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You are looking at 1 - 4 of 4 items for :

  • Type: Journal Issue x
  • Monetary Policy x
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Cover IMF Staff Country Reports
Italy: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper focuses on economic challenges and options for overcoming the demographic drag in Italy. Italy has large catch-up potential to help overcome the demographic drag on output, but fundamental changes are needed to shift from the current suboptimal equilibrium. On numerous metrics, Italy is among the worst EU performers in areas that directly bear on output, including female labor force participation, NEET youth, educational attainment, and digitalization. Increasing employment is essential, but not sufficient. While boosting female labor force participation and the effective retirement age would raise economic output, it would not achieve growth in the end unless accompanied by higher capital and total factor productivity. Going forward, Italy needs a sustained, pro-growth strategy to significantly boost productivity in order to counteract the effect of demographic decline. While there is scope to quickly narrow labor participation gaps, reforms are needed to address critical shortcomings in education, competition, public administration, and the judicial system. However, such transformational change likely entails long gestation periods. It is therefore imperative that these reforms be implemented promptly and decisively.
Keywords:
ECB asset purchase; education outcome; Italy's sovereign bond; AES emission intensity; GhC emission; Yield curve; Sovereign bonds; Labor force participation; Greenhouse gas emissions; Global; Europe
Cover IMF Staff Country Reports
Indonesia: Selected Issues
International Monetary Fund. Asia and Pacific Dept
The Selected Issues paper discusses lessons for a changing investor base in Indonesia. The decision of different investors to hold local-currency (LC) government debt can reflect both global and domestic conditions. Results point to the importance of global factors especially for nonresidents (NRs), while domestic investor holdings are mostly associated with higher debt security issuances, and Bank of Indonesia acts as a residual financier under adverse conditions. Results are mostly robust to different specifications. The results suggest that NR holdings of LC debt support the bond market and domestic credit, but financial market volatility may be higher. The paper finds that domestic banks and nonbanks are typically the marginal investors of new LC debt issued in emerging markets (EM). In normal times, domestic banks and nonbanks absorb most of the new issuances of LC debt in our sample of EMs. However, domestic nonbanks assume the key role in absorbing new debt supply during episodes of large declines in the NR share of LC debt. This finding is important for Indonesia, given the limited role of domestic nonbanks in the economy. In this context, further deepening of the domestic retail investor base, in line with the Indonesian authorities’ medium-term debt strategy, could support market depth and reduce volatility.
Keywords:
investor base; LC debt; marginal investor; implications of the change; different investor; Central bank policy rate; Bond yields; Inflation; Real interest rates; Global
Cover IMF Staff Country Reports
Albania: Technical Assistance Report—Investment Funds and Interconnectedness Risks
International Monetary Fund. Monetary and Capital Markets Department
This paper presents the technical assistance report on investment funds and interconnectedness risks in Albania. The fund sector has been expanding and remains highly concentrated. Interconnectedness between funds and the rest of the financial system is limited. On the liability side, retail investors mainly hold fund shares, and institutional investors play a minor role. On the asset side, funds do not have significant direct exposures to securities issued by financial entities. Exposures to the sovereign market are the main risk transmission channel between funds and the rest of the financial system, given the lack of liquidity of domestic sovereign bonds. The review recommends that Albanian Financial Services Authority (AFSA) should enhance its risk monitoring of the fund sector and its interlinkages with the rest of the financial system. The review recommends that AFSA consider expanding the range of Liquidity Management Tools available to funds. The current regulatory framework only foresees suspension of redemptions, while other tools could be used to mitigate the risk of destabilizing redemptions.
Keywords:
fund sector; fund assets; fund share; fund manager; funds portfolio; Sovereign bonds; Securities markets; Stress testing; Corporate bonds
Cover IMF Staff Country Reports
Uruguay: Technical Assistance Report-Monetary and Financial Statistics Mission
International Monetary Fund. Statistics Dept.
At the request of the Central Bank of Uruguay (BCU), and with the support of the International Monetary Fund’s (IMF’s) Western Hemisphere Department (WHD), a monetary and financial statistics (MFS) technical assistance (TA) mission from the IMF’s Statistics Department (STA) visited Montevideo during February 3-14, 2020. The main objectives of the mission were to: (i) review available source data for other financial corporations (OFC); in particular, insurance corporations (IC), pension funds (PF), and credit administration companies (CAC); and (ii) compile standardized monetary statistics for OFC (report form SRF 4SR) in line with the 2016 Monetary and Financial Statistics Manual and Compilation Guide (MFSMCG). The officials met during the mission are listed in Appendix I.
Keywords:
IMF's Statistics Department; administration company; staff team of the International Monetary Fund; Statistics Department of the IMF; CAC assets; Nonbank financial institutions; Offshore financial centers; Financial statements; Financial soundness indicators; Collective action clauses; Global