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Sri Lanka
			: Fourth Post-Program Monitoring Discussion-Press Release; Staff Report; and Statement by the Executive Director for Sri Lanka

Sri Lanka : Fourth Post-Program Monitoring Discussion-Press Release; Staff Report; and Statement by the Executive Director for Sri Lanka »

Volume/Issue: 2016/152

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 June 2016

DOI: http://dx.doi.org/10.5089/9781484389645.002

ISBN: 9781484389645

Keywords: monetary fund, economic developments, central bank, debt, monetary policy

This paper discusses recent economic developments, outlook, and policies required to stabilize the economy of Sri Lanka. Recent economic developments reflect a more challenging external environment as well as a sha...

Indonesia
			: Selected Issues

Indonesia : Selected Issues »

Volume/Issue: 2016/82

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 March 2016

DOI: http://dx.doi.org/10.5089/9781513584409.002

ISBN: 9781513584409

Keywords: banks, bank, loans, deposits, liquid assets

This paper focuses on the selected issues of the Indonesian economy: (1) banking sector condition in India, (2) corporate vulnerabilities, (3) analysis of macrofinancial linkages in Indonesia, and (4) infrastructu...

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...

India

India »

Volume/Issue: 2016/76

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 March 2016

DOI: http://dx.doi.org/10.5089/9781513525815.002

ISBN: 9781513525815

Keywords: prices, price, market, labor market, volatility, Corporate sector, China, Banks, Capital controls, Capital account liberalization

This paper explores key issues affecting the Indian economy and implications for fiscal, monetary, financial sector, and other structural policies. This paper evaluates the build-up of corporate and banking sector...

G-20 Data Gaps Initiative II
			: Meeting the Policy Challenge

G-20 Data Gaps Initiative II : Meeting the Policy Challenge »

Volume/Issue: 2016/43

Series: IMF Working Papers

Author(s): Robert Heath , and Evrim Bese Goksu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2016

DOI: http://dx.doi.org/10.5089/9781513530246.001

ISBN: 9781513530246

Keywords: data gaps, financial interconnections, global financial crisis, cross-border interconnectedness, regulation, financial crisis, central bank, good, insurance, investment

The G-20 Data Gaps Initiative (DGI), which aimed at addressing the information needs that were revealed by the 2007/2008 global financial crisis, concluded its first phase and started a second phase (DGI-2) with th...

Robust Measures of Core Inflation for Vietnam

Robust Measures of Core Inflation for Vietnam »

Volume/Issue: 2016/19

Series: IMF Working Papers

Author(s): Sanjay Kalra , and Bui Thi Trang Dzung

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 February 2016

DOI: http://dx.doi.org/10.5089/9781475521368.001

ISBN: 9781475521368

Keywords: Core inflation, Monetary Policy, inflation, price changes, properties, state bank, interest, Estimation, Monetary Policy (Targets, Instruments

The paper develops robust measures of core inflation for Vietnam that can be used in policy making. These core inflation measures (CIMs) are based on an analytical evaluation of the inflation process in Vietnam, an...

Cost-Benefit Analysis of Leaning Against the Wind

Cost-Benefit Analysis of Leaning Against the Wind »

Volume/Issue: 2016/3

Series: IMF Working Papers

Author(s): Lars Svensson

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 January 2016

DOI: http://dx.doi.org/10.5089/9781498314787.001

ISBN: 9781498314787

Keywords: macroprudential policy, unemployment, unemployment rate, debt, marginal cost, benchmark, Monetary Policy (Targets, Instruments, and Effects), All Countries

“Leaning against the wind” (LAW) with a higher monetary policy interest rate may have benefits in terms of lower real debt growth and associated lower probability of a financial crisis but has costs in terms of hig...

Understanding India’s Food Inflation

Understanding India’s Food Inflation »

Volume/Issue: 2016/2

Series: IMF Working Papers

Author(s): Rahul Anand , Naresh Kumar , and Volodymyr Tulin

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 January 2016

DOI: http://dx.doi.org/10.5089/9781513581347.001

ISBN: 9781513581347

Keywords: food inflation, cereal buffer stocks, food, cereals, rice, wheat, food supply, Forecasting and Simulation, Monetary Policy (Targets, Instruments

Over the past decade, India has seen a prolonged period of high inflation, to a large extent driven by persistently-high food inflation. This paper investigates the demand and supply factors behind the contribution...

A Macro-Model Approach to Monetary Policy Analysis and Forecasting for Vietnam

A Macro-Model Approach to Monetary Policy Analysis and Forecasting for Vietnam »

Volume/Issue: 2015/273

Series: IMF Working Papers

Author(s): Allan Dizioli , and Jochen M. Schmittmann

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 December 2015

DOI: http://dx.doi.org/10.5089/9781513595665.001

ISBN: 9781513595665

Keywords: Bayesian Estimation, exchange rate, interest rates, monetary policy rule, central bank, Forecasting and Simulation, Monetary Policy (Targets, Instruments, and Effects),

The paper develops a small New-Keynesian FPAS model for Vietnam. The model closely matches actual data from 2000-2014. We derive an optimal monetary policy rule that minimizes variability of output, inflation, and...

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...

Resolution Frameworks for Islamic Banks

Resolution Frameworks for Islamic Banks »

Volume/Issue: 2015/247

Series: IMF Working Papers

Author(s): Elsie Addo Awadzi , Carine Chartouni , and Mario Tamez

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 November 2015

DOI: http://dx.doi.org/10.5089/9781513503219.001

ISBN: 9781513503219

Keywords: Islamic banks, Islamic bank resolution, bank resolution, banks, bank, banking, islamic banking, islamic bank, Government Policy and Regulation, All Countries

Islamic banking is growing rapidly and its potential impact on global financial stability cannot be underestimated. International standards for resolving banks have evolved after the global financial crisis, culmin...

Inflation Targeting and Exchange Rate Regimes in Emerging Markets

Inflation Targeting and Exchange Rate Regimes in Emerging Markets »

Volume/Issue: 2015/228

Series: IMF Working Papers

Author(s): Christian Ebeke , and Armand Fouejieu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 October 2015

DOI: http://dx.doi.org/10.5089/9781513586267.001

ISBN: 9781513586267

Keywords: Inflation targeting, Exchange rate regime, Non-linearities, exchange rate, inflation, central bank, General, Globalization: General, All Countries,

This paper investigates the effects of the adoption of inflation targeting (IT) on the choice of exchange rate regime in emerging markets (EMs), conditional on certain macroeconomic conditions. Using a large sample...

'But we are different!'
			: 12 Common Weaknesses in Banking Laws, and What to Do About Them

'But we are different!' : 12 Common Weaknesses in Banking Laws, and What to Do About Them »

Volume/Issue: 2015/200

Series: IMF Working Papers

Author(s): Wouter Bossu , and Dawn Chew

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 September 2015

DOI: http://dx.doi.org/10.5089/9781513586458.001

ISBN: 9781513586458

Keywords: Banking Regulation, Policy Analysis, banking, laws, bank, banks, Government Policy and Regulation, Corporation and Securities Law, Regulated Industries and Administrative Law,

Well-designed banking laws are critical for regulating the market access and operations of banks, as well as their removal from the market in case of failure. While at a financial policy level there is a broad cons...

