Browse

New

Panama »

Source: Panama : Technical Assistance Report-Monetary and Financial Statistics

Volume/Issue: 2021/031

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 February 2021

ISBN: 9781513568218

Keywords: Nonbank financial institutions, Commercial banks, Monetary statistics, Offshore financial centers, Securities, ISCR, CR, ODC data, NBP staff, ODC survey

At the request of the Superintendency of Banks of Panama (SBP), and with the support of the International Monetary Fund's (IMF's) Western Hemisphere Department (WHD), a monetary and financial statistics (MFS) remot...

Unconventional Monetary Policies in Emerging Markets and Frontier Countries »

Source: Unconventional Monetary Policies in Emerging Markets and Frontier Countries

Volume/Issue: 2021/014

Series: IMF Working Papers

Author(s): Chiara Fratto , Brendan Harnoys Vannier , Borislava Mircheva , David de Padua , and Helene Poirson Ward

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 January 2021

ISBN: 9781513567211

Keywords: Sovereign bonds, Bond yields, Yield curve, Securities, Exchange rates, Unconventional monetary policy, emerging markets, COVID-19, local currency bond markets., WP

The COVID-19 crisis induced an unprecedented launch of unconventional monetary policy through asset purchase programs (APPs) by emerging market and developing economies. This paper presents a new dataset of APP ann...

Investor Information and Bank Instability During the Euro Crisis »

Source: Investor Information and Bank Instability During the Euro Crisis

Volume/Issue: 2021/005

Series: IMF Working Papers

Author(s): Silvia Iorgova , and Chase Ross

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 January 2021

ISBN: 9781513566412

Keywords: Financial crises, Credit default swap, Global financial crisis of 2008-2009, Securities, Stocks, information production, safe asset, WP, reference securities, information-production ratio

Outside of financial crises, investors have little incentive to produce private information on banks' short-term liabilities held as information-insensitive safe assets. The same does not hold true during crises. W...

Leverage Shocks: Firm-Level Evidence on Debt Overhang and Investment »

Source: Leverage Shocks: Firm-Level Evidence on Debt Overhang and Investment

Volume/Issue: 2020/287

Series: IMF Working Papers

Author(s): Serhan Cevik , and Fedor Miryugin

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 December 2020

ISBN: 9781513564654

Keywords: Emerging and frontier financial markets, Financial sector development, Debt burden, Currencies, Corporate investment, Corporate debt, leverage, debt overhang, fixed investment, firm-level

The global economy is in the midst of an unprecedented slump caused by the coronavirus pandemic. This systemic risk like no other at a time of record-breaking debt levels, especially among nonfinancial firms across...

Addressing the Pandemic's Medium-Term Fallout in Australia and New Zealand »

Source: Addressing the Pandemic's Medium-Term Fallout in Australia and New Zealand

Volume/Issue: 2020/272

Series: IMF Working Papers

Author(s): Geoffrey Bannister , Harald Finger , Yosuke Kido , Siddharth Kothari , and Elena Loukoianova

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 December 2020

ISBN: 9781513563282

Keywords: Potential output, Labor force participation, Productivity, Total factor productivity, Capital accumulation, scarring, COVID-19, advanced economies, Australia, New Zealand

While the world is focused on addressing the near-term ramifications of the COVID-19 shock, we turn attention to another important aspect of the pandemic: its fallout on medium-term potential output through scarrin...

Exchange Rate Fluctuations and Firm Leverage* »

Source: Exchange Rate Fluctuations and Firm Leverage

Volume/Issue: 2020/283

Series: IMF Working Papers

Author(s): Ilhyock Shim , Sebnem Kalemli-Ozcan , and Xiaoxi Liu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 December 2020

ISBN: 9781513560946

Keywords: Foreign exchange, Exchange rates, Depreciation, Exchange rate adjustments, Currencies, COVID-19, Capital Flows, FX Borrowing, Firm Leverage, WP

We quantify the effect of exchange rate fluctuations on firm leverage. When home currency appreciates, firms who hold foreign currency debt and local currency assets observe higher net worth as appreciation lowers...

