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Regional Economic Outlook, April 2019, Sub-Saharan Africa

Recovery Amid Elevated Uncertainty

The economic recovery in sub-Saharan Africa is expected to continue, but at a slower pace than envisaged in October 2018.

Global Financial Stability Report, April 2019

Vulnerabilities in a Maturing Credit Cycle

The April 2019 GFSR finds that despite significant variability over the past two quarters, financial conditions remain accommodative.

IMF Executive Board Approves Policy Safeguards for High Levels of Combined Access to Resources from the General Resources Account and the Poverty Reduction and Growth Trust

New
IMF Executive Board Approves Policy Safeguards for High Levels of Combined Access to Resources from the General Resources Account and the Poverty Reduction and Growth Trust »

Source: Policy Safeguards For Countries Seeking Access To Fund Financial Support That Would Lead To High Levels Of Combined GRA-PRGT Exposure

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...

Policy Safeguards For Countries Seeking Access To Fund Financial Support That Would Lead To High Levels Of Combined GRA-PRGT Exposure

New
Policy Safeguards For Countries Seeking Access To Fund Financial Support That Would Lead To High Levels Of Combined GRA-PRGT Exposure »

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...

Republic of Korea
			: Financial Sector Assessment Program-Technical Note-Insolvency and Creditor Rights

New
Republic of Korea : Financial Sector Assessment Program-Technical Note-Insolvency and Creditor Rights »

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...

Republic of Korea
			: Financial Sector Assessment Program-Technical Note-Non-Financial Balance Sheet Vulnerabilities and Risks to Financial Stability

New
Republic of Korea : Financial Sector Assessment Program-Technical Note-Non-Financial Balance Sheet Vulnerabilities and Risks to Financial Stability »

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...

Republic of Korea
			: Financial Sector Assessment Program-Technical Note-Technological Change, Legal Frameworks, and Implications for Financial Stability

New
Republic of Korea : Financial Sector Assessment Program-Technical Note-Technological Change, Legal Frameworks, and Implications for Financial Stability »

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...

Policy Safeguards for Countries Seeking Access to Fund Financial Support that Would Lead to High Levels of Combined GRA-PRGT Exposure

New
Policy Safeguards for Countries Seeking Access to Fund Financial Support that Would Lead to High Levels of Combined GRA-PRGT Exposure »

Source: Policy Safeguards For Countries Seeking Access To Fund Financial Support That Would Lead To High Levels Of Combined GRA-PRGT Exposure

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...

Policy Safeguards for Countries Seeking Access to Fund Financial Support that Would Lead to High Levels of Combined GRA-PRGT Exposure—Proposed Decision

New
Policy Safeguards for Countries Seeking Access to Fund Financial Support that Would Lead to High Levels of Combined GRA-PRGT Exposure—Proposed Decision »

Source: Policy Safeguards For Countries Seeking Access To Fund Financial Support That Would Lead To High Levels Of Combined GRA-PRGT Exposure

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...

Policy Safeguards for Countries Seeking Access to Fund Financial Support that Would Lead to High Levels of Combined GRA-PRGT Exposure—Supplementary Information and Revised Proposed Decision

New
Policy Safeguards for Countries Seeking Access to Fund Financial Support that Would Lead to High Levels of Combined GRA-PRGT Exposure—Supplementary Information and Revised Proposed Decision »

Source: Policy Safeguards For Countries Seeking Access To Fund Financial Support That Would Lead To High Levels Of Combined GRA-PRGT Exposure

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...

Republic of Korea: Financial Sector Assessment Program Technical Note—Insolvency and Creditor Rights

New
Republic of Korea: Financial Sector Assessment Program Technical Note—Insolvency and Creditor Rights »

Source: Republic of Korea : Financial Sector Assessment Program-Technical Note-Insolvency and Creditor Rights

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...

Republic of Korea: Financial Sector Assessment Program Technical Note—Non-financial Balance Sheet Vulnerabilities and Risks to Financial Stability

New
Republic of Korea: Financial Sector Assessment Program Technical Note—Non-financial Balance Sheet Vulnerabilities and Risks to Financial Stability »

Source: Republic of Korea : Financial Sector Assessment Program-Technical Note-Non-Financial Balance Sheet Vulnerabilities and Risks to Financial Stability

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...

Republic of Korea: Financial Sector Assessment Program Technical Note—Technological Change, Legal Frameworks, and Implications for Financial Stability

New
Republic of Korea: Financial Sector Assessment Program Technical Note—Technological Change, Legal Frameworks, and Implications for Financial Stability »

Source: Republic of Korea : Financial Sector Assessment Program-Technical Note-Technological Change, Legal Frameworks, and Implications for Financial Stability

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...

EU Climate Mitigation Policy

New
EU Climate Mitigation Policy »

Source: EU Climate Mitigation Policy

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

Keywords: Climate change, European Union (EU), Environmental policy, Carbon tax, Burden sharing, Emissions trading, Climate policy, Global warming;Climate change;European Union (EU);Greenhouse emissions;Carbon pricing;Fiscal policy;Green technology;Carbon emissions

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...