Samoa
			: Financial Sector Assessment Program-Banking Supervision and Regulation-Technical Note

Samoa : Financial Sector Assessment Program-Banking Supervision and Regulation-Technical Note »

Volume/Issue: 2015/230

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 August 2015

DOI: http://dx.doi.org/10.5089/9781513502885.002

ISBN: 9781513502885

Keywords: banks, bank, banking, capital, credit

This Technical Note discusses the key findings and recommendations of assessment of Banking Supervision and Regulation for Samoa. Little progress has been achieved toward implementing the recommendations of the 200...

Samoa
			: Financial Sector Assessment Program

Samoa : Financial Sector Assessment Program »

Volume/Issue: 2015/192

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 July 2015

DOI: http://dx.doi.org/10.5089/9781513565040.002

ISBN: 9781513565040

Keywords: banks, bank, finance, financial institutions, banking

EXECUTIVE SUMMARY AND KEY RECOMMENDATIONS The Samoan financial sector is dominated by commercial banks and Public Financial Institutions (PFIs). The four commercial banks provide almost 60 percent of credit to the...

The Dog That Didn't Bark
			: The Strange Case of Domestic Policy Cooperation in the 'New Normal'

The Dog That Didn't Bark : The Strange Case of Domestic Policy Cooperation in the 'New Normal' »

Volume/Issue: 2015/156

Series: IMF Working Papers

Author(s): Tamim Bayoumi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 July 2015

DOI: http://dx.doi.org/10.5089/9781513584607.001

ISBN: 9781513584607

Keywords: Domestic Policy Cooperation, monetary policy, fiscal policy, central bank, international monetary fund, central banks, Structure and Scope of Government, General,

This paper examines domestic policy cooperation, a curiously neglected issue. Both international and domestic cooperation were live issues in the 1970s when the IS/LM model predicted very different external outcome...

The Journey to Inflation Targeting
			: Easier Said than Done The Case for Transitional Arrangements along the Road

The Journey to Inflation Targeting : Easier Said than Done The Case for Transitional Arrangements along the Road »

Volume/Issue: 2015/136

Series: IMF Working Papers

Author(s): Bernard Laurens , Kelly Eckhold , Darryl King , Nils Mæhle , Abdul Naseer , and Alain Durré

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 June 2015

DOI: http://dx.doi.org/10.5089/9781513567990.001

ISBN: 9781513567990

Keywords: central bank, exchange rate, interest rates, central banks, General,

Countries with evolving monetary regimes that decide to embark on 'the Journey to inflation targeting' may not be able to adopt a full-fledged inflation targeting regime immediately. Those countries would be better...

Inflation-Forecast Targeting
			: Applying the Principle of Transparency

Inflation-Forecast Targeting : Applying the Principle of Transparency »

Volume/Issue: 2015/132

Series: IMF Working Papers

Author(s): Kevin Clinton , Charles Freedman , Michel Juillard , Ondrej Kamenik , Douglas Laxton , and Hou Wang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 June 2015

DOI: http://dx.doi.org/10.5089/9781513557656.001

ISBN: 9781513557656

Keywords: Optimal Control, inflation, interest, interest rate, central bank, General,

Many central banks in emerging and advanced economies have adopted an inflation-forecast targeting (IFT) approach to monetary policy, in order to successfully establish a stable, low-inflation environment. To suppo...

Monetary Policy in India
			: Transmission to Bank Interest Rates

Monetary Policy in India : Transmission to Bank Interest Rates »

Volume/Issue: 2015/129

Series: IMF Working Papers

Author(s): Sonali Das

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 June 2015

DOI: http://dx.doi.org/10.5089/9781513598796.001

ISBN: 9781513598796

Keywords: Monetary policy transmission, deposit rates, monetary policy, interest, interest rates, lending, bank interest rates, Monetary Policy (Targets, Instruments, and Effects),

This paper provides new evidence on the credit channel of monetary policy transmission in India. Using stepwise estimation of vector error correction models, the analysis finds significant, albeit slow, pass-throug...

Issuance of Central Bank Securities
			: International Experiences and Guidelines

Issuance of Central Bank Securities : International Experiences and Guidelines »

Volume/Issue: 2015/106

Series: IMF Working Papers

Author(s): Simon Gray , and Runchana Pongsaparn

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 May 2015

DOI: http://dx.doi.org/10.5089/9781513593371.001

ISBN: 9781513593371

Keywords: central bank securities, securities market development, securities, central bank, issuance, central banks, securities issuance, General,

The paper discusses the reasons for central bank (CB) issuance of securities, and reasons for choosing different approaches e.g. in maturities and target market. It provides evidence on the range of different appro...

Does Basel Compliance Matter for Bank Performance?

Does Basel Compliance Matter for Bank Performance? »

Volume/Issue: 2015/100

Series: IMF Working Papers

Author(s): Rym Ayadi , Sami Ben Naceur , Barbara Casu , and Barry Quinn

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 May 2015

DOI: http://dx.doi.org/10.5089/9781475580389.001

ISBN: 9781475580389

Keywords: BCP, Efficiency, Regulatory Compliance, bank, bank performance, interest, banking, Truncated and Censored Models, Government Policy and Regulation,

The global financial crisis underscored the importance of regulation and supervision to a well-functioning banking system that efficiently channels financial resources into investment. In this paper, we contribute...

What Drives Interest Rate Spreads in Pacific Island Countries? An Empirical Investigation

What Drives Interest Rate Spreads in Pacific Island Countries? An Empirical Investigation »

Volume/Issue: 2015/96

Series: IMF Working Papers

Author(s): Fazurin Jamaludin , Vladimir Klyuev , and Anuk Serechetapongse

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 May 2015

DOI: http://dx.doi.org/10.5089/9781484362266.001

ISBN: 9781484362266

Keywords: banks, bank, interest, banking, banking sector

Growth has been sluggish in Pacific island countries (PICs). High cost of credit is likely one of the reasons. While the small scale, geographic dispersion, and vulnerability to shocks increase the cost and risk of...

Is Banks' Home Bias Good or Bad for Public Debt Sustainability?

Is Banks' Home Bias Good or Bad for Public Debt Sustainability? »

Volume/Issue: 2015/44

Series: IMF Working Papers

Author(s): Tamon Asonuma , Said Bakhache , and Heiko Hesse

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 February 2015

DOI: http://dx.doi.org/10.5089/9781498323505.001

ISBN: 9781498323505

Keywords: Home Bias, Government Bond Yields, Primary Balance, Sovereign-bank Nexus, debt, public debt, bond, sovereign debt, market, Deficit,

Motivated by the recent increase in domestic banks' holdings of domestic sovereign debt (i.e., home bias) in the European periphery, this paper analyzes implications of banks' home bias for the sovereign's debt sus...

Corporate Vulnerabilities in India and Banks' Loan Performance

Corporate Vulnerabilities in India and Banks' Loan Performance »

Volume/Issue: 2014/232

Series: IMF Working Papers

Author(s): Peter Lindner , and Sung Eun Jung

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 December 2014

DOI: http://dx.doi.org/10.5089/9781498334235.001

ISBN: 9781498334235

Keywords: firm resilience, bank-corporate dependencies, leverage, corporate performance, debt, share, loan, market, Firm Behavior: Empirical Analysis, General

The financial performance of India's corporate sector has been under pressure since the Global Financial Crisis. Balance-sheet data on a large cross-section of Indian non-financial corporates show that the growth i...

