Volume/Issue: 2020/11
Series: Departmental Papers
Author(s):
Anil Ari
,
David Bartolini
,
Vizhdan Boranova
,
Gabriel Di Bella
,
Kamil Dybczak
,
Keiko Honjo
,
Raju Huidrom
,
Andreas Jobst
,
Nemanja Jovanovic
,
Ezgi Ozturk
,
Laura Papi
,
Sergio Sola
,
Michelle Stone
, and
Petia Topalova
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
28
September
2020
DOI: http://dx.doi.org/10.5089/9781513550558.087
ISBN: 9781513550558
CESEE countries lag in terms of infrastructure compared to the EU15, and deficient infrastructure is often cited as a constraint to growth and convergence. Investing in infrastructure is therefore an important long...
Volume/Issue: 2020/11
Series: Departmental Papers
Author(s):
Anil Ari
,
David Bartolini
,
Vizhdan Boranova
,
Gabriel Di Bella
,
Kamil Dybczak
,
Keiko Honjo
,
Raju Huidrom
,
Andreas Jobst
,
Nemanja Jovanovic
,
Ezgi Ozturk
,
Laura Papi
,
Sergio Sola
,
Michelle Stone
, and
Petia Topalova
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
28
September
2020
ISBN: 9781513550558
CESEE countries lag in terms of infrastructure compared to the EU15, and deficient infrastructure is often cited as a constraint to growth and convergence. Investing in infrastructure is therefore an important long...
Series: Policy Papers
Author(s):
International Monetary Fund
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
24
September
2020
DOI: http://dx.doi.org/10.5089/9781513557533.007
ISBN: 9781513557533
This document updates the Common Evaluation Framework (CEF) for the Fund's capacity development (CD) activities and provides practical guidance on its implementation. Since its adoption, the Fund has made progress...
Series: Policy Papers
Author(s):
International Monetary Fund
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
24
September
2020
ISBN: 9781513557533
This document updates the Common Evaluation Framework (CEF) for the Fund's capacity development (CD) activities and provides practical guidance on its implementation. Since its adoption, the Fund has made progress...
Volume: 20
Series: Policy Papers
Author(s):
International Monetary Fund. Strategy, Policy, & Review Department;International Monetary Fund. Finance Dept.;International Monetary Fund. Legal Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
18
September
2020
ISBN: 9781513557274
This paper proposes safeguards broadly aligned with the GRA exceptional access policy that will apply in cases where combined GRA and PRGT credit exposure exceeds the GRA thresholds. The new safeguards would help t...
Volume: 20
Series: Policy Papers
Author(s):
International Monetary Fund. Strategy, Policy, & Review Department;International Monetary Fund. Finance Dept.;International Monetary Fund. Legal Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
18
September
2020
DOI: http://dx.doi.org/10.5089/9781513557274.007
ISBN: 9781513557274
This paper proposes safeguards broadly aligned with the GRA exceptional access policy that will apply in cases where combined GRA and PRGT credit exposure exceeds the GRA thresholds. The new safeguards would help t...
Volume/Issue: 192020/275
Series: IMF Staff Country Reports
Author(s):
International Monetary Fund. Monetary and Capital Markets Department
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
18
September
2020
DOI: http://dx.doi.org/10.5089/9781513556970.002
ISBN: 9781513556970
Oversight of the Korean financial system is broadly effective. Korea's Financial Services Commission (FSC) and Financial Supervisory Service (FSS) have in place regulatory and supervisory regimes in line with inter...
Volume/Issue: 192020/276
Series: IMF Staff Country Reports
Author(s):
International Monetary Fund. Monetary and Capital Markets Department
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
18
September
2020
DOI: http://dx.doi.org/10.5089/9781513556987.002
ISBN: 9781513556987
The Korean insolvency and creditor rights framework is complex and has undergone several reforms in recent years. Consistent efforts to enhance the efficiency and effectiveness of the insolvency system have been ma...
Volume/Issue: 192020/277
Series: IMF Staff Country Reports
Author(s):
International Monetary Fund. Monetary and Capital Markets Department
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
18
September
2020
DOI: http://dx.doi.org/10.5089/9781513557014.002
ISBN: 9781513557014
Past experience with financial crises places systemic risk oversight at the core of Korea's approach to the financial system. The Korean authorities have amassed over a decade of experience with macroprudential pol...