Confidence as a Driver of Private Investment in Selected Countries of Central America »

Source: Confidence as a Driver of Private Investment in Selected Countries of Central America

Volume/Issue: 2020/270

Series: IMF Working Papers

Author(s): Carlos Janada , and Iulia Ruxandra Teodoru

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 December 2020

ISBN: 9781513563275

Keywords: Labor costs, Vector error correction models, Vector autoregression, Business environment, Private investment, determinants of investment, confidence, uncertainty, VAR, VECM

This paper argues that structural weaknesses may make private investment particularly sensitive to business confidence relative to other traditional investment drivers and global shocks. It gauges the importance of...

Burkina Faso: Quatrième et Cinquième Revues de L’accord au Titre de la Facilité Élargie de Crédit, Demande de Dérogation Pour Non-observation D’un Critère de Réalisation et de Rééchelonnement de L’accès – Analyse de Viabilité de la Dette »

Source: Burkina Faso : Fourth & Fifth Reviews Under the Extended Credit Facility Arrangement, Request for a Waiver of Nonobservance of Performance Criterion & Rephasing of Access-Press Release; Staff Report; and Statement by the Executive Director for Burkina Faso

Volume/Issue: 2020/304

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 December 2020

Language: French

ISBN: 9781513563244

Keywords: Public debt, External debt, Debt sustainability analysis, Securities, Expenditure, ISCR, CR, ECF program performance, ECF arrangement, IMF lending tracker

The security crisis is worsening and is leading to disruption of basic public services and an unprecedented humanitarian crisis. The Covid19 outbreak and the authority's response to contain its spread further compo...

Burkina Faso: Quatrième et Cinquième Revues de L’accord au Titre de la Facilité Élargie de Credit et Demande de Dérogation Pour Non-observation D’un Critère de Réalisation et de Rééchelonnement de L’accès aux Ressources — Communiqué de Presse; Rapport des Services du FMI et Déclaration de L’administrateur Pour le Burkina FASO »

Source: Burkina Faso : Fourth & Fifth Reviews Under the Extended Credit Facility Arrangement, Request for a Waiver of Nonobservance of Performance Criterion & Rephasing of Access-Press Release; Staff Report; and Statement by the Executive Director for Burkina Faso

Volume/Issue: 2020/304

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 December 2020

Language: French

ISBN: 9781513563244

Keywords: Public debt, External debt, Debt sustainability analysis, Securities, Expenditure, ISCR, CR, ECF program performance, ECF arrangement, IMF lending tracker

The security crisis is worsening and is leading to disruption of basic public services and an unprecedented humanitarian crisis. The Covid19 outbreak and the authority's response to contain its spread further compo...

Déclaration de M. Aivo Andrianarivelo, administrateur pour le Burkina Faso, M. Facinet Sylla, administrateur suppléant, et M. Marcellin Koffi Alle, conseiller principal auprès de l’administrateur »

Source: Burkina Faso : Fourth & Fifth Reviews Under the Extended Credit Facility Arrangement, Request for a Waiver of Nonobservance of Performance Criterion & Rephasing of Access-Press Release; Staff Report; and Statement by the Executive Director for Burkina Faso

Volume/Issue: 2020/304

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 December 2020

Language: French

ISBN: 9781513563244

Keywords: Public debt, External debt, Debt sustainability analysis, Securities, Expenditure, ISCR, CR, ECF program performance, ECF arrangement, IMF lending tracker

The security crisis is worsening and is leading to disruption of basic public services and an unprecedented humanitarian crisis. The Covid19 outbreak and the authority's response to contain its spread further compo...

Le Conseil d’administration du FMI achève les quatrième et cinquième revues dans le cadre de l’accord au titre de la facilité élargie de crédit (FEC) et approuve le décaissement de 51,28 millions de dollars pour le Burkina FASO »

Source: Burkina Faso : Fourth & Fifth Reviews Under the Extended Credit Facility Arrangement, Request for a Waiver of Nonobservance of Performance Criterion & Rephasing of Access-Press Release; Staff Report; and Statement by the Executive Director for Burkina Faso

Volume/Issue: 2020/304

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 02 December 2020

Language: French

ISBN: 9781513563244

Keywords: Public debt, External debt, Debt sustainability analysis, Securities, Expenditure, ISCR, CR, ECF program performance, ECF arrangement, IMF lending tracker

The security crisis is worsening and is leading to disruption of basic public services and an unprecedented humanitarian crisis. The Covid19 outbreak and the authority's response to contain its spread further compo...

