , Galina Hale , and Camelia Minoiu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 October 2014

DOI: http://dx.doi.org/10.5089/9781484361443.001

ISBN: 9781484361443

Keywords: syndicated loans, global financial crisis, BIS international banking statistics, Dealogic Loan Analytics, banking, bank assets, financial crisis, bank capital, General, Globalization: Finance,

We examine the composition and drivers of cross-border bank lending between 1995 and 2012, distinguishing between syndicated and non-syndicated loans. We show that on-balance sheet syndicated loan exposures account...

How Much is A Lot? Historical Evidence on the Size of Fiscal Adjustments

How Much is A Lot? Historical Evidence on the Size of Fiscal Adjustments »

Volume/Issue: 2014/179

Series: IMF Working Papers

Author(s): Julio Escolano , Laura Jaramillo , Carlos Mulas-Granados , and G. Terrier

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 September 2014

DOI: http://dx.doi.org/10.5089/9781484378861.001

ISBN: 9781484378861

Keywords: Deficit, primary balance, size of adjustment, fiscal adjustments, fiscal consolidations, Structure and Scope of Government,

The sizeable fiscal consolidation required to stabilize the debt-to-GDP ratios in several countries in the aftermath of the global crisis raises a crucial question on its feasibility. To answer this question, we re...

The Great Cross-Border Bank Deleveraging
			: Supply Constraints and Intra-Group Frictions

The Great Cross-Border Bank Deleveraging : Supply Constraints and Intra-Group Frictions »

Volume/Issue: 2014/180

Series: IMF Working Papers

Author(s): Eugenio Cerutti , and Stijn Claessens

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 September 2014

DOI: http://dx.doi.org/10.5089/9781498354783.001

ISBN: 9781498354783

Keywords: Global banks, Credit supply, Deleveraging, banking, banking system, systemic crisis, Financial Markets and the Macroeconomy, Financial Aspects of Economic Integration,

International banks greatly reduced their direct cross-border and local affiliates' lending as the global financial crisis strained balance sheets, lowered borrower demand, and changed government policies. Using bi...

Pacific Island Countries
			: In Search of a Trade Strategy

Pacific Island Countries : In Search of a Trade Strategy »

Volume/Issue: 2014/158

Series: IMF Working Papers

Author(s): Hong Chen , Lanieta Rauqeuqe , Shiu raj Singh , Yiqun Wu , and Yongzheng Yang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 August 2014

DOI: http://dx.doi.org/10.5089/9781498324342.001

ISBN: 9781498324342

Keywords: tourist, tourist arrivals, tourists, tourism industry, destination country, Globalization: General,

International trade is vital for economic prosperity in Pacific island countries, but their trade performance has been weak over the past decade with the exception of resource-rich countries. Small country size and...

Administering Fiscal Regimes for Extractive Industries
			: A Handbook

Administering Fiscal Regimes for Extractive Industries : A Handbook »

Series: Books

Author(s): Jack Calder

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 July 2014

DOI: http://dx.doi.org/10.5089/9781475575170.071

ISBN: 9781475575170

Keywords: natural resource, natural resources, natural resource taxes, natural resource taxation, tax authority

This handbook is one of the first of its kind to focus attention on effectively administering revenues from extractive industries. It provides policymakers and officials in developing and emerging market economies...

Deposit Insurance Database

Deposit Insurance Database »

Volume/Issue: 2014/118

Series: IMF Working Papers

Author(s): Asli Demirgüç-Kunt , Edward Kane , and Luc Laeven

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 July 2014

DOI: http://dx.doi.org/10.5089/9781498354479.001

ISBN: 9781498354479

Keywords: banking, deposit insurance scheme, deposit guarantee, banking crisis, General,

This paper provides a comprehensive, global database of deposit insurance arrangements as of 2013. We extend our earlier dataset by including recent adopters of deposit insurance and information on the use of gover...

On the use of Monetary and Macroprudential Policies for Small Open Economies

On the use of Monetary and Macroprudential Policies for Small Open Economies »

Volume/Issue: 2014/112

Series: IMF Working Papers

Author(s): F. Gulcin Ozkan , and Filiz Unsal

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 June 2014

DOI: http://dx.doi.org/10.5089/9781498375429.001

ISBN: 9781498375429

Keywords: Financial instability, macroprudential measures, emerging, inflation, foreign currency, monetary fund, General, Macroeconomic Aspects of International Trade and Finance,

We explore optimal monetary and macroprudential policy rules for a small open economy. Delegating 'lean against the wind' squarely to macroprudential policy provides a more robust policy mix to shock uncertainty-(i...

