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Implementation Plan in Response to the Board-Endorsed Recommendations from the IEO Evaluation Report on IMF Advice on Unconventional Monetary Policies

New
Implementation Plan in Response to the Board-Endorsed Recommendations from the IEO Evaluation Report on IMF Advice on Unconventional Monetary Policies »

Volume: 20

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 May 2020

DOI: http://dx.doi.org/10.5089/9781513545424.007

ISBN: 9781513545424

Keywords: Negative interest rates, Monetary policy, Central banks, Exchange policy, Central bank policy, PP, proposed action, IEO, spillover, playbook

This Management Implementation Plan was prepared before COVID-19 became a global pandemic and resulted in unprecedented strains in global trade, commodity and financial markets. The actions in the plan and their ti...

Georgia
			: Technical Assistance Report-Residential Property Price Indices Mission

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Georgia : Technical Assistance Report-Residential Property Price Indices Mission »

Volume/Issue: 192020/172

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 May 2020

DOI: http://dx.doi.org/10.5089/9781513544823.002

ISBN: 9781513544823

Keywords: Financial soundness indicators, Price indexes, National accounts, Housing prices, Consumer prices, ISCR, CR, scanner data, secondary market, Obs

The purpose of the mission was to assist the National Statistics Office (Geostat) in progressing on the compilation of a residential property price index (RPPI). This was the third price statistics mission to Georg...

Republic of Moldova
			: Technical Assistance Report-Report on Sectoral Accounts Mission

New
Republic of Moldova : Technical Assistance Report-Report on Sectoral Accounts Mission »

Volume/Issue: 192020/174

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 May 2020

DOI: http://dx.doi.org/10.5089/9781513544939.002

ISBN: 9781513544939

Keywords: Financial crises, Gross domestic product, External sector statistics, Financial markets, Monetary statistics, ISCR, CR, NBM, MOF, ESS

As part of the IMF's Data for Decisions (D4D) Trust Fund Project, a technical assistance (TA) mission was conducted by John Joisce and Dario Florey, IMF Experts, during September 23-October 4, 2019, to help the aut...

COVID-19: The Regulatory and Supervisory Implications for the Banking Sector
			: A Joint IMF-World Bank Staff Position Note

New
COVID-19: The Regulatory and Supervisory Implications for the Banking Sector : A Joint IMF-World Bank Staff Position Note »

Series: Miscellaneous Publication (Other)

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 May 2020

DOI: http://dx.doi.org/10.5089/9781513545059.073

ISBN: 9781513545059

Keywords: Real sector, Financial markets, Financial institutions, Financial services, Macroprudential policies and financial stability, MISC PUBS, real economy, policy response, countercyclical, borrower

This joint IMF-World Bank note provides a set of high-level recommendations that can guide national regulatory and supervisory responses to the COVID-19 pandemic and offers an overview of measures taken across juri...

Chile
			: Technical Assistance Report-Central Bank Services to Non-bank Financial Institutions

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Chile : Technical Assistance Report-Central Bank Services to Non-bank Financial Institutions »

Volume/Issue: 192020/160

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 May 2020

DOI: http://dx.doi.org/10.5089/9781513543604.002

ISBN: 9781513543604

Keywords: Financial crises, Central banks, Macroprudential policies and financial stability, Central bank operations, Financial markets, ISCR, CR, CUs, broker-dealers, ELA

The BCCh is considering broadening access to its services beyond commercial banks and some Financial Market Infrastructures (FMIs). The services include settlement accounts, intra-day liquidity, standing deposit an...

Djibouti
			: Requests for Disbursement Under the Rapid Credit Facility and Debt Relief Under the Catastrophe Containment and Relief Trust-Press Release; and Staff Report; and Statement by the Executive Director for Djibouti

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Djibouti : Requests for Disbursement Under the Rapid Credit Facility and Debt Relief Under the Catastrophe Containment and Relief Trust-Press Release; and Staff Report; and Statement by the Executive Director for Djibouti »

Volume/Issue: 2020/159

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 May 2020

DOI: http://dx.doi.org/10.5089/9781513543574.002

ISBN: 9781513543574

Keywords: Rapid Credit Facility (RCF), Catastrophe Containment and Relief Trust (CCRT), Debt sustainability, Financial and Monetary Sector, Debt service, Balance of payments need, Debt relief, ISCR, CR, arrears

The COVID-19 pandemic has considerably weakened macroeconomic prospects for Djibouti. The country is facing a large negative external demand shock due to the global recession. Domestically, virus prevention and con...

Extension of Consultation Cycles Due to COVID-19 Pandemic

Extension of Consultation Cycles Due to COVID-19 Pandemic »

Volume: 20

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2020

DOI: http://dx.doi.org/10.5089/9781513542829.007

ISBN: 9781513542829

Keywords: West African Economic and Monetary Union, Eastern Caribbean Currency Union, International monetary system, Monetary unions, Macroprudential policies and financial stability, COVID-19, Coronovirus, COVID, PP, article IV consultation

To better respond to the unprecedented demand from the membership for financing and crisis support in response to the covid-19 pandemic, there is a temporary postponement of staff's work on Article IV consultations...

Costa Rica
			: Request for Purchase Under the Rapid Financing Investment-Press Release; Staff Report; and Statement by the Executive Director for Costa Rica

Costa Rica : Request for Purchase Under the Rapid Financing Investment-Press Release; Staff Report; and Statement by the Executive Director for Costa Rica »

Volume/Issue: 2020/145

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 2020

DOI: http://dx.doi.org/10.5089/9781513542690.002

ISBN: 9781513542690

Keywords: Rapid Financing Instrument (RFI), Balance of payments, Exchange rate policy, Financial crises, Macroprudential policies and financial stability, Credit, ISCR, CR, pandemic, percent of GDP

Costa Rica has been hit hard by the Covid-19 pandemic, owing to its highly open economy that has large exposures to trade, tourism, foreign direct investment, and global supply chains. Tourism exports, which accoun...

Implementation Plan in Response to The Board-Endorsed Recommendations From The IEO Evaluation Report on IMF Advice on Unconventional Monetary Policies

Implementation Plan in Response to The Board-Endorsed Recommendations From The IEO Evaluation Report on IMF Advice on Unconventional Monetary Policies »

Volume: 20

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 April 2020

DOI: http://dx.doi.org/10.5089/9781513542188.007

ISBN: 9781513542188

Keywords: Negative interest rates, Central banks, Monetary policy, Financial crises, Central bank policy, PP, proposed action, IEO, spillover, playbook

The Management Implementation Plan was prepared before COVID-19 became a global pandemic and resulted in unprecedented strains in global trade, commodity, and financial markets. The actions in this plan and their t...

Bosnia and Herzegovina
			: Request for Purchase Under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for Bosnia and Herzegovina

Bosnia and Herzegovina : Request for Purchase Under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for Bosnia and Herzegovina »

Volume/Issue: 2020/126

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 April 2020

DOI: http://dx.doi.org/10.5089/9781513541754.002

ISBN: 9781513541754

Keywords: Rapid Financing Instrument (RFI), Real sector, Economic growth, Central banks, Financial crises, Balance of payments, ISCR, CR, BiH, percent of GDP

This paper presents Bosnia and Herzegovina's Request for Purchase Under the Rapid Financing Instrument (RFI). RFI is expected to help provide support for scaling up priority spending on health and social assistance...

Paraguay
			: Request for Purchase Under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for Paraguay

Paraguay : Request for Purchase Under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for Paraguay »

Volume/Issue: 2020/127

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 April 2020

DOI: http://dx.doi.org/10.5089/9781513541815.002

ISBN: 9781513541815

Keywords: Rapid Financing Instrument (RFI), Social safety nets, Central banks, Financial systems, Economic conditions, Health care spending, ISCR, CR, GDP, disbursement

This paper presents Paraguay's Request for Purchase Under the Rapid Financing Instrument (RFI). In March 2020, Paraguay was hit by the Covid-19 epidemic, which has created fiscal and balance of payments needs. The...

Panama
			: Selected Issues

Panama : Selected Issues »

Volume/Issue: 2020/125

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 April 2020

DOI: http://dx.doi.org/10.5089/9781513541679.002

ISBN: 9781513541679

Keywords: Economic conditions, Economic growth, Development, Financial institutions, Credit, ISCR, CR, SBP, FATF, CFT

This Selected Issues paper focuses on background, challenges, and policy options in Panama. Panama stands at a crossroad between taking the leap to become an advanced economy or getting stuck in the middle-income t...