Local Currency Bond Markets Law Reform: A Methodology for Emerging Markets and Developing Economies »

Source: Local Currency Bond Markets Law Reform: A Methodology for Emerging Markets and Developing Economies

Volume/Issue: 2020/258

Series: IMF Working Papers

Author(s): Wouter Bossu , Cory Hillier , and Wolfgang Bergthaler

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 20 November 2020

ISBN: 9781513561608

Keywords: Securities, Legal support in revenue administration, Tax law, Bonds, Capital markets, local currency bond markets, development, financial stability, legal and tax frameworks, WP

Recent financial crises including the ongoing one caused by the COVID-19 pandemic have consistently drawn attention to the need to strengthen the quality of public debt management in emerging markets and developing...

Burkina FASO: Fourth and Fifth Reviews Under the Extended Credit Facility Arrangement, Request for a Waiver of Nonobservance of Performance Criterion and Rephasing of Access—Debt Sustainability Analysis »

Source: Burkina Faso : Fourth & Fifth Reviews Under the Extended Credit Facility Arrangement, Request for a Waiver of Nonobservance of Performance Criterion & Rephasing of Access-Press Release; Staff Report; and Statement by the Executive Director for Burkina Faso

Volume/Issue: 2020/304

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 November 2020

ISBN: 9781513561530

Keywords: Public debt, External debt, Debt sustainability analysis, Securities, Expenditure, ISCR, CR, ECF program performance, ECF arrangement, IMF lending tracker

The security crisis is worsening and is leading to disruption of basic public services and an unprecedented humanitarian crisis. The Covid19 outbreak and the authority's response to contain its spread further compo...

Burkina Faso: Fourth and Fifth Reviews Under the Extended Credit Facility Arrangement, Request for a Waiver of Nonobservance of Performance Criterion and Rephasing of Access—Press Release; Staff Report; and Statement by the Executive Director for Burkina Faso »

Source: Burkina Faso : Fourth & Fifth Reviews Under the Extended Credit Facility Arrangement, Request for a Waiver of Nonobservance of Performance Criterion & Rephasing of Access-Press Release; Staff Report; and Statement by the Executive Director for Burkina Faso

Volume/Issue: 2020/304

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 November 2020

ISBN: 9781513561530

Keywords: Public debt, External debt, Debt sustainability analysis, Securities, Expenditure, ISCR, CR, ECF program performance, ECF arrangement, IMF lending tracker

The security crisis is worsening and is leading to disruption of basic public services and an unprecedented humanitarian crisis. The Covid19 outbreak and the authority's response to contain its spread further compo...

IMF Executive Board Completes the Fourth and Fifth Reviews Under the Extended Credit Facility (ECF) Arrangement and Approves the Disbursement of US$51.28 Million for Burkina Faso »

Source: Burkina Faso : Fourth & Fifth Reviews Under the Extended Credit Facility Arrangement, Request for a Waiver of Nonobservance of Performance Criterion & Rephasing of Access-Press Release; Staff Report; and Statement by the Executive Director for Burkina Faso

Volume/Issue: 2020/304

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 November 2020

ISBN: 9781513561530

Keywords: Public debt, External debt, Debt sustainability analysis, Securities, Expenditure, ISCR, CR, ECF program performance, ECF arrangement, IMF lending tracker

The security crisis is worsening and is leading to disruption of basic public services and an unprecedented humanitarian crisis. The Covid19 outbreak and the authority's response to contain its spread further compo...