Islamic Banking Regulation and Supervision
			: Survey Results and Challenges

Islamic Banking Regulation and Supervision : Survey Results and Challenges »

Volume/Issue: 2014/220

Series: IMF Working Papers

Author(s): In Song , and Carel Oosthuizen

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 December 2014

DOI: http://dx.doi.org/10.5089/9781498380928.001

ISBN: 9781498380928

Keywords: Islamic banks, regulatory framework, banking, bank, banks, risk, Government Policy and Regulation, Comparative Analysis of Economic Systems,

The growing presence of Islamic banking needs to be accompanied by the development of effective regulation and supervision. This paper examines the results of the survey conducted by the International Monetary Fund...

Regulation and Supervision of Islamic Banks

Regulation and Supervision of Islamic Banks »

Volume/Issue: 2014/219

Series: IMF Working Papers

Author(s): Aledjandro Lopez Mejia , Suliman Aljabrin , Rachid Awad , Mohamed Norat , and In Song

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 December 2014

DOI: http://dx.doi.org/10.5089/9781498361590.001

ISBN: 9781498361590

Keywords: Islamic banks, conventional banks, regulatory framework, banks, risk, bank, banking, deposits, Government Policy and Regulation, Comparative Analysis of Economic Systems,

This paper aims at developing a better understanding of Islamic banking (IB) and providing policy recommendations to enhance the supervision of Islamic banks (IBs). It points out and discusses similarities and diff...

Unraveling the Monetary Policy Transmission Mechanism in Sri Lanka

Unraveling the Monetary Policy Transmission Mechanism in Sri Lanka »

Volume/Issue: 2014/190

Series: IMF Working Papers

Author(s): Manuk Ghazanchyan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 October 2014

DOI: http://dx.doi.org/10.5089/9781484311660.001

ISBN: 9781484311660

Keywords: Central Bank Policies, money market, inflation, money supply, monetary transmission, General Equilibrium and Disequilibrium: Financial Markets, Open Economy Macroeconomics, Monetary Policy (Targets, Instruments, and Effects),

In this paper we examine the channels through which innovations to policy variables- policy rates or monetary aggregates-affect such macroeconomic variables as output and inflation in Sri Lanka. The effectiveness o...

Singapore
			: Staff Report for the 2014 Article IV Consultation

Singapore : Staff Report for the 2014 Article IV Consultation »

Volume/Issue: 2014/312

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 October 2014

DOI: http://dx.doi.org/10.5089/9781498331425.002

ISBN: 9781498331425

Keywords: current account, current account surplus, balance of payments, current account balance, domestic banks

KEY ISSUES Outlook and risks. Following an upturn in 2013, growth is expected to moderate somewhat during 2014-2015, narrowing the positive output gap. The impact of recovering demand in advanced economies is like...

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...

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...

Sri Lanka
			: First Post-Program Monitoring Discussion

Sri Lanka : First Post-Program Monitoring Discussion »

Volume/Issue: 2014/289

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 September 2014

DOI: http://dx.doi.org/10.5089/9781498394024.002

ISBN: 9781498394024

Keywords: central bank, external debt, external borrowing, current account, balance of payments

EXECUTIVE SUMMARY Context. Sri Lanka's economy has navigated recent market turbulence relatively well. Growth has remained solid, inflation is in mid-single digits, and the current account deficit has narrowed. F...

Sri Lanka
			: Staff Report for the 2014 Article IV Consultation and Second Post-Program Monitoring Discussion

Sri Lanka : Staff Report for the 2014 Article IV Consultation and Second Post-Program Monitoring Discussion »

Volume/Issue: 2014/285

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 September 2014

DOI: http://dx.doi.org/10.5089/9781484327692.002

ISBN: 9781484327692

Keywords: current account, central bank, debt reduction, inflation, private credit

KEY ISSUES Context. Macroeconomic performance has generally exceeded expectations. Real GDP grew 7.3 percent for 2013, up from 6.3 percent in 2012. Inflation declined to below 5 percent, and the external current a...

Bank Ownership and Credit Growth in Emerging Markets During and After the 2008-09 Financial Crisis - A Cross-Regional Comparison

Bank Ownership and Credit Growth in Emerging Markets During and After the 2008-09 Financial Crisis - A Cross-Regional Comparison »

Volume/Issue: 2014/171

Series: IMF Working Papers

Author(s): Guodong Chen , and Yi Wu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 September 2014

DOI: http://dx.doi.org/10.5089/9781484390993.001

ISBN: 9781484390993

Keywords: Credit Growth, Bank Ownership, Financial Crisis, banking, banking regulation, foreign bank,

This paper examines bank credit growth in emerging markets before, during, and after the 2008-09 financial crisis using bank-level data, focusing on the role of bank ownership. Credit growth by foreign banks lagged...

Islamic Finance in Sub-Saharan Africa
			: Status and Prospects

Islamic Finance in Sub-Saharan Africa : Status and Prospects »

Volume/Issue: 2014/149

Series: IMF Working Papers

Author(s): Enrique Gelbard , Mumtaz Hussain , Rodolfo Maino , Yibin Mu , and Etienne Yehoue

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 August 2014

DOI: http://dx.doi.org/10.5089/9781498348669.001

ISBN: 9781498348669

Keywords: sukuk, islamic banks, banking, General,

Islamic finance is a fast growing activity in world markets. This paper provides a survey on Islamic Finance in SSA. Ongoing activities include Islamic banking, sukuk issuances (to finance infrastructure projects),...

Is Japan's Population Aging Deflationary?

Is Japan's Population Aging Deflationary? »

Volume/Issue: 2014/139

Series: IMF Working Papers

Author(s): Derek Anderson , Dennis Botman , and Benjamin Hunt

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 August 2014

DOI: http://dx.doi.org/10.5089/9781498392129.001

ISBN: 9781498392129

Keywords: Population aging, Abenomics, real interest rate, aggregate demand, central bank, Forecasting and Simulation, Demographic Trends and Forecasts,

Japan has the most rapidly aging population in the world. This affects growth and fiscal sustainability, but the potential impact on inflation has been studied less. We use the IMF's Global Integrated Fiscal and Mo...

United Arab Emirates
			: Selected Issues

United Arab Emirates : Selected Issues »

Volume/Issue: 2014/188

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Middle East and Central Asia Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 July 2014

DOI: http://dx.doi.org/10.5089/9781498393713.002

ISBN: 9781498393713

Keywords: real estate, real estate market, national bank, banking, banking system

This Selected Issues paper focuses on the real estate market and Expo 2020 in the United Arab Emirates. It discusses the measures that could mitigate risks associated with the real estate cycle and the internationa...

Bank Risk Within and Across Equilibria

Bank Risk Within and Across Equilibria »

Volume/Issue: 2014/116

Series: IMF Working Papers

Author(s): Itai Agur

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 July 2014

DOI: http://dx.doi.org/10.5089/9781498306515.001

ISBN: 9781498306515

Keywords: Bank risk, Wholesale funding, Adverse selection, Multiple equilibria, banking, systemic risk, bank exposures, bank funding,

The global financial crisis highlighted that the financial system can be most vulnerable when it seems most stable. This paper models non-linear dynamics in banking. Small shocks can lead from an equilibrium with f...