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

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

Volume/Issue: 2020/121

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 April 2020

DOI: http://dx.doi.org/10.5089/9781513541464.002

ISBN: 9781513541464

Keywords: Real sector, Central banks, Public financial management, Expenditures, Economic indicators, ISCR, CR, BRH, EDH, Proj

This 2019 Article IV Consultation discusses that driven by popular frustration with high levels of corruption and inequality, Haiti has been experiencing a protracted political crisis and prolonged civil unrest. Th...

Republic of Korea
			: Financial System Stability Assessment and Press Release for the Republic of Korea

Republic of Korea : Financial System Stability Assessment and Press Release for the Republic of Korea »

Volume/Issue: 2020/120

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 April 2020

DOI: http://dx.doi.org/10.5089/9781513541433.002

ISBN: 9781513541433

Keywords: Financial markets, Financial systems, Macroprudential policies and financial stability, Financial crises, Real sector, ISCR, CR, FSS, specialized bank, e-money

This paper presents Financial System Stability Assessment (FSSA) with the Republic of Korea. The Korean authorities have continued their efforts at upgrading the prudential, legal, and supervisory framework for the...

IMF Managing Director's Statement to the Development Committee, April 2020

IMF Managing Director's Statement to the Development Committee, April 2020 »

Volume: 20

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 April 2020

DOI: http://dx.doi.org/10.5089/9781513541181.007

ISBN: 9781513541181

Keywords: Financial crises, Financial markets, Social safety nets, Financial institutions, Macroprudential policies and financial stability, PP, policy space, coronavirus, pandemic, policymaker

The global coronavirus outbreak is a crisis like no other and poses daunting challenges for policymakers in many emerging market and developing economies (EMDEs), especially where the pandemic encounters weak publi...

Albania
			: Request for Purchase under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for Albania

Albania : Request for Purchase under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for Albania »

Volume/Issue: 2020/118

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 April 2020

DOI: http://dx.doi.org/10.5089/9781513541365.002

ISBN: 9781513541365

Keywords: Rapid Financing Instrument (RFI), External sector, Fiscal sector, Real sector, Financial markets, Balance of payments need, ISCR, CR, Albanian authority, Proj

This paper focuses on Albania's Request for Purchase Under the Rapid Financing Instrument (RFI). The RFI provides rapid financial assistance to member countries facing an urgent balance of payments need, without th...

Global Financial Stability Report, April 2020

Global Financial Stability Report, April 2020 »

Series: Global Financial Stability Report

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 14 April 2020

DOI: http://dx.doi.org/10.5089/9781513529196.082

ISBN: 9781513529196

Keywords: Financial crisis, Health, Banking, Financial stability, Global Financial Stability Report, Global Financial Stability Risks, International financial stability, Macroprudential policies and financial stability, coronavirus, covid-19

The coronavirus (COVID-19) pandemic poses unprecedented health, economic, and financial stability challenges. Following the COVID-19 outbreak, the prices of risk assets collapsed and market volatility spiked, while...

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

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

Keywords: Credit, Financial crises, Economic indicators, Gross domestic product, Financial sector, ISCR, CR, NBB, coronavirus, medium-term

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...

Kuwait
			: 2020 Article IV Consultation-Press Release; Staff Report; and Staff Supplement

Kuwait : 2020 Article IV Consultation-Press Release; Staff Report; and Staff Supplement »

Volume/Issue: 2020/89

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 March 2020

DOI: http://dx.doi.org/10.5089/9781513538563.002

ISBN: 9781513538563

Keywords: External sector, National accounts, Economic indicators, Financial and Monetary Sector, Credit, ISCR, CR, investment income, CBK, FGF

This 2020 Article IV Consultation with Kuwait highlights that non-oil growth strengthened to estimated 3 percent in 2019, propelled by government and consumer spending. The challenge to reduce dependence on oil and...

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

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

Volume/Issue: 2020/88

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Asia and Pacific Dept

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 March 2020

DOI: http://dx.doi.org/10.5089/9781513538419.002

ISBN: 9781513538419

Keywords: Balance of payments, Economic indicators, Central banks, Financial institutions, Financial and Monetary Sector, ISCR, CR, CBM, percent of GDP, PPPs

This 2019 Article IV Consultation focuses on Myanmar's near- and medium-term challenges and policy priorities and was prepared before COVID-19 became a global pandemic and resulted in unprecedented strains in globa...

Italy
			: Financial System Stability Assessment

Italy : Financial System Stability Assessment »

Volume/Issue: 2020/81

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 March 2020

DOI: http://dx.doi.org/10.5089/9781513537627.002

ISBN: 9781513537627

Keywords: Financial markets, Macroprudential policies and financial stability, Financial institutions, Financial systems, Bank liquidity, ISCR, CR, NPL, SIs, weak bank

This Financial System Stability Assessment paper on Italy highlights that substantial progress has been made in recent years in strengthening the financial sector, however, important weaknesses remain. Bank capital...

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

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

Volume/Issue: 2020/26

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 March 2020

Language: French

DOI: http://dx.doi.org/10.5089/9781513537061.002

ISBN: 9781513537061

Keywords: External sector, Debt sustainability, Public debt, External debt, Economic indicators, ISCR, CR, arrears, Congolese authority, non-oil

The economic situation remains difficult but there are some initial signs of stability, and non-oil growth could turn positive for the first time since 2015. The political environment is stable, though there is dis...

Eligibility to Use the Fund's Facilities for Concessional Financing, 2020

Eligibility to Use the Fund's Facilities for Concessional Financing, 2020 »

Volume: 20

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 March 2020

DOI: http://dx.doi.org/10.5089/9781513537047.007

ISBN: 9781513537047

Keywords: Access to foreign markets, International financial markets, Commercial borrowing, Market analysis, Access to capital markets, PP, market access, concessional, international financial market, eligibility

This paper concludes that the existing framework remains broadly appropriate, but proposes methodological refinements to improve the assessment of market access, clarifies how serious short-term vulnerabilities are...

Policy Steps to Address the Corona Crisis

Policy Steps to Address the Corona Crisis »

Volume: 20

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 March 2020

DOI: http://dx.doi.org/10.5089/9781513536927.007

ISBN: 9781513536927

Keywords: Financial crises, Financial institutions, Macroprudential policies and financial stability, Central banks, Open market operations, PP, affected people, coordinated action, borrow cost, soundness

Monitoring, containing and mitigating the effects of the corona virus are top priorities. Timely and decisive actions by health authorities, central banks, fiscal, regulatory and supervisory authorities can help co...

Do FDI Firms Employ More Workers than Domestic Firms for Each Dollar of Assets?

Do FDI Firms Employ More Workers than Domestic Firms for Each Dollar of Assets? »

Volume/Issue: 2020/56

Series: IMF Working Papers

Author(s): Sakai Ando , and Mengxue Wang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 March 2020

DOI: http://dx.doi.org/10.5089/9781513536323.001

ISBN: 9781513536323

Keywords: Foreign investment, International investment position, Balance of payments, Labor productivity, Job creation, FDI, Orbis, Ownership, WP, domestic firm

This paper studies whether FDI firms employ more workers than domestic firms for each dollar of assets. Using the Orbis database and its ownership structure information, we show that, in most economies, domestic fi...

r minus g negative: Can We Sleep More Soundly?

r minus g negative: Can We Sleep More Soundly? »

Volume/Issue: 2020/52

Series: IMF Working Papers

Author(s): Paolo Mauro , and Jing Zhou

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 March 2020

DOI: http://dx.doi.org/10.5089/9781513536071.001

ISBN: 9781513536071

Keywords: Real interest rates, Interest rate parity, Interest rate differential, Financial crises, Economic integration, interest-growth differentials, public debt, WP, sovereign default, emerge economy

Contrary to the traditional assumption of interest rates on government debt exceeding economic growth, negative interest-growth differentials have become prevalent since the global financial crisis. As these differ...

Riding the Yield Curve: Risk Taking Behavior in a Low Interest Rate Environment

Riding the Yield Curve: Risk Taking Behavior in a Low Interest Rate Environment »

Volume/Issue: 2020/53

Series: IMF Working Papers

Author(s): Ralph Chami , Thomas Cosimano , Celine Rochon , and Julieta Yung

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 March 2020

DOI: http://dx.doi.org/10.5089/9781513531861.001

ISBN: 9781513531861

Keywords: Interest rate increases, Discount rates, Risk premium, Financial markets, Financial instruments, Interest rate risk, non-linear stochastic discount factor, investment portfolio, term structure model, risk aversion distribution

Investors seek to hedge against interest rate risk by taking long or short positions on bonds of different maturities. We study changes in risk taking behavior in a low interest rate environment by estimating a mar...