EU Climate Mitigation Policy

New
EU Climate Mitigation Policy »

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

Keywords: Climate change, European Union (EU), Environmental policy, Carbon tax, Burden sharing, Emissions trading, Climate policy, Global warming;Climate change;European Union (EU);Greenhouse emissions;Carbon pricing;Fiscal policy;Green technology;Carbon emissions

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...

Sectoral Policies for Climate Change Mitigation in the EU

New
Sectoral Policies for Climate Change Mitigation in the EU »

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

Keywords: Climate change, Climate policy, European Union (EU), Environmental policy, Environmental sustainability, Renewable energy, Greenhouse gas emissions, Climate change;Fiscal policies;Greenhouse gas emissions;European Union;Sectoral policies;Carbon pricing;Energy Efficiency

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...

Sectoral Policies for Climate Change Mitigation in the EU

New
Sectoral Policies for Climate Change Mitigation in the EU »

Source: Sectoral Policies for Climate Change Mitigation in the EU

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

Keywords: Climate change, Climate policy, European Union (EU), Environmental policy, Environmental sustainability, Renewable energy, Greenhouse gas emissions, Climate change;Fiscal policies;Greenhouse gas emissions;European Union;Sectoral policies;Carbon pricing;Energy Efficiency

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...

How to Operationalize IMF Engagement on Social Spending during and in the aftermath of the COVID-19 Crisis

New
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

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...

Strategy, Policy, and Review Department: How to Operationalize IMF Engagement on Social Spending during and in the Aftermath of the COVID-19 Crisis

New
Strategy, Policy, and Review Department: How to Operationalize IMF Engagement on Social Spending during and in the Aftermath of the COVID-19 Crisis »

Source: 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...

Exchange Rates and Domestic Credit—Can Macroprudential Policy Reduce the Link?

New
Exchange Rates and Domestic Credit—Can Macroprudential Policy Reduce the Link? »

Source: Exchange Rates and Domestic Credit-Can Macroprudential Policy Reduce the Link?

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

Keywords: Macroprudential Policies, Capital Flows, Systemic Risk

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...

Exchange Rates and Domestic Credit-Can Macroprudential Policy Reduce the Link?

New
Exchange Rates and Domestic Credit-Can Macroprudential Policy Reduce the Link? »

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

Keywords: Macroprudential Policies, Capital Flows, Systemic Risk

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...

Impact of Remittances on Natural Rate of Dollarization-Trends in Caucasus and Central Asia

New
Impact of Remittances on Natural Rate of Dollarization-Trends in Caucasus and Central Asia »

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

Keywords: natural rate of dollarization, Russia, COVID, remittances, Central Asia, Caucasus

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...

Will the AI Revolution Cause a Great Divergence?

New
Will the AI Revolution Cause a Great Divergence? »

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

Keywords: Automation, robots, divergence, development, technological change

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...

Impact of Remittances on Natural Rate of Dollarization—Trends in Caucasus and Central Asia

New
Impact of Remittances on Natural Rate of Dollarization—Trends in Caucasus and Central Asia »

Source: Impact of Remittances on Natural Rate of Dollarization-Trends in Caucasus and Central Asia

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

Keywords: natural rate of dollarization, Russia, COVID, remittances, Central Asia, Caucasus

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...

Will the AI Revolution Cause a Great Divergence?

New
Will the AI Revolution Cause a Great Divergence? »

Source: Will the AI Revolution Cause a Great Divergence?

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

Keywords: Automation, robots, divergence, development, technological change

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...

Global Firms, National Corporate Taxes: An Evolution of Incompatibility

New
Global Firms, National Corporate Taxes: An Evolution of Incompatibility »

Source: Global Firms, National Corporate Taxes: An Evolution of Incompatibility

Volume/Issue: 2020/178

Series: IMF Working Papers

Author(s): Shafik Hebous

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 September 2020

ISBN: 9781513556376

Keywords: Multinational enterprises, global firm, tax avoidance, international tax

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,...

Global Firms, National Corporate Taxes: An Evolution of Incompatibility

New
Global Firms, National Corporate Taxes: An Evolution of Incompatibility »

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

Keywords: Multinational enterprises, global firm, tax avoidance, international tax

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,...

Monetary Policy Under an Exchange Rate Anchor

New
Monetary Policy Under an Exchange Rate Anchor »

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

Keywords: monetary policy framework, exchange rate regime, interest rate parity, monetary policy rules, monetary operations, foreign exchange interventions

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...

Offshore Currency Markets: Non-Deliverable Forwards (NDFs) in Asia

New
Offshore Currency Markets: Non-Deliverable Forwards (NDFs) in Asia »

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

Keywords: Currency Markets; Offshore Markets; Non-Deliverable Forwards; NDF; DNDF

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...

Reducing Risk While Sharing It: A Fiscal Recipe for The EU at the Time of COVID-19

New
Reducing Risk While Sharing It: A Fiscal Recipe for The EU at the Time of COVID-19 »

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

Keywords: COVID-19; European fiscal union; fiscal integration; risk sharing; fiscal delegation.

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...

Review of the Public Financial Management Reform Strategy for Pacific Island Countries, 2010-2020

New
Review of the Public Financial Management Reform Strategy for Pacific Island Countries, 2010-2020 »

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

Keywords: Pacific Islands Countries, public finance management (PFM) reform, PFTAC, PEFA

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...