Volume/Issue: 192020/278
Series: IMF Staff Country Reports
Author(s):
International Monetary Fund. Monetary and Capital Markets Department
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
18
September
2020
DOI: http://dx.doi.org/10.5089/9781513557045.002
ISBN: 9781513557045
Non-Financial Corporate Sector. Non-financial corporate leverage as share of GDP in Korea remains higher than peer countries but has remained stable since 2013 at around 100 percent of GDP. The stock of non-corpora...
Volume/Issue: 192020/279
Series: IMF Staff Country Reports
Author(s):
International Monetary Fund. Monetary and Capital Markets Department
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
18
September
2020
DOI: http://dx.doi.org/10.5089/9781513557052.002
ISBN: 9781513557052
This note presents the systemic risk analysis conducted for the Republic of Korea in the course of the 2019 Korea FSAP. It comprises a forward-looking solvency analysis for banks, insurers, and pension funds, a liq...
Volume/Issue: 192020/280
Series: IMF Staff Country Reports
Author(s):
International Monetary Fund. Monetary and Capital Markets Department
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
18
September
2020
DOI: http://dx.doi.org/10.5089/9781513557069.002
ISBN: 9781513557069
Technological innovation in Korea holds great potential for the deepening of its financial system, that could lead to an increase of product offerings and lowering of transaction costs. Korea's financial sector leg...
Volume: 20
Series: Policy Papers
Author(s):
International Monetary Fund. Strategy, Policy, & Review Department;International Monetary Fund. Finance Dept.;International Monetary Fund. Legal Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
18
September
2020
ISBN: 9781513557274
This paper proposes safeguards broadly aligned with the GRA exceptional access policy that will apply in cases where combined GRA and PRGT credit exposure exceeds the GRA thresholds. The new safeguards would help t...
Volume: 20
Series: Policy Papers
Author(s):
International Monetary Fund. Strategy, Policy, & Review Department;International Monetary Fund. Finance Dept.;International Monetary Fund. Legal Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
18
September
2020
ISBN: 9781513557274
This paper proposes safeguards broadly aligned with the GRA exceptional access policy that will apply in cases where combined GRA and PRGT credit exposure exceeds the GRA thresholds. The new safeguards would help t...
Volume: 20
Series: Policy Papers
Author(s):
International Monetary Fund. Strategy, Policy, & Review Department;International Monetary Fund. Finance Dept.;International Monetary Fund. Legal Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
18
September
2020
ISBN: 9781513557274
This paper proposes safeguards broadly aligned with the GRA exceptional access policy that will apply in cases where combined GRA and PRGT credit exposure exceeds the GRA thresholds. The new safeguards would help t...
Volume/Issue: 192020/275
Series: IMF Staff Country Reports
Author(s):
International Monetary Fund. Monetary and Capital Markets Department
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
18
September
2020
ISBN: 9781513556970
Oversight of the Korean financial system is broadly effective. Korea's Financial Services Commission (FSC) and Financial Supervisory Service (FSS) have in place regulatory and supervisory regimes in line with inter...
Volume/Issue: 192020/276
Series: IMF Staff Country Reports
Author(s):
International Monetary Fund. Monetary and Capital Markets Department
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
18
September
2020
ISBN: 9781513556987
The Korean insolvency and creditor rights framework is complex and has undergone several reforms in recent years. Consistent efforts to enhance the efficiency and effectiveness of the insolvency system have been ma...
Volume/Issue: 192020/277
Series: IMF Staff Country Reports
Author(s):
International Monetary Fund. Monetary and Capital Markets Department
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
18
September
2020
ISBN: 9781513557014
Past experience with financial crises places systemic risk oversight at the core of Korea's approach to the financial system. The Korean authorities have amassed over a decade of experience with macroprudential pol...
Volume/Issue: 192020/278
Series: IMF Staff Country Reports
Author(s):
International Monetary Fund. Monetary and Capital Markets Department
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
18
September
2020
ISBN: 9781513557045
Non-Financial Corporate Sector. Non-financial corporate leverage as share of GDP in Korea remains higher than peer countries but has remained stable since 2013 at around 100 percent of GDP. The stock of non-corpora...
Volume/Issue: 192020/279
Series: IMF Staff Country Reports
Author(s):
International Monetary Fund. Monetary and Capital Markets Department
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
18
September
2020
ISBN: 9781513557052
This note presents the systemic risk analysis conducted for the Republic of Korea in the course of the 2019 Korea FSAP. It comprises a forward-looking solvency analysis for banks, insurers, and pension funds, a liq...
