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Belgium
			: 2020 Article IV Consultation-Press Release; Staff Report; Staff Supplement; and Statement by the Executive Director for Belgium

New
Belgium : 2020 Article IV Consultation-Press Release; Staff Report; Staff Supplement; and Statement by the Executive Director for Belgium »

Volume/Issue: 2020/91

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 March 2020

DOI: http://dx.doi.org/10.5089/9781513538839.002

ISBN: 9781513538839

This 2020 Article IV Consultation with Belgium highlights that economic activity has held up relatively well over the last year, but the outlook is clouded by unusual uncertainty and risks. The coronavirus outbreak...

Belgium
			: Selected Issues

New
Belgium : Selected Issues »

Volume/Issue: 2020/92

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 March 2020

DOI: http://dx.doi.org/10.5089/9781513538877.002

ISBN: 9781513538877

This Selected Issues paper analyzes Belgium's fiscal stance using a structural stochastic model. This note uses a theoretical model that explicitly accounts for the trade-offs between the short-term cost of fiscal...

A Strategy for IMF Engagement on Social Spending
			: Background Papers

A Strategy for IMF Engagement on Social Spending : Background Papers »

Volume: 19

Series: Policy Papers

Author(s): International Monetary Fund. Fiscal Affairs Dept.;International Monetary Fund. Strategy, Policy, & Review Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 June 2019

DOI: http://dx.doi.org/10.5089/9781498318907.007

ISBN: 9781498318907

Keywords: Social spending and Fund-supported programs, Social safety nets, Social security, Old age pensions, Social welfare programs, social spend, social protection, CSOs, help country, IMF

This Supplement presents an account of the extensive consultations and the results of various analyses that supported the development of 'A Strategy for IMF Engagement on Social Spending.'...

Belgium
			: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Belgium

Belgium : 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Belgium »

Volume/Issue: 2019/74

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 March 2019

DOI: http://dx.doi.org/10.5089/9781498302661.002

ISBN: 9781498302661

Keywords: Credit, Financial crises, Central banks, Employment, Unemployment, NBB, percent of GDP, Haver, labor market reform, growth fund

This Article IV Consultation highlights that Belgium has experienced nine consecutive years of economic growth. Per capita GDP has surpassed pre-crisis levels, and unemployment is at its lowest level in four decade...

Regional Economic Outlook, October 2018, Europe
			: Domestic Expansion Running into External Turbulence

Regional Economic Outlook, October 2018, Europe : Domestic Expansion Running into External Turbulence »

Series: Regional Economic Outlook

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 November 2018

DOI: http://dx.doi.org/10.5089/9781484375402.086

ISBN: 9781484375402

Keywords: Europe, Regional Economic Outlook, economic outlook, financial conditions, fiscal policy, monetary policy, emerging Europe, advanced Europe

Economic activity continued to expand in the first half of 2018, albeit at a slower-than-expected pace, mainly in advanced Europe. Domestic demand, supported by stronger employment and wages, remains the main engin...

Overarching Strategy on Data and Statistics at the Fund in the Digital Age

Overarching Strategy on Data and Statistics at the Fund in the Digital Age »

Volume/Issue: 2018/012

Series: Policy Papers

Author(s): International Monetary Fund. Strategy, Policy, & Review Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 March 2018

DOI: http://dx.doi.org/10.5089/9781498307314.007

ISBN: 9781498307314

Keywords: Statistics, Public goods, Financial statistics, Economic conditions, External sector statistics, capacity development, data management, strategic priority, IEO, data gap

"The first data and statistics strategy for the Fund comes at a critical time. A fast-changing data landscape, new data needs for evolving surveillance priorities, and persisting data weaknesses across the membersh...

Belgium
			: 2018 Article IV Consultation - Press Release; Staff Report

Belgium : 2018 Article IV Consultation - Press Release; Staff Report »

Volume/Issue: 2018/71

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 March 2018

DOI: http://dx.doi.org/10.5089/9781484346051.002

ISBN: 9781484346051

Keywords: Article IV consultation reports, Labor productivity, Labor market reforms, Corporate income taxes, Tax reforms, Financial stability, Public investment, Economic indicators, Balance of payments statistics, Debt sustainability analysis

This 2018 Article IV Consultation highlights that the economic recovery in Belgium is gaining momentum, with real GDP growth expected to approach 2 percent in 2018 after an estimated 1.7 percent in 2017. It is driv...

Belgium
			: Financial System Stability Assessment

Belgium : Financial System Stability Assessment »

Volume/Issue: 2018/67

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 March 2018

DOI: http://dx.doi.org/10.5089/9781484345733.002

ISBN: 9781484345733

Keywords: Financial system stability assessment, Financial sector, Systemic risk, Macroprudential policies and financial stability, Financial safety nets, Crisis prevention, Selected issues, Belgium, Financial crises, Financial systems

This paper assesses the stability of Belgium's financial system. The financial sector remains resilient in the face of the rising cyclical vulnerabilities, but there is a need for closely monitoring risks. Stress t...

Belgium
			: Financial System Stability Assessment-Technical Note-Banking, Insurance, and Financial Conglomerate Supervision

Belgium : Financial System Stability Assessment-Technical Note-Banking, Insurance, and Financial Conglomerate Supervision »

Volume/Issue: 2018/70

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 March 2018

DOI: http://dx.doi.org/10.5089/9781484345955.002

ISBN: 9781484345955

Keywords: Financial system stability assessment, Banking supervision, Insurance supervision, Corporate governance, Financial Sector Assessment Program, Belgium, Europe

This Technical Note analyzes the key aspects of the regulatory and supervisory regime of banks, insurance companies and financial conglomerates (FCs) in Belgium. The regulatory framework for Belgian financial insti...

Belgium
			: Financial System Stability Assessment-Technical Note- Financial Safety Net and Crisis Management

Belgium : Financial System Stability Assessment-Technical Note- Financial Safety Net and Crisis Management »

Volume/Issue: 2018/68

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 March 2018

DOI: http://dx.doi.org/10.5089/9781484345801.002

ISBN: 9781484345801

Keywords: Financial system stability assessment, Financial safety nets, Crisis prevention, Crisis management, Bank resolution, Financial Sector Assessment Program, Belgium, Financial systems, Macroprudential policies and financial stability, Financial crises

This Technical Note reviews the state of financial safety net and crisis management arrangements in Belgium. Although actions in Belgium and at the European Union (EU) level have improved the Belgian financial safe...

Belgium
			: Financial System Stability Assessment-Technical Note- Stress Testing the Banking and Insurance Sectors and Systemic Risk Analysis

Belgium : Financial System Stability Assessment-Technical Note- Stress Testing the Banking and Insurance Sectors and Systemic Risk Analysis »

Volume/Issue: 2018/69

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 March 2018

DOI: http://dx.doi.org/10.5089/9781484345870.002

ISBN: 9781484345870

Keywords: Financial system stability assessment, Stress testing, Systemic risk, Banking sector, Insurance, Financial Sector Assessment Program, Belgium

This Technical Note discusses the results of the stress testing of Belgium's banking and insurance sectors. Belgium's financial sector remains resilient in the face of the rising cyclical vulnerabilities, but there...

Belgium
			: Selected Issues

Belgium : Selected Issues »

Volume/Issue: 2018/72

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 March 2018

DOI: http://dx.doi.org/10.5089/9781484346068.002

ISBN: 9781484346068

Keywords: Productivity, Public investment, Infrastructure, Selected issues, Belgium, Total factor productivity, Economic stabilization, Public investments, Economic indicators, Production

This Selected Issues paper analyzes productivity growth in Belgium. It highlights that Belgium's subdued productivity growth can be explained by a combination of sectoral employment shifts, barriers to competition,...

