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International Monetary Fund. External Relations Dept.
Ce numéro de Finances & Développement s'intéresse au rôle croissant des pays émergents. Selon Ayhan Kose, du FMI, et Eswar Prasad, professeur de politique commerciale à l’université Cornell, les pays émergents tels que le Brésil, la Chine, l’Inde et la Russie ont acquis un poids économique qui va leur permettre désormais de jouer un plus grand rôle dans la gouvernance économique mondiale et d’assumer une plus grande responsabilité en matière de stabilité économique et financière. Vivek Arora et Athanasios Vamvakidis s’intéressent quant à eux à l’influence croissante de l’économie chinoise sur le reste du monde, et pas seulement sur ses pays voisins et ses principaux partenaires commerciaux. Divers sujets sont aussi abordés dans ce numéro de F&D qui ont trait aux efforts déployés dans le monde entier pour sortir de la crise. Alan Blinder et Mark Zandi examinent les effets positifs des mesures de relance aux États-Unis. Sans elles, disent-ils, le pays serait encore en récession. Des chercheurs du FMI étudient ce que les pays pourraient faire pour maîtriser la dette publique, et quelles sont les conséquences d'un déclassement de la dette publique. D’autres articles se penchent sur les coûts humains du chômage, les liens entre inégalités et crise financière, et ce que signifierait pour le système financier un changement des pratiques bancaires. Deux articles sont consacrés au système bancaire islamique, qui a fait ses preuves pendant la crise mondiale, et dans «Les visages de la crise un an après», nous continuons notre enquête sur les conséquences de la récession pour plusieurs personnes dans diverses régions du monde. « Paroles d'économistes » dresse le portrait d'Avinash Dixit, théoricien économique d'Harvard, et « L'ABC de l'économie » explique la notion d'externalités.
International Monetary Fund. External Relations Dept.
This issue of F&D looks at the growing role of emerging markets. Analysis by the IMF's Ayhan Kose and Eswar Prasad, professor of trade policy at Cornell University, argues that their economic ascendance will enable emerging markets such as Brazil, China, India, and Russia to play a more significant part in global economic governance and take on more responsibility for economic and financial stability. And Vivek Arora and Athanasios Vamvakidis measure how China's economy is increasingly affecting the rest of the world not just its neighbors and main trading partners. In addition, F&D examines a variety of topics that are particularly relevant as the world struggles to shake off the crisis. Alan Blinder and Mark Zandi look at the positive effects of stimulus in the United States. Without it, they say, the United States would still be in recession. IMF researchers look at how countries can get debt under control, and what happens when government debt is downgraded. Other articles examine the human costs of unemployment, how inequality can lead over time to financial crisis, and what changes in the way banks do business could mean for the financial system. Two articles look at Islamic banking, which was put to the test during the global crisis and proved its mettle, and in Faces of the Crisis Revisited, we continue to track how the recession affected several individuals around the world. This issue of F&D profiles Princeton economic theorist Avinash Dixit in the regular People in Economics feature, and Back to Basics looks at externalities.
International Monetary Fund. External Relations Dept.
This issue of F&D looks at the growing role of emerging markets. Analysis by the IMF's Ayhan Kose and Eswar Prasad, professor of trade policy at Cornell University, argues that their economic ascendance will enable emerging markets such as Brazil, China, India, and Russia to play a more significant part in global economic governance and take on more responsibility for economic and financial stability. And Vivek Arora and Athanasios Vamvakidis measure how China's economy is increasingly affecting the rest of the world not just its neighbors and main trading partners. In addition, F&D examines a variety of topics that are particularly relevant as the world struggles to shake off the crisis. Alan Blinder and Mark Zandi look at the positive effects of stimulus in the United States. Without it, they say, the United States would still be in recession. IMF researchers look at how countries can get debt under control, and what happens when government debt is downgraded. Other articles examine the human costs of unemployment, how inequality can lead over time to financial crisis, and what changes in the way banks do business could mean for the financial system. Two articles look at Islamic banking, which was put to the test during the global crisis and proved its mettle, and in Faces of the Crisis Revisited, we continue to track how the recession affected several individuals around the world. This issue of F&D profiles Princeton economic theorist Avinash Dixit in the regular People in Economics feature, and Back to Basics looks at externalities.
International Monetary Fund. External Relations Dept.
