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Fiscal Monitor, October 2016
			: Debt: Use It Wisely

Fiscal Monitor, October 2016 : Debt: Use It Wisely »

Series: Fiscal Monitor

Author(s): Marialuz Moreno Badia

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 October 2016

DOI: http://dx.doi.org/10.5089/9781513560601.089

ISBN: 9781513560601

Keywords: Fiscal policy, Market economies, Public debt, Fiscal space, Development, Debt, deleveraging, debt overhang, financial crisis, recovery

Drawing on an expanded data set covering emerging markets and low-income countries as well as advanced economies, this issue examines the extent and makeup of global debt and asks what role fiscal policy can play i...

Private Sector Deleveraging and Growth Following Busts

Private Sector Deleveraging and Growth Following Busts »

Source: Private Sector Deleveraging and Growth Following Busts

Volume/Issue: 2015/35

Series: IMF Working Papers

Author(s): Sally Chen , Minsuk Kim , Marijn Otte , Kevin Wiseman , and Aleksandra Zdzienicka

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 February 2015

ISBN: 9781498333405

Keywords: deleveraging, leverage cycles, growth, debt, balance sheet, debt overhang, markets, Models with Panel Data,

Balance sheet recessions have been a drag on activity after the Global Financial Crisis, underscoring the important role of balance sheet adjustment for resuming sustained growth. In this paper we examine private s...

The Liquidation of Government Debt1

The Liquidation of Government Debt1 »

Source: The Liquidation of Government Debt

Volume/Issue: 2015/7

Series: IMF Working Papers

Author(s): Carmen Reinhart , and M. Belen Sbrancia

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 January 2015

ISBN: 9781484369234

Keywords: deleveraging, financial repression, debt, interest, interest rates, real interest, General, General, International, or Comparative,

High public debt often produces the drama of default and restructuring. But debt is also reduced through financial repression, a tax on bondholders and savers via negative or belowmarket real interest rates. After...

How much should I hold?  Reserve Adequacy in Emerging Markets and Small Islands

How much should I hold? Reserve Adequacy in Emerging Markets and Small Islands »

Source: How much should I hold? Reserve Adequacy in Emerging Markets and Small Islands

Volume/Issue: 2012/205

Series: IMF Working Papers

Author(s): Nkunde Mwase

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2012

ISBN: 9781475505559

Keywords: Logit and quantile regression, Islands, EMP, Deleveraging, reserve holdings, short-term debt, current account, balance of payments, exchange rate regimes, International Finance Forecasting and Simulation

This paper investigates the drivers of reserves in emerging markets (EMs) and small island (SIs) and develops an operational metric for estimating reserves in SIs taking into account their unique characteristics. I...

The Great Cross-Border Bank Deleveraging

The Great Cross-Border Bank Deleveraging »

Source: The Great Cross-Border Bank Deleveraging : Supply Constraints and Intra-Group Frictions

Volume/Issue: 2014/180

Series: IMF Working Papers

Author(s): Eugenio Cerutti , and Stijn Claessens

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 September 2014

ISBN: 9781498354783

Keywords: Global banks, Credit supply, Deleveraging, banking, banking system, systemic crisis, Financial Markets and the Macroeconomy, Financial Aspects of Economic Integration,

International banks greatly reduced their direct cross-border and local affiliates' lending as the global financial crisis strained balance sheets, lowered borrower demand, and changed government policies. Using bi...

Risks of Stagnation in the Euro Area

Risks of Stagnation in the Euro Area »

Source: Risks of Stagnation in the Euro Area

Volume/Issue: 2016/9

Series: IMF Working Papers

Author(s): Huidan Lin

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 January 2016

ISBN: 9781513586175

Keywords: Potential growth, Deleveraging, Downside scenario, debt, investment, unemployment, inflation, Forecasting and Other Model Applications,, Europe, Euro Area

This paper discusses the risks of stagnation over the medium term in the euro area. It examines the consequences of longer-term growth trends that predate the crisis and the progress made in addressing the crisis l...

Financial Contagion Through Bank Deleveraging

Financial Contagion Through Bank Deleveraging »

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

Volume/Issue: 2010/236

Series: IMF Working Papers

Author(s): Thierry Tressel

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2010

ISBN: 9781455209361

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

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

Macro-Financial Implications of Corporate (De)Leveraging in the Euro Area Periphery1

Macro-Financial Implications of Corporate (De)Leveraging in the Euro Area Periphery1 »

Source: Macro-Financial Implications of Corporate (De)Leveraging in the Euro Area Periphery

Volume/Issue: 2013/154

Series: IMF Working Papers

Author(s): Manuela Goretti , and Marcos Souto

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 June 2013

ISBN: 9781475577563

Keywords: Corporate investment, Euro Area, Debt overhang, Deleveraging, Crisis, debt restructuring, crisis episodes, corporate sector, competitiveness, International Lending and Debt Problems

High corporate indebtedness can pose an important threat to the adjustment processes in some of the Euro area periphery countries, through its drag on investment as well as the possible migration of private sector...

Financial and Sovereign Debt Crises: Some Lessons Learned and Those Forgotten1

Financial and Sovereign Debt Crises: Some Lessons Learned and Those Forgotten1 »

Source: Financial and Sovereign Debt Crises : Some Lessons Learned and Those Forgotten

Volume/Issue: 2013/266

Series: IMF Working Papers

Author(s): Carmen Reinhart , and Kenneth Rogoff

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 December 2013

ISBN: 9781475552874

Keywords: sovereign debt crises, deleveraging, credit cycles, financial repression, debt restructuring., domestic debt, government debt, debt overhang, General, Financial Markets and the Macroeconomy

Even after one of the most severe multi-year crises on record in the advanced economies, the received wisdom in policy circles clings to the notion that high-income countries are completely different from their eme...

The (Other) Deleveraging

The (Other) Deleveraging »

Source: The (Other) Deleveraging

Volume/Issue: 2012/179

Series: IMF Working Papers

Author(s): Manmohan Singh

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2012

ISBN: 9781475505276

Keywords: pledged collateral, velocity of collateral, rehypothecation, deleveraging, securities lending, Taylor rule, collateral, hedge, financial system, hedge fund

Deleveraging has two components--shrinking of balance sheets due to increased haircuts/shedding of assets, and the reduction in the interconnectedness of the financial system. We focus on the second aspect and show...