Revisiting the Economic Case for Fiscal Union in the Euro Area

Revisiting the Economic Case for Fiscal Union in the Euro Area »

Volume/Issue: 2018/3

Series: Departmental Papers / Policy Papers

Author(s): Helge Berger , Giovanni Dell'Ariccia , and Maurice Obstfeld

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 February 2018

DOI: http://dx.doi.org/10.5089/9781484340424.087

ISBN: 9781484340424

Keywords: Sweden, Switzerland, United Kingdom, Monetary unions, Spain, Italy, Fiscal policy, France, Germany, Greece

The paper makes an analytical contribution to the revived discussion about the euro area's institutional setup. After significant progress during the euro crisis, the drive to complete Europe's Economic and Monetar...

Belgium
			: 2017 Article IV Consultation-Press Release; Staff Report; Supplementary Information

Belgium : 2017 Article IV Consultation-Press Release; Staff Report; Supplementary Information »

Volume/Issue: 2017/69

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 March 2017

DOI: http://dx.doi.org/10.5089/9781475587630.002

ISBN: 9781475587630

Keywords: Belgium, Europe

This 2017 Article IV Consultation highlights Belgium's recovery, which is expected to strengthen modestly in 2017, with real GDP projected at 1.6 percent. The medium-term outlook remains constrained by structurally...

Belgium
			: Selected Issues

Belgium : Selected Issues »

Volume/Issue: 2017/70

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 March 2017

DOI: http://dx.doi.org/10.5089/9781475587692.002

ISBN: 9781475587692

Keywords: Europe, Belgium

This Selected Issues paper explores key features of Belgium's corporate income tax (CIT) regime as background for potential growth-enhancing reform options that also safeguard revenues and limit distortions. Compre...

Introducing an Advance Tax Ruling (ATR) Regime

Introducing an Advance Tax Ruling (ATR) Regime »

Volume: 1

Series: Tax Law Technical Note

Author(s): Christophe Waerzeggers , and Cory Hillier

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 May 2016

DOI: http://dx.doi.org/10.5089/9781513511610.008

ISBN: 9781513511610

Keywords: United Kingdom, United States, Western Hemisphere, Netherlands, South Africa, Sub-Saharan Africa, Taxation, Asia and Pacific, Australia, Europe

Advance tax rulings are a common feature of mature tax systems. The tax systems of the United States, the United Kingdom, the Netherlands, Germany, Australia, and South Africa all have established ruling practices....

Belgium
			: 2016 Article IV Consultation--Press Release; Staff Report

Belgium : 2016 Article IV Consultation--Press Release; Staff Report »

Volume/Issue: 2016/77

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 March 2016

DOI: http://dx.doi.org/10.5089/9781513547480.002

ISBN: 9781513547480

Keywords: tax, market, debt, labor market, monetary fund

This paper discusses economic development and policies of Belgium. The new government has taken important steps to support job creation and address the cost of aging-notably through wage moderation, pension reform,...

Belgium
			: Selected Issues

Belgium : Selected Issues »

Volume/Issue: 2016/78

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 March 2016

DOI: http://dx.doi.org/10.5089/9781513547695.002

ISBN: 9781513547695

Keywords: spending, public, subsidies, services, public expenditure

This paper discusses two key issues of the Belgian economy: (1) making public expenditure more efficient and (2) addressing the Belgian labor market-segmentations and distortions. Belgium faces fiscal challenges th...

Introducing a General Anti-Avoidance Rule (GAAR)
			: Ensuring That a GAAR Achieves Its Purpose

Introducing a General Anti-Avoidance Rule (GAAR) : Ensuring That a GAAR Achieves Its Purpose »

Volume: 1

Series: Tax Law Technical Note

Author(s): Christophe Waerzeggers , and Cory Hillier

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 January 2016

DOI: http://dx.doi.org/10.5089/9781513515823.008

ISBN: 9781513515823

Keywords: Tax evasion, Tax regimes, Tax systems, tax, tax benefit, tax law, transaction, tax avoidance

Tax avoidance continues to attract attention globally with strong support for tax law reform at all levels. This Tax Law IMF Technical Note focuses on some of the key design and drafting considerations of one speci...

Supervisory Roles in Loan Loss Provisioning in Countries Implementing IFRS

Supervisory Roles in Loan Loss Provisioning in Countries Implementing IFRS »

Volume/Issue: 2014/170

Series: IMF Working Papers

Author(s): Ellen Gaston , and In Song

Publisher: Journal of Financial Development Research

Publication Date: 05 November 2015

Language: Chinese

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

ISBN: 9781513590479

Keywords: Accounting standards, Accounting, Bank supervision, Banks, Basel Core Principles, Loans, Supervisory role, loan loss provisioning, IFRS implementation, banking

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

'But we are different!'
			: 12 Common Weaknesses in Banking Laws, and What to Do About Them

'But we are different!' : 12 Common Weaknesses in Banking Laws, and What to Do About Them »

Volume/Issue: 2015/200

Series: IMF Working Papers

Author(s): Wouter Bossu , and Dawn Chew

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 September 2015

DOI: http://dx.doi.org/10.5089/9781513586458.001

ISBN: 9781513586458

Keywords: Banking Regulation, Policy Analysis, banking, laws, bank, banks, Government Policy and Regulation, Corporation and Securities Law, Regulated Industries and Administrative Law,

Well-designed banking laws are critical for regulating the market access and operations of banks, as well as their removal from the market in case of failure. While at a financial policy level there is a broad cons...

What has Capital Liberalization Meant for Economic and Financial Statistics

What has Capital Liberalization Meant for Economic and Financial Statistics »

Volume/Issue: 2015/88

Series: IMF Working Papers

Author(s): Robert Heath

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 April 2015

DOI: http://dx.doi.org/10.5089/9781475520965.001

ISBN: 9781475520965

Keywords: data dissmination standards, financial interconnections, capital flow, capital flows, investment, financial stability, monetary fund, General, financial interconnections.,

The liberalization of capital flows both in the domestic economy and cross-border has been among the most important policies adopted by IMF member countries over recent decades. The impact has been wide-ranging. Th...

Belgium
			: 2015 Article IV Consultation-Staff Report; and Press Release

Belgium : 2015 Article IV Consultation-Staff Report; and Press Release »

Volume/Issue: 2015/70

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 March 2015

DOI: http://dx.doi.org/10.5089/9781498355100.002

ISBN: 9781498355100

Keywords: market, pension, labor market, monetary fund, deficit

This 2015 Article IV Consultation highlights that Belgian economy has shown considerable resilience but the outlook is weighed down by weak demand in Europe. Healthy private balance sheets, integration with Germany...

Belgium
			: Selected Issues

Belgium : Selected Issues »

Volume/Issue: 2015/71

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 March 2015

DOI: http://dx.doi.org/10.5089/9781498317825.002

ISBN: 9781498317825

Keywords: price, prices, mortgage, income, mortgages

This Selected Issues paper illustrates the recent evolution in Belgian housing prices. Belgian housing prices peaked at the end of 2013 after a persistent increase that was almost continuous for 30 years. The stabi...

Supervisory Roles in Loan Loss Provisioning in Countries Implementing IFRS

Supervisory Roles in Loan Loss Provisioning in Countries Implementing IFRS »

Volume/Issue: 2014/170

Series: IMF Working Papers

Author(s): Ellen Gaston , and In Song

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 September 2014

DOI: http://dx.doi.org/10.5089/9781484381120.001

ISBN: 9781484381120

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

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

Demand Patterns in France, Germany, and Belgium
			: Can We Explain the Differences?

Demand Patterns in France, Germany, and Belgium : Can We Explain the Differences? »

Volume/Issue: 2014/165

Series: IMF Working Papers

Author(s): Igor Lebrun , and Esther Perez Ruiz

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 September 2014

DOI: http://dx.doi.org/10.5089/9781498309462.001

ISBN: 9781498309462

Keywords: growth, demand patterns, private consumption, disposable income, household income, income growth, cost of capital, General, General,

The need to revive Euro area growth highlights the importance of the evolution of domestic and external demand in the core. This paper puts recent demand patterns in France, Germany, and Belgium into historical per...