Solomon Islands
			: Third Review Under the Extended Credit Facility Arrangement and Request for Modification of Performance Criteria-Staff Report; Press Release; and Statement by the Executive Director for Solomon Islands

Solomon Islands : Third Review Under the Extended Credit Facility Arrangement and Request for Modification of Performance Criteria-Staff Report; Press Release; and Statement by the Executive Director for Solomon Islands »

Volume/Issue: 2014/170

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 June 2014

DOI: http://dx.doi.org/10.5089/9781498330374.002

ISBN: 9781498330374

Keywords: central bank, external debt, debt management, current account, public debt

This paper discusses Solomon Islands' Third Review Under the Extended Credit Facility (ECF) Arrangement and Request for Modification of Performance Criteria (PC). Program performance under the ECF arrangement has b...

Determinants of Interest Rate Spreads in Solomon Islands

Determinants of Interest Rate Spreads in Solomon Islands »

Volume/Issue: 2014/105

Series: IMF Working Papers

Author(s): Nooman Rebei

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 June 2014

DOI: http://dx.doi.org/10.5089/9781498303651.001

ISBN: 9781498303651

Keywords: banking spreads, banking, inflation, bank spreads, banking sector, monetary fund, Financial Markets and the Macroeconomy, Oceania, financial intermediation.,

Bank interest rate spreads in Solomon Islands are high by regional standards. This paper examines the determinants of bank interest rates including bank specific, banking sector, macroeconomic, and legal indicators...

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 Reports and Models
			: How Well Do Central Banks Really Write?

Inflation Reports and Models : How Well Do Central Banks Really Write? »

Volume/Issue: 2014/91

Series: IMF Working Papers

Author(s): Ales Bulir , Jaromír Hurník , and Katerina Smidkova

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 May 2014

DOI: http://dx.doi.org/10.5089/9781498387613.001

ISBN: 9781498387613

Keywords: Kalman filter, monetary policy communication, inflation, central bank, aggregate demand, Forecasting and Simulation, Forecasting and Simulation,

We offer a novel methodology for assessing the quality of inflation reports. In contrast to the existing literature, which mostly evaluates the formal quality of these reports, we evaluate their economic content by...

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 Coordination and the Role of Central Banks

Monetary Policy Coordination and the Role of Central Banks »

Volume/Issue: 2014/70

Series: IMF Working Papers

Author(s): Rakesh Mohan , and Muneesh Kapur

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 April 2014

DOI: http://dx.doi.org/10.5089/9781484362518.001

ISBN: 9781484362518

Keywords: coordination, unconventional monetary policy, monetary policies, monetary fund, central bank, Monetary Policy (Targets, Instruments, and Effects), International Monetary Arrangements and Institutions, International Policy Coordination and Transmission,

The unconventional monetary policies (UMPs) pursued by the advanced economies (AEs) have posed macroeconomic challenges for the emerging market economies (EMEs) through volatile capital flows and exchange rates. AE...

Malaysia
			: Financial Sector Assessment Program Banking System Spillovers-Technical Note

Malaysia : Financial Sector Assessment Program Banking System Spillovers-Technical Note »

Volume/Issue: 2014/95

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 April 2014

DOI: http://dx.doi.org/10.5089/9781484352106.002

ISBN: 9781484352106

Keywords: bank claims, banking, banking system, bank share, bank negara malaysia

This Technical Note focuses on banking system spillovers of Malaysia. The note examines the presence of foreign banks and the potential for problems in other jurisdictions to spillover to Malaysia and the overseas...

Why Was Asia Resilient? Lessons from the Past and for the Future

Why Was Asia Resilient? Lessons from the Past and for the Future »

Volume/Issue: 2014/38

Series: IMF Working Papers

Author(s): Phakawa Jeasakul , Cheng Lim , and Erik Lundback

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 February 2014

DOI: http://dx.doi.org/10.5089/9781475540284.001

ISBN: 9781475540284

Keywords: Global financial crisis, resilience, financial and external vulnerabilities, banking, banking crisis, banking system, bank capital, loan classification, Financial Markets and the Macroeconomy, Asia including Middle East,

Asia proved to be remarkably resilient in the face of the global financial crisis, but why was its output performance stronger than that of other regions? The paper shows that better initial conditions-in the form...

India
			: Staff Report for 2014 Article IV Consultation

India : Staff Report for 2014 Article IV Consultation »

Volume/Issue: 2014/57

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 February 2014

DOI: http://dx.doi.org/10.5089/9781484308257.002

ISBN: 9781484308257

Keywords: Economic indicators, Fiscal consolidation, Banking sector, Article IV consultation reports, Current account deficits, Debt sustainability analysis, Economic growth, Press releases, Staff Reports, India

This 2014 Article IV consultation highlights an expected slowdown of growth in India, to 4.6 percent this fiscal year, the lowest in a decade, reflecting global developments and domestic supply constraints. Headlin...

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...

Cambodia
			: Staff Report for the 2013 Article IV Consultation

Cambodia : Staff Report for the 2013 Article IV Consultation »

Volume/Issue: 2014/33

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 February 2014

DOI: http://dx.doi.org/10.5089/9781475566451.002

ISBN: 9781475566451

Keywords: Article IV consultations, Cambodia, Bank supervision, Economic growth, Debt sustainability analysis, Economic indicators, Fiscal consolidation, Global competitiveness, Fiscal policy, Monetary policy

This Debt Sustainability Analysis update highlights Cambodia's continued low debt distress rating: all debt burden indicators are projected to remain below the respective thresholds. The authorities have made progr...

Republic of the Marshall Islands
			: Staff Report for the 2013 Article IV Consultation

Republic of the Marshall Islands : Staff Report for the 2013 Article IV Consultation »

Volume/Issue: 2014/26

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 February 2014

DOI: http://dx.doi.org/10.5089/9781616355265.002

ISBN: 9781616355265

Keywords: Bank supervision, Article IV consultation reports, Staff Reports, Public enterprises, Press releases, Private sector, Marshall Islands, Fiscal policy, Fiscal sustainability, current account

This Informational Annex highlights the Marshall Islands' existing tax system's inability to raise additional revenue, discouragement of private investment, and inequitability. Careful consideration needs to be giv...

Solomon Islands
			: Staff Report for the 2013 Article IV consultation and Second Review Under the Extended Credit Facility Arrangement and Request for Modification of Performance Criterion

Solomon Islands : Staff Report for the 2013 Article IV consultation and Second Review Under the Extended Credit Facility Arrangement and Request for Modification of Performance Criterion »

Volume/Issue: 2014/12

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 January 2014

DOI: http://dx.doi.org/10.5089/9781484374023.002

ISBN: 9781484374023

Keywords: Article IV consultation reports, Economic growth, Debt sustainability analysis, Solomon Islands, Extended Credit Facility, Exchange rate assessments, Economic indicators, Press releases, Reserves adequacy, Staff Reports

This Information Annex highlights that the Solomon Islands has recovered well from a precarious position during the global economic crisis. Growth has accelerated rapidly and international and fiscal reserves incre...

Aggregate Uncertainty and the Supply of Credit

Aggregate Uncertainty and the Supply of Credit »

Volume/Issue: 2013/241

Series: IMF Working Papers

Author(s): Fabian Valencia

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 December 2013

DOI: http://dx.doi.org/10.5089/9781475513936.001

ISBN: 9781475513936

Keywords: Credit Cycles, Credit Crunch, Uncertainty, Self-insurance, real gdp, bank capital, gdp growth, bank capitalization, bank size, General

Recent studies show that uncertainty shocks have quantitatively important effects on the real economy. This paper examines one particular channel at work: the supply of credit. It presents a model in which a bank,...