Statement by Mr. Aivo Andrianarivelo, Executive Director for Burkina Faso, and Mr. Facinet Sylla, Alternate Executive Director, and Mr. Marcellin Koffi Alle, Senior Advisor to Executive Director »

Source: Burkina Faso : Fourth & Fifth Reviews Under the Extended Credit Facility Arrangement, Request for a Waiver of Nonobservance of Performance Criterion & Rephasing of Access-Press Release; Staff Report; and Statement by the Executive Director for Burkina Faso

Volume/Issue: 2020/304

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 November 2020

ISBN: 9781513561530

Keywords: Public debt, External debt, Debt sustainability analysis, Securities, Expenditure, ISCR, CR, ECF program performance, ECF arrangement, IMF lending tracker

The security crisis is worsening and is leading to disruption of basic public services and an unprecedented humanitarian crisis. The Covid19 outbreak and the authority's response to contain its spread further compo...

Inflation Expectations in the U.S.: Linking Markets, Households, and Businesses »

Source: Inflation Expectations in the U.S.: Linking Markets, Households, and Businesses

Volume/Issue: 2020/240

Series: IMF Working Papers

Author(s): Peter Williams

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 November 2020

ISBN: 9781513561158

Keywords: Inflation, Return on investment, Oil prices, Liquidity, Inflation targeting, inflation expectations, yield curve, factor modeling, no-arbitrage term structure model, TIPS

Inflation has been below the Federal Reserve's target for much of the past 20 years, creating worries that inflation may be deanchoring from the FOMC's target. This paper uses a factor model that incorporates infor...

Caught in the Crosswinds: The Experiences of Selected Economies Responding to External Volatility with Multiple Policy Levers »

Source: Caught in the Crosswinds: The Experiences of Selected Economies Responding to External Volatility with Multiple Policy Levers

Volume/Issue: 2020/225

Series: IMF Working Papers

Author(s): Ghada Fayad , and Helene Poirson Ward

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 November 2020

ISBN: 9781513560342

Keywords: Inflation, Exchange rates, Financial sector stability, Depreciation, Central bank policy rate, emerging markets, monetary and exchange rate policies, inflation targeting, foreign exchange intervention, capital flows

A case study approach is used to assess the multi-pronged policy response of seven small financially open economies with flexible exchange rate regimes to external shocks following the global financial crisis. FX i...

Costa Rica »

Source: Costa Rica : Technical Assistance Report-The National Accounts Statistics Capacity Development Mission

Volume/Issue: 192020/287

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 October 2020

ISBN: 9781513558738

Keywords: Financial statements, Stocks, National accounts, Fiscal accounting and reporting, Securities, ISCR, CR, td valign, tag0, balance sheet

A technical assistance (TA) mission, conducted by CAPTAC-DR, took place during August 27 to September 7, in San Jose, Costa Rica, to assist the Central Bank of Costa Rica (CBCR) in compiling the non-financial and f...

Belize »

Source: Belize : Technical Assistance Report-Cybersecurity, Regulation, Supervision, and Resilience

Volume/Issue: 192020/283

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 September 2020

ISBN: 9781513557441

Keywords: Cyber risk, Operational risk, Internal audit, Securities, Financial services, ISCR, CR, risk management, self-assessment guidance, cybersecurity governance

Cybersecurity risk is embedded in the CBB's supervisory framework, but additional enhancements are needed to formalize guidance and develop more intensive supervisory practices. Supervisory expectations on cybersec...

The Fiscal Multiplier of Public Investment: The Role of Corporate Balance Sheet »

Source: The Fiscal Multiplier of Public Investment: The Role of Corporate Balance Sheet

Volume/Issue: 2020/199

Series: IMF Working Papers

Author(s): Raphael Espinoza , Juliana Gamboa-Arbelaez , and Mouhamadou Sy

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 September 2020

ISBN: 9781513557694

Keywords: Public investment and public-private partnerships (PPP), Public investment spending, Private investment, Financial statements, Corporate investment, WP, net investment rate, balance sheet condition, constraint firm, graphic tag0

This paper explores whether public investment crowds out or crowds in private investment. To this aim, we build a database of about half a million firms from 49 countries. We find that the effect of public investme...

Market Power, Growth, and Inclusion: The South African Experience1 »

Source: Market Power, Growth, and Inclusion: The South African Experience

Volume/Issue: 2020/206

Series: IMF Working Papers

Author(s): Vimal Thakoor

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 September 2020

ISBN: 9781513557731

Keywords: Competition, Commodity markets, Private investment, Labor markets, Job creation, WP, market power, product market, firm, market concentration

Before the pandemic, the South African economy remained stuck in low gear, with anemic growth, stagnant private investment, and a shrinking tradable sector. Subdued growth has raised unemployment, poverty, and ineq...