Sovereign Debt Composition in Advanced Economies
			: A Historical Perspective

Sovereign Debt Composition in Advanced Economies : A Historical Perspective »

Volume/Issue: 2014/162

Series: IMF Working Papers

Author(s): S. M. Ali Abbas , Laura Blattner , Mark De Broeck , Asmaa ElGanainy , and Malin Hu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 September 2014

DOI: http://dx.doi.org/10.5089/9781498358781.001

ISBN: 9781498358781

Keywords: sovereign debt composition, sovereign debt management, historical debt database, central bank, government debt, debt structure, debt management,

We examine how the composition of public debt, broken down by currency, maturity, holder profile and marketability, has responded to major debt accumulation and consolidation episodes during 1900-2011. Covering thi...

Strengthening Post-Crisis Fiscal Credibility
			: Fiscal Councils on the Rise - A New Dataset

Strengthening Post-Crisis Fiscal Credibility : Fiscal Councils on the Rise - A New Dataset »

Volume/Issue: 2014/58

Series: IMF Working Papers

Author(s): Xavier Debrun , and Tidiane Kinda

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 April 2014

DOI: http://dx.doi.org/10.5089/9781475516135.001

ISBN: 9781475516135

Keywords: Credibility of fiscal policy, fiscal councils, forecast errors, fiscal council, fiscal institutions,

Institutions aimed at constraining policy discretion to promote sound fiscal policies are once again at the forefront of the policy debate. Interest in 'fiscal councils,' independent watchdogs active in the public...

Belgium
			: Staff Report for the 2014 Article IV Consultation

Belgium : Staff Report for the 2014 Article IV Consultation »

Volume/Issue: 2014/76

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 March 2014

DOI: http://dx.doi.org/10.5089/9781475541106.002

ISBN: 9781475541106

Keywords: banking, banking law, national bank, banking sector, resource allocation

The 2014 Article IV Consultation discusses economic developments and policies in Belgium. It highlights that despite its resilience, the Belgium economy has been losing competitiveness due to higher labor cost and...

Financial Soundness Indicators and the Characteristics of Financial Cycles

Financial Soundness Indicators and the Characteristics of Financial Cycles »

Volume/Issue: 2014/14

Series: IMF Working Papers

Author(s): Natasha Che , and Yoko Shinagawa

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 January 2014

DOI: http://dx.doi.org/10.5089/9781484386880.001

ISBN: 9781484386880

Keywords: financial cycle, capital ratio, banking, banking system, capital adequacy, subsidiaries, Financial Markets and the Macroeconomy, General,

Better 'financial soundness' of banks could help mitigate the volatility of financial cycles by reducing banks' risk exposure. But trying to improve financial soundness in the midst of a downturn can do the opposit...

European Union
			: Publication of Financial Sector Assessment Program Documentation-Detailed Assessment of Observance of the CPSS-IOSCO Principles for Financial Market Infrastructures

European Union : Publication of Financial Sector Assessment Program Documentation-Detailed Assessment of Observance of the CPSS-IOSCO Principles for Financial Market Infrastructures »

Volume/Issue: 2013/332

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 December 2013

DOI: http://dx.doi.org/10.5089/9781475513837.002

ISBN: 9781475513837

Keywords: collateral, clients, payments, cash correspondents, csd

This paper discusses the main findings of the Detailed Assessment of Observance of the Committee on Payment and Settlement Systems-International Organization of Securities Principles for Financial Market Infrastruc...

International Corporate Governance Spillovers
			: Evidence from Cross-Border Mergers and Acquisitions

International Corporate Governance Spillovers : Evidence from Cross-Border Mergers and Acquisitions »

Volume/Issue: 2013/234

Series: IMF Working Papers

Author(s): Rui Albuquerque , Luis Brandao-Marques , Miguel Ferreira , and Pedro Matos

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 November 2013

DOI: http://dx.doi.org/10.5089/9781475518382.001

ISBN: 9781475518382

Keywords: Cross border mergers, acquisitions, governance, governance index, improving governance, outside shareholders, Government Policy and Regulation, Cross border mergers and acquisitions,

We develop and test the hypothesis that foreign direct investment promotes corporate governance spillovers in the host country. Using firm-level data on cross-border mergers and acquisitions (M&A) and corporate gov...

Fiscal Consolidations and Growth
			: Does Speed Matter?

Fiscal Consolidations and Growth : Does Speed Matter? »

Volume/Issue: 2013/230

Series: IMF Working Papers

Author(s): Steven Pennings , and Esther Perez Ruiz

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 November 2013

DOI: http://dx.doi.org/10.5089/9781475517866.001

ISBN: 9781475517866

Keywords: fiscal multipliers, government expenditure, anticipation effects, government spending, fiscal consolidations, General,

Should fiscal consolidations be front-loaded or proceed at a more steady pace, and how does this affect growth? We make an attempt to address this question using a three-step methodology. First, we modify a standar...

Dealing with High Debt in an Era of Low Growth

Dealing with High Debt in an Era of Low Growth »

Volume/Issue: 2013/7

Series: Staff Discussion Notes

Author(s): S. M. Ali Abbas , Bernardin Akitoby , Jochen Andritzky , Helge Berger , Takuji Komatsuzaki , and Justin Tyson

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 September 2013

DOI: http://dx.doi.org/10.5089/9781484316139.006

ISBN: 9781484316139

Keywords: Debt strategy, Debt reduction, Developed countries, Fiscal policy, Fiscal reforms, Monetary policy, Privatization, Public debt, General Government Debt, Public Debt Sustainability

task has become particularly challenging in European advanced economies where expectations of low growth and limits to monetary policy support are shifting the burden of adjustment onto fiscal consolidation. The SD...

France
			: Financial Sector Assessment Program-Detailed Assessment of Observance of CPSS/IOSCO Recommendations for Securities Settlement Systems and for Central Counterparties

France : Financial Sector Assessment Program-Detailed Assessment of Observance of CPSS/IOSCO Recommendations for Securities Settlement Systems and for Central Counterparties »

Volume/Issue: 2013/183

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2013

DOI: http://dx.doi.org/10.5089/9781484339701.002

ISBN: 9781484339701

Keywords: collateral, clearing members, prices, payments, clients

This paper discusses key findings of the Detailed Assessment of LCH.Clearnet SA Observance of the Committee on Payment and Settlement Systems/International Organization of Securities Commission (CPSS-IOSCO) Recomme...

Fiscal Policy and Lending Relationships

Fiscal Policy and Lending Relationships »

Volume/Issue: 2013/141

Series: IMF Working Papers

Author(s): Giovanni Melina , and Stefania Villa

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 June 2013

DOI: http://dx.doi.org/10.5089/9781484380277.001

ISBN: 9781484380277

Keywords: deep habits, lending relationships, government spending, fiscal stimulus, government spending shocks, budget constraint,

This paper studies how fiscal policy affects loan market conditions in the US. First, it conducts a Structural Vector-Autoregression analysis showing that the bank spread responds negatively to an expansionary gove...

Belgium
			: Detailed Assessment of Compliance with the Basel Core Principles for Effective Banking Supervision

Belgium : Detailed Assessment of Compliance with the Basel Core Principles for Effective Banking Supervision »

Volume/Issue: 2013/133

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 May 2013

DOI: http://dx.doi.org/10.5089/9781484351758.002

ISBN: 9781484351758

Keywords: banking, banking law, internal control, banking supervision, capital adequacy

The Belgian financial system is relatively large, concentrated, and interconnected and has a high level of compliance with the Basel Core Principles (BCPs) for effective banking supervision. The National Bank of Be...

Belgium
			: Detailed Assessment of Observance of Insurance Core Principles

Belgium : Detailed Assessment of Observance of Insurance Core Principles »

Volume/Issue: 2013/134

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 May 2013

DOI: http://dx.doi.org/10.5089/9781484384466.002

ISBN: 9781484384466

Keywords: life insurers, reinsurance, policyholders, risk management, life insurance

The Belgian insurance industry was adversely affected by the global financial crisis and continued to confront challenges related to legacy assets and economic uncertainties in Europe. The Belgian authorities have...