Singapore
			: Financial System Stability Assessment

Singapore : Financial System Stability Assessment »

Volume/Issue: 2013/325

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 November 2013

DOI: http://dx.doi.org/10.5089/9781475513431.002

ISBN: 9781475513431

Keywords: foreign banks, foreign branches, risk management, regulatory requirements, money laundering

This paper discusses key findings of the Financial System Stability Assessment on Singapore. The Singapore financial system is highly developed, and well regulated and supervised. Singapore's current regulation and...

Taxation and Corporate Debt
			: Are Banks any Different?

Taxation and Corporate Debt : Are Banks any Different? »

Volume/Issue: 2013/221

Series: IMF Working Papers

Author(s): Jost Heckemeyer , and Ruud A. Mooij

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 October 2013

DOI: http://dx.doi.org/10.5089/9781484330340.001

ISBN: 9781484330340

Keywords: Corporate tax, debt bias, leverage, non-financial firms, quantile regressions, bank size, capital structure, banking, tax sensitivity, tax elasticity

This paper explores whether corporate tax bias toward debt finance differs between banks and nonbanks, using a large panel of micro data. On average, it finds that there is no significant difference. The marginal t...

India
			: Financial Sector Assessment Program-Detailed Assessments Report on CPSS IOSCO Recommendations for Securities Settlement Systems and Central Counterparties

India : Financial Sector Assessment Program-Detailed Assessments Report on CPSS IOSCO Recommendations for Securities Settlement Systems and Central Counterparties »

Volume/Issue: 2013/268

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 August 2013

DOI: http://dx.doi.org/10.5089/9781484346822.002

ISBN: 9781484346822

Keywords: rtgs, collateral, clearing banks, custodian, clients

This paper discusses findings of the assessments on Committee on Payment and Settlement Systems-International Organization of Securities Commissions (CPSS-IOSCO) Recommendations for Securities Settlement Systems an...

Solomon Islands
			: First Review Under the Extended Credit Facility Arrangement-Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Solomon Islands

Solomon Islands : First Review Under the Extended Credit Facility Arrangement-Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Solomon Islands »

Volume/Issue: 2013/249

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 August 2013

DOI: http://dx.doi.org/10.5089/9781484372906.002

ISBN: 9781484372906

Keywords: central bank, external debt, public finance, public debt, treasury bills

This paper discusses Solomon Islands' First Review Under the Extended Credit Facility (ECF) Arrangement. The three-year arrangement under the ECF is on track. All December 2012 and continuous performance criteria h...

Samoa
			: Request for Disbursement Under the Rapid Credit Facility-Staff Report; Staff Supplement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Samoa

Samoa : Request for Disbursement Under the Rapid Credit Facility-Staff Report; Staff Supplement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Samoa »

Volume/Issue: 2013/162

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 June 2013

DOI: http://dx.doi.org/10.5089/9781475514810.002

ISBN: 9781475514810

Keywords: current account, balance of payments, current account deficit, central bank

Samoa was hit hard by a strong tropical cyclone, and the authorities are to be commended for their swift response to the resulting disaster. Economic growth this fiscal year is expected to be significantly lower th...

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...

Sri Lanka
			: 2013 Article IV Consultation and Proposal for Post-Program Monitoring

Sri Lanka : 2013 Article IV Consultation and Proposal for Post-Program Monitoring »

Volume/Issue: 2013/120

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 May 2013

DOI: http://dx.doi.org/10.5089/9781484320433.002

ISBN: 9781484320433

Keywords: inflation, central bank, foreign exchange

The paper discusses the economic developments and policies in Sri Lanka in recent years. Substantial adjustments in energy prices and operational and financial reforms have helped to improve the performance of stat...

New Zealand
			: 2013 Article IV Consultation

New Zealand : 2013 Article IV Consultation »

Volume/Issue: 2013/117

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 May 2013

DOI: http://dx.doi.org/10.5089/9781484308837.002

ISBN: 9781484308837

Keywords: current account, external debt, current account deficit, reserve bank, current account deficits

New Zealand's economy continued to grow at a moderate rate, in part reflecting the effects of the recent drought and inflation. The macroeconomic policy has been framed to absorb adverse shocks with flexible excha...

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...

Understanding DSGE Filters in Forecasting and Policy Analysis

Understanding DSGE Filters in Forecasting and Policy Analysis »

Volume/Issue: 2013/98

Series: IMF Working Papers

Author(s): Michal Andrle

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 May 2013

DOI: http://dx.doi.org/10.5089/9781484301357.001

ISBN: 9781484301357

Keywords: filters, DSGE models, observable decomposition, time series, inflation, monetary fund, national bank, General,

This paper introduces methods that allow analysts to (i) decompose the estimates of unobserved quantities into observed data, (ii) to better understand revision properties of the model, and (iii) to impose subjecti...

Philippines
			: 2013 Article IV Consultation

Philippines : 2013 Article IV Consultation »

Volume/Issue: 2013/102

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 April 2013

DOI: http://dx.doi.org/10.5089/9781484359150.002

ISBN: 9781484359150

Keywords: current account, central bank, external debt, public debt, short-term debt

The Philippines' macroeconomic fundamentals have improved considerably during the past decade. However, new macrofinancial challenges are emerging. The economy is continuing to adjust to the large persistent inflow...

Bangladesh
			: First Review Under the Three-Year Arrangement Under the Extended Credit Facility and Request for Waiver of Nonobservance of a Performance Criterion-Staff Report, Staff Statements and Supplement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Bangladesh

Bangladesh : First Review Under the Three-Year Arrangement Under the Extended Credit Facility and Request for Waiver of Nonobservance of a Performance Criterion-Staff Report, Staff Statements and Supplement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Bangladesh »

Volume/Issue: 2013/61

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 March 2013

DOI: http://dx.doi.org/10.5089/9781475516395.002

ISBN: 9781475516395

Keywords: debt management, external debt, central bank, external borrowing, debt sustainability

Fiscal performance has been broadly in line with program targets. As a result, the current account deficit has narrowed, reserves have increased significantly, and headline inflation is under control. However, impl...

Taxation, Bank Leverage, and Financial Crises

Taxation, Bank Leverage, and Financial Crises »

Volume/Issue: 2013/48

Series: IMF Working Papers

Author(s): Ruud A. Mooij , Michael Keen , and Masanori Orihara

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 February 2013

DOI: http://dx.doi.org/10.5089/9781475577709.001

ISBN: 9781475577709

Keywords: Bank taxation, corporate tax, debt bias, leverage, banking crisis, banking, financial crisis, banking crises, systemic banking crisis, Business Taxes and Subsidies,

That most corporate tax systems favor debt over equity finance is now widely recognized as, potentially, amplifying risks to financial stability. This paper makes a first attempt to explore, empirically, the link b...

Wholesale Bank Funding, Capital Requirements and Credit Rationing

Wholesale Bank Funding, Capital Requirements and Credit Rationing »

Volume/Issue: 2013/30

Series: IMF Working Papers

Author(s): Itai Agur

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 January 2013

DOI: http://dx.doi.org/10.5089/9781475571622.001

ISBN: 9781475571622

Keywords: Rationing, wholesale finance, unsecured, collateral, bank funding, deposit insurance, bank risk, collateralization, Government Policy and Regulation,

This paper analyzes how different types of bank funding affect the extent to which banks ration credit to borrowers, and the impact that capital requirements have on that rationing. Using an extension of the standa...