Financial Plumbing and Monetary Policy

Financial Plumbing and Monetary Policy »

Volume/Issue: 2014/111

Series: IMF Working Papers

Author(s): Manmohan Singh

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 June 2014

DOI: http://dx.doi.org/10.5089/9781498367134.001

ISBN: 9781498367134

Keywords: quantitative easing, collateral velocity, Federal Reserve, repo rate, hedge, hedge funds, hedge fund, Government Policy and Regulation, International Monetary Arrangements and Institutions, Corporation and Securities Law,

This paper focuses on how changes in financial plumbing of the markets may impact the monetary policy options as central banks contemplate lift off from zero lower bound (ZLB). Under the proposed regulations, banks...

Tax Buoyancy in OECD Countries

Tax Buoyancy in OECD Countries »

Volume/Issue: 2014/110

Series: IMF Working Papers

Author(s): Vincent Belinga , Dora Benedek , Ruud A. Mooij , and John Norregaard

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 June 2014

DOI: http://dx.doi.org/10.5089/9781498305075.001

ISBN: 9781498305075

Keywords: Tax buoyancy, Error Correction Model, total tax revenue, tax revenues, Forecasts of Budgets, Deficits, and Debt,

By how much will faster economic growth boost government revenue? This paper estimates short- and long-run tax buoyancy in OECD countries between 1965 and 2012. We find that, for aggregate tax revenues, short-run t...

External Debt Statistics

External Debt Statistics »

Series: Manuals & Guides

Author(s): International Monetary Fund. Statistics Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 June 2014

DOI: http://dx.doi.org/10.5089/9781484366622.069

ISBN: 9781484366622

Keywords: external debt, external debt position, central bank, bonds, contingent liabilities, Debt (external), Central banks, Balance of payments

The External Debt Statistics: Guide for Compilers and Users (EDS Guide) contains updated global standards for the compilation, reporting, and analytical use of external debt statistics. The 2013 EDS Guide was prep...

The Net Stable Funding Ratio
			: Impact and Issues for Consideration

The Net Stable Funding Ratio : Impact and Issues for Consideration »

Volume/Issue: 2014/106

Series: IMF Working Papers

Author(s): Jeanne Gobat , Mamoru Yanase , and Joseph Maloney

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 June 2014

DOI: http://dx.doi.org/10.5089/9781498346498.001

ISBN: 9781498346498

Keywords: Bank Regulation, Financing, Firm Size, Policy, off balance sheet, banking supervision, bank for international settlements, banking system, Government Policy and Regulation, Firm Performance: Size

As part of Basel III reforms, the NSFR is a new prudential liquidity rule aimed at limiting excess maturity transformation risk in the banking sector and promoting funding stability. The revised package has been is...

Inflation Targeting and Fiscal Rules
			: Do Interactions and Sequencing Matter?

Inflation Targeting and Fiscal Rules : Do Interactions and Sequencing Matter? »

Volume/Issue: 2014/89

Series: IMF Working Papers

Author(s): Jean-Louis Combes , Xavier Debrun , Alexandru Minea , and Rene Tapsoba

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 May 2014

DOI: http://dx.doi.org/10.5089/9781498322379.001

ISBN: 9781498322379

Keywords: institutional reform sequencing, inflation, inflation rate, terms of trade, Monetary Policy (Targets, Instruments, and Effects), Comparative or Joint Analysis of Fiscal and Monetary or Stabilization Policy, Deficit,

The paper examines the joint impact of inflation targeting (IT) and fiscal rules (FR) on fiscal behavior and inflation in a broad panel of advanced and developing economies over the period 1990-2009. The main contr...

Finance and Development, June 2014

Finance and Development, June 2014 »

Volume/Issue: 51/2

Series: Finance & Development

Author(s): International Monetary Fund. External Relations Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 May 2014

DOI: http://dx.doi.org/10.5089/9781475535037.022

ISBN: 9781475535037

Keywords: Finance and Development, monetary fund, governance, central bank, good governance

This chapter highlights various ways Asia's growth has affected the world economy. The chapter also shows that if currency trends continue, the Asian economy is expected to be larger than that of the United States...