Volume/Issue: 192020/280
Series: IMF Staff Country Reports
Author(s):
International Monetary Fund. Monetary and Capital Markets Department
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
18
September
2020
ISBN: 9781513557069
Technological innovation in Korea holds great potential for the deepening of its financial system, that could lead to an increase of product offerings and lowering of transaction costs. Korea's financial sector leg...
Volume/Issue: 2020/13
Series: Departmental Papers
Author(s):
Jiaqian Chen
,
Maksym Chepeliev
,
Daniel Garcia-Macia
,
Dora Iakova
,
James Roaf
,
Anna Shabunina
,
Dominique van der Mensbrugghe
, and
Philippe Wingender
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
16
September
2020
ISBN: 9781513552569
This paper aims to contribute to the debate on the choice of policies to reach the more ambitious 2030 emission reduction goals currently under consideration. It provides an analysis of the macroeconomic and distri...
Volume/Issue: 2020/13
Series: Departmental Papers
Author(s):
Jiaqian Chen
,
Maksym Chepeliev
,
Daniel Garcia-Macia
,
Dora Iakova
,
James Roaf
,
Anna Shabunina
,
Dominique van der Mensbrugghe
, and
Philippe Wingender
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
16
September
2020
DOI: http://dx.doi.org/10.5089/9781513552569.087
ISBN: 9781513552569
This paper aims to contribute to the debate on the choice of policies to reach the more ambitious 2030 emission reduction goals currently under consideration. It provides an analysis of the macroeconomic and distri...
Volume/Issue: 2020/14
Series: Departmental Papers
Author(s):
Nicolas Arregui
,
Ruo Chen
,
Christian Ebeke
,
Jan-Martin Frie
,
Daniel Garcia-Macia
,
Dora Iakova
,
Andreas Jobst
,
Louise Rabier
,
James Roaf
,
Anna Shabunina
, and
Sebastian Weber
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
16
September
2020
DOI: http://dx.doi.org/10.5089/9781513552651.087
ISBN: 9781513552651
This paper discusses sectoral policies needed to achieve the ambitious greenhouse gas (GHG) emissions reduction targets announced in the European Union's Green Deal, complementing the companion paper 'EU Climate Mi...
Volume/Issue: 192020/274
Series: IMF Staff Country Reports
Author(s):
International Monetary Fund. Middle East and Central Asia Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
16
September
2020
ISBN: 9781513556932
The COVID-19 pandemic continues to impose severe social and economic hardships in Mauritania, with a sharp contraction of output expected in 2020. The authorities have responded swiftly to the shock with measures t...
Volume/Issue: 192020/274
Series: IMF Staff Country Reports
Author(s):
International Monetary Fund. Middle East and Central Asia Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
16
September
2020
DOI: http://dx.doi.org/10.5089/9781513556932.002
ISBN: 9781513556932
The COVID-19 pandemic continues to impose severe social and economic hardships in Mauritania, with a sharp contraction of output expected in 2020. The authorities have responded swiftly to the shock with measures t...
Volume/Issue: 192020/274
Series: IMF Staff Country Reports
Author(s):
International Monetary Fund. Middle East and Central Asia Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
16
September
2020
ISBN: 9781513556932
The COVID-19 pandemic continues to impose severe social and economic hardships in Mauritania, with a sharp contraction of output expected in 2020. The authorities have responded swiftly to the shock with measures t...
Volume/Issue: 192020/274
Series: IMF Staff Country Reports
Author(s):
International Monetary Fund. Middle East and Central Asia Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
16
September
2020
ISBN: 9781513556932
The COVID-19 pandemic continues to impose severe social and economic hardships in Mauritania, with a sharp contraction of output expected in 2020. The authorities have responded swiftly to the shock with measures t...
Volume/Issue: 2020/14
Series: Departmental Papers
Author(s):
Nicolas Arregui
,
Ruo Chen
,
Christian Ebeke
,
Jan-Martin Frie
,
Daniel Garcia-Macia
,
Dora Iakova
,
Andreas Jobst
,
Louise Rabier
,
James Roaf
,
Anna Shabunina
, and
Sebastian Weber
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
16
September
2020
ISBN: 9781513552651
This paper discusses sectoral policies needed to achieve the ambitious greenhouse gas (GHG) emissions reduction targets announced in the European Union's Green Deal, complementing the companion paper 'EU Climate Mi...