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...

Myanmar
			: Staff-Monitored Program

Myanmar : Staff-Monitored Program »

Volume/Issue: 2013/13

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 January 2013

DOI: http://dx.doi.org/10.5089/9781475595567.002

ISBN: 9781475595567

Keywords: central bank, external debt, private banks, current account, exchange rate

Myanmar is a low-income country, and with the right reforms, it can realize its rich economic potential. The government has embarked on a bold and historic set of reforms, which are already bearing fruit. Executive...

Cambodia
			: 2012 Article IV Consultation

Cambodia : 2012 Article IV Consultation »

Volume/Issue: 2013/2

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 January 2013

DOI: http://dx.doi.org/10.5089/9781475580822.002

ISBN: 9781475580822

Keywords: credit, banking, prices, national bank

Despite the global slowdown, Cambodia's economy has been holding up, driven by resilient exports and tourism and a strong real estate recovery. Fiscal policy has remained anchored in rebuilding government deposits...

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...

Sovereign Risk and Asset and Liability Management
			: Conceptual Issues

Sovereign Risk and Asset and Liability Management : Conceptual Issues »

Volume/Issue: 2012/241

Series: IMF Working Papers

Author(s): Udaibir Das , Yinqiu Lu , Michael Papaioannou , and Iva Petrova

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 October 2012

DOI: http://dx.doi.org/10.5089/9781475511833.001

ISBN: 9781475511833

Keywords: Sovereign asset and liability management, sovereign balance sheet, reserve management, central bank, government debt, currency composition, external debt, International Lending and Debt Problems, Portfolio Choice, Asset Pricing

Country practices towards managing financial risks on a sovereign balance sheet continue to evolve. Each crisis period, and its legacy on sovereign balance sheets, reaffirms the need for strengthening financial ris...

Banking and Trading

Banking and Trading »

Volume/Issue: 2012/238

Series: IMF Working Papers

Author(s): Arnoud Boot , and Lev Ratnovski

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 October 2012

DOI: http://dx.doi.org/10.5089/9781475511215.001

ISBN: 9781475511215

Keywords: Bank regulation, proprietary trading, relationship banking, Volcker rule, moral hazard, financial markets, bank profits, bank profitability, Government Policy and Regulation,

We study the effects of a bank's engagement in trading. Traditional banking is relationship-based: not scalable, long-term oriented, with high implicit capital, and low risk (thanks to the law of large numbers). Tr...

Assessing the Cost of Financial Regulation

Assessing the Cost of Financial Regulation »

Volume/Issue: 2012/233

Series: IMF Working Papers

Author(s): Douglas Elliott , and Andre Santos

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 September 2012

DOI: http://dx.doi.org/10.5089/9781475510836.001

ISBN: 9781475510836

Keywords: Basel III, Financial Regulation, Systemically Important Institutions, Banks, regulation, rules, regulatory changes, regulatory reforms, regulations, Government Policy and Regulation

This study assesses the overall impact on credit of the financial regulatory reforms in Europe, Japan, and the United States. Long-term cost estimates are provided for Basel III capital and liquidity requirements,...

Japan
			: Basel Core Principles for Effective Banking Supervision:  Detailed Assessment of Compliance

Japan : Basel Core Principles for Effective Banking Supervision: Detailed Assessment of Compliance »

Volume/Issue: 2012/231

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 August 2012

DOI: http://dx.doi.org/10.5089/9781475506457.002

ISBN: 9781475506457

Keywords: banking, banking supervision, capital adequacy, bank of japan, internal control

This report focuses on the effectiveness of the Japanese Financial Supervisory Authority (FSA) and the Bank of Japan in supervising and regulating the Japanese financial system during the March 2011 earthquake. The...

Sri Lanka
			: Eighth and Final Review Under the Stand-By Arrangement:  Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Sri Lanka.

Sri Lanka : Eighth and Final Review Under the Stand-By Arrangement: Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Sri Lanka. »

Volume/Issue: 2012/198

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 July 2012

DOI: http://dx.doi.org/10.5089/9781475506761.002

ISBN: 9781475506761

Keywords: external debt, central bank, public debt

The Eighth and Final Review under the Stand-By Arrangement discusses policies and reforms undertaken by the Sri Lankan authorities. 2012 has shown robust growth in GDP supported by increased agricultural and constr...

Indonesia
			: Detailed Assessment of Observance of IMF Code of Good Practices on Transparency in Monetary and Financial Policies

Indonesia : Detailed Assessment of Observance of IMF Code of Good Practices on Transparency in Monetary and Financial Policies »

Volume/Issue: 2012/188

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 July 2012

DOI: http://dx.doi.org/10.5089/9781475504941.002

ISBN: 9781475504941

Keywords: inflation, central bank, foreign exchange, government securities

This paper discusses key findings of the Financial Sector Assessment Program (FSAP) covering the transparency of monetary policy in the Republic of Indonesia. There is a reasonably high degree of transparency in In...

Equity Returns in the Banking Sector in the Wake of the Great Recession and the European Sovereign Debt Crisis

Equity Returns in the Banking Sector in the Wake of the Great Recession and the European Sovereign Debt Crisis »

Volume/Issue: 2012/174

Series: IMF Working Papers

Author(s): Jorge Chan-Lau , Estelle Liu , and Jochen M. Schmittmann

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2012

DOI: http://dx.doi.org/10.5089/9781475505221.001

ISBN: 9781475505221

Keywords: equity returns, sovereign debt crisis, regulatory capital, panel data econometrics, banking, tier 1 capital, bank bond, General Financial Markets,

This study finds that equity returns in the banking sector in the wake of the Great Recession and the European sovereign debt crisis have been driven mainly by weak growth prospects and heightened sovereign risk an...

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, bank assets, insurance premium, bond, Econometric Modeling, General Financial Markets,

I construct a systemic liquidity risk index (SLRI) from data on violations of arbitrage relationships across several asset classes between 2004 and 2010. Then I test whether the equity returns of 53 global banks we...

What's in it for Me? A Primeron Differences between Islamic and Conventional Finance in Malaysia

What's in it for Me? A Primeron Differences between Islamic and Conventional Finance in Malaysia »

Volume/Issue: 2012/151

Series: IMF Working Papers

Author(s): Olga Krasicka , and Sylwia Nowak

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2012

DOI: http://dx.doi.org/10.5089/9781475504224.001

ISBN: 9781475504224

Keywords: Islamic banks, conventional banks, Sukuk, bond, bonds, islamic finance, Financial Markets and the Macroeconomy,

What attracts conventional investors to Islamic financial instruments? We answer this question by comparing Malaysian Islamic and conventional security prices and their response to macrofinancial factors. Our analy...

Alternative Monetary Policy Rules for India

Alternative Monetary Policy Rules for India »

Volume/Issue: 2012/118

Series: IMF Working Papers

Author(s): Muneesh Kapur , and Michael Patra

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2012

DOI: http://dx.doi.org/10.5089/9781475503470.001

ISBN: 9781475503470

Keywords: McCallum Rule, Monetary Policy Reaction Function, Neutral Interest Rate, Taylor Rule, inflation, monetary base, monetary policy rules, central bank, Open Economy Macroeconomics,

This paper empirically evaluates the operational performance of the McCallum rule, the Taylor rule and hybrid rules in India over the period 1996-2011 using quarterly data, with a view to analytically informing the...