Belgium
			: Technical Note on Crisis Management and Bank Resolution Framework

Belgium : Technical Note on Crisis Management and Bank Resolution Framework »

Volume/Issue: 2013/135

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 May 2013

DOI: http://dx.doi.org/10.5089/9781484349663.002

ISBN: 9781484349663

Keywords: financial stability, financial system, financial institutions, financial sector

The ability of the National Bank of Belgium (NBB) to provide emergency liquidity assistance to solvent but temporarily illiquid firms is well tested and satisfactory. Belgian authorities are testing draft guideline...

Belgium
			: Technical Note on Financial Conglomerate Supervision

Belgium : Technical Note on Financial Conglomerate Supervision »

Volume/Issue: 2013/138

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 May 2013

DOI: http://dx.doi.org/10.5089/9781484380413.002

ISBN: 9781484380413

Keywords: banking, capital adequacy, internal control, holding company, banking law

Belgian financial conglomerates (FCs) remained important players in the Belgian financial sector, despite significant restructuring following the global financial crisis. FCs operated in multiple streams of the fin...

Belgium
			: Technical Note on Securities Markets Regulation and Supervision

Belgium : Technical Note on Securities Markets Regulation and Supervision »

Volume/Issue: 2013/136

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 May 2013

DOI: http://dx.doi.org/10.5089/9781484326022.002

ISBN: 9781484326022

Keywords: prudential supervision, insurance intermediaries, administrative sanctions, share information

The Belgian securities market and financial services markets have remained subdued since the crisis, and significant changes have taken place in regulatory architecture in response. The execution requires both the...

Belgium
			: Technical Note on Stress Testing the Banking and Insurance Sectors

Belgium : Technical Note on Stress Testing the Banking and Insurance Sectors »

Volume/Issue: 2013/137

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 May 2013

DOI: http://dx.doi.org/10.5089/9781484381069.002

ISBN: 9781484381069

Keywords: banking, sovereign risk, capital adequacy, tier 1 capital

The Belgium Financial Sector Assessment Program (FSAP) stress testing exercise examines a financial sector that remains in a state of transformation. Domestic economic challenges remain sources of continued uncerta...

That Squeezing Feeling
			: The Interest Burden and Public Debt Stabilization

That Squeezing Feeling : The Interest Burden and Public Debt Stabilization »

Volume/Issue: 2013/125

Series: IMF Working Papers

Author(s): Xavier Debrun , and Tidiane Kinda

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 May 2013

DOI: http://dx.doi.org/10.5089/9781484321737.001

ISBN: 9781484321737

Keywords: interest payments, fiscal reaction, fiscal policy, fiscal reaction function, government revenue, Comparative or Joint Analysis of Fiscal and Monetary or Stabilization Policy, Deficit,

The paper explores the extent to which the pressure of debt service on other spending items may push governments to embark on fiscal consolidation beyond what is strictly necessary to secure solvency. The empirical...

Belgium
			: 2013 Article IV Consultation

Belgium : 2013 Article IV Consultation »

Volume/Issue: 2013/123

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. European Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 May 2013

DOI: http://dx.doi.org/10.5089/9781484380062.002

ISBN: 9781484380062

Keywords: unemployment, employment, labor market, unemployment benefits

The Belgian economy showed considerable progress through 2011 in terms of both growth and employment. However, the 2013 Article IV Consultation underlines that the European recession has had a negative impact on it...

Belgium
			: Financial System Stability Assessment

Belgium : Financial System Stability Assessment »

Volume/Issue: 2013/124

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 May 2013

DOI: http://dx.doi.org/10.5089/9781484362877.002

ISBN: 9781484362877

Keywords: banking, banking sector, banking system, sovereign risk, banking supervision

This financial stability assessment provides an update on the significant regulatory and supervisory developments in the banking and insurance sectors of Belgium since 2006. The Belgian financial system is relative...

European Union
			: Financial Sector Stability Assessment

European Union : Financial Sector Stability Assessment »

Volume/Issue: 2013/75

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 March 2013

DOI: http://dx.doi.org/10.5089/9781475585971.002

ISBN: 9781475585971

Keywords: banking, recapitalization, banking system, banking sector, level playing field

The recent financial crises have underscored the need for the European Union (EU) to take a regional approach to financial stability. Preserving financial stability in such an environment requires a supranational o...

A Banking Union for the Euro Area

A Banking Union for the Euro Area »

Volume/Issue: 2013/1

Series: Staff Discussion Notes

Author(s): Rishi Goyal , Petya Koeva Brooks , Mahmood Pradhan , Thierry Tressel , Giovanni Dell'Ariccia , and Ceyla Pazarbasioglu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 February 2013

DOI: http://dx.doi.org/10.5089/9781475521160.006

ISBN: 9781475521160

Keywords: Austria, Bank regulations, Bank resolution, Bank supervision, Belgium, Banking systems, Deposit insurance, Euro Area, Europe, Financial safety nets

The SDN elaborates the case for, and the design of, a banking union for the euro area. It discusses the benefits and costs of a banking union, presents a steady state view of the banking union, elaborates difficult...

A Fiscal Stimulus and Jobless Recovery

A Fiscal Stimulus and Jobless Recovery »

Volume/Issue: 2013/17

Series: IMF Working Papers

Author(s): Cristiano Cantore , Paul Levine , and Giovanni Melina

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 January 2013

DOI: http://dx.doi.org/10.5089/9781475595338.001

ISBN: 9781475595338

Keywords: deep habits, labor market search-match frictions, CES production function, government spending, jobless, fiscal stimulus, employment,

We analyse the effects of a government spending expansion in a DSGE model with Mortensen-Pissarides labour market frictions, deep habits in private and public consumption, investment adjustment costs, a constant-el...

Structural Reforms, IMF Programs and Capacity Building
			: An Empirical Investigation

Structural Reforms, IMF Programs and Capacity Building : An Empirical Investigation »

Volume/Issue: 2012/232

Series: IMF Working Papers

Author(s): Rabah Arezki , Marc Quintyn , and Frederik Toscani

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 September 2012

DOI: http://dx.doi.org/10.5089/9781475510706.001

ISBN: 9781475510706

Keywords: Structural Reform, IMF Program, Capacity Building, technical assistance, regulation, capacity building activities, bureaucratic quality, General, International Lending and Debt Problems,

This paper investigates the role that International Monetary Fund (IMF) programs and capacity building play in fostering structural reforms. To do so, we exploit two novel datasets on IMF capacity building and stru...

Belgium
			: Selected Issues Paper

Belgium : Selected Issues Paper »

Volume/Issue: 2012/56

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 March 2012

DOI: http://dx.doi.org/10.5089/9781475502398.002

ISBN: 9781475502398

Keywords: banking, banking sector, bond, government bond, bond spread

This Selected Issues Paper on Belgium provides an overview of the extent of trade and financial openness of Belgium and the links to particular countries. With an export-to-GDP ratio of 79 percent, Belgium belongs...

Belgium
			: Staff Report for the 2011 Article IV Consultation

Belgium : Staff Report for the 2011 Article IV Consultation »

Volume/Issue: 2012/55

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 March 2012

DOI: http://dx.doi.org/10.5089/9781475502381.002

ISBN: 9781475502381

Keywords: employment, unemployment, unemployment benefits

This 2011 Article IV Consultation reports that the vulnerability of Belgium's sovereign debt to market pressures makes credible medium-term fiscal consolidation a priority. The 2012 budget includes sizable consolid...