Systemic Risk Modeling: How Theory Can Meet Statistics

Systemic Risk Modeling: How Theory Can Meet Statistics »

Volume/Issue: 2020/54

Series: IMF Working Papers

Author(s): Raphael Espinoza , Miguel Segoviano , and Ji Yan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 March 2020

DOI: http://dx.doi.org/10.5089/9781513536170.001

ISBN: 9781513536170

Keywords: Financial crises, Bank credit, Financial markets, Financial institutions, Macroprudential policies and financial stability, Systemic risk, Minsky effect, CIMDO, Default, WP

We propose a framework to link empirical models of systemic risk to theoretical network/ general equilibrium models used to understand the channels of transmission of systemic risk. The theoretical model allows for...

Unlocking Access to Finance for SMEs: A Cross-Country Analysis

Unlocking Access to Finance for SMEs: A Cross-Country Analysis »

Volume/Issue: 2020/55

Series: IMF Working Papers

Author(s): Armand Fouejieu , Anta Ndoye , and Tetyana Sydorenko

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 March 2020

DOI: http://dx.doi.org/10.5089/9781513536156.001

ISBN: 9781513536156

Keywords: Financial crises, Financial services, Macroprudential policies and financial stability, Bank credit, Financial systems, Small and Medium Sized Enterprises, Financial Inclusion, WP, SME, SMEs

Countries in the MENAP and CCA regions have the lowest levels of financial inclusion of small and medium enterprises (SMEs) in the world. The paper provides empirical evidence on the drivers of SME access to financ...

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

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

Volume/Issue: 2020/68

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Asia and Pacific Dept

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 March 2020

DOI: http://dx.doi.org/10.5089/9781513536088.002

ISBN: 9781513536088

Keywords: Financial and Monetary Sector, Balance of payments, National accounts, Economic conditions, Unemployment, ISCR, CR, RBA, bushfire, infrastructure spend

This 2019 Article IV Consultation with Australia discusses that a continued gradual economic recovery is expected, subject to downside risks. Growth should continue to recover in 2020, but it will take time for the...

Eastern Caribbean Currency Union
			: 2019 Discussion on Common Policies of Member Countries-Press Release; Staff Report; and Statement by the Executive Director for the Eastern Caribbean Currency Union

Eastern Caribbean Currency Union : 2019 Discussion on Common Policies of Member Countries-Press Release; Staff Report; and Statement by the Executive Director for the Eastern Caribbean Currency Union »

Volume/Issue: 2020/70

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 March 2020

DOI: http://dx.doi.org/10.5089/9781513536224.002

ISBN: 9781513536224

Keywords: External sector, Real sector, Central banks, Macroprudential policies and financial stability, Financial institutions, ISCR, CR, ECCU, ECCB, grenadine

This paper presents IMF's 2019 Discussion on Common Policies of Member Countries of the Eastern Caribbean Currency Union (ECCU). ECCU's gross domestic product (GDP) growth accelerated from 3/4 percent in 2017 to 3...

Categorization Of Open Actions In Management Implementation Plans

Categorization Of Open Actions In Management Implementation Plans »

Volume: 20

Series: Policy Papers

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 March 2020

DOI: http://dx.doi.org/10.5089/9781513536217.007

ISBN: 9781513536217

Keywords: Fiscal sector, Economic forecasting, Financial crises, External sector assessment, Financial sector, PP, IEO, PMR, off-track, open action

This paper undertakes a triage of the backlog of open actions in Management Implementation Plans (MIPs) responding to recommendations by the Independent Evaluation Office (IEO), based on the Framework endorsed by t...

Tenth Periodic Monitoring Report On The Status Of Management Implementation Plans In Response To Board-Endorsed IEO Recommendations

Tenth Periodic Monitoring Report On The Status Of Management Implementation Plans In Response To Board-Endorsed IEO Recommendations »

Volume: 20

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 March 2020

DOI: http://dx.doi.org/10.5089/9781513536194.007

ISBN: 9781513536194

Keywords: External sector, Fiscal sector, Economic forecasting, Financial statistics, Economic systems, PP, IEO, management action, PMR, social protection

The Tenth Periodic Monitoring Report (PMR) on the Status of Management Implementation Plans (MIPs) in Response to Board-Endorsed Independent Evaluation Office (IEO) Recommendations assesses the progress made over t...

Austria
			: Publication of Financial Sector Assessment Program Documentation-Technical Note on Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT)

Austria : Publication of Financial Sector Assessment Program Documentation-Technical Note on Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) »

Volume/Issue: 2020/65

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 March 2020

DOI: http://dx.doi.org/10.5089/9781513535838.002

ISBN: 9781513535838

Keywords: Real sector, Money laundering, Central banks, Development policy, Financial services, ISCR, CR, AML, CFT, VAs

This Technical Note sets out the findings and recommendations made in the context of the 2019 Financial Sector Assessment Program for Austria in the areas of Anti-Money Laundering/Combating the Financing of Terrori...

Austria
			: Publication of Financial Sector Assessment Program Documentation-Technical Note on Bank Resolution and Crisis Management

Austria : Publication of Financial Sector Assessment Program Documentation-Technical Note on Bank Resolution and Crisis Management »

Volume/Issue: 2020/62

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 March 2020

DOI: http://dx.doi.org/10.5089/9781513535791.002

ISBN: 9781513535791

Keywords: Financial crises, Financial institutions, Macroprudential policies and financial stability, Financial markets, Central banks, ISCR, CR, OeNB, FMA, MOF

This technical note on Austria focuses on bank resolution and crisis management. This note assesses and makes recommendations regarding bank resolution and crisis management arrangements. The scope of the assessmen...

Austria
			: Publication of Financial Sector Assessment Program Documentation-Technical Note on Banking Oversight

Austria : Publication of Financial Sector Assessment Program Documentation-Technical Note on Banking Oversight »

Volume/Issue: 2020/67

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 March 2020

DOI: http://dx.doi.org/10.5089/9781513535869.002

ISBN: 9781513535869

Keywords: Financial crises, Financial services, Financial markets, Central banks, Macroprudential policies and financial stability, ISCR, CR, FMA, OeNB, related party

This paper on Austria includes a targeted review of banking regulation and supervision, with a focus on topics related to the supervision of less significant institutions. The national transposition and implementat...

Austria
			: Publication of Financial Sector Assessment Program Documentation-Technical Note on Financial Stability Analysis, Stress Testing, and Interconnectedness

Austria : Publication of Financial Sector Assessment Program Documentation-Technical Note on Financial Stability Analysis, Stress Testing, and Interconnectedness »

Volume/Issue: 2020/66

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 March 2020

DOI: http://dx.doi.org/10.5089/9781513535852.002

ISBN: 9781513535852

Keywords: Financial soundness indicators, Real sector, Macroprudential policies and financial stability, Financial services, Financial systems, ISCR, CR, OeNB, Austrian bank, central institution

This technical note on Austria presents the Financial Stability analysis, stress testing, and interconnectedness. Austria's banking sector presents unique structural vulnerabilities. Private credit growth has suppo...

Austria
			: Publication of Financial Sector Assessment Program Documentation-Technical Note on Insurance Sector-Regulation, Supervision, Recovery, and Resolution Regime Prospects

Austria : Publication of Financial Sector Assessment Program Documentation-Technical Note on Insurance Sector-Regulation, Supervision, Recovery, and Resolution Regime Prospects »

Volume/Issue: 2020/63

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 March 2020

DOI: http://dx.doi.org/10.5089/9781513535807.002

ISBN: 9781513535807

Keywords: Financial regulation and supervision, Financial crises, Financial markets, Financial institutions, Macroprudential policies and financial stability, ISCR, CR, FMA, insurer, solvency

This review provides an update on the Austrian insurance sector and an analysis of certain key aspects of the regulatory and supervisory regime. The note analyzes regulation and supervision in relation to key issue...

Austria
			: Publication of Financial Sector Assessment Program Documentation-Technical Note on Macroprudential Policy Framework and Tools

Austria : Publication of Financial Sector Assessment Program Documentation-Technical Note on Macroprudential Policy Framework and Tools »

Volume/Issue: 2020/64

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 March 2020

DOI: http://dx.doi.org/10.5089/9781513535814.002

ISBN: 9781513535814

Keywords: Financial crises, Real sector, Financial markets, Macroprudential policies and financial stability, Financial systems, ISCR, CR, OeNB, FMA, Austrian bank

This technical note assesses strengths and weaknesses of the macroprudential policy framework in Austria and provides policy recommendations. Financial sector resilience in Austria has improved significantly since...