Determinants of Credit Growth and Interest Margins in the Philippines and Asia

Determinants of Credit Growth and Interest Margins in the Philippines and Asia »

Volume/Issue: 2012/123

Series: IMF Working Papers

Author(s): Tatum Blaise Pua Tan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2012

DOI: http://dx.doi.org/10.5089/9781475503524.001

ISBN: 9781475503524

Keywords: credit growth, net interest margins, banking, financial system, bank size, banking system, stock market, Economywide Country Studies: Asia including Middle East,

Despite robust deposit growth, credit growth has been sluggish in the Philippines. We attribute this to legacy weaknesses in bank balance sheets, consumption-led economic growth, and relatively high net interest ma...

Quantifying Structural Subsidy Values for Systemically Important Financial Institutions

Quantifying Structural Subsidy Values for Systemically Important Financial Institutions »

Volume/Issue: 2012/128

Series: IMF Working Papers

Author(s): Kenichi Ueda , and Beatrice Weder di Mauro

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2012

DOI: http://dx.doi.org/10.5089/9781475503654.001

ISBN: 9781475503654

Keywords: bank funding subsidy, bank bailout, probability, financial institutions, samples, financial stability, financial sector, Financial Institutions and Services: Government Policy and Regulation, Structure, Scope

Claimants to SIFIs receive transfers when governments are forced into bailouts. Ex ante, the bailout expectation lowers daily funding costs. This funding cost differential reflects both the structural level of the...

Sri Lanka
			: Seventh Review under the Stand-By Arrangement and Requests for Waivers of Nonobservance of Performance Criteria, Extension of the Arrangement Period, Rephasing of Purchases, and Establishment of Performance Criteria-Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Sri Lanka.

Sri Lanka : Seventh Review under the Stand-By Arrangement and Requests for Waivers of Nonobservance of Performance Criteria, Extension of the Arrangement Period, Rephasing of Purchases, and Establishment of Performance Criteria-Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Sri Lanka. »

Volume/Issue: 2012/95

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 April 2012

DOI: http://dx.doi.org/10.5089/9781475503210.002

ISBN: 9781475503210

Keywords: exchange rate, central bank, current account, balance of payments, domestic financing

This paper discusses Sri Lanka's seventh review under the Stand-By Arrangement and requests for waivers of nonobservance of performance criteria. The strong economic recovery continued in 2011, with growth estimate...

Mongolia
			: Second Post-Program Monitoring Discussions

Mongolia : Second Post-Program Monitoring Discussions »

Volume/Issue: 2012/52

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 March 2012

DOI: http://dx.doi.org/10.5089/9781475502374.002

ISBN: 9781475502374

Keywords: inflation, central bank, fiscal responsibility, fiscal responsibility law

This paper presents the second postprogram monitoring discussions on Mongolia's economic developments. The Mongolian economy is undergoing a rapid expansion underpinned by strong commodity prices. Macroeconomic pol...

Bank Asset Quality in Emerging Markets
			: Determinants and Spillovers

Bank Asset Quality in Emerging Markets : Determinants and Spillovers »

Volume/Issue: 2012/71

Series: IMF Working Papers

Author(s): Reinout De Bock , and Alexander Demyanets

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2012

DOI: http://dx.doi.org/10.5089/9781475502237.001

ISBN: 9781475502237

Keywords: Macro-financial linkages, Nonperforming loans, Exchange rate, Panel regressions, capital inflows, net capital flows, exchange rates, Bank Asset Quality in Emerging Markets, Financial Markets and the Macroeconomy, International Finance: General

This paper assesses the vulnerability of emerging markets and their banks to aggregate shocks. We find significant links between banks' asset quality, credit and macroeconomic aggregates. Lower economic growth, an...

Republic of Fiji
			: 2011 Article IV Consultation

Republic of Fiji : 2011 Article IV Consultation »

Volume/Issue: 2012/44

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 February 2012

DOI: http://dx.doi.org/10.5089/9781463940393.002

ISBN: 9781463940393

Keywords: current account, inflation, external debt, gdp deflator, reserve bank

This 2011 Article IV Consultation reports that Fiji's economic outlook appears stable, but there are downside risks related to the political situation, structural weaknesses, and the global environment. The 2012 bu...

Democratic Republic of Timor-Leste
			: 2011 Article IV Consultation:  Staff Report; Informational Annex; Debt Sustainability Analysis; and Public Information Notice

Democratic Republic of Timor-Leste : 2011 Article IV Consultation: Staff Report; Informational Annex; Debt Sustainability Analysis; and Public Information Notice »

Volume/Issue: 2012/24

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2012

DOI: http://dx.doi.org/10.5089/9781463941062.002

ISBN: 9781463941062

Keywords: inflation, government spending, central bank, fiscal stance

Timor-Leste has made substantial progress toward restoring stability and rebuilding the country after emerging from a long struggle for independence and internal conflicts between 1999 and 2006. The government has...

An Integrated Framework for Financial Positions and Flowson a From-Whom-To-Whom Basis
			: Concepts, Status, and Prospects

An Integrated Framework for Financial Positions and Flowson a From-Whom-To-Whom Basis : Concepts, Status, and Prospects »

Volume/Issue: 2012/57

Series: IMF Working Papers

Author(s): Segismundo Fassler , Manik Shrestha , and Reimund Mink

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2012

DOI: http://dx.doi.org/10.5089/9781463937751.001

ISBN: 9781463937751

Keywords: financial flows, financial accounts, balance sheet approach, financial instruments, central bank, financial assets, financial corporations, monetary fund, Methodology for Collecting, Estimating

The global crisis of 2008 highlighted the need to understand financial interconnectedness among the various sectors of an economy and between them and their counterparties in the rest of the world. However, applica...

Debt, Taxes, and Banks

Debt, Taxes, and Banks »

Volume/Issue: 2012/48

Series: IMF Working Papers

Author(s): Michael Keen , and Ruud Mooij

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2012

DOI: http://dx.doi.org/10.5089/9781463937096.001

ISBN: 9781463937096

Keywords: Bank taxation, corporate tax, debt bias, leverage, tax rate, capital requirement, deposit insurance, bank capital, Business Taxes and Subsidies including sales and value-added (VAT),

Understanding the impact of the asymmetric tax treatment of debt and equity on the capital structures of financial institutions is critical to shaping and assessing responses to the problem of excessive leverage th...

Bank of Japan's Quantitative and Credit Easing
			: Are they Now More Effective

Bank of Japan's Quantitative and Credit Easing : Are they Now More Effective »

Volume/Issue: 2012/2

Series: IMF Working Papers

Author(s): Ugo Fasano-Filho , Qing Wang , and Pelin Berkmen

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2012

DOI: http://dx.doi.org/10.5089/9781475502473.001

ISBN: 9781475502473

Keywords: Monetary Policy, conomic Activity, Inflation, price stability, monetary fund, central bank

This paper asks whether the BoJ's recent experience with unconventional monetary easing has been effective in supporting economic activity and inflation. Using a structural VAR model, the paper finds some evidence...

Central Bank Credit to the Government
			: What Can We Learn From International Practices?