A Simple Macrofiscal Model for Policy Analysis: An Application to Cambodia1 »

Source: A Simple Macrofiscal Model for Policy Analysis: An Application to Cambodia

Volume/Issue: 2020/202

Series: IMF Working Papers

Author(s): Daniel Baksa , Ales Bulir , and Dyna Heng

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 September 2020

ISBN: 9781513556857

Keywords: Real exchange rates, Exchange rates, Real interest rates, Return on investment, Output gap, WP, tag0, inline-graphic tag0, mi, nominal exchange rate

The paper describes a semistructural macrofiscal approach to simulating and forecasting macroeconomic policies. Our canonical model is adapted to Cambodia and we demonstrate its application with an illustrative sce...

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

Source: 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

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...

On the Capacity to Absorb Public Investment: How Much is Too Much?† »

Source: On the Capacity to Absorb Public Investment: How Much is Too Much?

Volume/Issue: 2020/48

Series: IMF Working Papers

Author(s): Daniel Gurara , Kangni Kpodar , Andrea Presbitero , and Dawit Tessema

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 February 2020

ISBN: 9781513529981

Keywords: National income, Public investments, Absorptive capacity, Economic growth, Public investment programs, Public investment, Unit costs, Investment efficiency, infrastructure, WP

While expanding public investment can help filling infrastructure bottlenecks, scaling up too much and too fast often leads to inefficient outcomes. This paper rationalizes this outcome looking at the association b...

Lessons from Two Public Sector Reforms in Italy1 »

Source: 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

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,...

Myanmar »

Source: Myanmar : Technical Assistance Report-External Sector Statistics Mission

Volume/Issue: 2020/47

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 18 February 2020

ISBN: 9781513530345

Keywords: External sector statistics, International investment position, Foreign investment, Foreign banks, Oil sector, ISCR, CR, DICA, FDIS, awareness workshop

This Technical Assistance (TA) report on Myanmar presents outcomes and priority recommendations of mission on external sector statistics (ESS) for the Directorate of Investment and Company Administration (DICA). In...

Canada »

Source: Canada : Financial Sector Assessment Program-Technical Note-Oversight of Financial Market Infrastructures and Fintech Development

Volume/Issue: 2020/022

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 January 2020

ISBN: 9781513527222

Keywords: PFM information systems, Payment systems, Securities, Virtual currencies, Liquidity risk, ISCR, CR, BOC governor, FMI operator, CSA authorities

This paper reviews assessment of financial market infrastructures (FMIs) and authorities' responsibilities in Canada. The report shows that the FMIs have operated normally under a well-established legal and oversig...

Canada »

Source: Canada : Financial Sector Assessment Program-Technical Note-Systemic Liquidity

Volume/Issue: 2020/018

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 January 2020

ISBN: 9781513527161

Keywords: Liquidity, Collateral, Lender of last resort, Securities markets, Securities, ISCR, CR, liquidity support, bond market, ELA framework

This Technical Note on Financial Safety Net and Crisis Management for the Canada examines systematic liquidity issues. The review evaluated the Bank of Canada's (BOC's) operational framework and its ability to mana...

What Is Real and What Is Not in the Global FDI Network? »

Source: What Is Real and What Is Not in the Global FDI Network?

Volume/Issue: 2019/274

Series: IMF Working Papers

Author(s): Jannick Damgaard , Thomas Elkjaer , and Niels Johannesen

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 December 2019

ISBN: 9781513521527

Keywords: Development, Offshore financial centers, Foreign investment, Economic integration, Economic growth, Global FDI Network, Special Purpose Entities, Phantom FDI, Real FDI., WP

Macro statistics on foreign direct investment (FDI) are blurred by offshore centers with enormous inward and outward investment positions. This paper uses several new data sources, both macro and micro, to estimate...