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

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

Volume/Issue: 2020/57

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Asia and Pacific Dept

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 February 2020

DOI: http://dx.doi.org/10.5089/9781513531946.002

ISBN: 9781513531946

Keywords: International investment position, Real sector, Balance of payments, Economic indicators, Macroprudential policies and financial stability, ISCR, CR, percent of GDP, percent, tax refund

This 2020 Article IV Consultation highlights that the Malaysian economy is stable despite domestic and external challenges. The authorities are making progress on their reform agenda including governance reforms an...

Malaysia
			: Selected Issues

Malaysia : Selected Issues »

Volume/Issue: 2020/58

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Asia and Pacific Dept

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 February 2020

DOI: http://dx.doi.org/10.5089/9781513531960.002

ISBN: 9781513531960

Keywords: Islamic finance, Financial services, Macroprudential policies and financial stability, Financial institutions, Financial systems, ISCR, CR, e-money, sandbox, FTEG

This Selected Issues paper investigates impact of financial technology (FinTech) on Malaysia's financial sector. Malaysia is digitally enabled to seize the opportunities brought by FinTech. Malaysian banks continue...

Household Debt and House Prices-at-risk: A Tale of Two Countries

Household Debt and House Prices-at-risk: A Tale of Two Countries »

Volume/Issue: 2020/42

Series: IMF Working Papers

Author(s): Adrian Alter , and Elizabeth Mahoney

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 February 2020

DOI: http://dx.doi.org/10.5089/9781513530260.001

ISBN: 9781513530260

Keywords: Economic conditions, Price indexes, National income, Financial crises, Economic growth, Housing, Household Indebtedness, United States, Canada, Quantile Regressions

To identify and quantify downside risks to housing markets, we apply the house price-at-risk methodology to a sample of 37 cities across the United States and Canada using quarterly data from 1983 to 2018. This pap...

International Capital Flows at the Security Level - Evidence from the ECB's Asset Purchase Programme

International Capital Flows at the Security Level - Evidence from the ECB's Asset Purchase Programme »

Volume/Issue: 2020/46

Series: IMF Working Papers

Author(s): Katharina Bergant , Michael Fidora , and Martin Schmitz

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 February 2020

DOI: http://dx.doi.org/10.5089/9781513529233.001

ISBN: 9781513529233

Keywords: Financial and Monetary Sector, Financial crises, Debt securities, Mutual funds, Economic policy, International investment patterns, capital flows, sovereign debt, investor heterogeneity, quantitative easing

We analyse euro area investors' portfolio rebalancing during the ECB's Asset Purchase Programme at the security level. Our empirical analysis shows that euro area investors (in particular investment funds and house...

The Impact of Conflict and Political Instability on Banking Crises in Developing Countries

The Impact of Conflict and Political Instability on Banking Crises in Developing Countries »

Volume/Issue: 2020/41

Series: IMF Working Papers

Author(s): Ali Compaoré , Montfort Mlachila , Rasmané Ouedraogo , and Sandrine Sourouema

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 February 2020

DOI: http://dx.doi.org/10.5089/9781513530055.001

ISBN: 9781513530055

Keywords: Banking crisis, Balance sheets, Economic recession, Banking sector, Real effective exchange rates, conflict, political instability, banking crises, fiscal crises, WP

While there is an extensive literature examining the economic impact of conflict and political instability, surprisingly there have been few studies on their impact on the probability of banking crises. This paper...

Chile
			: Technical Assistance Report-Forming an Integrated Supervisory Authority

Chile : Technical Assistance Report-Forming an Integrated Supervisory Authority »

Volume/Issue: 2020/56

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 February 2020

DOI: http://dx.doi.org/10.5089/9781513531687.002

ISBN: 9781513531687

Keywords: Financial crises, Macroprudential policies and financial stability, Financial institutions, Financial systems, Financial markets, ISCR, CR, CMF, legal mandate, transition process

This Technical Assistance Report paper on Chile advices on the planned integration of the superintendency for banking supervision, Superintendencia de Bancos y Instituciones Financieras (SBIF), into the Comisión pa...

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

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

Volume/Issue: 2020/59

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 February 2020

DOI: http://dx.doi.org/10.5089/9781513532622.002

ISBN: 9781513532622

Keywords: Financial and Monetary Sector, Central banks, Economic integration, Real sector, Financial systems, ISCR, CR, percent of GDP, national authority, INSS

This 2019 Article IV Consultation with Nicaragua highlights that social unrest and its aftermath eroded confidence and caused large capital and bank deposits outflows that resulted in a prolonged output contraction...

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

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

Volume/Issue: 2020/51

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Western Hemisphere Dept.

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 February 2020

DOI: http://dx.doi.org/10.5089/9781513530833.002

ISBN: 9781513530833

Keywords: Balance of payments, Fiscal sector, Economic growth, Economic indicators, Central banks, ISCR, CR, target range, percent change, percent of GDP

This 2019 Article IV Consultation with Uruguay highlights that the country enjoys political stability, strong governance and institutions, and a high degree of social cohesion. Following a decade and a half of robu...

Barbados' 2018-19 Sovereign Debt Restructuring-A Sea Change?

Barbados' 2018-19 Sovereign Debt Restructuring-A Sea Change? »

Volume/Issue: 2020/34

Series: IMF Working Papers

Author(s): Myrvin Anthony , Gregorio Impavido , and Bert van Selm

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 February 2020

DOI: http://dx.doi.org/10.5089/9781513529967.001

ISBN: 9781513529967

Keywords: Domestic debt, Sovereign debt restructuring, Financial crises, Balance of payments, Public debt, Sovereign Debt, Sovereign Defaults, Sovereign Debt Restructurings, Barbados, WP

This paper examines the causes, processes, and outcomes of Barbados' 2018-19 sovereign debt restructuring-its first ever. The restructuring was comprehensive, featuring several rarely used approaches, including the...

Lessons from Two Public Sector Reforms in Italy

Lessons from Two Public Sector Reforms in Italy »

Volume/Issue: 2020/40

Series: IMF Working Papers

Author(s): Nazim Belhocine , and La-Bhus Fah Jirasavetakul

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 February 2020

DOI: http://dx.doi.org/10.5089/9781513529714.001

ISBN: 9781513529714

Keywords: Public investments, Demographic indicators, Economic growth, Financial crises, Public procurement, Italy, public administration reform, public sector, state-owned enterprises, public procurement.

The reform of the Italian public administration has been a priority for at least two decades, with several major initiatives undertaken toward modernization and simplification. Notwithstanding laudable intentions,...

Macroprudential Policies and House Prices in Europe

Macroprudential Policies and House Prices in Europe »

Volume/Issue: 2020/3

Series: Departmental Papers / Policy Papers

Author(s): Marco Arena , Tingyun Chen , Seung Choi , Nan Geng , Cheikh Gueye , Tonny Lybek , Evan Papageorgiou , and Yuanyan Sophia Zhang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 February 2020

DOI: http://dx.doi.org/10.5089/9781513512259.087

ISBN: 9781513512259

Keywords: Macroprudential policies and financial stability, Financial stability, Housing prices, Europe, Financial crises, Supply and demand, Economic cooperation, Financial services, DPPP, LTV

Macroprudential policy in Europe aligns with the objective of limiting systemic risk, namely the risk of widespread disruption to the provision of financial services that is caused by an impairment of all or parts...

Collateralized Transactions
			: Key Considerations for Public Lenders and Borrowers

Collateralized Transactions : Key Considerations for Public Lenders and Borrowers »

Volume: 20

Series: Policy Papers

Author(s): International Monetary Fund;World Bank

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 February 2020

DOI: http://dx.doi.org/10.5089/9781513530703.007

ISBN: 9781513530703

Keywords: Credit, Financial institutions, Public investments, Debt management, Capital markets, PP, borrower, lender, collateral, receivable

In a response to a request from the G20 IFA Working Group, this note provides a framework for public lenders and borrowers to assess collateralized financing practices from a development perspective. The work of th...

Participation by Fund Staff In Anti-Money Laundering/Combating The Financing Of Terrorism Assessments by Other Assessor Bodies

Participation by Fund Staff In Anti-Money Laundering/Combating The Financing Of Terrorism Assessments by Other Assessor Bodies »

Volume: 20

Series: Policy Papers

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 19 February 2020

DOI: http://dx.doi.org/10.5089/9781513530758.007

ISBN: 9781513530758

Keywords: Money laundering, Offshore financial centers, International monetary system, Anti-money laundering, Combating the financing of terrorism, PP, FATF, CFT, AML, assessor

The Fund's Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) Strategy was most recently reviewed by the Executive Board in November 2018. In addition, during the Board discussion of the 2018 revi...