Esta edición de F&D se enfoca en la importancia creciente de los mercados emergentes. En el análisis realizado por Ayhan Kose, del FMI y Eswar Prasad, profesor de política comercial de la Universidad de Cornell, se sostiene que el surgimiento económico de estos mercados permitirá a Brasil, China, India y Rusia influir más en el gobierno de la economía mundial y asumir más responsabilidad con respecto a la estabilidad económica y financiera. Y Vivek Arora y Athanasios Vamvakidis evalúan cómo la economía de China afecta no solo a sus vecinos y socios comerciales sino también, cada vez más, al resto del mundo. En F&D se examinan además diversos temas relacionados en particular con el esfuerzo que se está realizando a escala mundial para dejar atrás la crisis. Alan Blinder y Mark Zandi consideran los efectos positivos del estímulo aplicado en Estados Unidos. Sin este estímulo, sostienen que Estados Unidos todavía estaría en recesión. Investigadores del FMI analizan cómo los países pueden controlar la deuda y qué sucede cuando se rebaja la calificación de la deuda pública de un país. En otros artículos se examinan el costo humano del desempleo, cómo la desigualdad puede desembocar con el tiempo en una crisis financiera y el impacto de la reforma bancaria en el sistema financiero. Dos artículos abordan el tema de los bancos islámicos, que durante la reciente crisis mundial demostraron su capacidad de resistencia, y en El rostro de la crisis seguimos relatando cómo la recesión afectó a distintas personas en el mundo. En la sección de F&D titulada “Gente del mundo de la economía” se traza una semblanza del economista teórico Avinash Dixit y en “Vuelta a lo esencial” se examinan las externalidades.
International Monetary Fund. External Relations Dept.
This issue of F&D looks at the growing role of emerging markets. Analysis by the IMF's Ayhan Kose and Eswar Prasad, professor of trade policy at Cornell University, argues that their economic ascendance will enable emerging markets such as Brazil, China, India, and Russia to play a more significant part in global economic governance and take on more responsibility for economic and financial stability. And Vivek Arora and Athanasios Vamvakidis measure how China's economy is increasingly affecting the rest of the world not just its neighbors and main trading partners. In addition, F&D examines a variety of topics that are particularly relevant as the world struggles to shake off the crisis. Alan Blinder and Mark Zandi look at the positive effects of stimulus in the United States. Without it, they say, the United States would still be in recession. IMF researchers look at how countries can get debt under control, and what happens when government debt is downgraded. Other articles examine the human costs of unemployment, how inequality can lead over time to financial crisis, and what changes in the way banks do business could mean for the financial system. Two articles look at Islamic banking, which was put to the test during the global crisis and proved its mettle, and in Faces of the Crisis Revisited, we continue to track how the recession affected several individuals around the world. This issue of F&D profiles Princeton economic theorist Avinash Dixit in the regular People in Economics feature, and Back to Basics looks at externalities.
International Monetary Fund. External Relations Dept.
This issue of F&D looks at the growing role of emerging markets. Analysis by the IMF's Ayhan Kose and Eswar Prasad, professor of trade policy at Cornell University, argues that their economic ascendance will enable emerging markets such as Brazil, China, India, and Russia to play a more significant part in global economic governance and take on more responsibility for economic and financial stability. And Vivek Arora and Athanasios Vamvakidis measure how China's economy is increasingly affecting the rest of the world not just its neighbors and main trading partners. In addition, F&D examines a variety of topics that are particularly relevant as the world struggles to shake off the crisis. Alan Blinder and Mark Zandi look at the positive effects of stimulus in the United States. Without it, they say, the United States would still be in recession. IMF researchers look at how countries can get debt under control, and what happens when government debt is downgraded. Other articles examine the human costs of unemployment, how inequality can lead over time to financial crisis, and what changes in the way banks do business could mean for the financial system. Two articles look at Islamic banking, which was put to the test during the global crisis and proved its mettle, and in Faces of the Crisis Revisited, we continue to track how the recession affected several individuals around the world. This issue of F&D profiles Princeton economic theorist Avinash Dixit in the regular People in Economics feature, and Back to Basics looks at externalities.
International Monetary Fund. External Relations Dept.
For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.
Mr. Amadou N Sy, Mr. Peter J Kunzel, Mr. Paul S. Mills, and Andreas Jobst
Recent years have witnessed a surge in the issuance of Islamic capital market securities (sukuk) by corporates and public sector entities amid growing demand for alternative investments. As the sukuk market continues to develop, new challenges and opportunities for sovereign debt managers and capital market development arise. This paper reviews the key developments in the sukuk market and informs the debate about challenges and opportunities going forward.
International Monetary Fund. Monetary and Capital Markets Department
This paper summarizes the stress tests (ST) undertaken for the Malaysian banking system as part of the Financial Sector Assessment Program (FSAP). All banks were subject to solvency, liquidity and contagion tests in the macroeconomic stress testing set-up. The solvency tests assessed the resilience of the Malaysian banking system under three macroeconomic scenarios from 2012 to 2016. Single year bottom up (BU) sensitivity tests for Malaysian banks covered various single-factor credit and market risk shocks. A multi-factor BU sensitivity liquidity test was also carried out by participating banks and extended to not only key onshore banks but covered some Labuan entities and overseas subsidiaries. The findings suggest that the onshore banking system in Malaysia has substantial capital buffers to absorb credit losses on its credit risk exposures. Conventional banks can benefit from buffers provided by significant income as a first line of defense against credit losses. Some larger domestic banks benefit from income in terms of strong revenues from domestic operations as well as potential income from overseas operations.