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Mr. Johan Mathisen and Mr. Anthony J. Pellechio

Abstract

Delineation of sectors and financial instruments in a matrix of balance sheets for an economy is central to specifying the BSA framework for analysis of the potential for emerging liquidity or solvency problems. The sectorization and financial instruments in the 7 x 7 matrix presented in this paper provide a useful baseline for applying the BSA and can be adapted to focus on particular sectors to assess vulnerabilities in the economy. This framework can also be modified to accommodate data limitations and still be useful for vulnerability analysis.

Mr. Johan Mathisen and Mr. Anthony J. Pellechio

Abstract

A distinguishing feature of emerging market crises in the 1990s and early 2000s was the sudden disruption in the capital accounts of key sectors of the economy. Capital account crises typically occur as creditors quickly lose confidence, prompting sudden and large-scale portfolio adjustments such as massive withdrawals of bank deposits, panic sales of securities, or abrupt halts of debt rollovers. As the exchange rate, interest rates, and other asset prices adjust, the balance sheet of an entire economy can sharply deteriorate.

Mr. Johan Mathisen and Mr. Anthony J. Pellechio

Abstract

The purpose of the BSA is to analyze vulnerabilities of sectors and transmission mechanisms among them. Key vulnerabilities that the BSA framework aims to capture can be summarized as follows:4

Mr. Johan Mathisen and Mr. Anthony J. Pellechio

Abstract

The particular framework of a BSA application—a matrix of intersectoral balance sheets in terms of sectors of the economy and components of the balance sheet (Table 1)—depends on the focus of analysis and, as a practical matter, the availability of data. Allen and others (2002) provide a generic matrix encompassing four sectors (government, financial, nonfinancial, nonresident) with assets and liabilities broken down by (short- and long-term) maturity and currency (domestic, foreign). The framework presented in this paper uses the same breakdown of assets and liabilities but expands it to seven sectors.6

Mr. Johan Mathisen and Mr. Anthony J. Pellechio

Abstract

Recent improvements in statistical methodologies and data availability are enhancing the potential for detecting and monitoring macroeconomic balance sheet vulnerabilities. In particular, some of the datasets introduced in recent years permit a much more frequent, detailed, and up-to-date analysis.

Mr. Johan Mathisen and Mr. Anthony J. Pellechio

Abstract

The most important aspect of the new datasets is that they permit tracking the evolution of balance sheet vulnerabilities—the potential for liquidity or solvency problems—on a regular and timely basis for surveillance purposes. As the example of South Africa illustrated, the new datasets—particularly the SRF, JEDH, QEDS, and CPIS—provide financial data with greater periodicity, detail, and timeliness, enabling better tracking of current vulnerabilities using the BSA. These data can be mapped into the 7 x 7 BSA framework for a monthly analysis of sectoral vulnerabilities. If needed, the framework also allows for a detailed breakdown by assets and liabilities by currency, which can be very useful when analyzing particular vulnerabilities. Recent applications of the BSA using these new databases illustrate some of the advantages for IMF surveillance. However, the full potential for detailed examination of a country’s vulnerabilities and cross-country analysis based on comparable data will be realized in future applications of the BSA using these databases.

International Monetary Fund. Monetary and Capital Markets Department

Abstract

This 2002 Annual Report on Exchange Arrangements and Exchange Restrictions provides a detailed description of the exchange arrangements and exchange/trade restrictions of individual IMF member countries and Hong Kong Special Administrative Region, as well as Aruba and the Netherlands Antilles. The report highlights that the exchange rate of the Australian dollar is market determined. Licensed foreign exchange dealers may deal among themselves, with their customers, and with overseas counterparties at mutually negotiated rates for both spot and forward transactions in any currency with regard to trade- and nontrade-related transactions.

International Monetary Fund. External Relations Dept.

Enron has come to symbolize the use of aggressive accounting techniques to mask excessive leverage and weak earnings. Some segments of financial markets have been volatile since Enron’s collapse—the largest bankruptcy in U.S. history—and the full extent of the losses suffered by investors and financial institutions will not be known until the company’s complex operations are unwound.

Ms. Iyabo Masha
This paper analyzes the impact of the global financial crisis on the banking systems in Kenya, Tanzania, and Uganda, and their responses to it, using information from banking system balance sheets. The paper undertakes two distinct analyses. In the first analysis, the focus is on the trend in intersectoral balances and positions in the long run, using annual data for 2001–08. The second analysis uses monthly data for December 2007–May 2009 to determine how intersectoral balance sheets adjusted in the short run to sudden changes in the economic environment during the recent global financial crisis.
International Monetary Fund

Abstract

Esta Guía proporciona orientación clara y actualizada sobre los conceptos, definiciones y clasificaciones de la deuda externa bruta de los sectores público y privado, y sobre las fuentes, técnicas de compilación y usos analíticos de estos datos. Reemplaza a las anteriores directrices internacionales sobre las estadísticas de deuda externa publicadas en 1988 en Deuda Externa: Definición, cobertura estadística y metodología (conocido como el "Libro Gris"). El marco conceptual de esta Guía se deriva del Sistema de Cuentas Nacionales 1993 y de la quinta edición del Manual de Balanza de Pagos del FMI (1993). La preparación de esta Guía fue una tarea emprendida por el Grupo de tareas interinstitucional sobre estadísticas financieras, bajo la presidencia del FMI y con la participación de representantes del Banco de Pagos Internacionales, la Secretaría del Commonwealth, el Banco Central Europeo, Eurostat, la OCDE, la Secretaría del Club de Paris, UNCTAD y el Banco Mundial.