Narrowing Vertical Fiscal Imbalances in Four European Countries

Narrowing Vertical Fiscal Imbalances in Four European Countries »

Volume/Issue: 2012/91

Series: IMF Working Papers

Author(s): Izabela Karpowicz

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2012

DOI: http://dx.doi.org/10.5089/9781475502664.001

ISBN: 9781475502664

Keywords: Federalism, decentralization, vertical fiscal imbalance, local governments, fiscal decentralization, sub-national governments, fiscal balances, Structure, Scope, and Performance of Government

This paper describes the institutional changes that have induced a decline in the vertical fiscal imbalance (VFI) - defined as the share of sub-national own spending not financed through own revenues - in four Euro...

Can Institutional Reform Reduce Job Destruction and Unemployment Duration? Yes it Can

Can Institutional Reform Reduce Job Destruction and Unemployment Duration? Yes it Can »

Volume/Issue: 2012/54

Series: IMF Working Papers

Author(s): Esther Perez Ruiz , and Yao Yao

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2012

DOI: http://dx.doi.org/10.5089/9781463937140.001

ISBN: 9781463937140

Keywords: Search model, unemployment inflows, unemployment duration, unemployment, unemployment rates, unemployment rate, employment, Wages, Compensation, and Labor Costs: General

We read search theory's unemployment equilibrium condition as an Iso-Unemployment Curve(IUC).The IUC is the locus of job destruction rates and expected unemployment durations rendering the same unemployment level....

Short-Term Wholesale Funding and Systemic Risk
			: A Global Covar Approach

Short-Term Wholesale Funding and Systemic Risk : A Global Covar Approach »

Volume/Issue: 2012/46

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2012

DOI: http://dx.doi.org/10.5089/9781463936471.001

ISBN: 9781463936471

Keywords: Wholesale Funding, Macroprudential Regulation, recapitalization, financial system, contagion, Multiple or Simultaneous Equation Models: General, Financial Institutions and Services: General, General Financial Markets,

In this paper we identify some of the main factors behind systemic risk in a set of international large-scale complex banks using the novel CoVaR approach. We find that short-term wholesale funding is a key determi...

A Theory of Domestic and International Trade Finance

A Theory of Domestic and International Trade Finance »

Volume/Issue: 2011/262

Series: IMF Working Papers

Author(s): JaeBin Ahn

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2011

DOI: http://dx.doi.org/10.5089/9781463924607.001

ISBN: 9781463924607

Keywords: great trade collapse, payment system, letter of credit, screening, credit, counterparty, counterpart, Macroeconomic Aspects Of International Trade And Finance, Financial Institutions And Services,

This paper provides a theory model of trade finance to explain the "great trade collapse." The model shows that, first, the riskiness of international transactions rises relative to domestic transactions during eco...

The Economic Crisis
			: Did Financial Supervision Matter?

The Economic Crisis : Did Financial Supervision Matter? »

Volume/Issue: 2011/261

Series: IMF Working Papers

Author(s): Marc Quintyn , Rosaria Vega Pansini , and Donato Masciandaro

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2011

DOI: http://dx.doi.org/10.5089/9781463924560.001

ISBN: 9781463924560

Keywords: financial supervision, global crisis, supervisory architecture, supervisory governance, banking, bank involvement, financial sector, financial structure, deposit money, Financial Markets and the Macroeconomy

The Asian financial crisis marked the beginning of worldwide efforts to improve the effectiveness of financial supervision. However, the crisis that started in 2007?08 was a crude awakening: several of these improv...

Do Fiscal Spillovers Matter?

Do Fiscal Spillovers Matter? »

Volume/Issue: 2011/211

Series: IMF Working Papers

Author(s): Sebastian Weber , and Anna Ivanova

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2011

DOI: http://dx.doi.org/10.5089/9781463902315.001

ISBN: 9781463902315

Keywords: coordinated fiscal exit, fiscal changes, fiscal consolidation, fiscal measure, Macroeconomic Aspects Of International Trade And Finance, Macroeconomic - Aspects Of Public Finance, Macroeconomic Policy, And General Outlook, general Aggregative Models,

The paper assesses the impact of fiscal spillovers on growth in the context of a coordinated exit from crisis management policies. We find that despite potentially sizeable domestic effects from consolidation, aggr...

Systemic Risks in Global Banking
			: What Available Data Can Tell Us and What More Data Are Needed?

Systemic Risks in Global Banking : What Available Data Can Tell Us and What More Data Are Needed? »

Volume/Issue: 2011/222

Series: IMF Working Papers

Author(s): Eugenio Cerutti , Patrick McGuire , and Stijn Claessens

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2011

DOI: http://dx.doi.org/10.5089/9781463904241.001

ISBN: 9781463904241

Keywords: Systemic risks, banking system, international, contagion, vulnerabilities, banking, systemic risk, banking statistics, recapitalization, International Lending and Debt Problems

The recent financial crisis has shown how interconnected the financial world has become. Shocks in one location or asset class can have a sizable impact on the stability of institutions and markets around the world...

Taxing Financial Transactions
			: An Assessment of Administrative Feasibility

Taxing Financial Transactions : An Assessment of Administrative Feasibility »

Volume/Issue: 2011/185

Series: IMF Working Papers

Author(s): John Brondolo

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2011

DOI: http://dx.doi.org/10.5089/9781462309276.001

ISBN: 9781462309276

Keywords: financial transactions tax, otc, financial instruments, bonds, tax liability, otc transactions, General Financial Markets: Government Policy and Regulation, Corporate Finance and Governance: Government Policy and Regulation, Taxation, Subsidies

This paper considers how a tax on financial transactions could be applied to three broad and partially overlapping categories of financial instruments: (1) exchange-traded instruments; (2) over-the-counter instrume...

Democratic Accountability, Deficit Bias, and Independent Fiscal Agencies

Democratic Accountability, Deficit Bias, and Independent Fiscal Agencies »

Volume/Issue: 2011/173

Series: IMF Working Papers

Author(s): Xavier Debrun

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2011

DOI: http://dx.doi.org/10.5089/9781462313327.001

ISBN: 9781462313327

Keywords: Fiscal councils, deficit bias, delegation, central bank, fiscal institutions, fiscal agencies, Structure, Scope, and Performance of Government, National Deficit Surplus,

Despite growing interest among policymakers, there is no theory of independent fiscal institutions. The emerging literature on "fiscal councils" typically makes informal parallels with the theory of central bank in...

Avoid Filling Swiss Cheese with Whipped Cream
			: Imputation Techniques and Evaluation Procedures for Cross-Country Time Series

Avoid Filling Swiss Cheese with Whipped Cream : Imputation Techniques and Evaluation Procedures for Cross-Country Time Series »

Volume/Issue: 2011/151

Series: IMF Working Papers

Author(s): Michael Weber , and Michaela Denk

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2011

DOI: http://dx.doi.org/10.5089/9781455270507.001

ISBN: 9781455270507

Keywords: Missing or incomplete data, imputation quality, statistical matching, time series, missing data, algorithms, statistical methods, cluster analysis, Estimation, Model Evaluation and Selection

International organizations collect data from national authorities to create multivariate cross-sectional time series for their analyses. As data from countries with not yet well-established statistical systems may...

Tax Biases to Debt Finance
			: Assessing the Problem, Finding Solutions

Tax Biases to Debt Finance : Assessing the Problem, Finding Solutions »

Volume/Issue: 2011/11

Series: Staff Discussion Notes

Author(s): Ruud A. Mooij

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 May 2011

DOI: http://dx.doi.org/10.5089/9781463935139.006

ISBN: 9781463935139

Keywords: Corporate taxation, investors, tax system, cost of capital, corporate tax, interest payments, Interest Deductibility, Corporate Financial Structure, Multinational Debt Shifting, Bank Leverage

Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief an...