Bank Funding Costs for International Banks

Bank Funding Costs for International Banks »

Volume/Issue: 2014/71

Series: IMF Working Papers

Author(s): Rita Babihuga , and Marco Spaltro

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 April 2014

DOI: http://dx.doi.org/10.5089/9781475517910.001

ISBN: 9781475517910

Keywords: bank funding, bank lending, deposit, wholesale funding, banking, banking system, bank capital, wholesale funding.,

This paper investigates the determinants of bank funding costs for a sample of internationally active banks from 2001-12. We find that changes in banks' unsecured funding costs are associated with bank-specific cha...

Monetary Policy in the New Normal

Monetary Policy in the New Normal »

Volume/Issue: 2014/3

Series: Staff Discussion Notes

Author(s): Tamim Bayoumi , Giovanni Dell'Ariccia , Karl Habermeier , Tommaso Mancini Griffoli , and Fabian Valencia

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 April 2014

DOI: http://dx.doi.org/10.5089/9781475561784.006

ISBN: 9781475561784

Keywords: Cross country analysis, Central bank autonomy, Central bank independence, Central banks, Financial stability, Monetary policy, Macroprudential Policy, inflation, central bank, monetary fund

The proposed SDN would take stock of the current debate on the shape that monetary policy should take after the crisis. It revisits the pros and cons of expanding the objectives of monetary policy, the merits of tu...

Equitable and Sustainable Pensions
			: Challenges and Experience

Equitable and Sustainable Pensions : Challenges and Experience »

Series: Books

Author(s): Benedict Clements , Frank Eich , and Sanjeev Gupta

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 March 2014

DOI: http://dx.doi.org/10.5089/9781616359508.071

ISBN: 9781616359508

Keywords: pension, pensions, benefits, pension system, retirement age

Pension reform is high on the agenda of many advanced and emerging market economies, for many reasons. First, public pensions often constitute a large share of government expenditure. Second, population aging means...

Asia's Stock Markets
			: Are There Crouching Tigers and Hidden Dragons?

Asia's Stock Markets : Are There Crouching Tigers and Hidden Dragons? »

Volume/Issue: 2014/37

Series: IMF Working Papers

Author(s): Fabian Lipinsky , and Li Lian Ong

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 February 2014

DOI: http://dx.doi.org/10.5089/9781484320143.001

ISBN: 9781484320143

Keywords: arbitrage pricing theory, Asian financial crisis, fundamentals, global financial crisis, idiosyncratic factors, integration, IOSCO, securities regulation, stock market, stock pricing

Stock markets play a key role in corporate financing in Asia. However, despite their increasing importance in terms of size and cross-border investment activity, the region's markets are reputed to be more 'idiosyn...

Australia
			: Staff Report for 2013 Article IV Consultation-Staff Report; Press Release; and Statement by the Executive Director for Australia

Australia : Staff Report for 2013 Article IV Consultation-Staff Report; Press Release; and Statement by the Executive Director for Australia »

Volume/Issue: 2014/51

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 February 2014

DOI: http://dx.doi.org/10.5089/9781475555097.002

ISBN: 9781475555097

Keywords: Australia, mining, terms of trade, external debt, current account, reserve bank

This 2013 Article IV consultation highlights Australia's below-trend GDP growth and the beginning of the decline of the investment phase of the mining boom, which has passed its peak. A key issue now is how Austral...

Do Forecasters Believe in Okun's Law? An Assessment of Unemployment and Output Forecasts

Do Forecasters Believe in Okun's Law? An Assessment of Unemployment and Output Forecasts »

Volume/Issue: 2014/24

Series: IMF Working Papers

Author(s): Laurence Ball , João Tovar Jalles , and Prakash Loungani

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 February 2014

DOI: http://dx.doi.org/10.5089/9781475584097.001

ISBN: 9781475584097

Keywords: forecast revisions, Okun&;amp;#x2019;s Law, Great Recession, forecast assessment, unemployment rate, unemployment forecasts, recession, employment, Forecasting and Other Model Applications, Forecasting and Simulation

This paper provides an assessment of the consistency of unemployment and output forecasts. We show that, consistent with Okun's Law, forecasts of real GDP growth and the change in unemployment are negatively correl...