Structural Changes in Japanese Firms: Business Dynamism in an Aging Society

New
Structural Changes in Japanese Firms: Business Dynamism in an Aging Society »

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

Keywords: firm growth, business succession, population aging, firm exits, inter-firm-network, zombie firms

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...

Monetary Policy Under an Exchange Rate Anchor

New
Monetary Policy Under an Exchange Rate Anchor »

Source: Monetary Policy Under an Exchange Rate Anchor

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

Keywords: monetary policy framework, exchange rate regime, interest rate parity, monetary policy rules, monetary operations, foreign exchange interventions

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...

Offshore Currency Markets: Non-Deliverable Forwards (NDFs) in Asia

New
Offshore Currency Markets: Non-Deliverable Forwards (NDFs) in Asia »

Source: Offshore Currency Markets: Non-Deliverable Forwards (NDFs) in Asia

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

Keywords: Currency Markets; Offshore Markets; Non-Deliverable Forwards; NDF; DNDF

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...

Reducing Risk While Sharing It: A Fiscal Recipe for the EU at the Time of COVID-19

New
Reducing Risk While Sharing It: A Fiscal Recipe for the EU at the Time of COVID-19 »

Source: Reducing Risk While Sharing It: A Fiscal Recipe for The EU at the Time of COVID-19

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

Keywords: COVID-19; European fiscal union; fiscal integration; risk sharing; fiscal delegation.

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...

Review of the Public Financial Management Reform Strategy for Pacific Island Countries (2010-2020)

New
Review of the Public Financial Management Reform Strategy for Pacific Island Countries (2010-2020) »

Source: Review of the Public Financial Management Reform Strategy for Pacific Island Countries, 2010-2020

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

Keywords: Pacific Islands Countries, public finance management (PFM) reform, PFTAC, PEFA

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...

Structural Changes in Japanese Firms: Business Dynamism in an Aging Society 1

New
Structural Changes in Japanese Firms: Business Dynamism in an Aging Society 1 »

Source: Structural Changes in Japanese Firms: Business Dynamism in an Aging Society

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

Keywords: firm growth, business succession, population aging, firm exits, inter-firm-network, zombie firms

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...

Abbreviations

New
Abbreviations »

Source: Stress Testing : Principles, Concepts, and Frameworks

Series: Books

Author(s): Li Lian Ong , and Andreas A. Jobst

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781484310717

Keywords: Best practice principles, credit risk, financial crisis, FSAP, information gaps, insurance, liquidity risk, sovereign risk, spillovers, stress testing

2SLS Two-stage least squares 3SLS...

Burundi: Demande D’Allégement de la Dette au Titre du Fonds Fiduciaire D’Assistance et de Riposte Aux Catastrophes — Communique de Presse; Rapport des Services du FMI et Declaration de L’Administrateur Pour le Burundi

New
Burundi: Demande D’Allégement de la Dette au Titre du Fonds Fiduciaire D’Assistance et de Riposte Aux Catastrophes — Communique de Presse; Rapport des Services du FMI et Declaration de L’Administrateur Pour le Burundi »

Source: Burundi : Request for Debt Relief Under the Catastrophe Containment and Relief Trust-Press Release; Staff Report; and Statement by the Executive Director for Burundi

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

Keywords: ISCR, CR, Proj, pandemic, remittance inflow, debt, ECF

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...

Chapter 11 A New Heuristic Measure of Fragility and Tail Risks: Application to Stress Testing

New
Chapter 11 A New Heuristic Measure of Fragility and Tail Risks: Application to Stress Testing »

Source: Stress Testing : Principles, Concepts, and Frameworks

Series: Books

Author(s): Li Lian Ong , and Andreas A. Jobst

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781484310717

Keywords: Best practice principles, credit risk, financial crisis, FSAP, information gaps, insurance, liquidity risk, sovereign risk, spillovers, stress testing

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...

Chapter 8 Bank Solvency and Funding Cost: New Data and New Results

New
Chapter 8 Bank Solvency and Funding Cost: New Data and New Results »

Source: Stress Testing : Principles, Concepts, and Frameworks

Series: Books

Author(s): Li Lian Ong , and Andreas A. Jobst

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781484310717

Keywords: Best practice principles, credit risk, financial crisis, FSAP, information gaps, insurance, liquidity risk, sovereign risk, spillovers, stress testing

This chapter presents new evidence on the empirical relationship between bank solvency and funding costs. Building on a newly constructed dataset drawing on supervis...

Chapter 13 Best Practices in Project Appraisal and Selection

New
Chapter 13 Best Practices in Project Appraisal and Selection »

Source: Well Spent : How Strong Infrastructure Governance Can End Waste in Public Investment

Series: Books

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781513511818

Keywords: Infrastructure governance, investment efficiency, public investment management, public financial management

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...

Chapter 8 Boosting Infrastructure in Emerging Asia

New
Chapter 8 Boosting Infrastructure in Emerging Asia »

Source: Well Spent : How Strong Infrastructure Governance Can End Waste in Public Investment

Series: Books

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781513511818

Keywords: Infrastructure governance, investment efficiency, public investment management, public financial management

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...