Volume/Issue: 192020/274
Series: IMF Staff Country Reports
Author(s):
International Monetary Fund. Middle East and Central Asia Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
16
September
2020
ISBN: 9781513556932
The COVID-19 pandemic continues to impose severe social and economic hardships in Mauritania, with a sharp contraction of output expected in 2020. The authorities have responded swiftly to the shock with measures t...
Volume: 20
Series: IMF How To Notes
Author(s):
Irene Yackovlev
,
Zuzana Murgasova
,
Fei Liu
,
Gohar Minasyan
, and
Ke Wang
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
14
September
2020
DOI: http://dx.doi.org/10.5089/9781513556048.061
ISBN: 9781513556048
How to Operationalize IMF Engagement on Social Spending during and in the aftermath of the COVID-19 Crisis...
Volume: 20
Series: IMF How To Notes
Author(s):
Irene Yackovlev
,
Zuzana Murgasova
,
Fei Liu
,
Gohar Minasyan
, and
Ke Wang
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
14
September
2020
ISBN: 9781513556048
How to Operationalize IMF Engagement on Social Spending during and in the aftermath of the COVID-19 Crisis...
Volume/Issue: 2020/187
Series: IMF Working Papers
Author(s):
Erlend Nier
,
Thordur Olafsson
, and
Yuan Gao Rollinson
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
11
September
2020
ISBN: 9781513556550
This paper examines empirically the role of macroprudential policy in addressing the effects of external shocks on financial stability. In a sample of 62 economies over the period of 2000: Q1-2016: Q4, our dynamic...
Volume/Issue: 2020/187
Series: IMF Working Papers
Author(s):
Erlend Nier
,
Thordur Olafsson
, and
Yuan Gao Rollinson
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
11
September
2020
DOI: http://dx.doi.org/10.5089/9781513556550.001
ISBN: 9781513556550
This paper examines empirically the role of macroprudential policy in addressing the effects of external shocks on financial stability. In a sample of 62 economies over the period of 2000: Q1-2016: Q4, our dynamic...
Volume/Issue: 2020/185
Series: IMF Working Papers
Author(s):
Rocio Gondo
,
Altynai Aidarova
, and
Manmohan Singh
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
11
September
2020
DOI: http://dx.doi.org/10.5089/9781513556536.001
ISBN: 9781513556536
This paper discusses migration and remittances trends, and calculates the natural (or benchmark) level of dollarization in Caucasus, Central Asia and others in the region. This natural level of dollarization is con...
Volume/Issue: 2020/188
Series: IMF Working Papers
Author(s):
Allan Dizioli
, and
Roberto Pinheiro
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
11
September
2020
DOI: http://dx.doi.org/10.5089/9781513556307.001
ISBN: 9781513556307
We introduce two types of agent heterogeneity in a calibrated epidemiological search model. First, some agents cannot afford staying home to minimize their virus exposure, while others can. Our results show that th...
Volume/Issue: 2020/186
Series: IMF Working Papers
Author(s):
Iulia Ruxandra Teodoru
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
11
September
2020
DOI: http://dx.doi.org/10.5089/9781513556543.001
ISBN: 9781513556543
Limited access to finance and its high cost have contributed to relatively low levels of private investment and subpar growth in the Kyrgyz Republic. Interest rate spreads have moderated in recent years, but remain...
Volume/Issue: 2020/184
Series: IMF Working Papers
Author(s):
Cristian Alonso
,
Andrew Berg
,
Siddharth Kothari
,
Chris Papageorgiou
, and
Sidra Rehman
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
11
September
2020
DOI: http://dx.doi.org/10.5089/9781513556505.001
ISBN: 9781513556505
This paper considers the implications for developing countries of a new wave of technological change that substitutes pervasively for labor. It makes simple and plausible assumptions: the AI revolution can be model...
Volume/Issue: 2020/185
Series: IMF Working Papers
Author(s):
Rocio Gondo
,
Altynai Aidarova
, and
Manmohan Singh
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
11
September
2020
ISBN: 9781513556536
This paper discusses migration and remittances trends, and calculates the natural (or benchmark) level of dollarization in Caucasus, Central Asia and others in the region. This natural level of dollarization is con...
Volume/Issue: 2020/188
Series: IMF Working Papers
Author(s):
Allan Dizioli
, and
Roberto Pinheiro
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
11
September
2020
ISBN: 9781513556307
We introduce two types of agent heterogeneity in a calibrated epidemiological search model. First, some agents cannot afford staying home to minimize their virus exposure, while others can. Our results show that th...