Thin Capitalization Rules and Multinational Firm Capital Structure

Thin Capitalization Rules and Multinational Firm Capital Structure »

Volume/Issue: 2014/12

Series: IMF Working Papers

Author(s): Jennifer Blouin , Harry Huizinga , Luc Laeven , and Gaetan Nicodeme

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 January 2014

DOI: http://dx.doi.org/10.5089/9781484384442.001

ISBN: 9781484384442

Keywords: Thin capitalization rule, Multinational firm, Capital structure, Taxation, tax burdens, interest payments, tax countries, tax authorities, Business Taxes and Subsidies, Taxation.,

This paper examines the impact of thin capitalization rules that limit the tax deductibility of interest on the capital structure of the foreign affiliates of US multinationals. We construct a new data set on thin...

The Special Data Dissemination Standard Plus
			: Guide for Adherents and Users

The Special Data Dissemination Standard Plus : Guide for Adherents and Users »

Series: Manuals & Guides

Author(s): International Monetary Fund. Statistics Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 October 2013

DOI: http://dx.doi.org/10.5089/9781484365960.069

ISBN: 9781484365960

Keywords: sdds, metadata, financial corporations, debt securities, cdis

The International Monetary Fund (IMF) launched the Data Standards Initiatives to enhance member countries' data transparency and to promote their development of sound statistical systems. The need for data standard...

Testing the Prebisch-Singer Hypothesis since 1650
			: Evidence from Panel Techniques that Allow for Multiple Breaks

Testing the Prebisch-Singer Hypothesis since 1650 : Evidence from Panel Techniques that Allow for Multiple Breaks »

Volume/Issue: 2013/180

Series: IMF Working Papers

Author(s): Rabah Arezki , Kaddour Hadri , Prakash Loungani , and Yao Rao

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 August 2013

DOI: http://dx.doi.org/10.5089/9781484341155.001

ISBN: 9781484341155

Keywords: Primary, commodities, Unit, root tests, Multiple, Structural breaks, Volatility, commodity markets, price fluctuations, transport costs

In this paper, we re-examine two important aspects of the dynamics of relative primary commodity prices, namely the secular trend and the short run volatility. To do so, we employ 25 series, some of them starting a...

Institutional Arrangements for Macroprudential Policy in Asia

Institutional Arrangements for Macroprudential Policy in Asia »

Volume/Issue: 2013/165

Series: IMF Working Papers

Author(s): Cheng Lim , Rishi Ramchand , Helen Wagner , and Xiaoyong Wu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 July 2013

DOI: http://dx.doi.org/10.5089/9781484338360.001

ISBN: 9781484338360

Keywords: institutional arrangements, macroprudential, regulation, financial system, deposit insurance, financial services, Government Policy and Regulation,

This paper surveys institutional arrangements for macroprudential policy in Asia. Central banks in Asia typically have a financial stability mandate, and play a key role in the macroprudential framework. Smaller an...

Pressure or Prudence? Tales of Market Pressure and Fiscal Adjustment

Pressure or Prudence? Tales of Market Pressure and Fiscal Adjustment »

Volume/Issue: 2013/170

Series: IMF Working Papers

Author(s): Salvatore Dell'Erba , Todd Mattina , and Agustin Roitman

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 July 2013

DOI: http://dx.doi.org/10.5089/9781484374054.001

ISBN: 9781484374054

Keywords: market pressure, macro-fiscal fundamentals, advanced economies, fiscal consolidations, fiscal adjustments, Asset Pricing, General,

We study whether multiyear fiscal adjustment plans in 17 OECD countries during 1980-2011 have been associated with market pressure. We find that only a third (34 percent) of the consolidations occurred under market...

Políticas macroprudencial y microprudencial
			: Hacia la cohabitación

Políticas macroprudencial y microprudencial : Hacia la cohabitación »

Volume/Issue: 2013/5

Series: Staff Discussion Notes

Author(s): Jacek Osinski , Katharine Seal , and Lex Hoogduin

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 June 2013

Language: Spanish

DOI: http://dx.doi.org/10.5089/9781498332941.006

ISBN: 9781498332941

Keywords: Macroprudential Policy, Financial systems, Financial institutions, Banks, Bank supervision, Financial stability, Business cycles, política microprudencial, ciclo financiero, riesgo sistémico

En todos los países, emergentes y avanzados, se requieren mecanismos eficaces para aplicar políticas micro y macroprudenciales a fin de promover la estabilidad financiera global. Ambas políticas se complementan mut...

Fixing the Fixings
			: What Road to a More Representative Money Market Benchmark?