Central Bank Credit to the Government : What Can We Learn From International Practices? »

Volume/Issue: 2012/16

Series: IMF Working Papers

Author(s): Marcela Matamoros-Indorf , Mrinalini Sharma , Simon Townsend , and Luis Jácome

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2012

DOI: http://dx.doi.org/10.5089/9781463931216.001

ISBN: 9781463931216

Keywords: lending to the government, international practices, central bank, inflation, government securities,

Using a central bank legislation database, this paper documents and analyzes worldwide institutional arrangements for central bank lending to the government and identifies international practices. Key findings are:...

Clarity of Central Bank Communication About Inflation

Clarity of Central Bank Communication About Inflation »

Volume/Issue: 2012/9

Series: IMF Working Papers

Author(s): Ales Bulir , David-Jan Jansen , and Martin Cihak

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2012

DOI: http://dx.doi.org/10.5089/9781463931148.001

ISBN: 9781463931148

Keywords: communication, clarity, central bank, inflation target,

This paper examines whether the clarity of central bank communication about inflation has changed with the economic environment. We use readability statistics and content analysis to study the clarity of communicat...

Macrofinancial Modeling At Central Banks
			: Recent Developments and Future Directions

Macrofinancial Modeling At Central Banks : Recent Developments and Future Directions »

Volume/Issue: 2012/21

Series: IMF Working Papers

Author(s): Jan Vlcek , and Scott Roger

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2012

DOI: http://dx.doi.org/10.5089/9781463931834.001

ISBN: 9781463931834

Keywords: Monetary policy analysis, financial frictions, macroeconomic modeling, banking, bank capital, financial stability, banking sector, interbank market, Macroeconomics: Consumption, Saving

This paper surveys dynamic stochastic general equilibrium models with financial frictions in use by central banks and discusses priorities for future development of such models for the purpose of monetary and finan...

Treasury Bills and/Or Central Bank Bills for Absorbing Surplus Liquidity
			: The Main Considerations

Treasury Bills and/Or Central Bank Bills for Absorbing Surplus Liquidity : The Main Considerations »

Volume/Issue: 2012/40

Series: IMF Working Papers

Author(s): Obert Nyawata

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2012

DOI: http://dx.doi.org/10.5089/9781463933838.001

ISBN: 9781463933838

Keywords: consolidated public sector, central bank, government securities, debt management, Fiscal and Monetary Policy in Development, Wages, Compensation, and Labor Costs: Public Policy,

This paper discusses the challenging question of whether central banks should use treasury bills or central bank bills for draining excess liquidity in the banking system. While recognizing that there are practical...

Solomon Islands
			: 2011 Article IV Consultation, Third Review Under the Stand-by Credit Facility, and Request for Arrangement Under the Stand-by Credit Facility:  Staff Report; Staff Supplements; Public Information Notice and Press Releases; and Statement by the Executive Director for Solomon Islands

Solomon Islands : 2011 Article IV Consultation, Third Review Under the Stand-by Credit Facility, and Request for Arrangement Under the Stand-by Credit Facility: Staff Report; Staff Supplements; Public Information Notice and Press Releases; and Statement by the Executive Director for Solomon Islands »

Volume/Issue: 2011/359

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 December 2011

DOI: http://dx.doi.org/10.5089/9781463929909.002

ISBN: 9781463929909

Keywords: public debt, external debt, central bank, debt service, current account

Solomon Islands' economy has rebounded from the 2008-09 global financial crisis. An 18-month Standby Credit Facility has been approved in June 2010 and succeeded in restoring macroeconomic and financial stability....

Determinants of Development Financing Flows From Brazil, Russia, India, and China to Low-Income Countries

Determinants of Development Financing Flows From Brazil, Russia, India, and China to Low-Income Countries »

Volume/Issue: 2011/255

Series: IMF Working Papers

Author(s): Nkunde Mwase

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2011

DOI: http://dx.doi.org/10.5089/9781463923914.001

ISBN: 9781463923914

Keywords: BRICs, Low-Income Countries, Panel VAR, Panel OLS, Concessionality, loan financing, bank debt, equation, dummy variable, error variance

BRICs development financing flows have increased significantly and are expected to become more prominent in the post-crisis era. We investigate the potential implications on the country-allocation of loan commitmen...

Russian Federation; Staff Report for the 2011 Article IV Consultation

Russian Federation; Staff Report for the 2011 Article IV Consultation »

Volume/Issue: 2011/294

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 September 2011

DOI: http://dx.doi.org/10.5089/9781463904852.002

ISBN: 9781463904852

Keywords: inflation, monetary policy, external debt, current account, central bank

The reports highlights that, even though the Russian economy has started reviving from the crisis, growth has been moderate and inflation high. Executive Directors have advised that the focus should be on reducing...

The Behavior of Conventional and Islamic Bank Deposit Returns in Malaysia and Turkey

The Behavior of Conventional and Islamic Bank Deposit Returns in Malaysia and Turkey »

Volume/Issue: 2011/156

Series: IMF Working Papers

Author(s): Joshua Charap , and Serhan Cevik

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2011

DOI: http://dx.doi.org/10.5089/9781455293704.001

ISBN: 9781455293704

Keywords: Interest rates, Islamic banks, causality, time-varying volatility correlation, bank deposit, interest, balance sheet, debt

This paper examines the empirical behavior of conventional bank deposit rates and the rate of return on retail Islamic profit-and-loss sharing (PLS) investment accounts in Malaysia and Turkey, using monthly data fr...

The Development of Local Debt Markets in Asia

The Development of Local Debt Markets in Asia »

Volume/Issue: 2011/132

Series: IMF Working Papers

Author(s): Mangal Goswami , and Sunil Sharma

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2011

DOI: http://dx.doi.org/10.5089/9781455259373.001

ISBN: 9781455259373

Keywords: local currency debt markets, investor base, bank lending, regulatory framework, bond markets, securities, capital market, bond market, Financial Markets and the Macroeconomy, Financial Aspects of Economic Integration

The paper makes an assessment of the progress made in developing local debt markets in emerging Asia. Market development has been limited by hurdles confronting borrowers and lenders, current and potential liquidit...

Should Unconventional Balance Sheet Policies Be Added to the Central Bank toolkit? a Review of the Experience so Far

Should Unconventional Balance Sheet Policies Be Added to the Central Bank toolkit? a Review of the Experience so Far »

Volume/Issue: 2011/145

Series: IMF Working Papers

Author(s): Kotaro Ishi , Kenji Fujita , and Mark Stone

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2011

DOI: http://dx.doi.org/10.5089/9781455268467.001

ISBN: 9781455268467

Keywords: crisis policies, liquidity support, central bank, central banks, balance sheet, interest, debt, International Policy Coordination and Transmission,

What is the case for adding the unconventional balance sheet policies used by major central banks since 2007 to the standard policy toolkit? The record so far suggests that the new liquidity providing policies in s...

Bank Behavior in Response to Basel Iii
			: A Cross-Country Analysis

Bank Behavior in Response to Basel Iii : A Cross-Country Analysis »

Volume/Issue: 2011/119

Series: IMF Working Papers

Author(s): Thomas Cosimano , and Dalia Hakura

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2011

DOI: http://dx.doi.org/10.5089/9781455262427.001

ISBN: 9781455262427

Keywords: capital constraints, equity, capital requirements, nonperforming loans, interest expense, bank capital, Central Banking, And The Supply Of Money And Credit, financial Institutions And Services,

This paper investigates the impact of the new capital requirements introduced under the Basel III framework on bank lending rates and loan growth. Higher capital requirements, by raising banks' marginal cost of fun...