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Absorption Boom and Fiscal Stance

Absorption Boom and Fiscal Stance »

Source: Absorption Boom and Fiscal Stance : What Lies Ahead in Eastern Europe?

Volume/Issue: 2010/97

Series: IMF Working Papers

Author(s): Jesmin Rahman

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2010

ISBN: 9781451982749

Keywords: Pro-cyclicality, cyclically-adjusted fiscal balance, expenditure, capital expenditure, social expenditure, National Government Expenditures and Related Policies: General, National Budget, Deficit, and Debt: General,

This paper estimates revenue and expenditure pro-cyclicality with respect to output and domestic absorption in new member states of the European Union and Croatia to assess whether these countries used the boom yea...

Analyzing Balance Sheet Vulnerabilities in a Dollarized Economy

Analyzing Balance Sheet Vulnerabilities in a Dollarized Economy »

Source: Analyzing Balance Sheet Vulnerabilities in a Dollarized Economy : The Case of Georgia

Volume/Issue: 2006/173

Series: IMF Working Papers

Author(s): Andreas Billmeier , and Johan Mathisen

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2006

ISBN: 9781451864335

Keywords: Balance-sheet analysis, BSA, vulnerabilities, currency mismatch, foreign currency, commercial banks, external debt, currency mismatches, central bank, Methodology for Collecting

Balance-sheet analysis (BSA) complements traditional flow-oriented macroeconomic analysis by gauging mismatches in aggregate and sectoral balance sheets of an economy. Enabled by recent progress in data availabilit...

Assessing China’s Corporate Sector Vulnerabilities

Assessing China’s Corporate Sector Vulnerabilities »

Source: Assessing China's Corporate Sector Vulnerabilities

Volume/Issue: 2015/72

Series: IMF Working Papers

Author(s): Mali Chivakul , and Waikei Lam

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 March 2015

ISBN: 9781484308783

Keywords: leverage, state-owned enterprise (SOE), real estate, interest rate shock, debt, interest, interest rate, profit, indebtedness, General,

This paper documents and assesses the risk stemming from rising corporate indebtedness in China using a firm-level dataset of listed firms. It finds that while leverage on average is not high, there is a fat tail...

Assessing Fiscal Stress

Assessing Fiscal Stress »

Source: Assessing Fiscal Stress

Volume/Issue: 2011/100

Series: IMF Working Papers

Author(s): Gabriela Dobrescu , Iva Petrova , Nazim Belhocine , and Emanuele Baldacci

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2011

ISBN: 9781455254316

Keywords: fiscal stress, fiscal vulnerability, public debt crises, sovereign default, public debt, fiscal indicators, fiscal crisis, fiscal variables, National Deficit Surplus, Studies of Particular Policy Episodes

This paper develops a new index which provides early warning signals of fiscal sustainability problems for advanced and emerging economies. Unlike previous studies, the index assesses the determinants of fiscal str...

Assessing the Risk of Private Sector Debt Overhang in the Baltic Countries

Assessing the Risk of Private Sector Debt Overhang in the Baltic Countries »

Source: Assessing the Risk of Private Sector Debt Overhang in the Baltic Countries

Volume/Issue: 2010/250

Series: IMF Working Papers

Author(s): Valerie Herzberg

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2010

ISBN: 9781455209507

Keywords: private sector debt, Baltic economies, debt overhang, corporate sector, debt service, central bank, Financial Economics: General, Financial Institutions and Services: General,

Between 2000 and 2007 nonfinancial private sector credit expanded rapidly in the Baltic countries, resulting in a non-negligible build-up of debt. Could this legacy debt hold back the economic recovery of the regio...

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

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

Source: 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

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...

Automatic Stabilizers and the Size of Government

Automatic Stabilizers and the Size of Government »

Source: Automatic Stabilizers and the Size of Government : Correcting a Common Misunderstanding

Volume/Issue: 2010/155

Series: IMF Working Papers

Author(s): Carlo Cottarelli , and Annalisa Fedelino

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2010

ISBN: 9781455201389

Keywords: cyclical adjustment, expenditure, fiscal balances, budget balance, public spending, Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: General, National Deficit Surplus, National Budget

The size of government is a commonly used variable in many analytical studies on the effects of fiscal policy. An accepted practice is to measure it as the ratio of government spending to GDP. However, this is not...

Bailing Out the People? When Private Debt Becomes Public

Bailing Out the People? When Private Debt Becomes Public »

Source: Bailing Out the People? When Private Debt Becomes Public

Volume/Issue: 2018/141

Series: IMF Working Papers

Author(s): Samba Mbaye , Marialuz Moreno Badia , and Kyungla Chae

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 June 2018

ISBN: 9781484361658

Keywords: Public debt, deleveraging, private debt, leverage cycles, bailout, Financial Markets and the Macroeconomy, International Lending and Debt Problems, International Business Cycles, General, International

This paper documents a form of private sector bailout that is much more common (and yet unnoticed) than the typical bank bailout. Building on the newly-created Global Debt Database, we show that excess private debt...

Bank Asset Quality in Emerging Markets

Bank Asset Quality in Emerging Markets »

Source: 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

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...

Bankruptcy Procedures for Sovereigns

Bankruptcy Procedures for Sovereigns »

Source: Bankruptcy Procedures for Sovereigns : A History of Ideas, 1976-2001

Volume/Issue: 2002/133

Series: IMF Working Papers

Author(s): Jeronimo Zettelmeyer , and Kenneth Rogoff

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2002

ISBN: 9781451855500

Keywords: sovereign bankruptcy, debt crises, international bankruptcy court, Chapter 11, sovereign debt, creditors, debt restructuring, creditor, History of Thought since 1925: Other, History of Thought: Individuals: General

This paper describes the evolution of ideas to apply bankruptcy reorganization principles to sovereign debt crises. Our focus is on policy proposals between the late 1970s and Anne Krueger's (2001) proposed "Sovere...