Fixing the Fixings : What Road to a More Representative Money Market Benchmark? »

Volume/Issue: 2013/131

Series: IMF Working Papers

Author(s): V. Brousseau , Alexandre Chailloux , and A. Durré

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 May 2013

DOI: http://dx.doi.org/10.5089/9781484306772.001

ISBN: 9781484306772

Keywords: Libor, fixings, Unsecured Money Market, Benchmarking System, money market, derivative, hedging, interest rate derivatives, financial institutions, General

Interest rate derivatives on major currencies, with notional outstanding amounts adding up to hundreds of trillions, are mostly indexed on Libor and Euribor benchmarks, as are hundreds of billions in loans to enter...

Competition Policy for Modern Banks

Competition Policy for Modern Banks »

Volume/Issue: 2013/126

Series: IMF Working Papers

Author(s): Lev Ratnovski

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 May 2013

DOI: http://dx.doi.org/10.5089/9781484354728.001

ISBN: 9781484354728

Keywords: Competition Policy, bank competition, mergers, General, Government Policy and Regulation,

Traditional bank competition policy seeks to balance efficiency with incentives to take risk. The main tools are rules guiding entry/exit and consolidation of banks. This paper seeks to refine this view in light of...

The Anatomy of the VAT

The Anatomy of the VAT »

Volume/Issue: 2013/111

Series: IMF Working Papers

Author(s): Michael Keen

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 May 2013

DOI: http://dx.doi.org/10.5089/9781484330586.001

ISBN: 9781484330586

Keywords: tax gaps, vat revenue, consumption tax, tax administration, tax journal, national tax journal, Business Taxes and Subsidies,

This paper sets out some tools for understanding the performance of the value added tax (VAT). Applying a decomposition of VAT revenues (as a share of GDP) to the universe of VATs over the last twenty years, it eme...

Survey of Reserve Managers
			: Lessons from the Crisis

Survey of Reserve Managers : Lessons from the Crisis »

Volume/Issue: 2013/99

Series: IMF Working Papers

Author(s): Aideen Morahan , and Christian Mulder

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 May 2013

DOI: http://dx.doi.org/10.5089/9781484308486.001

ISBN: 9781484308486

Keywords: Foreign Currency Reserves, reserve managers, central banks, currency composition, reserve management, central bank,

This paper reports in detail on a survey that was circulated to reserve managing central banks of IMF member countries in April 2012. The survey aims to gain further insight into how reserve managers have reacted t...

Another Look at Governments' Balance Sheets
			: The Role of Nonfinancial Assets

Another Look at Governments' Balance Sheets : The Role of Nonfinancial Assets »

Volume/Issue: 2013/95

Series: IMF Working Papers

Author(s): Elva Bova , Robert Dippelsman , Kara Rideout , and Andrea Schaechter

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 May 2013

DOI: http://dx.doi.org/10.5089/9781484315453.001

ISBN: 9781484315453

Keywords: government statistics, government finance, government finance statistics, national accounts, public finances, Structure and Scope of Government, Infrastructures,

When discussing debt reduction strategies, little attention has been given to the role of governments’ nonfinancial assets. This is in part because data are scarce. Drawing on various data sources, this pape...

Public Financial Management and Its Emerging Architecture

Public Financial Management and Its Emerging Architecture »

Series: Books

Author(s): M. Cangiano , Teresa Curristine , and Michel Lazare

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 April 2013

DOI: http://dx.doi.org/10.5089/9781475531091.071

ISBN: 9781475531091

Keywords: decentralization, fiscal rules, rules, expenditure, public investment

The first two decades of the twenty-first century have witnessed an influx of innovations and reforms in public financial management. The current wave of reforms is markedly different from those in the past, owing...

A Framework for Efficient Government Investment

A Framework for Efficient Government Investment »

Volume/Issue: 2013/58

Series: IMF Working Papers

Author(s): Andrew Warner

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 February 2013

DOI: http://dx.doi.org/10.5089/9781475579147.001

ISBN: 9781475579147

Keywords: Welfare economics, scope and performance of government, externalities, cost-benefit analysis, subsidy, private returns, rates of return, investment projects, Structure and Scope of Government, Business Taxes and Subsidies

Welfare economics, scope and performance of government, externalities, public goods, cost-benefit analysis, subsidies economize on spending without losing effectiveness by modifying the conceptual framework guiding...