Cameroon
			: Fifth Review Under the Extended Credit Facility Arrangement and Request for a Waiver of Nonobservance of a Performance Criterion and Modification Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Cameroon

Cameroon : Fifth Review Under the Extended Credit Facility Arrangement and Request for a Waiver of Nonobservance of a Performance Criterion and Modification Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Cameroon »

Volume/Issue: 2020/48

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 February 2020

DOI: http://dx.doi.org/10.5089/9781513530383.002

ISBN: 9781513530383

Keywords: Financial and Monetary Sector, Fiscal sector, Macroprudential policies and financial stability, Credit, Development, ISCR, CR, SOEs, non-oil, primary balance

This paper discusses Cameroon's Fifth Review Under the Extended Credit Facility Arrangement and Request for a Waiver of NonObservance of a Performance Criterion and Modification of Performance Criteria (PC). Growth...

Senegal
			: Request for a Three-Year Policy Coordination Instrument-Press Release; Staff Report; and Statement by the Executive Director for Senegal

Senegal : Request for a Three-Year Policy Coordination Instrument-Press Release; Staff Report; and Statement by the Executive Director for Senegal »

Volume/Issue: 2020/11

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 February 2020

Language: French

DOI: http://dx.doi.org/10.5089/9781513530529.002

ISBN: 9781513530529

Keywords: External sector, Fiscal policy, Economic growth, Public debt, Development, ISCR, CR, percent of GDP, Eurobond, WAEMU

Economic growth averaged 6.5 percent over the past five years, boosted by public investment under phase I of Senegal's development strategy, the 'Plan Sénégal Émergent' (PSE), and buoyant private consumption. High...

Fifteenth and Sixteenth General Reviews of Quotas-Report of the Executive Board to the Board of Governors

Fifteenth and Sixteenth General Reviews of Quotas-Report of the Executive Board to the Board of Governors »

Volume: 20

Series: Policy Papers

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 February 2020

DOI: http://dx.doi.org/10.5089/9781513526454.007

ISBN: 9781513526454

Keywords: Financial safety nets, Developing countries, Emerging markets, Credit, Stocks, PP, IMFC, general review, executive board, quota share

On January 16, 2020, the Executive Board adopted a Report to the Board of Governors proposing that the Board of Governors adopt a Resolution concluding the Fifteenth General Review of Quotas with no increase in quo...

Proposed Decisions to Modify the New Arrangements to Borrow and to Extend the Deadline for a Review of the Borrowing Guidelines

Proposed Decisions to Modify the New Arrangements to Borrow and to Extend the Deadline for a Review of the Borrowing Guidelines »

Volume: 20

Series: Policy Papers

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 February 2020

DOI: http://dx.doi.org/10.5089/9781513530062.007

ISBN: 9781513530062

Keywords: International monetary system, Forward commitment capacity, Central banks, Monetary authorities, Credit, NAB, PP, general review, IMFC, executive board

This paper presents a proposal for reforming the NAB with a doubling of the aggregate size of the NAB and amendments to the NAB Decision. The proposal contains the following key elements: doubling the aggregate siz...

Togo
			: Fifth Review under the Extended Credit Facility Arrangement-Press Release; Staff Report and Statement by the Executive Director for Togo

Togo : Fifth Review under the Extended Credit Facility Arrangement-Press Release; Staff Report and Statement by the Executive Director for Togo »

Volume/Issue: 2019/333

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 February 2020

Language: French

DOI: http://dx.doi.org/10.5089/9781513530109.002

ISBN: 9781513530109

Keywords: External sector, Public debt, Economic growth, External debt, Domestic debt, ISCR, CR, public bank, overall fiscal deficit, primary balance

The economic recovery seems to be taking hold. Inflation stood at 0.6 percent at end-July 2019. The fiscal consolidation was sustained through the first half of 2019; the overall fiscal deficit is estimated at 0.2...

Guinea
			: Financial Sector Stability Review

Guinea : Financial Sector Stability Review »

Volume/Issue: 2020/42

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 February 2020

DOI: http://dx.doi.org/10.5089/9781513529844.002

ISBN: 9781513529844

Keywords: Macroprudential policies and financial stability, Financial institutions, Islamic finance, Financial markets, Financial services, ISCR, CR, WAMZ, bank law, AFW

The IMF conducted a Financial Sector Stability Review of the Republic of Guinea in June 2019. The review shows that while the current economic situation is benign, the financial soundness indicators (FSIs) point to...

Managing Systemic Banking Crises
			: New Lessons and Lessons Relearned

Managing Systemic Banking Crises : New Lessons and Lessons Relearned »

Volume/Issue: 2020/5

Series: Departmental Papers / Policy Papers

Author(s): Marina Moretti , Marc Dobler , and Alvaro Piris Chavarri

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 February 2020

DOI: http://dx.doi.org/10.5089/9781513512273.087

ISBN: 9781513512273

Keywords: Systemic crisis management, Banking crisis, Bank resolution, Bank restructuring, Lender of last resort, Deposit insurance, Non-performing loans, Asset management companies, Systemically important financial institutions, Financial crises

This paper updates the IMF's work on general principles, strategies, and tech-niques from an operational perspective in preparing for and managing sys-temic banking crises in light of the experiences and challenges...

Public Sector Debt Definitions and Reporting in Low-Income Developing Countries

Public Sector Debt Definitions and Reporting in Low-Income Developing Countries »

Volume: 20

Series: Policy Papers

Author(s): International Monetary Fund;World Bank

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 February 2020

DOI: http://dx.doi.org/10.5089/9781513529905.007

ISBN: 9781513529905

Keywords: External debt statistics, Financial crises, Social security funds, Currency swaps, Domestic debt, PP, debt instrument, sector debt, public sector debt, social security fund

Increasing public debt vulnerabilities in low-income developing countries (LIDCs) have heightened the need for fuller and more transparent accounting of public sector debt (PSD). The framework for reporting on publ...

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

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

Volume/Issue: 2020/41

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 February 2020

DOI: http://dx.doi.org/10.5089/9781513529769.002

ISBN: 9781513529769

Keywords: Public financial management, External sector, Macroprudential policies and financial stability, Financial statistics, Fiscal policy, ISCR, CR, SACU, arrears, SACU revenue

This 2019 Article IV Consultation with the Kingdom of Eswatini highlights that the financial system remains sound, although vulnerabilities are rising. Hence, bank supervision should be intensified, the early inter...

The Evolution of Public Debt Vulnerabilities In Lower Income Economies

The Evolution of Public Debt Vulnerabilities In Lower Income Economies »

Volume: 20

Series: Policy Papers

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 February 2020

DOI: http://dx.doi.org/10.5089/9781513529110.007

ISBN: 9781513529110

Keywords: Access to international capital markets, Sovereign debt, Economic growth, Debt burden, Debt markets, PP, debt level, WEO, SOEs, HIPC

Public debt in lower-income economies (LIEs) has risen in recent years, with half of the countries covered in this report now assessed to be at high risk of or already in debt distress....

Japan
			: Selected Issues

Japan : Selected Issues »

Volume/Issue: 2020/40

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Asia and Pacific Dept

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 February 2020

DOI: http://dx.doi.org/10.5089/9781513529424.002

ISBN: 9781513529424

Keywords: Development, Economic growth, Gross domestic product, Financial crises, Production, ISCR, CR, reflation, Cashin, inflation target

This Selected Issues paper assesses the relationship between demographic trends and housing prices in Japan. Among various issues in the context of regional disparities, the paper focus on regional differences in p...

Cyber Risk Surveillance: A Case Study of Singapore

Cyber Risk Surveillance: A Case Study of Singapore »

Volume/Issue: 2020/28

Series: IMF Working Papers

Author(s): Joseph Goh , Heedon Kang , Zhi Xing Koh , Jin Way Lim , Cheng Wei Ng , Galen Sher , and Chris Yao

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 February 2020

DOI: http://dx.doi.org/10.5089/9781513526317.001

ISBN: 9781513526317

Keywords: Systemically important financial institutions, Financial crises, Financial institutions, Financial systems, Financial services, Cyber risk, financial innovation, systemic risk, stress test., WP

Cyber risk is an emerging source of systemic risk in the financial sector, and possibly a macro-critical risk too. It is therefore important to integrate it into financial sector surveillance. This paper offers a r...