Managing Sovereign Debt and Debt Markets through a Crisis - Practical Insights and Policy Lessons

Managing Sovereign Debt and Debt Markets through a Crisis - Practical Insights and Policy Lessons »

Volume/Issue: 2011/031

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 April 2011

DOI: http://dx.doi.org/10.5089/9781498338943.007

ISBN: 9781498338943

Keywords: Fiscal sector, Market interest rates, Financial crises, Sovereign debt, Sovereign credit ratings, investor base, finance need, market liquidity, rollover, emerge market

The crisis highlighted the importance of debt management in containing debt-related risks and the associated impact on debt markets. The impact of the crisis on debt levels, and the consequent implications for fisc...

Belgium
			: 2010 Article IV Consultation-Staff Report; Staff Supplement; and a Public Information Notice on the Executive Board Discussion.

Belgium : 2010 Article IV Consultation-Staff Report; Staff Supplement; and a Public Information Notice on the Executive Board Discussion. »

Volume/Issue: 2011/81

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 April 2011

DOI: http://dx.doi.org/10.5089/9781455233090.002

ISBN: 9781455233090

Keywords: debt, interest, budget, deficit

After being hit by a severe recession in 2008-09, the Belgian economy is gradually recovering. When core inflation remained subdued in 2010, headline inflation jumped up due to the energy price hike. The growth of...

Belgium
			: Selected Issues Paper

Belgium : Selected Issues Paper »

Volume/Issue: 2011/82

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 April 2011

DOI: http://dx.doi.org/10.5089/9781455233083.002

ISBN: 9781455233083

Keywords: debt, interest, fiscal federalism

Belgium's impressive past fiscal consolidation is an example for other countries that need to bring down their public debt and also provides insights on how best to address its own current fiscal challenges. Belgiu...

A network analysis of global banking
			: 1978-2009

A network analysis of global banking : 1978-2009 »

Volume/Issue: 2011/74

Series: IMF Working Papers

Author(s): Javier Reyes , and Camelia Minoiu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2011

DOI: http://dx.doi.org/10.5089/9781455227051.001

ISBN: 9781455227051

Keywords: cross-border bank lending, network analysis, banking, banking crises, banking statistics, contagion, Financial Markets and the Macroeconomy, International Lending and Debt Problems,

In this paper we explore the properties of the global banking network using cross-border bank lending data for 184 countries over 1978-2009. Specifically, we analyze financial interconnectedness using network metri...

Fat-Tails and their (Un)Happy Endings
			: Correlation Bias and its Implications for Systemic Risk and Prudential Regulation

Fat-Tails and their (Un)Happy Endings : Correlation Bias and its Implications for Systemic Risk and Prudential Regulation »

Volume/Issue: 2011/82

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2011

DOI: http://dx.doi.org/10.5089/9781455226061.001

ISBN: 9781455226061

Keywords: Basel III, correlation bias, copula capital structure model, prudential regulation, systemic risk., correlation, subordinated debt, banking, probability, General Financial Markets: Government Policy and Regulation

The correlation bias refers to the fact that claim subordination in the capital structure of the firm influences claim holders' preferred degree of asset correlation in portfolios held by the firm. Using the copula...

Stress Tests for Defined Benefit Pension Plans - A Primer

Stress Tests for Defined Benefit Pension Plans - A Primer »

Volume/Issue: 2011/29

Series: IMF Working Papers

Author(s): Gregorio Impavido

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2011

DOI: http://dx.doi.org/10.5089/9781455216765.001

ISBN: 9781455216765

Keywords: Key Words: Defined benefit plans, pension mathematics, FSAP, retirement, benefits, pension, retirement age, salary, General Financial Markets: General (includes Measurement and Data), Financial Institutions and Services: General

Stress testing is a useful and increasingly popular, yet sometimes misunderstood, method of analyzing the resilience of financial systems to adverse events. This paper aims to help demystify stress tests and illust...

Government Debt Issuance in the Euro Area
			: The Impact of the Financial Crisis

Government Debt Issuance in the Euro Area : The Impact of the Financial Crisis »

Volume/Issue: 2011/21

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2011

DOI: http://dx.doi.org/10.5089/9781455211944.001

ISBN: 9781455211944

Keywords: sovereign debt management, inflation, government debt, foreign currency, debt stock, International Lending and Debt Problems, International Finance: Other, Fiscal Policies and Behavior of Economic Agents: General,

This paper documents and analyzes crisis-related changes in government debt issuance practices in the 16 euro zone countries and Denmark. Using a newly constructed database on primary market debt issuance during 20...

Borrowing Agreement with National Bank of Belgium

Borrowing Agreement with National Bank of Belgium »

Volume/Issue: 2010/108

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 December 2010

DOI: http://dx.doi.org/10.5089/9781498337878.007

ISBN: 9781498337878

Keywords: Borrowed resources use, Borrowing agreements, Borrowing by Fund, Executive Board decisions, Fund general resources, Lapse of time approval, National Bank of Belgium, SDR interest rates, Central banks, Freely usable currencies

In light of the multilateral effort to ensure the adequacy of the financial resources available to the International Monetary Fund, and with a view to supporting the Fund's ability to provide timely and effective b...

Private Sector Consumption and Government Consumption and Debt in Advanced Economies
			: An Empirical Study

Private Sector Consumption and Government Consumption and Debt in Advanced Economies : An Empirical Study »

Volume/Issue: 2010/264

Series: IMF Working Papers

Author(s): Sanchita Mukherjee , and Rina Bhattacharya

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2010

DOI: http://dx.doi.org/10.5089/9781455210718.001

ISBN: 9781455210718

Keywords: non-Ricardian behavior, household income, fiscal consolidation, marginal propensity to consume,

This paper explores the hypothesis that the propensity to consume out of income varies in a non-linear fashion with fiscal variables, and in particular with government debt per capita. Using data from eighteen OECD...

Financial Contagion Through Bank Deleveraging
			: Stylized Facts and Simulations Applied to the Financial Crisis

Financial Contagion Through Bank Deleveraging : Stylized Facts and Simulations Applied to the Financial Crisis »

Volume/Issue: 2010/236

Series: IMF Working Papers

Author(s): Thierry Tressel

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2010

DOI: http://dx.doi.org/10.5089/9781455209361.001

ISBN: 9781455209361

Keywords: Deleveraging, Funding Shocks, Network Analysis, claims, banking, banking system, banking statistics, banking systems, International Policy Coordination and Transmission,

The financial crisis has highlighted the importance of various channels of financial contagion across countries. This paper first presents stylized facts of international banking activities during the crisis. It th...

Framework Administered Account for Selected Fund Activities - Belgium Subaccount for Selected Fund Activities

Framework Administered Account for Selected Fund Activities - Belgium Subaccount for Selected Fund Activities »

Volume/Issue: 2010/086

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 September 2010

DOI: http://dx.doi.org/10.5089/9781498336796.007

ISBN: 9781498336796

Keywords: Administered accounts, Executive Board decisions, External financing, Financial instruments, Lapse of time approval, Technical Assistance, Development, Investment, Wages, Accounting

In March 2009, the Fund established a new Framework Administered Account to administer external financial resources for selected Fund Activities (the 'SFA Instrument'). The financing of activities under the terms o...

Cross-Border Financial Surveillance
			: A Network Perspective

Cross-Border Financial Surveillance : A Network Perspective »

Volume/Issue: 2010/105

Series: IMF Working Papers

Author(s): Juan Sole , and Marco Espinosa-Vega

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2010

DOI: http://dx.doi.org/10.5089/9781455200641.001

ISBN: 9781455200641

Keywords: Financial Surveillance, Network Analysis, Cross-Border Financial Linkages, banking, contagion, banking system, banking systems, bank for international settlements,

Effective cross-border financial surveillance requires the monitoring of direct and indirect systemic linkages. This paper illustrates how network analysis could make a significant contribution in this regard by si...

Belgium
			: 2009 Article IV Consultation:  Staff Report; and Public Information Notice on the Executive Board Discussion

Belgium : 2009 Article IV Consultation: Staff Report; and Public Information Notice on the Executive Board Discussion »

Volume/Issue: 2010/63

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 March 2010

DOI: http://dx.doi.org/10.5089/9781451980547.002

ISBN: 9781451980547

Keywords: debt, interest, deficit, article

The 2009 Article IV Consultation highlights that the near-term outlook for Belgium is challenging, with real GDP expected to drop by about 3 percent in 2009 and a gradual recovery projected for 2010. The unemployme...