Volume/Issue: 2020/186
Series: IMF Working Papers
Author(s):
Iulia Ruxandra Teodoru
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
11
September
2020
ISBN: 9781513556543
Limited access to finance and its high cost have contributed to relatively low levels of private investment and subpar growth in the Kyrgyz Republic. Interest rate spreads have moderated in recent years, but remain...
Volume/Issue: 2020/184
Series: IMF Working Papers
Author(s):
Cristian Alonso
,
Andrew Berg
,
Siddharth Kothari
,
Chris Papageorgiou
, and
Sidra Rehman
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
11
September
2020
ISBN: 9781513556505
This paper considers the implications for developing countries of a new wave of technological change that substitutes pervasively for labor. It makes simple and plausible assumptions: the AI revolution can be model...
Volume/Issue: 2020/178
Series: IMF Working Papers
Author(s):
Shafik Hebous
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
04
September
2020
ISBN: 9781513556376
How did the rise of multinational enterprises (MNEs) put pressure on the prevailing international corporate tax framework? MNEs, and firms with market power, are not new phenomena, nor is the corporate income tax,...
Volume/Issue: 2020/178
Series: IMF Working Papers
Author(s):
Shafik Hebous
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
04
September
2020
DOI: http://dx.doi.org/10.5089/9781513556376.001
ISBN: 9781513556376
How did the rise of multinational enterprises (MNEs) put pressure on the prevailing international corporate tax framework? MNEs, and firms with market power, are not new phenomena, nor is the corporate income tax,...
Volume/Issue: 2020/180
Series: IMF Working Papers
Author(s):
Mariam El Hamiani Khatat
,
Mark Buessings-Loercks
, and
Vincent Fleuriet
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
04
September
2020
DOI: http://dx.doi.org/10.5089/9781513556383.001
ISBN: 9781513556383
This paper argues that there is scope for monetary policy under an exchange rate anchor, and discusses the related monetary policy design and implementation. It shows that the exchange rate can be used as the main...
Volume/Issue: 2020/179
Series: IMF Working Papers
Author(s):
Jochen M. Schmittmann
, and
Chua Han Teng
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
04
September
2020
DOI: http://dx.doi.org/10.5089/9781513556321.001
ISBN: 9781513556321
Non-deliverable forward (NDF) markets in many Asian emerging market currencies are large, rapidly growing, and often exceed onshore markets in transaction volume. NDFs tend to price significant depreciation during...
Volume/Issue: 2020/181
Series: IMF Working Papers
Author(s):
Nicoletta Batini
,
Francesco Lamperti
, and
Andrea Roventini
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
04
September
2020
DOI: http://dx.doi.org/10.5089/9781513551920.001
ISBN: 9781513551920
The COVID-19 lockdowns have brought about the need of large fiscal responses in all European countries. However, countries across Europe are differently equipped to respond to the shock due to differences in econom...
Volume/Issue: 2020/183
Series: IMF Working Papers
Author(s):
Richard Allen
,
Majdeline El Rayess
,
Laura Doherty
, and
Priya Goel
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
04
September
2020
DOI: http://dx.doi.org/10.5089/9781513556130.001
ISBN: 9781513556130
This paper reviews the Public Financial Management (PFM) reform stategy for 16 Pacific Island Countries (PICs) during the period 2010-2020. The strategy was endorsed by the finance and economic ministers of the reg...
Volume/Issue: 2020/182
Series: IMF Working Papers
Author(s):
Gee Hee Hong
,
Arata Ito
,
Yukiko Umeno Saito
, and
Anh Thi Ngoc Nguyen
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
04
September
2020
DOI: http://dx.doi.org/10.5089/9781513556338.001
ISBN: 9781513556338
The COVID-19 pandemic has posed a serious threat to the survival of Japanese firms, highlighting the importance of understanding how and why firms exit. In this paper, we use a rich firm-level dataset of Japanese f...
Volume/Issue: 2020/180
Series: IMF Working Papers
Author(s):
Mariam El Hamiani Khatat
,
Mark Buessings-Loercks
, and
Vincent Fleuriet
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
04
September
2020
ISBN: 9781513556383
This paper argues that there is scope for monetary policy under an exchange rate anchor, and discusses the related monetary policy design and implementation. It shows that the exchange rate can be used as the main...