Macroeconomic Policy, Product Market Competition, and Growth: The Intangible Investment Channel

Macroeconomic Policy, Product Market Competition, and Growth: The Intangible Investment Channel »

Volume/Issue: 2020/25

Series: IMF Working Papers

Author(s): JaeBin Ahn , Romain Duval , and Can Sever

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 February 2020

DOI: http://dx.doi.org/10.5089/9781513528571.001

ISBN: 9781513528571

Keywords: Financial crises, Supply and demand, Economic theory, Economic growth, Economic policy, Financial frictions, Intangible investment, Competition, Product Market, Monetary policy

While there is growing evidence of persistent or even permanent output losses from financial crises, the causes remain unclear. One candidate is intangible capital - a rising driver of economic growth that, being n...

Measuring Output Gap: Is It Worth Your Time?

Measuring Output Gap: Is It Worth Your Time? »

Volume/Issue: 2020/24

Series: IMF Working Papers

Author(s): Jiaqian Chen , and Lucyna Gornicka

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 February 2020

DOI: http://dx.doi.org/10.5089/9781513527864.001

ISBN: 9781513527864

Keywords: Potential output, Supply and demand, Economic theory, Real interest rates, Business cycles, output gaps, real time estimation, business cycles., WP, output gap

We apply a range of models to the U.K. data to obtain estimates of the output gap. A structural VAR with an appropriate identification strategy provides improved estimates of output gap with better real time proper...

Monetary Policy Implementation: Operational Issues for Countries with Evolving Monetary Policy Frameworks

Monetary Policy Implementation: Operational Issues for Countries with Evolving Monetary Policy Frameworks »

Volume/Issue: 2020/26

Series: IMF Working Papers

Author(s): Nils Mæhle

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 February 2020

DOI: http://dx.doi.org/10.5089/9781513526850.001

ISBN: 9781513526850

Keywords: Central banking and monetary issues, Bank rates, Financial crises, Financial instruments, Central bank operations, monetary policy operations, monetary targeting, monetary policy transmission, liqudity management, interest rate determination

This paper discusses operational issues for countries that want to reform their monetary policy frameworks. It argues that stabilizing short-term interest rates on a day-to-day basis has significant advantages, and...

Philippines
			: Selected Issues

Philippines : Selected Issues »

Volume/Issue: 2020/37

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Asia and Pacific Dept

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 February 2020

DOI: http://dx.doi.org/10.5089/9781513529158.002

ISBN: 9781513529158

Keywords: Financial markets, Financial crises, Credit, Gross domestic product, Economic sectors, ISCR, CR, IMF, Bangko Sentral, inflation expectation

This Selected Issues paper on the Philippines explores export performance in the context of global trade tensions. Unlike many Asian countries, the Philippines' exports of goods have remained stable through the ong...

Stress Testing at the IMF

Stress Testing at the IMF »

Volume/Issue: 2020/4

Series: Departmental Papers / Policy Papers

Author(s): Tobias Adrian , James Morsink , and Liliana Schumacher

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 February 2020

DOI: http://dx.doi.org/10.5089/9781513520742.087

ISBN: 9781513520742

Keywords: Financial crises, Financial institutions, Macroprudential policies and financial stability, Financial systems, Macro-financial analysis, DPPP, solvency, stress test, IMF, individual bank

This paper explains specifics of stress testing at the IMF. After a brief section on the evolution of stress tests at the IMF, the paper presents the key steps of an IMF staff stress test. They are followed by a di...

Austria
			: Financial Stability Assessment-Press Release; Staff Report; and Statement by the Executive Director for Austria

Austria : Financial Stability Assessment-Press Release; Staff Report; and Statement by the Executive Director for Austria »

Volume/Issue: 2020/35

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 February 2020

DOI: http://dx.doi.org/10.5089/9781513528786.002

ISBN: 9781513528786

Keywords: Real sector, Financial systems, Financial institutions, Macroprudential policies and financial stability, Financial sector oversight, ISCR, CR, OeNB, AML, FMA

This paper presents Austria's 2019 Financial System Stability Assessment. The Austrian authorities have proactively strengthened the financial stability framework since the previous Financial Sector Assessment Prog...

Gabon
			: 2019 Article IV Consultation, Fourth and Fifth Reviews under the Extended Arrangement under the Extended Fund Facility, and Request for Waiver of Nonobservance of Performance Criteria, and Rephasing of the Remaining Purchases; Press Release; Staff Report; and Statement by the Executive Director

Gabon : 2019 Article IV Consultation, Fourth and Fifth Reviews under the Extended Arrangement under the Extended Fund Facility, and Request for Waiver of Nonobservance of Performance Criteria, and Rephasing of the Remaining Purchases; Press Release; Staff Report; and Statement by the Executive Director »

Volume/Issue: 2019/389

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 31 January 2020

Language: French

DOI: http://dx.doi.org/10.5089/9781513528694.002

ISBN: 9781513528694

Keywords: Public financial management, Public debt, Economic reforms, Public investments, Social safety nets, ISCR, CR, extended arrangement, non-oil, BEAC

Prudent macroeconomic policies, supported by the Extended Arrangement, have contributed to Gabon's economic recovery. Growth is picking up, the fiscal and external positions have improved, public debt has started t...

Kenya
			: Technical Assistance Report-Monetary and Financial Statistics Mission (December 3-14, 2018)

Kenya : Technical Assistance Report-Monetary and Financial Statistics Mission (December 3-14, 2018) »

Volume/Issue: 2020/30

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 January 2020

DOI: http://dx.doi.org/10.5089/9781513528403.002

ISBN: 9781513528403

Keywords: External sector, Financial statistics, Financial systems, Financial instruments, Monetary statistics, ISCR, CR, CBK, source data, provisional data

This technical assistance report on Kenya reviews the implementation of the recommendations made by the monetary and financial statistics (MFS) mission in January 2017 and the expanded coverage of the standardized...

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

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

Volume/Issue: 2020/26

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 January 2020

DOI: http://dx.doi.org/10.5089/9781513527970.002

ISBN: 9781513527970

Keywords: External sector, Debt sustainability, Public debt, External debt, Economic indicators, ISCR, CR, arrears, Congolese authority, non-oil

This 2019 Article IV Consultation with Congo discusses that the economic situation remains difficult, however, there are some initial signs of stability, and non-oil growth could turn positive for the first time si...

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

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

Volume/Issue: 2020/12

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 January 2020

DOI: http://dx.doi.org/10.5089/9781513526881.002

ISBN: 9781513526881

Keywords: External sector, Financial crises, National income, Financial markets, Financial soundness indicators, ISCR, CR, AML, CFT, wage growth

This 2019 Article IV Consultation with Estonia discusses that the outlook is favorable for the near term, however, for slower economic activity for the medium term. Th economy has performed well in recent years, su...

Law & Financial Stability

Law & Financial Stability »

Series: Books

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 January 2020

DOI: http://dx.doi.org/10.5089/9781513523002.071

ISBN: 9781513523002

Keywords: Financial crises, Macroprudential policies and financial stability, Financial institutions, Financial systems, Central banks, law, financial stability, financial regulatory reforms, global financial crisis, reforms

This volume comprises a selection of papers prepared in connection with a high-level seminar on Law and Financial Stability held at the IMF in 2016. It examines, from a legal perspective, the progress made in imple...

Senegal
			: Request for a Three-Year Policy Coordination Instrument-Press Release; Staff Report; and Statement by the Executive Director for Senegal

Senegal : Request for a Three-Year Policy Coordination Instrument-Press Release; Staff Report; and Statement by the Executive Director for Senegal »

Volume/Issue: 2020/11

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 January 2020

DOI: http://dx.doi.org/10.5089/9781513526775.002

ISBN: 9781513526775

Keywords: External sector, Fiscal policy, Economic growth, Public debt, Development, ISCR, CR, percent of GDP, Eurobond, WAEMU

This paper discusses Senegal's Request for a Three-Year Policy Coordination Instrument (PCI). The PCI for Senegal is expected to build on the lessons from the previous programs supported by the IMF. It aims to supp...

Finance and Inequality

Finance and Inequality »

Volume/Issue: 2020/1

Series: Staff Discussion Notes

Author(s): Martin Cihak , and Ratna Sahay

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 January 2020

DOI: http://dx.doi.org/10.5089/9781513526546.006

ISBN: 9781513526546

Keywords: Financial crises, Financial systems, Financial services, Macroprudential policies and financial stability, Financial institutions, SDN, inequality, Sahay, high inequality, financial service

The study examines empirical relationships between income inequality and three features of finance: depth (financial sector size relative to the economy), inclusion (access to and use of financial services by indiv...