The Need for Special Resolution Regimes for Financial Institutions-The Case of the European Union

The Need for Special Resolution Regimes for Financial Institutions-The Case of the European Union »

Volume/Issue: 2009/200

Series: IMF Working Papers

Author(s): Martin Cihak , and Erlend Nier

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2009

DOI: http://dx.doi.org/10.5089/9781451873474.001

ISBN: 9781451873474

Keywords: Resolution Regime, banking, deposit insurance, moral hazard, Financial Institutions and Services: Government Policy and Regulation,

The global financial crisis has demonstrated weaknesses in resolution regimes for financial institutions around the globe, including in the European Union (EU). This paper considers the principles underlying resolu...

Euro Area Policies
			: 2009 Article IV Consultation:  Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Member Countries

Euro Area Policies : 2009 Article IV Consultation: Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Member Countries »

Volume/Issue: 2009/223

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 July 2009

DOI: http://dx.doi.org/10.5089/9781451813098.002

ISBN: 9781451813098

Keywords: financial system, financial institutions, labor market

This 2009 Article IV Consultation focuses on euro area policies. The euro area remains in recession, with signs of improvement yet to evolve into a recovery. The large drop in financial wealth, an associated increa...

Current Accounts in a Currency Union

Current Accounts in a Currency Union »

Volume/Issue: 2009/127

Series: IMF Working Papers

Author(s): Jörg Decressin , and Emil Stavrev

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2009

DOI: http://dx.doi.org/10.5089/9781451872743.001

ISBN: 9781451872743

Keywords: currency union, EMU, real exchange rate, exchange rate, current accounts, current account balance,

A fear about EMU was that in the absence of national currencies, country-specific shocks would result in greater current account divergences between member states. This paper finds that divergences across euro-area...

From Bear Stearns to Anglo Irish
			: How Eurozone Sovereign Spreads Related to Financial Sector Vulnerability

From Bear Stearns to Anglo Irish : How Eurozone Sovereign Spreads Related to Financial Sector Vulnerability »

Volume/Issue: 2009/108

Series: IMF Working Papers

Author(s): Ashoka Mody

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2009

DOI: http://dx.doi.org/10.5089/9781451872552.001

ISBN: 9781451872552

Keywords: sovereign bond, bond, debt ratios

This paper attempts to explain the recent rise and differentiation of sovereign spreads across the countries of the eurozone. Following the onset of the subprime crisis in July 2007, spreads rose but mainly on acco...

Belgium
			: 2008 Article IV Consultation:  Staff Report; Staff Supplement; and Public Information Notice on the Executive Board Discussion

Belgium : 2008 Article IV Consultation: Staff Report; Staff Supplement; and Public Information Notice on the Executive Board Discussion »

Volume/Issue: 2009/87

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 March 2009

DOI: http://dx.doi.org/10.5089/9781451803303.002

ISBN: 9781451803303

Keywords: debt, budget, interest, deficit

The global financial crisis has forced government intervention in major financial institutions in Belgium. This 2008 Article IV Consultation discusses that the boom in energy and food prices in early 2008 caused in...

The Impact of Public Capital, Human Capital, and Knowledge on Aggregate Output

The Impact of Public Capital, Human Capital, and Knowledge on Aggregate Output »

Volume/Issue: 2008/218

Series: IMF Working Papers

Author(s): Frederick Joutz , and Yasser Abdih

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2008

DOI: http://dx.doi.org/10.5089/9781451870763.001

ISBN: 9781451870763

Keywords: Public capital, knowledge, cointegration, equation, statistic, statistics, patent applications,

This paper investigates the impact of public capital on private sector output by testing and estimating an aggregate production function for the U.S. economy over the postwar period augmented to include the stock o...

Quality of Financial Sector Regulation and Supervision Around the World

Quality of Financial Sector Regulation and Supervision Around the World »

Volume/Issue: 2008/190

Series: IMF Working Papers

Author(s): Martin Cihak , and Alexander Tieman

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2008

DOI: http://dx.doi.org/10.5089/9781451870480.001

ISBN: 9781451870480

Keywords: Regulation, supervision, standards, securities regulation, international standards,

The paper analyzes the quality of financial sector regulation and supervision around the globe. Unlike studies that collect and analyze data on regulation and supervision "on the books," this study also analyzes av...

Should Italy Sell Its Nonfinancial Assets to Reduce the Debt?

Should Italy Sell Its Nonfinancial Assets to Reduce the Debt? »

Volume/Issue: 2008/1

Series: IMF Policy Discussion Papers

Author(s): Stefania Fabrizio

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2008

DOI: http://dx.doi.org/10.5089/9781451945959.003

ISBN: 9781451945959

Keywords: Fiscal policy, Fiscal adjustment, Asset liquidation, Italy, Public debt reduction, public net worth, sustainability of public finances, strategy for managing public assets, debt, public debt

This paper assesses the proposal, publicly debated in recent years in Italy, to reduce public debt by selling public assets, especially nonfinancial tangible assets. The main findings indicate that, although sellin...

Belgium
			: Report on Observance of Standards and Codes:  Fiscal Transparency Module

Belgium : Report on Observance of Standards and Codes: Fiscal Transparency Module »

Volume/Issue: 2008/116

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 April 2008

DOI: http://dx.doi.org/10.5089/9781451803297.002

ISBN: 9781451803297

Keywords: budget process, budget documents, budget documentation, fiscal policy, internal audit

The basic government finance processes are supported by a sound institutional and legal framework. Fiscal information is provided through regular publications and extensive use of the internet. Finally, audit proce...

Belgium
			: 2008 Article IV Consultation:  Staff Report; Staff Supplement; and Public Information Notice on the Executive Board Discussion

Belgium : 2008 Article IV Consultation: Staff Report; Staff Supplement; and Public Information Notice on the Executive Board Discussion »

Volume/Issue: 2008/111

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 March 2008

DOI: http://dx.doi.org/10.5089/9781451803280.002

ISBN: 9781451803280

Keywords: debt, budget, federalism, interest, fiscal federalism

Although economic performance has remained good, difficulties in building consensus for institutional reform have caused an ill-affordable hiatus in economic policymaking. Robust economic activity absorbed a growin...

The Effects of Early Retirement on Youth Unemployment
			: The Case of Belgium

The Effects of Early Retirement on Youth Unemployment : The Case of Belgium »

Volume/Issue: 2008/30

Series: IMF Working Papers

Author(s): Pierre Pestieau , Mathieu Lefèbvre , Alain Jousten , and Sergio Perelman

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2008

DOI: http://dx.doi.org/10.5089/9781451868920.001

ISBN: 9781451868920

Keywords: security, retirement, employment,

In this paper, we describe the changes of (early) retirement programs over time and study the link between trends in elderly labor force participation and youth unemployment. From a theoretical point of view, there...

Border and Behind-the-Border Trade Barriers and Country Exports

Border and Behind-the-Border Trade Barriers and Country Exports »

Volume/Issue: 2007/292

Series: IMF Working Papers

Author(s): Azim Sadikov

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2007

DOI: http://dx.doi.org/10.5089/9781451868555.001

ISBN: 9781451868555

Keywords: Export Signatures, Differentiated Products, trade facilitation, exporter, aggregate exports, exporters, tariff rates, Trade: General, Trade: Other,

How do signatures required for exporting and business registration procedures affect the volume and composition of country's exports? To answer this question, I develop a model where a country can export two types...