Volume/Issue: 2020/179
Series: IMF Working Papers
Author(s):
Jochen M. Schmittmann
, and
Chua Han Teng
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
04
September
2020
ISBN: 9781513556321
Non-deliverable forward (NDF) markets in many Asian emerging market currencies are large, rapidly growing, and often exceed onshore markets in transaction volume. NDFs tend to price significant depreciation during...
Volume/Issue: 2020/181
Series: IMF Working Papers
Author(s):
Nicoletta Batini
,
Francesco Lamperti
, and
Andrea Roventini
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
04
September
2020
ISBN: 9781513551920
The COVID-19 lockdowns have brought about the need of large fiscal responses in all European countries. However, countries across Europe are differently equipped to respond to the shock due to differences in econom...
Volume/Issue: 2020/183
Series: IMF Working Papers
Author(s):
Richard Allen
,
Majdeline El Rayess
,
Laura Doherty
, and
Priya Goel
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
04
September
2020
ISBN: 9781513556130
This paper reviews the Public Financial Management (PFM) reform stategy for 16 Pacific Island Countries (PICs) during the period 2010-2020. The strategy was endorsed by the finance and economic ministers of the reg...
Volume/Issue: 2020/182
Series: IMF Working Papers
Author(s):
Gee Hee Hong
,
Arata Ito
,
Yukiko Umeno Saito
, and
Anh Thi Ngoc Nguyen
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
04
September
2020
ISBN: 9781513556338
The COVID-19 pandemic has posed a serious threat to the survival of Japanese firms, highlighting the importance of understanding how and why firms exit. In this paper, we use a rich firm-level dataset of Japanese f...
Series: Books
Author(s):
Li Lian Ong
, and
Andreas A. Jobst
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
03
September
2020
ISBN: 9781484310717
2SLS
Two-stage least squares
3SLS...
Volume/Issue: 192020/224
Series: IMF Staff Country Reports
Author(s):
International Monetary Fund. African Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
03
September
2020
Language: French
ISBN: 9781513556444
Economic impact. COVID-19 is having an adverse economic impact on Burundi. The pandemic is affecting Burundi through an evolving domestic outbreak and economic spillovers from the global and regional environment, i...
Series: Books
Author(s):
Li Lian Ong
, and
Andreas A. Jobst
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
03
September
2020
ISBN: 9781484310717
This chapter presents a simple heuristic measure of tail risk, which is applied to individual bank stress tests and to public debt. Stress testing can be seen as a f...
Series: Books
Author(s):
Li Lian Ong
, and
Andreas A. Jobst
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
03
September
2020
ISBN: 9781484310717
This chapter presents new evidence on the empirical relationship between bank solvency and funding costs. Building on a newly constructed dataset drawing on supervis...
Series: Books
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
03
September
2020
ISBN: 9781513511818
Introduction
Project appraisal and project selection are key functions in the planning and allocation stages of public investment. Effective appraisal supports decision making for op...
Series: Books
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
03
September
2020
ISBN: 9781513511818
Introduction
Infrastructure is essential to support sustainable and equitable growth in emerging and developing Asia. More and better-quality infrastructure is needed for countries i...
Series: Books
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
03
September
2020
ISBN: 9781513511818
Introduction
Governments face growing economic and fiscal liabilities because of the increased scope and scale of climate change and the disasters it induces. While the many spillove...
Series: Books
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
03
September
2020
ISBN: 9781513511818
Introduction
The frequency of natural disasters is expected to rise with climate change, along with the damage they do. This leaves many countries, e...
Series: Books
Author(s):
Li Lian Ong
, and
Andreas A. Jobst
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
03
September
2020
ISBN: 9781484310717
Credibility is the bedrock of any crisis stress test. The use of stress tests to manage systemic risk was introduced by the US authorities in 2009 in the form of the...
Series: Books
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
03
September
2020
ISBN: 9781513511818
Introduction
Public investment supported by strong infrastructure governance can have a significant economic growth impact, as documented in Chapter 2 and in the literature such as L...
Series: Books
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
03
September
2020
ISBN: 9781513511818
Introduction
Public infrastructure projects are typically large and complex, with long planning, implementation, and operational periods, and as such...
Series: Books
Author(s):
Li Lian Ong
, and
Andreas A. Jobst
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
03
September
2020
ISBN: 9781484310717
The G20 Data Gaps Initiative (DGI), which aimed at addressing the information needs that were revealed by the 2007–08 global financial crisis, concluded its first ph...
Series: Books
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
03
September
2020
ISBN: 9781513511818
Introduction
Examples of inefficient spending in infrastructure abound in all countries. In the United States, 11 miles of a subway tunnel lie abando...