The Changing Collateral Space

The Changing Collateral Space »

Volume/Issue: 2013/25

Series: IMF Working Papers

Author(s): Manmohan Singh

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 January 2013

DOI: http://dx.doi.org/10.5089/9781475542356.001

ISBN: 9781475542356

Keywords: velocity/re-use of collateral, central banks and QE, LCR, CCPs, custodians, CSDs, collateral, bonds, financial markets, derivatives market

This paper highlights the changing collateral landscape and how it may shape the global demand/supply for collateral. We first identify the key collateral pools (relative to the 'old' collateral space) and associat...

The Challenge of Public Pension Reform in Advanced and Emerging Economies

The Challenge of Public Pension Reform in Advanced and Emerging Economies »

Series: Occasional Papers

Author(s): Benedict Clements , David Coady , Frank Eich , Sanjeev Gupta , Alvar Kangur , Baoping Shang , and Mauricio Soto

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 January 2013

DOI: http://dx.doi.org/10.5089/9781616354138.084

ISBN: 9781616354138

Keywords: Cross country analysis, Developed countries, Emerging markets, Government expenditures, Pension reforms, Pensions, pension, retirement, pension spending, public pension

Pension reform is high on the policy agenda of many advanced and emerging market economies. In advanced economies the challenge is generally to contain future increases in public pension spending as the population...

Modeling Sterilized Interventions and Balance Sheet Effects of Monetary Policy in a New-Keynesian Framework

Modeling Sterilized Interventions and Balance Sheet Effects of Monetary Policy in a New-Keynesian Framework »

Volume/Issue: 2013/11

Series: IMF Working Papers

Author(s): Jaromir Benes , Andrew Berg , Rafael Portillo , and David Vavra

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 January 2013

DOI: http://dx.doi.org/10.5089/9781475545401.001

ISBN: 9781475545401

Keywords: Sterilized FX interventions, new-Keynesian economics, exchange rate, exchange rate targeting, exchange rate interventions, exchange rates, Monetary Policy (Targets, Instruments, and Effects),

We study a wide range of hybrid inflation-targeting (IT) and managed exchange rate regimes, analyzing their implications for inflation, output and the exchange rate in the presence of various domestic and external...

The Behavior of Currencies during Risk-off Episodes

The Behavior of Currencies during Risk-off Episodes »

Volume/Issue: 2013/8

Series: IMF Working Papers

Author(s): Reinout De Bock , and Irineu de Carvalho Filho

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 January 2013

DOI: http://dx.doi.org/10.5089/9781557755308.001

ISBN: 9781557755308

Keywords: Risk-off episodes, safe haven currencies, exchange rate, currency markets, capital flows, global financial crisis,

Episodes of increased global risk aversion, also known as risk-off episodes, have become more frequent and severe since 2007. During these episodes, currency markets exhibit recurrent patterns, as the Japanese yen,...

Coordinating Climate and Trade Policies
			: Pareto Efficiency and the Role of Border Tax Adjustments

Coordinating Climate and Trade Policies : Pareto Efficiency and the Role of Border Tax Adjustments »

Volume/Issue: 2012/289

Series: IMF Working Papers

Author(s): Michael Keen , and Christos Kotsogiannis

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 December 2012

DOI: http://dx.doi.org/10.5089/9781475552942.001

ISBN: 9781475552942

Keywords: Environmental taxation, cap-and-trade, Pareto efficiency, border tax adjustments, carbon taxes, border tax, trade policies, trade taxes, Trade and Environment, General,

This paper explores the role of trade instruments in globally efficient climate policies, focusing on the central issue of whether some form of border tax adjustment (BTA) is warranted when carbon prices differ int...

Issues in Extractive Resource Taxation
			: A Review of Research Methods and Models

Issues in Extractive Resource Taxation : A Review of Research Methods and Models »

Volume/Issue: 2012/287

Series: IMF Working Papers

Author(s): James Smith

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 December 2012

DOI: http://dx.doi.org/10.5089/9781475573466.001

ISBN: 9781475573466

Keywords: extractive resources, fiscal regimes, tax instruments, fiscal regime, Business Taxes and Subsidies, Mining, Extraction, and Refining: Hydrocarbon Fuels, Mining, Extraction

This paper provides a conceptual overview of economists' attempts to learn about the effects of taxes on extractive resources. The emphasis is on research methods and techniques, with no attempt to provide a compre...