Network Determinants of Cross-Border Merger and Acquisition Decisions »

Source: Network Determinants of Cross-Border Merger and Acquisition Decisions

Volume/Issue: 2019/264

Series: IMF Working Papers

Author(s): Tatiana Didier , Sebastian Herrador , and Magali Pinat

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 December 2019

ISBN: 9781513512556

Keywords: Comparative advantage, Patterns of trade, Bilateral trade, Trade finance, Economic growth, Cross-Border Merger and Acquisition, Networks, Informational Effect, WP, ERGM

This paper assesses whether cross-border M&A decisions exhibit network effects. We estimate exponential random graph models (ERGM) and temporal exponential random graph models (TERGM) to evaluate the determinants o...

The Drivers, Implications and Outlook for China's Shrinking Current Account Surplus1 »

Source: The Drivers, Implications and Outlook for China's Shrinking Current Account Surplus

Volume/Issue: 2019/244

Series: IMF Working Papers

Author(s): Pragyan Deb , Albe Gjonbalaj , and Swarnali Hannan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 November 2019

ISBN: 9781513516097

Keywords: Accounting, Aging, Assets, Balance of trade, Bank deposits, Bilateral trade, Bonds, Capital, Capital account, Capital flows

China's current account surplus has declined significantly from its peak in 2008 and the external position in 2018 was in line with medium-term fundamentals and desirable policies. While cyclical factors and expans...

The Macroeconomic Effects of Labor and Product Market Reforms in Morocco »

Source: The Macroeconomic Effects of Labor and Product Market Reforms in Morocco

Volume/Issue: 2019/222

Series: IMF Working Papers

Author(s): Babacar Sarr , Mokhtar Benlamine , and Zsuzsa Munkacsi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 11 October 2019

ISBN: 9781513513768

Keywords: Access to foreign markets, Bankruptcy, Banks, Basket of currency peg, Capital, Capital accumulation, Capital flows, Capital formation, Commodity markets, Commodity prices

This paper studies the macroeconomic effects and sequencing of (LMRs) and product (PMRs) market reforms in Morocco. It finds that introducing LMRs and PMRs simultaneously would add about 2.5 percentage points (pp)...

Fiscal Buffers for Natural Disasters in Pacific Island Countries1 »

Source: Fiscal Buffers for Natural Disasters in Pacific Island Countries

Volume/Issue: 2019/152

Series: IMF Working Papers

Author(s): Hidetaka Nishizawa , Scott Roger , and Huan Zhang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 July 2019

ISBN: 9781498320801

Keywords: Access to foreign markets, Accounting, Accounting standards, Agriculture, Aid flows, Balance of payments, Bank deposits, Bank financing, Banks, Bonds

Pacific island countries (PICs) are vulnerable severe natural disasters, especially cyclones, inflicting large losses on their economies. In the aftermath of disasters, PIC governments face revenue losses and spend...

Public Investment in Bolivia: Prospects and Implications »

Source: Public Investment in Bolivia: Prospects and Implications

Volume/Issue: 2019/151

Series: IMF Working Papers

Author(s): Yehenew Endegnanew , and Dawit Tessema

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 July 2019

ISBN: 9781498319317

Keywords: Economic growth, Public investments, Absorptive capacity, Private investments, Consumption, Public Investment, Fiscal Consolidation, public debt level, debt level, investment level

Bolivia's 'Patriotic Agenda 2025' sets targets for social and economic development propelled by state-led industrialization under a five-year development plan (2016-2020). Large-scale public investment has aimed to...

Macro-Fiscal Gains from Anti-Corruption Reforms in the Republic of Congo »

Source: Macro-Fiscal Gains from Anti-Corruption Reforms in the Republic of Congo

Volume/Issue: 2019/121

Series: IMF Working Papers

Author(s): Giovanni Melina , Hoda Selim , and Concepcion Verdugo-Yepes

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 June 2019

ISBN: 9781498312042

Keywords: Oil revenues, Oil production, Economic growth, Public investment programs, Public investments, Congo, Africa, corruption, PFM, oil curse

This paper argues that oil revenue management and public investment in Congo are vulnerable to corruption as a result of limited transparency and accountability. Corruption has potentially contributed to poor macro...