Series: Books
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
03
September
2020
ISBN: 9781513511818
Introduction
According to macroeconomic theory, public investment stimulates economic activity through short-term effects on aggregate demand, and it raises the productivity of exist...
Series: Books
Author(s):
Li Lian Ong
, and
Andreas A. Jobst
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
03
September
2020
ISBN: 9781484310717
One of the challenges of financial stability analysis and bank stress testing is how to establish scenarios with meaningful macro-financial linkages, that is, taking...
Series: Books
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
03
September
2020
ISBN: 9781513511818
Introduction
The Sustainable Development Goals (SDGs) delineate a comprehensive international agenda for sustainable development by 2030 that has bee...
Series: Books
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
03
September
2020
ISBN: 9781513511818
Introduction
Efficient and well-integrated planning and budgeting functions are key for building quality infrastructure. Planning establishes a framework of national, sectoral, and s...
Series: Books
Author(s):
Li Lian Ong
, and
Andreas A. Jobst
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
03
September
2020
ISBN: 9781484310717
The global financial crisis drew unprecedented attention to the role of stress testing of financial institutions in macroprudential and microprudential surveillance,...
Series: Books
Author(s):
Li Lian Ong
, and
Andreas A. Jobst
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
03
September
2020
ISBN: 9781484310717
The global financial crisis put bank stress tests squarely in the spotlight. Stress tests conducted in the lead-up to the crisis, including those by the IMF staff, w...
Series: Books
Author(s):
Li Lian Ong
, and
Andreas A. Jobst
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
03
September
2020
ISBN: 9781484310717
Bank liquidity stress testing, which has become de rigueur following the costly lessons of the global financial crisis, remains underdeveloped compared to solvency s...
Series: Books
Author(s):
Li Lian Ong
, and
Andreas A. Jobst
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
03
September
2020
ISBN: 9781484310717
Over the last decade, the IMF has placed more emphasis on the role of the insurance industry in its bilateral and multilateral financial sector surveillance. This ch...
Series: Books
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
03
September
2020
ISBN: 9781513511818
Introduction
Chapter 3 focused on how improving infrastructure governance to produce better outcomes from existing assets is among the critical ways to close the glob...
Series: Books
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
03
September
2020
ISBN: 9781513511818
Introduction
Public investment is prone to corruption particularly when public officials and other actors process information and make decisions at various stages of the infrastructu...
Series: Books
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
03
September
2020
ISBN: 9781513511818
Introduction
Many countries responded to the global financial crisis by increasing public spending to soften the ensuing economic downturn (IMF 2010; Dhar 2014). Then years later, pu...
Series: Books
Author(s):
Li Lian Ong
, and
Andreas A. Jobst
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
03
September
2020
ISBN: 9781484310717
This chapter looks at the vulnerabilities stemming from banking sector linkages between countries and their macroeconomic effects. It finds that credit risks (from a...
Series: Books
Author(s):
Li Lian Ong
, and
Andreas A. Jobst
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
03
September
2020
ISBN: 9781484310717
This chapter provides an overview of the concerns about differences in the calculation of risk-weighted assets across banks and jurisdictions and how they might unde...
Series: Books
Author(s):
Li Lian Ong
, and
Andreas A. Jobst
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
03
September
2020
ISBN: 9781484310717
The recent crisis has spurred the use of bank stress tests as a crisis management and early warning tool. However, a weakness is that current stress tests are based...
Series: Books
Author(s):
Li Lian Ong
, and
Andreas A. Jobst
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
03
September
2020
ISBN: 9781484310717
Rules of thumb can be useful in undertaking quick, robust, and readily interpretable bank stress tests. Such rules of thumb are proposed for the behavior of banks’ c...
Series: Books
Author(s):
Li Lian Ong
, and
Andreas A. Jobst
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
03
September
2020
ISBN: 9781484310717
This chapter explains the treatment of sovereign risk in macroprudential solvency stress testing, based on the experiences in the Financial Sector Assessment Program...
Series: Books
Author(s):
Li Lian Ong
, and
Andreas A. Jobst
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
03
September
2020
ISBN: 9781484310717
1. Motivation
Stress testing at the IMF has evolved into an integral aspect of financial sector surveillance over the past two decades. It is a key component of the Financial Sector...
Series: Books
Author(s):
Li Lian Ong
, and
Andreas A. Jobst
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
03
September
2020
ISBN: 9781484310717
Turning stress tests into a useful tool for assessing system-wide risk requires (1) incorporating general equilibrium dimensions, so that the outcome of the test dep...