Chapter 15 Building Resilience in Infrastructure to Climate Change

New
Chapter 15 Building Resilience in Infrastructure to Climate Change »

Source: Well Spent : How Strong Infrastructure Governance Can End Waste in Public Investment

Series: Books

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781513511818

Keywords: Infrastructure governance, investment efficiency, public investment management, public financial management

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...

Chapter 9 Building Resilience to Natural Disaster in Vulnerable States: Savings from Ex Ante Interventions

New
Chapter 9 Building Resilience to Natural Disaster in Vulnerable States: Savings from Ex Ante Interventions »

Source: Well Spent : How Strong Infrastructure Governance Can End Waste in Public Investment

Series: Books

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781513511818

Keywords: Infrastructure governance, investment efficiency, public investment management, public financial management

Introduction The frequency of natural disasters is expected to rise with climate change, along with the damage they do. This leaves many countries, e...

Chapter 14 Credibility and Crisis Stress Testing

New
Chapter 14 Credibility and Crisis Stress Testing »

Source: Stress Testing : Principles, Concepts, and Frameworks

Series: Books

Author(s): Li Lian Ong , and Andreas A. Jobst

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781484310717

Keywords: Best practice principles, credit risk, financial crisis, FSAP, information gaps, insurance, liquidity risk, sovereign risk, spillovers, stress testing

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...

Chapter 7 Designing Fiscal Rules to Protect Investment

New
Chapter 7 Designing Fiscal Rules to Protect Investment »

Source: Well Spent : How Strong Infrastructure Governance Can End Waste in Public Investment

Series: Books

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781513511818

Keywords: Infrastructure governance, investment efficiency, public investment management, public financial management

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...

Chapter 11 Fiscal Risks in Infrastructure

New
Chapter 11 Fiscal Risks in Infrastructure »

Source: Well Spent : How Strong Infrastructure Governance Can End Waste in Public Investment

Series: Books

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781513511818

Keywords: Infrastructure governance, investment efficiency, public investment management, public financial management

Introduction Public infrastructure projects are typically large and complex, with long planning, implementation, and operational periods, and as such...

Chapter 5 G20 Data Gaps Initiative II: Meeting the Policy Challenge

New
Chapter 5 G20 Data Gaps Initiative II: Meeting the Policy Challenge »

Source: Stress Testing : Principles, Concepts, and Frameworks

Series: Books

Author(s): Li Lian Ong , and Andreas A. Jobst

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781484310717

Keywords: Best practice principles, credit risk, financial crisis, FSAP, information gaps, insurance, liquidity risk, sovereign risk, spillovers, stress testing

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...

Chapter 3 Getting the Most from Public Investment

New
Chapter 3 Getting the Most from Public Investment »

Source: Well Spent : How Strong Infrastructure Governance Can End Waste in Public Investment

Series: Books

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781513511818

Keywords: Infrastructure governance, investment efficiency, public investment management, public financial management

Introduction Examples of inefficient spending in infrastructure abound in all countries. In the United States, 11 miles of a subway tunnel lie abando...

Chapter 2 Growth Impact of Public Investment and the Role of Infrastructure Governance

New
Chapter 2 Growth Impact of Public Investment and the Role of Infrastructure Governance »

Source: Well Spent : How Strong Infrastructure Governance Can End Waste in Public Investment

Series: Books

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781513511818

Keywords: Infrastructure governance, investment efficiency, public investment management, public financial management

Introduction According to macroeconomic theory, public investment stimulates economic activity through short-term effects on aggregate demand, and it raises the productivity of exist...

Chapter 12 How to Capture Macro-Financial Spillover Effects in Stress Tests

New
Chapter 12 How to Capture Macro-Financial Spillover Effects in Stress Tests »

Source: Stress Testing : Principles, Concepts, and Frameworks

Series: Books

Author(s): Li Lian Ong , and Andreas A. Jobst

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781484310717

Keywords: Best practice principles, credit risk, financial crisis, FSAP, information gaps, insurance, liquidity risk, sovereign risk, spillovers, stress testing

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...

Chapter 4 Infrastructure Investment and the Sustainable Development Goals

New
Chapter 4 Infrastructure Investment and the Sustainable Development Goals »

Source: Well Spent : How Strong Infrastructure Governance Can End Waste in Public Investment

Series: Books

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781513511818

Keywords: Infrastructure governance, investment efficiency, public investment management, public financial management

Introduction The Sustainable Development Goals (SDGs) delineate a comprehensive international agenda for sustainable development by 2030 that has bee...

Chapter 12 Integrating Infrastructure Planning and Budgeting

New
Chapter 12 Integrating Infrastructure Planning and Budgeting »

Source: Well Spent : How Strong Infrastructure Governance Can End Waste in Public Investment

Series: Books

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781513511818

Keywords: Infrastructure governance, investment efficiency, public investment management, public financial management

Introduction Efficient and well-integrated planning and budgeting functions are key for building quality infrastructure. Planning establishes a framework of national, sectoral, and s...

Chapter 2 Macro-Financial Stress Testing: Principles and Practices

New
Chapter 2 Macro-Financial Stress Testing: Principles and Practices »

Source: Stress Testing : Principles, Concepts, and Frameworks

Series: Books

Author(s): Li Lian Ong , and Andreas A. Jobst

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781484310717

Keywords: Best practice principles, credit risk, financial crisis, FSAP, information gaps, insurance, liquidity risk, sovereign risk, spillovers, stress testing

The global financial crisis drew unprecedented attention to the role of stress testing of financial institutions in macroprudential and microprudential surveillance,...