Sri Lanka »

Source: Sri Lanka : Technical Assistance Report-Enhancing the Effectiveness of the Sri Lankan Securities Market Enforcement Program

Volume/Issue: 2019/140

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 May 2019

ISBN: 9781498316187

Keywords: Capital markets, Securities markets, Global competitiveness, Financial markets, Financial sector reform, ISCR, CR, SEC, enforcement action, enforcement policy

This paper discusses the report of technical assistance mission to Sri Lanka. The report highlights that Sri Lanka has embarked on a program of reform intended to enable the country to emerge as an internationally...

Understanding Export Diversification: Key Drivers and Policy Implications »

Source: Understanding Export Diversification: Key Drivers and Policy Implications

Volume/Issue: 2019/105

Series: IMF Working Papers

Author(s): Rahul Giri , Saad Quayyum , and Rujun Yin

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 May 2019

ISBN: 9781498313087

Keywords: Commodity markets, Commodity price fluctuations, Comparative advantage, Natural resources, International trade agreements, Diversification, Education, Trade, Natural Resource Rent, Commodity Exporter

We identify key factors, from large set of potential determinants, that explain the variation in export diversification across countries and over time using Bayesian Model Averaging (BMA), which addresses model unc...

Inefficient Fire-Sales in Decentralized Asset Markets1 »

Source: Inefficient Fire-Sales in Decentralized Asset Markets

Volume/Issue: 2019/92

Series: IMF Working Papers

Author(s): Ehsan Ebrahimy

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 May 2019

ISBN: 9781498303804

Keywords: Supply and demand, Asset prices, Financial assets, Balance sheets, Asset markets, fire-sales, coordination failure, decentralized markets, competitive search, fire-sale

Classic models of fire-sales that emphasize liquidity-constrained natural buyers can-not fully account for the asset fire-sales during the Financial Crisis of 2008. I present a model to demonstrate that fire-sales...

You Are Suffocating Me! Firm-Level Evidence on Crowding Out »

Source: You Are Suffocating Me! Firm-Level Evidence on Crowding Out

Volume/Issue: 2019/80

Series: IMF Working Papers

Author(s): Serhan Cevik

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 April 2019

ISBN: 9781498311090

Keywords: Economic growth, Private investments, Capital formation, Foreign investment, Public investments, Fixed investment, state-owned enterprises, crowding-out effect, firm-level analysis, SOEs

Literature on whether government spending crowds out or crowds in the private sector is large, but still without an unambiguous conclusion. Using firm-level data from Ukraine, this paper provides a granular empiric...

Republic of Armenia »

Source: Republic of Armenia : Technical Assistance Report-Public Investment Management Assessment

Volume/Issue: 2019/33

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 January 2019

ISBN: 9781484396933

Keywords: Accounting standards, Accounting systems, Accrual accounting, Audit process, Auditing, Bank accounting, Budget approval, Budget classification, Budget deficits, Budget execution

This paper discusses results of a technical assistance report prepared to evaluate the quality of Armenia's public investment institutions in the planning, budgeting, and implementation stages of public investment...

Public Investment Management Assessment - Review and Update »

Source: Public Investment Management Assessment - Review and Update

Volume/Issue: 2018/025

Series: Policy Papers

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 May 2018

ISBN: 9781498308441

Keywords: Public investments, Public investment programs, Economic growth, Expenditure efficiency, Fiscal policy, Pima, PPPs, public investment, PIM, institutional design

"Public Investment Management Assessments (PIMAs) are the IMF‘s key tool for assessing infrastructure governance over the full investment cycle and supporting economic institution building in this area. The PIMA fr...

Dominican Republic »

Source: Dominican Republic : Technical Assistance Report-Balance of Payments Statistics and International Investment Position (April 27-May 1, 2015)

Volume/Issue: 2018/48

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 February 2018

ISBN: 9781484342190

Keywords: Technical assistance missions, Balance of payments statistics, External sector, Trade, Manufacturing, Foreign direct investment, External debt, Technical Assistance, Dominican Republic, International investment position

This Technical Assistance Report discusses the findings and recommendations made by the IMF mission regarding the balance of payments and international investment position in Dominican Republic. The Central Bank of...