Series: Books
Author(s):
Li Lian Ong
, and
Andreas A. Jobst
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
03
September
2020
ISBN: 9781484310717
This chapter presents the global macro-financial model (GFM) and discusses its application to simulating banking sector solvency stress test scenarios. The GFM is a...
Series: Books
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
03
September
2020
ISBN: 9781513511818
Introduction
Efficient, high-quality, and sustainable public investment requires strong infrastructure governance. The link between public investment...
Series: Books
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
03
September
2020
ISBN: 9781513511818
Public infrastructure is a key driver of inclusive economic growth and development and the reduction of inequalities. Roads, bridges, railways, airports, and electricity connect mar...
Series: Books
Author(s):
Li Lian Ong
, and
Andreas A. Jobst
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
03
September
2020
ISBN: 9781484310717
IMF Staff (past and present)
*
Evrim Bese Goksu, Economist, Statisti...
Volume/Issue: 192020/224
Series: IMF Staff Country Reports
Author(s):
International Monetary Fund. African Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
03
September
2020
Language: French
ISBN: 9781513556444
Economic impact. COVID-19 is having an adverse economic impact on Burundi. The pandemic is affecting Burundi through an evolving domestic outbreak and economic spillovers from the global and regional environment, i...
Series: Books
Author(s):
Li Lian Ong
, and
Andreas A. Jobst
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
03
September
2020
ISBN: 9781484310717
What do you do when you need to measure how shocks affect the financial system? You call in stress testers!
Stress testing is a crucial tool for measuring financial syst...
Volume/Issue: 192020/273
Series: IMF Staff Country Reports
Author(s):
International Monetary Fund. Monetary and Capital Markets Department
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
03
September
2020
ISBN: 9781513556406
In the past two years, the NBG has adopted a series of measures to strengthen nonbank sector financial regulation, supervision, and oversight.1 The MCM TA mission in 2017 provided recommendations along these lines,...
Volume/Issue: 192020/224
Series: IMF Staff Country Reports
Author(s):
International Monetary Fund. African Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
03
September
2020
Language: French
DOI: http://dx.doi.org/10.5089/9781513556444.002
ISBN: 9781513556444
Economic impact. COVID-19 is having an adverse economic impact on Burundi. The pandemic is affecting Burundi through an evolving domestic outbreak and economic spillovers from the global and regional environment, i...
Volume/Issue: 192020/273
Series: IMF Staff Country Reports
Author(s):
International Monetary Fund. Monetary and Capital Markets Department
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
03
September
2020
DOI: http://dx.doi.org/10.5089/9781513556406.002
ISBN: 9781513556406
In the past two years, the NBG has adopted a series of measures to strengthen nonbank sector financial regulation, supervision, and oversight.1 The MCM TA mission in 2017 provided recommendations along these lines,...
Volume/Issue: 192020/272
Series: IMF Staff Country Reports
Author(s):
International Monetary Fund. African Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
03
September
2020
DOI: http://dx.doi.org/10.5089/9781513556314.002
ISBN: 9781513556314
COVID-19 has had a severe economic impact on Seychelles through the implementation of strict domestic measures to contain the spread of the virus and the related global spillovers. The authorities have responded wi...
Volume/Issue: 192020/272
Series: IMF Staff Country Reports
Author(s):
International Monetary Fund. African Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
03
September
2020
ISBN: 9781513556314
COVID-19 has had a severe economic impact on Seychelles through the implementation of strict domestic measures to contain the spread of the virus and the related global spillovers. The authorities have responded wi...
Volume/Issue: 192020/224
Series: IMF Staff Country Reports
Author(s):
International Monetary Fund. African Dept.
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
03
September
2020
Language: French
ISBN: 9781513556444
Economic impact. COVID-19 is having an adverse economic impact on Burundi. The pandemic is affecting Burundi through an evolving domestic outbreak and economic spillovers from the global and regional environment, i...
Series: Books
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
03
September
2020
ISBN: 9781513511818
...
Series: Books
Author(s):
Li Lian Ong
, and
Andreas A. Jobst
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
03
September
2020
ISBN: 9781484310717
...
Series: Books
Author(s):
Li Lian Ong
, and
Andreas A. Jobst
Publisher: INTERNATIONAL MONETARY FUND
Publication Date:
03
September
2020
ISBN: 9781484310717
...