Chapter 15 Macroprudential Bank Solvency Stress Testing in FSAPs for Systemically Important Financial Systems

New
Chapter 15 Macroprudential Bank Solvency Stress Testing in FSAPs for Systemically Important Financial Systems »

Source: Stress Testing : Principles, Concepts, and Frameworks

Series: Books

Author(s): Li Lian Ong , and Andreas A. Jobst

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781484310717

Keywords: Best practice principles, credit risk, financial crisis, FSAP, information gaps, insurance, liquidity risk, sovereign risk, spillovers, stress testing

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...

Chapter 16 Macroprudential Liquidity Stress Testing in FSAPs for Systemically Important Financial Systems

New
Chapter 16 Macroprudential Liquidity Stress Testing in FSAPs for Systemically Important Financial Systems »

Source: Stress Testing : Principles, Concepts, and Frameworks

Series: Books

Author(s): Li Lian Ong , and Andreas A. Jobst

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781484310717

Keywords: Best practice principles, credit risk, financial crisis, FSAP, information gaps, insurance, liquidity risk, sovereign risk, spillovers, stress testing

Bank liquidity stress testing, which has become de rigueur following the costly lessons of the global financial crisis, remains underdeveloped compared to solvency s...

Chapter 17 Macroprudential Solvency Stress Testing of the Insurance Sector

New
Chapter 17 Macroprudential Solvency Stress Testing of the Insurance Sector »

Source: Stress Testing : Principles, Concepts, and Frameworks

Series: Books

Author(s): Li Lian Ong , and Andreas A. Jobst

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781484310717

Keywords: Best practice principles, credit risk, financial crisis, FSAP, information gaps, insurance, liquidity risk, sovereign risk, spillovers, stress testing

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...

Chapter 14 Maintaining and Managing Public Infrastructure Assets

New
Chapter 14 Maintaining and Managing Public Infrastructure Assets »

Source: Well Spent : How Strong Infrastructure Governance Can End Waste in Public Investment

Series: Books

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781513511818

Keywords: Infrastructure governance, investment efficiency, public investment management, public financial management

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...

Chapter 10 Protecting Public Infrastructure from Vulnerabilities to Corruption: A Risk-Based Approach

New
Chapter 10 Protecting Public Infrastructure from Vulnerabilities to Corruption: A Risk-Based Approach »

Source: Well Spent : How Strong Infrastructure Governance Can End Waste in Public Investment

Series: Books

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781513511818

Keywords: Infrastructure governance, investment efficiency, public investment management, public financial management

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...

Chapter 6 Public Investment over the Fiscal Cycle

New
Chapter 6 Public Investment over the Fiscal Cycle »

Source: Well Spent : How Strong Infrastructure Governance Can End Waste in Public Investment

Series: Books

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781513511818

Keywords: Infrastructure governance, investment efficiency, public investment management, public financial management

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...

Chapter 13 Real and Financial Vulnerabilities from Cross-Border Banking Linkages

New
Chapter 13 Real and Financial Vulnerabilities from Cross-Border Banking Linkages »

Source: Stress Testing : Principles, Concepts, and Frameworks

Series: Books

Author(s): Li Lian Ong , and Andreas A. Jobst

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781484310717

Keywords: Best practice principles, credit risk, financial crisis, FSAP, information gaps, insurance, liquidity risk, sovereign risk, spillovers, stress testing

This chapter looks at the vulnerabilities stemming from banking sector linkages between countries and their macroeconomic effects. It finds that credit risks (from a...

Chapter 10 Revisiting Risk-Weighted Assets: Why Do RWAs Differ across Countries and What Can Be Done about It

New
Chapter 10 Revisiting Risk-Weighted Assets: Why Do RWAs Differ across Countries and What Can Be Done about It »

Source: Stress Testing : Principles, Concepts, and Frameworks

Series: Books

Author(s): Li Lian Ong , and Andreas A. Jobst

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781484310717

Keywords: Best practice principles, credit risk, financial crisis, FSAP, information gaps, insurance, liquidity risk, sovereign risk, spillovers, stress testing

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...

Chapter 6 Ring-Fencing and Consolidated Banks’ Stress Tests

New
Chapter 6 Ring-Fencing and Consolidated Banks’ Stress Tests »

Source: Stress Testing : Principles, Concepts, and Frameworks

Series: Books

Author(s): Li Lian Ong , and Andreas A. Jobst

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781484310717

Keywords: Best practice principles, credit risk, financial crisis, FSAP, information gaps, insurance, liquidity risk, sovereign risk, spillovers, stress testing

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...

Chapter 7 Rules of Thumb for Bank Solvency Stress Testing

New
Chapter 7 Rules of Thumb for Bank Solvency Stress Testing »

Source: Stress Testing : Principles, Concepts, and Frameworks

Series: Books

Author(s): Li Lian Ong , and Andreas A. Jobst

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781484310717

Keywords: Best practice principles, credit risk, financial crisis, FSAP, information gaps, insurance, liquidity risk, sovereign risk, spillovers, stress testing

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...