Australia
			: Addressing Systemic Risk Through Higher Loss Absorbency-Technical Note

Australia : Addressing Systemic Risk Through Higher Loss Absorbency-Technical Note »

Volume/Issue: 2012/311

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 November 2012

DOI: http://dx.doi.org/10.5089/9781475542776.002

ISBN: 9781475542776

Keywords: market capitalization, banking, tier 1 capital, banking system, present value

Australia's four largest banks can be considered domestically systemic. They make up the lion's share of the banking system, use similar business models, and are interconnected. The top four banks are relatively si...

Australia
			: Basel Core Principles for Effective Banking Supervision-Detailed Assessment of Observance

Australia : Basel Core Principles for Effective Banking Supervision-Detailed Assessment of Observance »

Volume/Issue: 2012/313

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 November 2012

DOI: http://dx.doi.org/10.5089/9781475540093.002

ISBN: 9781475540093

Keywords: banking, banking supervision, banking system, banking business, prudential regulation

Australia has a very high level of compliance with the Basel Core Principles for Effective Banking Supervision (BCPs). The Australian banking system was more sheltered than a number of other countries and weathered...

Australia
			: Financial Safety Net and Crisis Management Framework-Technical Note

Australia : Financial Safety Net and Crisis Management Framework-Technical Note »

Volume/Issue: 2012/310

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 November 2012

DOI: http://dx.doi.org/10.5089/9781475587319.002

ISBN: 9781475587319

Keywords: banking, banking sector, holding company, prudential regulation

Australia has a history of few bank failures, even fewer financial crises, and its banking sector emerged from the global financial crisis relatively well.1 With an eye toward international developments, the Austra...

Australia
			: Insurance Core Principles-Detailed Assessment of Observance

Australia : Insurance Core Principles-Detailed Assessment of Observance »

Volume/Issue: 2012/312

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 November 2012

DOI: http://dx.doi.org/10.5089/9781589069794.002

ISBN: 9781589069794

Keywords: life insurers, life insurance, reinsurance, general insurance, insurance industry

The insurance industry in Australia has weathered the global financial crisis well and was resilient to the catastrophic events in 2010/11. The insurance industry is mature but relatively small compared to the bank...

Australia
			: IOSCO Objectives and Principles of Securities Regulation-Detailed Assessment of Implementation

Australia : IOSCO Objectives and Principles of Securities Regulation-Detailed Assessment of Implementation »

Volume/Issue: 2012/314

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 November 2012

DOI: http://dx.doi.org/10.5089/9781475563412.002

ISBN: 9781475563412

Keywords: regulation, rules, regulatory framework, regulatory impact, regulations

The Australian legal and regulatory framework for securities markets exhibits a high level of compliance with the International Organization of Securities Commissions (IOSCO) Principles. A few remaining concerns ne...

Australia
			: Financial System Stability Assessment

Australia : Financial System Stability Assessment »

Volume/Issue: 2012/308

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Asia and Pacific Dept;International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 November 2012

DOI: http://dx.doi.org/10.5089/9781475572346.002

ISBN: 9781475572346

Keywords: Financial system stability assessment, Financial sector, Banks, Bank supervision, Bank resolution, Credit risk, Risk management, Financial stability, Australia, Financial regulation and supervision

In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discuss...

Australia
			: 2012 Article IV Consultation-Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Australia

Australia : 2012 Article IV Consultation-Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Australia »

Volume/Issue: 2012/305

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 November 2012

DOI: http://dx.doi.org/10.5089/9781475561357.002

ISBN: 9781475561357

Keywords: current account, balance of payments, external liabilities, current account balance

GDP growth is likely to remain strong, although narrowly driven by a mining investment boom, increasing the economy's vulnerability to terms of trade shocks. Outside the mining sector, growth is expected to be slow...

Australia
			: Report on the Observance of Standards and Codes (ROSC)-Summary Assessments

Australia : Report on the Observance of Standards and Codes (ROSC)-Summary Assessments »

Volume/Issue: 2012/307

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 November 2012

DOI: http://dx.doi.org/10.5089/9781475587623.002

ISBN: 9781475587623

Keywords: regulation, regulatory framework, rules, regulations, legislation

The main objective of the assessment was to analyze and observe the implementation of the International Organization of Securities Commissions (IOSCO) Principles in Australia. The various responsibilities of the Au...

The Domestic Credit Supply Response to International Bank Deleveraging
			: Is Asia Different?