How Do Member Countries Receive IMF Policy Advice: Results from a State-of-the-art Sentiment Index

How Do Member Countries Receive IMF Policy Advice: Results from a State-of-the-art Sentiment Index »

Volume/Issue: 2020/7

Series: IMF Working Papers

Author(s): Ghada Fayad , Chengyu Huang , Yoko Shibuya , and Peng Zhao

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 January 2020

DOI: http://dx.doi.org/10.5089/9781513526010.001

ISBN: 9781513526010

Keywords: Fiscal sector, External sector, Economic conditions, Real sector, Commodity price indexes, IMF, Surveillance, Economic Policy, Sentiment Analysis, Natural Language Processing

This paper applies state-of-the-art deep learning techniques to develop the first sentiment index measuring member countries' reception of IMF policy advice at the time of Article IV Consultations. This paper finds...

Natural Disaster Insurance for Sovereigns: Issues, Challenges and Optimality

Natural Disaster Insurance for Sovereigns: Issues, Challenges and Optimality »

Volume/Issue: 2020/3

Series: IMF Working Papers

Author(s): Aliona Cebotari , and Karim Youssef

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 January 2020

DOI: http://dx.doi.org/10.5089/9781513525891.001

ISBN: 9781513525891

Keywords: Real interest rates, Social safety nets, Insurance supervision, Debt service payments, Insurance companies, natural disaster insurance, debt growth tradeoffs, optimal insurance for sovereigns., WP, insurance package

Natural disasters are a source of economic risks in many countries, especially in smaller and lower-income states, and ex-ante preparedness is needed to manage the risks. The paper discusses sovereign experience wi...

One Shock, Many Policy Responses

One Shock, Many Policy Responses »

Volume/Issue: 2020/10

Series: IMF Working Papers

Author(s): Rui Mano , and Silvia Sgherri

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 January 2020

DOI: http://dx.doi.org/10.5089/9781513521503.001

ISBN: 9781513521503

Keywords: Exchange rate policy, International investment position, Foreign exchange reserves, Foreign exchange intervention, Central banks, Capital flows, emerging markets, macroprudential policies, capital flows management., WP

Policymakers have relied on a wide range of policy tools to cope with capital flow shocks. And yet, the effects and interaction of these policies remain under debate, as does the motivation for using them. In this...

Predicting Downside Risks to House Prices and Macro-Financial Stability

Predicting Downside Risks to House Prices and Macro-Financial Stability »

Volume/Issue: 2020/11

Series: IMF Working Papers

Author(s): Andrea Deghi , Mitsuru Katagiri , Sohaib Shahid , and Nico Valckx

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 January 2020

DOI: http://dx.doi.org/10.5089/9781513525839.001

ISBN: 9781513525839

Keywords: Global financial crisis, 2008-2009, Demand, Interest rate increases, Housing prices, Financial crises, House Prices, Growth at Risk, Panel Quantile Regression, Early Warning Models, Macroprudential Policy

This paper predicts downside risks to future real house price growth (house-prices-at-risk or HaR) in 32 advanced and emerging market economies. Through a macro-model and predictive quantile regressions, we show th...

Statement by The Managing Director on the Work Program of The Executive Board
			: December 11, 2019

Statement by The Managing Director on the Work Program of The Executive Board : December 11, 2019 »

Volume: 20

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 January 2020

DOI: http://dx.doi.org/10.5089/9781513526447.007

ISBN: 9781513526447

Keywords: External sector, Financial crises, Negative interest rates, Economic stabilization, Regional economics, PP, IEO, WEO, negative interest rate, briefing

This Work Program (WP) translates the strategic directions and policy priorities laid out in the Fall 2019 Global Policy Agenda (GPA) Update and the International Monetary and Financial Committee Communiqué into an...

Kenya
			: Fiscal Transparency Evaluation Update

Kenya : Fiscal Transparency Evaluation Update »

Volume/Issue: 2020/2

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 January 2020

DOI: http://dx.doi.org/10.5089/9781513526089.002

ISBN: 9781513526089

Keywords: Financial soundness indicators, Financial management information systems, Economic policy, Fiscal policy, Fiscal indicators, ISCR, CR, consolidated financial statement, tax expenditure, PPPs

This Fiscal Transparency Evaluation (FTE) assesses the quality of fiscal reporting in Kenya against the principles set out in the Fiscal Transparency Code. Kenya has experienced a lot of structural and economic cha...

Institutional Arrangements for Fintech Regulation and Supervision

Institutional Arrangements for Fintech Regulation and Supervision »

Volume: 19

Series: FinTech Notes

Author(s): Charles Taylor , Christopher Wilson , Eija Holttinen , and Anastasiia Morozova

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 January 2020

DOI: http://dx.doi.org/10.5089/9781513520308.063

ISBN: 9781513520308

Keywords: Currencies, Financial instruments, Investment, Financial regulation and supervision, Financial systems, Financial services, Macroprudential policies and financial stability, Financial markets, Financial institutions, fintech

Fintech developments are shaking up mandates within the existing regulatory architecture. It is not uncommon for financial sector agencies to have multiple policy objectives. Most often the policy objectives for th...

Debt Is Not Free

Debt Is Not Free »

Volume/Issue: 2020/1

Series: IMF Working Papers

Author(s): Marialuz Moreno Badia , Paulo Medas , Pranav Gupta , and Yuan Xiang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 January 2020

DOI: http://dx.doi.org/10.5089/9781513523767.001

ISBN: 9781513523767

Keywords: Domestic debt, Financial statistics, Public debt, Negative interest rates, Economic analysis, crisis, debt, default, fiscal, machine learning

With public debt soaring across the world, a growing concern is whether current debt levels are a harbinger of fiscal crises, thereby restricting the policy space in a downturn. The empirical evidence to date is ho...

People's Republic of China-Hong Kong Special Administrative Region
			: 2019 Article IV Consultation Discussions-Press Release; Staff Report; Staff Statement and Statement by the Executive Director for the People's Republic of China-Hong Kong Special Administrative Region

People's Republic of China-Hong Kong Special Administrative Region : 2019 Article IV Consultation Discussions-Press Release; Staff Report; Staff Statement and Statement by the Executive Director for the People's Republic of China-Hong Kong Special Administrative Region »

Volume/Issue: 2019/394

Series: IMF Staff Country Reports

Author(s): International Monetary Fund. Asia and Pacific Dept

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 December 2019

DOI: http://dx.doi.org/10.5089/9781513524627.002

ISBN: 9781513524627

Keywords: Economic conditions, Financial statistics, External sector, National accounts, Economic indicators, ISCR, CR, HKMA, percent change, trade tension

This 2019 Article IV Consultation with People's Republic of China-Hong Kong Special Administrative Region (SAR) discusses that the economy is projected to start recovering next year, but the pace is expected to be...

Philippines
			: Technical Assistance Report-Monetary and Financial Statistics Mission

Philippines : Technical Assistance Report-Monetary and Financial Statistics Mission »

Volume/Issue: 2019/400

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 December 2019

DOI: http://dx.doi.org/10.5089/9781513524771.002

ISBN: 9781513524771

Keywords: External sector, Financial crises, Financial statistics, Monetary statistics, Financial institutions, ISCR, CR, OFCs, FOF, BSP

This Technical Assistance report focuses on Philippines's monetary and financial statistics (MFS). In order to align the coverage of the other depository corporations survey to statistical standards, the mission re...

Financial Soundness Indicators Compilation Guide 2019

Financial Soundness Indicators Compilation Guide 2019 »

Series: Manuals & Guides

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 December 2019

DOI: http://dx.doi.org/10.5089/9781484396209.069

ISBN: 9781484396209

Keywords: Financial institutions, Financial systems, Macroprudential policies and financial stability, Financial instruments, Financial markets, M&G, DTs, FSI, OFCs, numerator

The 2019 Financial Soundness Indicators Compilation Guide (2019 Guide) includes new indicators to expand the coverage of the financial sector, including other financial intermediaries, money market funds, insurance...

Completing the Market: Generating Shadow CDS Spreads by Machine Learning

Completing the Market: Generating Shadow CDS Spreads by Machine Learning »

Volume/Issue: 2019/292

Series: IMF Working Papers

Author(s): Nan Hu , Jian Li , and Alexis Meyer-Cirkel

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 December 2019

DOI: http://dx.doi.org/10.5089/9781513524085.001

ISBN: 9781513524085

Keywords: Financial crises, Economic conditions, Financial markets, Financial systems, Credit risk, Credit default swaps, Prediction, Machine Learning methods, WP, CDS

We compared the predictive performance of a series of machine learning and traditional methods for monthly CDS spreads, using firms' accounting-based, market-based and macroeconomics variables for a time period of...