Chapter 9 Sovereign Risk in Macroprudential Solvency Stress Testing

New
Chapter 9 Sovereign Risk in Macroprudential Solvency Stress Testing »

Source: Stress Testing : Principles, Concepts, and Frameworks

Series: Books

Author(s): Li Lian Ong , and Andreas A. Jobst

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781484310717

Keywords: Best practice principles, credit risk, financial crisis, FSAP, information gaps, insurance, liquidity risk, sovereign risk, spillovers, stress testing

This chapter explains the treatment of sovereign risk in macroprudential solvency stress testing, based on the experiences in the Financial Sector Assessment Program...

Chapter 1 Stress Testing at the International Monetary Fund: Principles, Concepts, and Frameworks

New
Chapter 1 Stress Testing at the International Monetary Fund: Principles, Concepts, and Frameworks »

Source: Stress Testing : Principles, Concepts, and Frameworks

Series: Books

Author(s): Li Lian Ong , and Andreas A. Jobst

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781484310717

Keywords: Best practice principles, credit risk, financial crisis, FSAP, information gaps, insurance, liquidity risk, sovereign risk, spillovers, stress testing

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...

Chapter 3 Stress Tests as a Systemic Risk Assessment Tool

New
Chapter 3 Stress Tests as a Systemic Risk Assessment Tool »

Source: Stress Testing : Principles, Concepts, and Frameworks

Series: Books

Author(s): Li Lian Ong , and Andreas A. Jobst

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781484310717

Keywords: Best practice principles, credit risk, financial crisis, FSAP, information gaps, insurance, liquidity risk, sovereign risk, spillovers, stress testing

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...

Chapter 4 The Global Macro-Financial Model: A Stress Test Scenario Simulation Tool

New
Chapter 4 The Global Macro-Financial Model: A Stress Test Scenario Simulation Tool »

Source: Stress Testing : Principles, Concepts, and Frameworks

Series: Books

Author(s): Li Lian Ong , and Andreas A. Jobst

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781484310717

Keywords: Best practice principles, credit risk, financial crisis, FSAP, information gaps, insurance, liquidity risk, sovereign risk, spillovers, stress testing

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...

Chapter 5 The Public Investment Management Assessment Framework: An Overview

New
Chapter 5 The Public Investment Management Assessment Framework: An Overview »

Source: Well Spent : How Strong Infrastructure Governance Can End Waste in Public Investment

Series: Books

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781513511818

Keywords: Infrastructure governance, investment efficiency, public investment management, public financial management

Introduction Efficient, high-quality, and sustainable public investment requires strong infrastructure governance. The link between public investment...

Chapter 1 Well Spent: How Strong Infrastructure Governance Can End Waste in Public Investment

New
Chapter 1 Well Spent: How Strong Infrastructure Governance Can End Waste in Public Investment »

Source: Well Spent : How Strong Infrastructure Governance Can End Waste in Public Investment

Series: Books

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781513511818

Keywords: Infrastructure governance, investment efficiency, public investment management, public financial management

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...

Contributing Authors

New
Contributing Authors »

Source: Stress Testing : Principles, Concepts, and Frameworks

Series: Books

Author(s): Li Lian Ong , and Andreas A. Jobst

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781484310717

Keywords: Best practice principles, credit risk, financial crisis, FSAP, information gaps, insurance, liquidity risk, sovereign risk, spillovers, stress testing

IMF Staff (past and present) * Evrim Bese Goksu, Economist, Statisti...

Déclaration de M. Dumisani Mahlinza, administrateur pour le Burundi, et de M. Tamsir Cham, conseiller de l’administrateur Le 20 juillet 2020

New
Déclaration de M. Dumisani Mahlinza, administrateur pour le Burundi, et de M. Tamsir Cham, conseiller de l’administrateur Le 20 juillet 2020 »

Source: Burundi : Request for Debt Relief Under the Catastrophe Containment and Relief Trust-Press Release; Staff Report; and Statement by the Executive Director for Burundi

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

Keywords: ISCR, CR, Proj, pandemic, remittance inflow, debt, ECF

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...

Foreword

New
Foreword »

Source: Stress Testing : Principles, Concepts, and Frameworks

Series: Books

Author(s): Li Lian Ong , and Andreas A. Jobst

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781484310717

Keywords: Best practice principles, credit risk, financial crisis, FSAP, information gaps, insurance, liquidity risk, sovereign risk, spillovers, stress testing

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...

Georgia: Technical Assistance Report—Strengthen Regulation, Supervision, and Oversight of Micro Lending Institutions

New
Georgia: Technical Assistance Report—Strengthen Regulation, Supervision, and Oversight of Micro Lending Institutions »

Source: Georgia : Technical Assistance Report-Strengthening Regulation, Supervision, and Oversight of Micro Lending Institutions

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,...

Burundi
			: Request for Debt Relief Under the Catastrophe Containment and Relief Trust-Press Release; Staff Report; and Statement by the Executive Director for Burundi

New
Burundi : Request for Debt Relief Under the Catastrophe Containment and Relief Trust-Press Release; Staff Report; and Statement by the Executive Director for Burundi »

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

Keywords: ISCR, CR, Proj, pandemic, remittance inflow, debt, ECF

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...