Costa Rica »

Source: Costa Rica : Balance of Payments and International Investment Position Statistics (October 13-23, 2014)

Volume/Issue: 2018/35

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 February 2018

ISBN: 9781484341056

Keywords: Technical assistance missions, Balance of payments, External sector, External debt, Statistics, Technical Assistance, Costa Rica, Financial statistics, Monetary statistics, International investment position

This Technical Assistance Report discusses the recommendations made by the IMF missions on the balance of payments and international investment position dynamics in Costa Rica. In view of the results of the economi...

El Salvador »

Source: El Salvador : Technical Assistance Report-Balance of Payments, International Investment Position, and Secondary Income Statistics (July 14-22, 2014)

Volume/Issue: 2018/38

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 February 2018

ISBN: 9781484341254

Keywords: Technical assistance missions, Balance of payments statistics, Foreign direct investment, External debt statistics, Income, Technical Assistance, El Salvador, Balance of payments, International investment position, Supply and demand

This Technical Assistance Report discusses the findings and recommendations made by the IMF mission regarding the balance of payments, international investment position, and secondary income statistics in El Salvad...

El Salvador »

Source: El Salvador : Technical Assistance Report-The Coordinated Direct Investment Survey and the Coordinated Portfolio Investment Survey (April 21-29, 2014)

Volume/Issue: 2018/37

Series: IMF Staff Country Reports

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 February 2018

ISBN: 9781484341193

Keywords: Technical assistance missions, Balance of payments statistics, Foreign direct investment, External debt, External debt statistics, El Salvador, Financial statistics, Balance of payments, Flow of funds, Foreign investment

This Technical Assistance Report discusses the findings and recommendations made by the IMF mission about the compilation of Coordinated Direct Investment Survey and Coordinated Portfolio Investment Survey (CPIS) i...

High Level Status Report to the IEO Evaluation of Fund's Recurring Issues »

Source: High Level Status Report to the IEO Evaluation of Fund's Recurring Issues

Volume/Issue: 2017/012

Series: Policy Papers

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 March 2017

ISBN: 9781498347044

Keywords: Absorptive capacity, Accounting, Accounting systems, Agricultural subsidies, Agriculture, Anti-money laundering, Arrears policy, Balance sheets, Budgeting, Budgets

This is a high-level report on progress in addressing recurring issues identified by the Independent Evaluation Office (IEO). The Board endorsed the proposal in the Chairman's Summing Up for the Independent Evaluat...

IMF Economic Review »

Source: IMF Research Bulletin, March 2016

Volume/Issue: 17/1

Series: IMF Research Bulletin

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 April 2016

ISBN: 9781484316498

Keywords: investment, advanced economies, cost of capital, financial constraints, uncertainty, housing markets, house price, Great Recession,

The IMF Research Bulletin includes listings of recent IMF Working Papers and Staff Discussion Notes. The research summaries in this issue are 'Explaining the Recent Slump in Investment' (Mathieu Bussiere, Laurent F...

IMF Working Papers »

Source: IMF Research Bulletin, March 2016

Volume/Issue: 17/1

Series: IMF Research Bulletin

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 April 2016

ISBN: 9781484316498

Keywords: investment, advanced economies, cost of capital, financial constraints, uncertainty, housing markets, house price, Great Recession,

The IMF Research Bulletin includes listings of recent IMF Working Papers and Staff Discussion Notes. The research summaries in this issue are 'Explaining the Recent Slump in Investment' (Mathieu Bussiere, Laurent F...

Q&A: Seven Questions on Estimating the Monetary Transmission Mechanism in Low-Income Countries »

Source: IMF Research Bulletin, March 2016

Volume/Issue: 17/1

Series: IMF Research Bulletin

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 06 April 2016

ISBN: 9781484316498

Keywords: investment, advanced economies, cost of capital, financial constraints, uncertainty, housing markets, house price, Great Recession,

The IMF Research Bulletin includes listings of recent IMF Working Papers and Staff Discussion Notes. The research summaries in this issue are 'Explaining the Recent Slump in Investment' (Mathieu Bussiere, Laurent F...