Political Costs of Tax-Based Consolidations

Political Costs of Tax-Based Consolidations »

Volume/Issue: 2019/298

Series: IMF Working Papers

Author(s): Chuling Chen , Era Dabla-Norris , Jay Rappaport , and Aleksandra Zdzienicka

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 December 2019

DOI: http://dx.doi.org/10.5089/9781513521534.001

ISBN: 9781513521534

Keywords: Base rates, Budget deficits, Business cycles, Capital, Capital income, Capital stocks, Corporate income taxes, Debt, Debt reduction, Debt sustainability

This paper studies the impact of tax-based consolidations on reelection outcomes. Using a granular database of tax-based consolidations for a panel of 10 OECD countries over the last 40 years, we find that tax refo...

Post-Crisis Changes in Global Bank Business Models: A New Taxonomy

Post-Crisis Changes in Global Bank Business Models: A New Taxonomy »

Volume/Issue: 2019/295

Series: IMF Working Papers

Author(s): John Caparusso , Yingyuan Chen , Peter Dattels , Rohit Goel , and Paul Hiebert

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 December 2019

DOI: http://dx.doi.org/10.5089/9781513522883.001

ISBN: 9781513522883

Keywords: Financial crises, Central banks, Financial services, Banking systems, Financial infrastructure, International banks, Business model, Bank performance, Global Financial Stability, Regulation

The Global Financial Crisis unleashed changes in the operating and regulatory environments for large international banks. This paper proposes a novel taxonomy to identify and track business model evolution for the...

Sovereign Asset and Liability Management in Emerging Market Countries: The Case of Uruguay

Sovereign Asset and Liability Management in Emerging Market Countries: The Case of Uruguay »

Volume/Issue: 2019/290

Series: IMF Working Papers

Author(s): André Amante , Phillip Anderson , Thordur Jonasson , Herman Kamil , and Michael Papaioannou

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 December 2019

DOI: http://dx.doi.org/10.5089/9781513511696.001

ISBN: 9781513511696

Keywords: Financial crises, Financial management, Financial markets, Financial statements, Financial institutions, Public Debt Management, Financial Risk, Foreign Exchange Hedging, Government Securities Markets, WP

This paper provides an overview of the strategic and operational issues as well as institutional challenges, related to the implementation of the Sovereign Asset and Liability Management (SALM) approach. Applicati...

The Role of Board Oversight in Central Bank Governance: Key Legal Design Issues

The Role of Board Oversight in Central Bank Governance: Key Legal Design Issues »

Volume/Issue: 2019/293

Series: IMF Working Papers

Author(s): Wouter Bossu , and Arthur D. P. Rossi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 December 2019

DOI: http://dx.doi.org/10.5089/9781513524054.001

ISBN: 9781513524054

Keywords: Central bank capital, Reserve requirements, Central bank legislation, Central banks, Central bank governance, Board Oversight, Legal Design, WP, oversight board, bank law

This paper discusses key legal issues in the design of Board Oversight in central banks. Central banks are complex and sophisticated organizations that are challenging to manage. While most economic literature focu...

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

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

Volume/Issue: 2019/395

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 December 2019

DOI: http://dx.doi.org/10.5089/9781513524641.002

ISBN: 9781513524641

Keywords: Macroprudential policies and financial stability, Central banks, Economic indicators, Real sector, Economic growth, ISCR, CR, lira, state-owned bank, inflation expectation

This 2019 Article IV Consultation with Turkey discusses that economic growth has since resumed, buoyed by expansionary fiscal policy, rapid credit provision by state-owned banks, and more favorable external financi...

Gabon
			: 2019 Article IV Consultation, Fourth and Fifth Reviews under the Extended Arrangement under the Extended Fund Facility, and Request for Waiver of Nonobservance of Performance Criteria, and Rephasing of the Remaining Purchases; Press Release; Staff Report; and Statement by the Executive Director

Gabon : 2019 Article IV Consultation, Fourth and Fifth Reviews under the Extended Arrangement under the Extended Fund Facility, and Request for Waiver of Nonobservance of Performance Criteria, and Rephasing of the Remaining Purchases; Press Release; Staff Report; and Statement by the Executive Director »

Volume/Issue: 2019/389

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 December 2019

DOI: http://dx.doi.org/10.5089/9781513524467.002

ISBN: 9781513524467

Keywords: Public financial management, Public debt, Economic reforms, Public investments, Social safety nets, ISCR, CR, extended arrangement, non-oil, BEAC

This paper presents 2019 Article IV Consultation with Gabon and its Fourth and Fifth Reviews Under the Extended Fund Facility (EFF), and Request for Waiver for NonObservance of Performance Criteria, and Rephasing o...

IMF Research Bulletin, Fall-Winter 2019

IMF Research Bulletin, Fall-Winter 2019 »

Volume/Issue: 19/003

Series: IMF Research Bulletin

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 December 2019

DOI: http://dx.doi.org/10.5089/9781513523972.026

ISBN: 9781513523972

Keywords: International trade, Trade liberalization, Patterns of trade, Trade restrictions, Trade models, IRB, IMF, tariff, research conference, tariff reduction

It has been two years since the trade tensions erupted and not only captured policymakers' but also the research community's attention. Research has quickly zoomed in on understanding trade war rhetoric, tariff imp...

Capital Flows at Risk: Taming the Ebbs and Flows

Capital Flows at Risk: Taming the Ebbs and Flows »

Volume/Issue: 2019/279

Series: IMF Working Papers

Author(s): R. Gelos , Lucyna Gornicka , Robin Koepke , Ratna Sahay , and Silvia Sgherri

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 December 2019

DOI: http://dx.doi.org/10.5089/9781513522906.001

ISBN: 9781513522906

Keywords: Economic conditions, Exchange markets, Financial crises, Foreign exchange operations, Capital inflows, Capital flows, macroprudential policies, foreign-exchange intervention, capital controls, emerging markets

The volatility of capital flows to emerging markets continues to pose challenges to policymakers. In this paper, we propose a new framework to answer critical policy questions: What policies and policy frameworks a...

Is the Public Investment Multiplier Higher in Developing Countries? An Empirical Exploration

Is the Public Investment Multiplier Higher in Developing Countries? An Empirical Exploration »

Volume/Issue: 2019/289

Series: IMF Working Papers

Author(s): Alejandro Izquierdo , Ruy Lama , Juan Medina , Jorge Puig , Daniel Riera-Crichton , Carlos Vegh , and Guillermo Javier Vuletin

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 December 2019

DOI: http://dx.doi.org/10.5089/9781513521114.001

ISBN: 9781513521114

Keywords: Public investments, Economic growth, Financial crises, Private investments, Labor force participation, Fiscal multiplier, Public investment, Stock of public capital, Crowding-in, WP

Over the last decade, empirical studies analyzing macroeconomic conditions that may affect the size of government spending multipliers have flourished. Yet, in spite of their obvious public policy importance, littl...

Money Creation in Fiat and Digital Currency Systems

Money Creation in Fiat and Digital Currency Systems »

Volume/Issue: 2019/285

Series: IMF Working Papers

Author(s): Marco Gross , and Christoph Siebenbrunner

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 December 2019

DOI: http://dx.doi.org/10.5089/9781513521565.001

ISBN: 9781513521565

Keywords: Central banking and monetary issues, Financial crises, Central banks, Financial institutions, Macroprudential policies and financial stability, Money creation, monetary policy, central bank digital currencies, WP, money stock

To support the understanding that banks' debt issuance means money creation, while centralized nonbank financial institutions' and decentralized bond market intermediary lending does not, the paper aims to convey t...

Liquidity Choice and Misallocation of Credit

Liquidity Choice and Misallocation of Credit »

Volume/Issue: 2019/284

Series: IMF Working Papers

Author(s): Ehsan Ebrahimy

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 December 2019

DOI: http://dx.doi.org/10.5089/9781513521480.001

ISBN: 9781513521480

Keywords: Real sector, Negative interest rates, Positive interest rates, Interest rate increases, Interest rates, WP, financial development, competitive equilibrium, liquid equilibrium, Tirole

This paper studies a novel type of misallocation of credit between investments of varying liquidity. One type of investment is more liquid, i.e., its return is more pledgeable, and the other is more productive. Low...