Georgia
			: Technical Assistance Report-Strengthening Regulation, Supervision, and Oversight of Micro Lending Institutions

New
Georgia : Technical Assistance Report-Strengthening Regulation, Supervision, and Oversight of Micro Lending Institutions »

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,...

Seychelles
			: Interim Performance Update Under the Policy Coordination Instrument-Press Release; and Staff Report

New
Seychelles : Interim Performance Update Under the Policy Coordination Instrument-Press Release; and Staff Report »

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...

IMF Staff Issues an Interim Performance Update to the Board on Seychelles’ Policy Coordination Instrument (PCI)

New
IMF Staff Issues an Interim Performance Update to the Board on Seychelles’ Policy Coordination Instrument (PCI) »

Source: Seychelles : Interim Performance Update Under the Policy Coordination Instrument-Press Release; and Staff Report

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...

Le conseil d’administration du FMI approuve un allégement de la dette de 7,6 millions de dollars en faveur de la République du Burundi au titre du fonds fiduciaire d’assistance et de riposte aux catastrophes

New
Le conseil d’administration du FMI approuve un allégement de la dette de 7,6 millions de dollars en faveur de la République du Burundi au titre du fonds fiduciaire d’assistance et de riposte aux catastrophes »

Source: Burundi : Request for Debt Relief Under the Catastrophe Containment and Relief Trust-Press Release; Staff Report; and Statement by the Executive Director for Burundi

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

Keywords: ISCR, CR, Proj, pandemic, remittance inflow, debt, ECF

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...

PART I Principles

New
PART I Principles »

Source: Stress Testing : Principles, Concepts, and Frameworks

Series: Books

Author(s): Li Lian Ong , and Andreas A. Jobst

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781484310717

Keywords: Best practice principles, credit risk, financial crisis, FSAP, information gaps, insurance, liquidity risk, sovereign risk, spillovers, stress testing

...

PART II Concepts

New
PART II Concepts »

Source: Stress Testing : Principles, Concepts, and Frameworks

Series: Books

Author(s): Li Lian Ong , and Andreas A. Jobst

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781484310717

Keywords: Best practice principles, credit risk, financial crisis, FSAP, information gaps, insurance, liquidity risk, sovereign risk, spillovers, stress testing

...

Part III Frameworks

New
Part III Frameworks »

Source: Stress Testing : Principles, Concepts, and Frameworks

Series: Books

Author(s): Li Lian Ong , and Andreas A. Jobst

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781484310717

Keywords: Best practice principles, credit risk, financial crisis, FSAP, information gaps, insurance, liquidity risk, sovereign risk, spillovers, stress testing

...

Preface

New
Preface »

Source: Stress Testing : Principles, Concepts, and Frameworks

Series: Books

Author(s): Li Lian Ong , and Andreas A. Jobst

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781484310717

Keywords: Best practice principles, credit risk, financial crisis, FSAP, information gaps, insurance, liquidity risk, sovereign risk, spillovers, stress testing

This book was produced prior to the COVID-19 crisis. Therefore, it does not reflect the effect of these developments and related policy measures on the IMF staff’s analysis of poten...

Seychelles: Interim Performance Update under the Policy Coordination Instrument-Press Release; and Staff Report

New
Seychelles: Interim Performance Update under the Policy Coordination Instrument-Press Release; and Staff Report »

Source: Seychelles : Interim Performance Update Under the Policy Coordination Instrument-Press Release; and Staff Report

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...

Stress Testing
			: Principles, Concepts, and Frameworks

New
Stress Testing : Principles, Concepts, and Frameworks »

Series: Books

Author(s): Li Lian Ong , and Andreas A. Jobst

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

DOI: http://dx.doi.org/10.5089/9781484310717.071

ISBN: 9781484310717

Keywords: Best practice principles, credit risk, financial crisis, FSAP, information gaps, insurance, liquidity risk, sovereign risk, spillovers, stress testing

The objective of this book is to present IMF staff's further analyses and applications of these tools. Stress test exercises must be undertaken within a coherent and comprehensive framework; they must take into acc...

Back Matter

New
Back Matter »

Source: Stress Testing : Principles, Concepts, and Frameworks

Series: Books

Author(s): Li Lian Ong , and Andreas A. Jobst

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781484310717

Keywords: Best practice principles, credit risk, financial crisis, FSAP, information gaps, insurance, liquidity risk, sovereign risk, spillovers, stress testing

The objective of this book is to present IMF staff's further analyses and applications of these tools. Stress test exercises must be undertaken within a coherent and comprehensive framework; they must take into acc...

Front Matter

New
Front Matter »

Source: Stress Testing : Principles, Concepts, and Frameworks

Series: Books

Author(s): Li Lian Ong , and Andreas A. Jobst

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781484310717

Keywords: Best practice principles, credit risk, financial crisis, FSAP, information gaps, insurance, liquidity risk, sovereign risk, spillovers, stress testing

The objective of this book is to present IMF staff's further analyses and applications of these tools. Stress test exercises must be undertaken within a coherent and comprehensive framework; they must take into acc...