The Domestic Credit Supply Response to International Bank Deleveraging : Is Asia Different? »

Volume/Issue: 2012/258

Series: IMF Working Papers

Author(s): Shekhar Aiyar , and Sonali Jain-Chandra

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 October 2012

DOI: http://dx.doi.org/10.5089/9781475580914.001

ISBN: 9781475580914

Keywords: Global banks, liquidity shock, cross-border lending, instrumental variables, claims, banking, bank lending, bank for international settlements, instrumental variables., General,

During the global financial crisis, European banks contracted foreign claims on recipient economies sharply. This paper examines the impact of that deleveraging on credit supply in recipient economies, with a parti...

Fiscal Policy to Mitigate Climate Change
			: A Guide for Policymakers

Fiscal Policy to Mitigate Climate Change : A Guide for Policymakers »

Series: Books

Author(s): Ruud Mooij , Michael Keen , and Ian Parry

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 September 2012

DOI: http://dx.doi.org/10.5089/9781616353933.071

ISBN: 9781616353933

Keywords: Climate policy, co2, forest, forests, subsidies, climate finance

Efforts to control atmospheric accumulations of greenhouse gases that threaten to heat up the planet are in their infancy. Although the IMF is not an environmental organization, environmental issues matter for its...

Small Island States in the Pacific
			: the Tyranny of Distance

Small Island States in the Pacific : the Tyranny of Distance »

Volume/Issue: 2012/223

Series: IMF Working Papers

Author(s): Chris Becker

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2012

DOI: http://dx.doi.org/10.5089/9781475510263.001

ISBN: 9781475510263

Keywords: microstate, economies of scale, geographic isolation, economic outcomes, per capita income, neighboring countries, transport costs, Measurement and Analysis of Poverty, Macroeconomic Analyses of Economic Development, Economic Development: Regional

This paper seeks to document key characteristics of small island states in the Pacific. It restricts itself to a limited number of indicators which are macro-orientated - population, fertility of land, ability to t...

2012 Review of Data Provision to the Fund for Surveillance Purposes

2012 Review of Data Provision to the Fund for Surveillance Purposes »

Volume/Issue: 2012/074

Series: Policy Papers

Author(s): International Monetary Fund. Statistics Dept.;International Monetary Fund. Strategy, Policy, & Review Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 August 2012

DOI: http://dx.doi.org/10.5089/9781498339957.007

ISBN: 9781498339957

Keywords: Data quality assessment framework, Economic indicators, Government finance statistics, Surveillance, Access to international capital markets, Accounting, Assets, Balance of payments, Balance sheets, Banking sector

The IMF keeps data provision by members under periodic review since timely, accurate, and comprehensive data are essential for fulfilling its surveillance mandate. The previous Review of Data Provision to the Fund...

Can Policies Affect Employment Intensity of Growth? A Cross-Country Analysis

Can Policies Affect Employment Intensity of Growth? A Cross-Country Analysis »

Volume/Issue: 2012/218

Series: IMF Working Papers

Author(s): Davide Furceri , Ernesto Crivelli , and Joël Toujas-Bernate

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2012

DOI: http://dx.doi.org/10.5089/9781475505689.001

ISBN: 9781475505689

Keywords: employment elasticities, structural policies, reforms, labor market, labor market policies, Macroeconomics: Consumption, Saving, Production, Employment and Investment: Other, Mobility

The aim of this paper is to provide new estimates of employment-output elasticities and assess the effect of structural and macroeocnomic policies on the employment-intensity of growth. Using an unbalanced panel of...

Macro-prudential Policy in a Fisherian Model of Financial Innovation

Macro-prudential Policy in a Fisherian Model of Financial Innovation »

Volume/Issue: 2012/181

Series: IMF Working Papers

Author(s): Javier Bianchi , Emine Boz , and Enrique Mendoza

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2012

DOI: http://dx.doi.org/10.5089/9781475505290.001

ISBN: 9781475505290

Keywords: Financial crises, financial innovation, macro-prudential regulation, Bayesian learning, collateral, bond, bonds, derivative

The interaction between credit frictions, financial innovation, and a switch from optimistic to pessimistic beliefs played a central role in the 2008 financial crisis. This paper develops a quantitative general equ...

Measuring Systemic Liquidity Risk and the Cost of Liquidity Insurance

Measuring Systemic Liquidity Risk and the Cost of Liquidity Insurance »

Volume/Issue: 2012/194

Series: IMF Working Papers

Author(s): Tiago Severo

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2012

DOI: http://dx.doi.org/10.5089/9781475505436.001

ISBN: 9781475505436

Keywords: stock returns, banking<