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Tao Sun
This note analyzes the economic impact of digital lending to micro and small sized enterprises (MSEs) in China during the coronavirus disease (COVID-19) pandemic. A preliminary analysis of a large pool of MSEs served by a digital bank indicates that digital banks were able to remotely evaluate borrowers and sustain lending during the pandemic, thereby facilitating the business continuity, sales growth, and financial inclusiveness of MSEs. In the global context, a policy framework—leveraging the advantages of digital banks and empowering digital banks, while guarding against possible financial stability risks—would further support small businesses during and after the COVID-19 pandemic.
International Monetary Fund. African Dept.
The Covid-19 pandemic had a substantial impact on C.A.R.’s economy but appears now somewhat contained. The number of positive cases and related deaths has been very limited over the last few months, even though most containment measures have been progressively loosened. Despite some progress since the February 2019 peace agreement, the security situation remains precarious. Despite some delays in voter registration, the first round of the presidential and general elections is still scheduled on December 27.
Mr. Federico J Diez, Mr. Romain A Duval, Jiayue Fan, José Garrido, Sebnem Kalemli-Ozcan, Chiara Maggi, and Mr. Nicola Pierri
The COVID-19 pandemic has increased insolvency risks, especially among small and medium enterprises (SMEs), which are vastly overrepresented in hard-hit sectors. Without government intervention, even firms that are viable a priori could end up being liquidated—particularly in sectors characterized by labor-intensive technologies, threatening both macroeconomic and social stability. This staff discussion note assesses the impact of the pandemic on SME insolvency risks and policy options to address them. It quantifies the impact of weaker aggregate demand, changes in sectoral consumption patterns, and lockdowns on firm balance sheets and estimates the impact of a range of policy options, for a large sample of SMEs in (mostly) advanced economies.
Miss Roxana Mihet
This paper investigates the effects of national culture on firm risk-taking, using a comprehensive dataset covering 50,000 firms in 400 industries in 51 countries. Risk-taking is found to be higher for domestic firms in countries with low uncertainty aversion, low tolerance for hierarchical relationships, and high individualism. Domestic firms in such countries tend to take substantially more risk in industries which are more informationally opaque (e.g. finance, mining, IT). Risk-taking by foreign firms is best explained by the cultural norms of their country of origin. These cultural norms do not proxy for legal constraints, insurance safety nets, or economic development.
Ms. Dawn Elizabeth Rehm and Ms. Taryn R Parry

Abstract

The Manual on Fiscal Transparency provides an authoritative account and explanation of the revised IMF Code of Good Practices on Fiscal Transparency (‘the Code’). It expands and updates the 2001 edition of the Manual, which has been used by countries undertaking assessments of the transparency of their fiscal management practices (including so-called ‘fiscal ROSCs’), legislatures, civil society organizations, economists, and financial analysts. Numerous new examples of implementation of the Code by countries in all regions of the world and at different levels of development are included. The Manual, which reflects a public comment process, is also supplemented by the revised Guide on Resource Revenue Transparency. It identifies numerous benefits from fiscal transparency, including providing citizens with information to hold governments accountable for their policy choices, informing and improving the quality of economic policy decisions, highlighting potential risks to the fiscal outlook, and easing a country’s access to international capital markets.

Ms. Dawn Elizabeth Rehm and Ms. Taryn R Parry

Abstract

This series contains practical "how-to" information for economists and includes topics such as tax policy, balance of payments statistics, external debt statistics, foreign exchange reserve management, and financial sector assessment.

Ms. Dawn Elizabeth Rehm and Ms. Taryn R Parry

Abstract

This series contains practical "how-to" information for economists and includes topics such as tax policy, balance of payments statistics, external debt statistics, foreign exchange reserve management, and financial sector assessment.

Ms. Dawn Elizabeth Rehm and Ms. Taryn R Parry

Abstract

Le Manuel sur la transparence des finances publiques décrit et explique le Code révisé de bonnes pratiques en matière de transparence des finances publiques. Il s'agit d'une mise à jour de l'édition 2001 du manuel, qui a été utilisée par les pays pour mener des évaluations de la transparence de leur gestion des finances publiques (y compris des RONC), ainsi que par des parlements, des organisations de la société civile, des économistes et des analystes financiers. Cette nouvelle édition contient de nombreux nouveaux exemples d'application du Code par des pays qui se trouvent dans toutes les régions du monde et à des stades de développement différents. Le Manuel, qui donne suite à une procédure d'appel aux contributions de ses utilisateurs, est également complété par le Guide sur la transparence des recettes des ressources naturelles. Il recense de nombreux avantages de la transparence des finances publiques : fournir aux citoyens des informations qui leur permettent de responsabiliser les pouvoirs publics, guider les décisions de politique économique et en améliorer la qualité, faire apparaître les risques pesant sur les perspectives budgétaires et faciliter l'accès d'un pays aux marchés de capitaux internationaux.

Ms. Dawn Elizabeth Rehm and Ms. Taryn R Parry

Abstract

El Manual de Transparencia Fiscal constituye una sólida exposición y explicación del código revisado del FMI sobre buenas prácticas de transparencia fiscal. Amplía y actualiza la edición de 2001, utilizada por los países para evaluar la transparencia de sus prácticas de gestión fiscal (incluidos los denominados "módulos fiscales" de los informes sobre la observancia de los códigos y normas) y por legislaturas, organizaciones de la sociedad civil, economistas y analistas financieros. Incluye numerosos ejemplos nuevos de la aplicación del código en países de todas las regiones del mundo y con diferentes niveles de desarrollo. El Manual, que recoge comentarios recibidos del público, también se complementa con la nueva versión de la Guía sobre la transparencia del ingreso proveniente de los recursos naturales. El manual enumera los numerosos beneficios de la transparencia fiscal; entre ellos, proporcionar a la ciudadanía la información necesaria para exigir que los gobiernos rindan cuenta de las políticas adoptadas, fundamentar y mejorar la calidad de las decisiones sobre política económica, poner de relieve los posibles riesgos para las perspectivas fiscales y facilitar el acceso de un país a los mercados internacionales de capital.

Ms. Dawn Elizabeth Rehm and Ms. Taryn R Parry

Abstract

The Manual on Fiscal Transparency provides an authoritative account and explanation of the revised IMF Code of Good Practices on Fiscal Transparency (the Code). It expands and updates the 2001 edition of the Manual, which has been used by countries undertaking assessments of the transparency of their fiscal management practices (including so-called fiscal ROSCs), legislatures, civil society organizations, economists, and financial analysts. Numerous new examples of implementation of the Code by countries in all regions of the world and at different levels of development are included. The Manual, which reflects a public comment process, is also supplemented by the revised Guide on Resource Revenue Transparency. It identifies numerous benefits from fiscal transparency, including providing citizens with information to hold governments accountable for their policy choices, informing and improving the quality of economic policy decisions, highlighting potential risks to the fiscal outlook, and easing a country’s access to international capital markets.