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The Financial Wealth of Corporations

The Financial Wealth of Corporations »

Volume/Issue: 2016/11

Series: IMF Working Papers

Author(s): Yuko Hashimoto , and Noriaki Kinoshita

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 January 2016

DOI: http://dx.doi.org/10.5089/9781484395073.001

ISBN: 9781484395073

Keywords: Nonfinancial corporation, financial balance sheet, net financial wealth, balance sheet, equity, debt, balance sheets, stock, General, Methodology for Collecting

This paper analyzes the nonfinancial corporation (NFC) sector’s financial balance sheets using data available from the OECD. In our sample of 20 advanced economies, corporate debt in percent of GDP—a frequently use...

The Challenge of Public Pension Reform in Advanced and Emerging Economies

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

Series: Occasional Papers

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 January 2016

Language: Chinese

DOI: http://dx.doi.org/10.5089/9787504979971.084

ISBN: 9787504979971

Keywords: Pension reforms, Developed countries, Emerging markets, Pensions, Government expenditures, Cross country analysis, emerging market economies, retirement, pensions, pension spending

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

Recognizing the Bias
			: Financial Cycles and Fiscal Policy

Recognizing the Bias : Financial Cycles and Fiscal Policy »

Volume/Issue: 2015/246

Series: IMF Working Papers

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 November 2015

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

ISBN: 9781513508863

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

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

Supervisory Roles in Loan Loss Provisioning in Countries Implementing IFRS

Supervisory Roles in Loan Loss Provisioning in Countries Implementing IFRS »

Volume/Issue: 2014/170

Series: IMF Working Papers

Author(s): Ellen Gaston , and In Song

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 November 2015

Language: Chinese

DOI: http://dx.doi.org/10.5089/9781513590479.001

ISBN: 9781513590479

Keywords: Supervisory role, loan loss provisioning, IFRS implementation, banking, capital adequacy, banking supervision, bank for international settlements, bank supervisors, General, Government Policy and Regulation

Countries implementing International Financial Reporting Standards (IFRS) for loan loss provisioning by banks have been guided by two different approaches: International Accounting Standards (IAS) 39 and Basel stan...

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

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

Volume/Issue: 2015/201

Series: IMF Working Papers

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 September 2015

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

ISBN: 9781513517087

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

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

Financial Factors
			: Implications for Output Gaps

Financial Factors : Implications for Output Gaps »

Volume/Issue: 2015/153

Series: IMF Working Papers

Author(s): Pau Rabanal , and Marzie Taheri Sanjani

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 July 2015

DOI: http://dx.doi.org/10.5089/9781513512860.001

ISBN: 9781513512860

Keywords: Monetary Union, Output Gap, Financial Frictions, Bayesian Estimation, potential output, credit, costs, monetary policy, Model Construction and Estimation, Monetary Policy (Targets

We suggest a new approach for analyzing the role of financial variables and shocks in computing the output gap. We estimate a two-region DSGE model for the euro area, with financial frictions at the household level...

Finance & Development, June 2015

Finance & Development, June 2015 »

Volume/Issue: 52/2

Series: Finance & Development

Author(s): International Monetary Fund. Communications Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 June 2015

DOI: http://dx.doi.org/10.5089/9781484371220.022

ISBN: 9781484371220

Keywords: Finance and Development, development, finance, markets, monetary fund, development goals

This chapter takes stock of the world's development agenda, examining how to best seize this opportunity. Government officials and representatives from civil society organizations, donor groups, and the private sec...

When Should Public Debt Be Reduced?

When Should Public Debt Be Reduced? »

Volume/Issue: 2015/10

Series: Staff Discussion Notes

Author(s): Jonathan Ostry , Atish Ghosh , and Raphael Espinoza

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2015

DOI: http://dx.doi.org/10.5089/9781498379205.006

ISBN: 9781498379205

Keywords: Economic growth, Public investment, Public debt, debt, investment, financial crisis, Forecasts of Budgets, Deficits, and Debt,

What considerations should guide public debt policy going forward? Should debt be reduced to achieve normative anchors (such as 60 percent of GDP), should it be increased further to finance a big public investment...

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

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

Volume/Issue: 2015/117

Series: IMF Working Papers

Author(s): Sergio Sola , and Geremia Palomba

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 May 2015

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

ISBN: 9781513511061

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

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

Playing by the Rules
			: Reforming Fiscal Governance in Europe

Playing by the Rules : Reforming Fiscal Governance in Europe »

Volume/Issue: 2015/67

Series: IMF Working Papers

Author(s): Luc Eyraud , and Tao Wu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 March 2015

DOI: http://dx.doi.org/10.5089/9781484300282.001

ISBN: 9781484300282

Keywords: Fiscal Policy, Fiscal Rules, EMU, fiscal, governance, public debt, states, enforcement, General, Intergovernmental Relations,

The paper contributes to the discussions on fiscal governance in Europe. It takes stock of recent reforms, identifies areas for further progress, and discusses a menu of policy options for the medium-term. The issu...