EU Framework for Safeguarding Financial Stability
			: Towards an Analytical Benchmark for Assessing its Effectiveness

EU Framework for Safeguarding Financial Stability : Towards an Analytical Benchmark for Assessing its Effectiveness »

Volume/Issue: 2007/260

Series: IMF Working Papers

Author(s): María Nieto , and Garry Schinasi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2007

DOI: http://dx.doi.org/10.5089/9781451868234.001

ISBN: 9781451868234

Keywords: Safeguarding EU financial stability, benefits, financial stability, financial system, financial institutions, deposit insurance,

European finance is becoming increasingly cross-border, while the European architecture for safeguarding financial stability - including decision-making processes for providing financial-stability public goods - ha...

Banking Competition and Capital Ratios

Banking Competition and Capital Ratios »

Volume/Issue: 2007/216

Series: IMF Working Papers

Author(s): Martin Cihak , and Klaus Schaeck

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2007

DOI: http://dx.doi.org/10.5089/9781451867800.001

ISBN: 9781451867800

Keywords: Bank capital ratios, market structure, regulation, banking, statistic, statistics, bank capital, deposit insurance,

We use data for more than 2,600 European banks to test whether increased competition causes banks to hold higher capital ratios. Employing panel data techniques, and distinguishing between the competitive conduct o...

Assessing the Impact of a Change in the Composition of Public Spending
			: A DSGE Approach

Assessing the Impact of a Change in the Composition of Public Spending : A DSGE Approach »

Volume/Issue: 2007/168

Series: IMF Working Papers

Author(s): Ivan Tchakarov , and Roland Straub

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2007

DOI: http://dx.doi.org/10.5089/9781451867329.001

ISBN: 9781451867329

Keywords: Public consumption, DSGE models, private investment, private capital, competitive markets, budget constraint,

Despite intense calls for safeguarding public investment in Europe, public investment expenditure, when measured in relation to GDP, has steadily fallen in the last three decades, evoking fears that economic activi...

FMI Bulletin Vol.36, No.9 Juin 2007

FMI Bulletin Vol.36, No.9 Juin 2007 »

Volume/Issue: 36/9

Series: IMF Survey

Author(s): International Monetary Fund. External Relations Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 June 2007

Language: French

DOI: http://dx.doi.org/10.5089/9781451946451.023

ISBN: 9781451946451

Keywords: survey, internet

With its keen focus on the IMF's work and top macroeconomic and international financial issues, the IMF Survey provides analyses of country, regional, and global developments; insights into Fund operations, policie...

Labor's Liquidity Service and Firing Costs

Labor's Liquidity Service and Firing Costs »

Volume/Issue: 2007/120

Series: IMF Working Papers

Author(s): Herman Bennett

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2007

DOI: http://dx.doi.org/10.5089/9781451866841.001

ISBN: 9781451866841

Keywords: Firing Costs, Financial Restrictions, Liquidity Constraints, Labor&;amp;#x2019;s Liquidity Service, Empirical Evidence, equation, employment, correlation, standard errors,

This paper proposes a new effect of firing costs on firms' behavior that builds from firms' demand for liquidity. When a time gap exists between production and its associated revenues, firing can become a liquidity...

Belgium
			: Staff Report for the 2006 Article IV Consultation

Belgium : Staff Report for the 2006 Article IV Consultation »

Volume/Issue: 2007/89

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 March 2007

DOI: http://dx.doi.org/10.5089/9781451803273.002

ISBN: 9781451803273

Keywords: debt, interest, public debt, budget, article

This 2006 Article IV Consultation highlights that the economic upturn that started in mid-2005 in Belgium has remained on track. On the heels of a catch-up in private investment, the revival of private consumption...

Belgium
			: Selected Issues

Belgium : Selected Issues »

Volume/Issue: 2007/88

Series: IMF Staff Country Reports

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 March 2007

DOI: http://dx.doi.org/10.5089/9781451803266.002

ISBN: 9781451803266

Keywords: fiscal adjustment, debt, macroeconomic assumptions, primary balance, fiscal sustainability

This Selected Issues paper focuses on the fiscal challenge for Belgium in coping with population aging, including the sustainability of prevailing fiscal federalism arrangements across all levels of governments. Th...

Introduction to Applied Stress Testing

Introduction to Applied Stress Testing »

Volume/Issue: 2007/59

Series: IMF Working Papers

Author(s): Martin Cihak

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2007

DOI: http://dx.doi.org/10.5089/9781451866230.001

ISBN: 9781451866230

Keywords: banking, foreign exchange, capital adequacy, financial stability, financial sector, General Financial Markets: General (includes Measurement and Data), Financial Institutions and Services: General,

Stress testing is a useful and increasingly popular, yet sometimes misunderstood, method of analyzing the resilience of financial systems to adverse events. This paper aims to help demystify stress tests, and illus...

Politically Optimal Fiscal Policy

Politically Optimal Fiscal Policy »

Volume/Issue: 2007/68

Series: IMF Working Papers

Author(s): Irina Yakadina , and Michael Kumhof

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2007

DOI: http://dx.doi.org/10.5089/9781451866322.001

ISBN: 9781451866322

Keywords: Optimal Fiscal Policy, Incomplete Asset Markets, Government Debt Bias, taxation, government spending, equation, equations, Fiscal Policies and Behavior of Economic Agents: Other,

Why do governments issue large amounts of debt? In what sense and for whom is such a policy optimal? We show that twisting the optimal taxation paradigm produces very reasonable predictions for debt and real intere...

Public Pension Reform
			: A Primer

Public Pension Reform : A Primer »

Volume/Issue: 2007/28

Series: IMF Working Papers

Author(s): Alain Jousten

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2007

DOI: http://dx.doi.org/10.5089/9781451865929.001

ISBN: 9781451865929

Keywords: household behavior, welfare programs, demographic trends, pension, social insurance, Fiscal Policies and Behavior of Economic Agents: Household, National Government Expenditures and Welfare Programs, Social Security and Public Pensions,

The present paper reviews key issues in pension design and pension reform encountered all across the world. The paper heavily refers to the recent U.S. Social Security reform debate in general and to the Personal R...

Integration of the Securities Market Infrastructure in the European Union
			: Policy and Regulatory Issues

Integration of the Securities Market Infrastructure in the European Union : Policy and Regulatory Issues »

Volume/Issue: 2006/241

Series: IMF Working Papers

Author(s): Elias Kazarian

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2006

DOI: http://dx.doi.org/10.5089/9781451865011.001

ISBN: 9781451865011

Keywords: Securities clearing and settlement systems, payment system, cross-border integration, consolidation, economies of scope and scale, regulatory framework, oversight, settlement systems, securities settlement, securities clearing

This paper examines the impact of ongoing cross-border integration of securities market infrastructure in the European Union. In particular, it analyzes the regulatory framework that has evolved to deal with the ri...

Sistemas de rendición de cuentas para reguladores del sector financiero

Sistemas de rendición de cuentas para reguladores del sector financiero »

Series: Economic Issues

Author(s): Michael Taylor , Marc Quintyn , and Eva Hüpkes

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 August 2006

Language: Spanish

DOI: http://dx.doi.org/10.5089/9781589065222.051

ISBN: 9781589065222

Las autoridades de política económica suelen ser renuentes a otorgar independencia a los organismos que regulan y supervisan el sector financiero debido al temor de que estos organismos, con responsabilidades y pod...

Institutional Quality, Knightian Uncertainty, and Insurability
			: A Cross-Country Analysis

Institutional Quality, Knightian Uncertainty, and Insurability : A Cross-Country Analysis »

Volume/Issue: 2006/179

Series: IMF Working Papers

Author(s): S. Erbas , and Chera Sayers

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2006

DOI: http://dx.doi.org/10.5089/9781451864397.001

ISBN: 9781451864397

Keywords: Institutional Quality, Knightian Uncertainty, Insurability, non-life insurance, life insurance, insurance markets, insurance coverage, Comparative Studies of Countries, Information And Uncertainty,

Knightian uncertainty (ambiguity) implies presence of uninsurable risks. Institutional quality may be a good indicator of Knightian uncertainty. This paper correlates non-life insurance penetration in 70 countries...