Well Spent
			: How Strong Infrastructure Governance Can End Waste in Public Investment

New
Well Spent : How Strong Infrastructure Governance Can End Waste in Public Investment »

Series: Books

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

DOI: http://dx.doi.org/10.5089/9781513511818.071

ISBN: 9781513511818

Keywords: Infrastructure governance, investment efficiency, public investment management, public financial management

Drawing on the Fund's analytical and capacity development work, including Public Investment Management Assessments (PIMAs) carried out in more than 60 countries, the new book Well Spent: How Strong Infrastructure G...

Back Matter

New
Back Matter »

Source: Well Spent : How Strong Infrastructure Governance Can End Waste in Public Investment

Series: Books

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781513511818

Keywords: Infrastructure governance, investment efficiency, public investment management, public financial management

Drawing on the Fund's analytical and capacity development work, including Public Investment Management Assessments (PIMAs) carried out in more than 60 countries, the new book Well Spent: How Strong Infrastructure G...

Front Matter

New
Front Matter »

Source: Well Spent : How Strong Infrastructure Governance Can End Waste in Public Investment

Series: Books

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 September 2020

ISBN: 9781513511818

Keywords: Infrastructure governance, investment efficiency, public investment management, public financial management

Drawing on the Fund's analytical and capacity development work, including Public Investment Management Assessments (PIMAs) carried out in more than 60 countries, the new book Well Spent: How Strong Infrastructure G...

Arab Republic of Egypt: Assessment of The Risks to the Fund and the Fund’s Liquidity Position

New
Arab Republic of Egypt: Assessment of The Risks to the Fund and the Fund’s Liquidity Position »

Source: Arab Republic of Egypt : Request for Purchase Under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for the Arab Republic of Egypt

Volume/Issue: 192020/271

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Middle East and Central Asia Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2020

ISBN: 9781513556093

The COVID-19 pandemic has drastically disrupted people's lives, livelihoods, and economic conditions. Growth is expected to slow considerably in both 2019/20 and 2020/21 as tourism is at a standstill and domestic a...

Arab Republic of Egypt: Request for Purchase Under the Rapid Financing Instrument—Press Release; Staff Report; and Statement by the Executive Director for the Arab Republic of Egypt

New
Arab Republic of Egypt: Request for Purchase Under the Rapid Financing Instrument—Press Release; Staff Report; and Statement by the Executive Director for the Arab Republic of Egypt »

Source: Arab Republic of Egypt : Request for Purchase Under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for the Arab Republic of Egypt

Volume/Issue: 192020/271

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Middle East and Central Asia Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2020

ISBN: 9781513556093

The COVID-19 pandemic has drastically disrupted people's lives, livelihoods, and economic conditions. Growth is expected to slow considerably in both 2019/20 and 2020/21 as tourism is at a standstill and domestic a...

Back to Basics: What is Debt Sustainability?

New
Back to Basics: What is Debt Sustainability? »

Source: Finance & Development, September 2020

Volume: 57

Series: Finance & Development

Author(s): International Monetary Fund. Communications Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2020

ISBN: 9781513544595

Finance & Development, September 2020...

Book Reviews: Bugs in the System

New
Book Reviews: Bugs in the System »

Source: Finance & Development, September 2020

Volume: 57

Series: Finance & Development

Author(s): International Monetary Fund. Communications Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2020

ISBN: 9781513544595

Finance & Development, September 2020...

Book Reviews: Winning Back Those Left Behind

New
Book Reviews: Winning Back Those Left Behind »

Source: Finance & Development, September 2020

Volume: 57

Series: Finance & Development

Author(s): International Monetary Fund. Communications Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2020

ISBN: 9781513544595

Finance & Development, September 2020...

Brazil
			: Technical Assistance Report-Strengthening Fiscal Responsibility at the Subnational Level

New
Brazil : Technical Assistance Report-Strengthening Fiscal Responsibility at the Subnational Level »

Volume/Issue: 192020/227

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Fiscal Affairs Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2020

Language: Portuguese

DOI: http://dx.doi.org/10.5089/9781513555997.002

ISBN: 9781513555997

The fiscal challenges of Brazil's states and municipalities can have a significant impact on the economy and the provision of core public services. The subnational governments (SNGs) account for a large share of pu...

Brasil: Relatório de assistência técnica — fortalecimento da responsabilidade fiscal na esfera subnacional

New
Brasil: Relatório de assistência técnica — fortalecimento da responsabilidade fiscal na esfera subnacional »

Source: Brazil : Technical Assistance Report-Strengthening Fiscal Responsibility at the Subnational Level

Volume/Issue: 192020/227

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Fiscal Affairs Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2020

Language: Portuguese

ISBN: 9781513555997

The fiscal challenges of Brazil's states and municipalities can have a significant impact on the economy and the provision of core public services. The subnational governments (SNGs) account for a large share of pu...

Brazil: Technical Assistance Report—Strengthening Fiscal Responsibility at The Subnational Level

New
Brazil: Technical Assistance Report—Strengthening Fiscal Responsibility at The Subnational Level »

Source: Brazil : Technical Assistance Report-Strengthening Fiscal Responsibility at the Subnational Level

Volume/Issue: 192020/227

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Fiscal Affairs Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2020

ISBN: 9781513551760

The fiscal challenges of Brazil's states and municipalities can have a significant impact on the economy and the provision of core public services. The subnational governments (SNGs) account for a large share of pu...