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The Macroeconomics of De-Cashing

The Macroeconomics of De-Cashing »

Source: The Macroeconomics of De-Cashing

Volume/Issue: 2017/71

Series: IMF Working Papers

Author(s): Alexei Kireyev

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 March 2017

ISBN: 9781475589252

Keywords: cash, currency, demonetization, Forecasting and Simulation, General, International Policy Coordination and Transmission, Globalization: Finance

The paper presents a simple framework for the analysis of the macroeconomic implications of de-cashing. Defined as replacing paper currency with convertible deposits, de-cashing would affect all key macroeconomic s...

Reassessing the Perimeter of Government Accounts in China

Reassessing the Perimeter of Government Accounts in China »

Source: Reassessing the Perimeter of Government Accounts in China

Volume/Issue: 2017/272

Series: IMF Working Papers

Author(s): Rui Mano , and Phil Stokoe

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 December 2017

ISBN: 9781484331651

Keywords: China, Asia and Pacific, Government Statistics, Fiscal Risks, Local Government Finance, General

China's official general government accounts do not include off-budget quasi-fiscal spending unlike the IMF's augmented government accounts. This paper argues that the broader concept of augmented government remain...

Understanding the Use of Long-term Finance in Developing Economies*

Understanding the Use of Long-term Finance in Developing Economies* »

Source: Understanding the Use of Long-term Finance in Developing Economies

Volume/Issue: 2017/96

Series: IMF Working Papers

Author(s): Maria Martinez Peria , and Sergio Schmukler

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 April 2017

ISBN: 9781475595758

Keywords: Financial crises, Financial crises, Financial intermediaries, Banks, Bond markets, International financial markets, firm financing, institutional investors, issuance maturity, long-term debt

This short paper reviews recent literature on the use of long-term finance in developing economies (relative to advanced ones) to identify where long-term financing occurs, and what role different financial interme...

Housing Finance and Real-Estate Booms

Housing Finance and Real-Estate Booms »

Source: Housing Finance and Real-Estate Booms : A Cross-Country Perspective

Volume/Issue: 2015/12

Series: Staff Discussion Notes

Author(s): Eugenio Cerutti , Jihad Dagher , and Giovanni Dell'Ariccia

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 03 June 2015

ISBN: 9781513571393

Keywords: Central banks and their policies, Credit booms, Financial stability, Housing finance, real estate, macroprudential regulation, mortgage, finance, credit, mortgage markets

The recent global crisis highlighted the risks stemming from real estate booms. This has generated a growing literature trying to better understand the sources and the risks associated with housing and credit booms...

Housing Price, Credit, and Output Cycles: How Domestic and External Shocks Impact Lithuania's Credit

Housing Price, Credit, and Output Cycles: How Domestic and External Shocks Impact Lithuania's Credit »

Source: Housing Price, Credit, and Output Cycles: How Domestic and External Shocks Impact Lithuania's Credit

Volume/Issue: 2018/160

Series: IMF Working Papers

Author(s): Iacovos Ioannou

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 July 2018

ISBN: 9781484367513

Keywords: Lithuania, Europe, Credit, house prices, business cycle, macro-financial linkages, contagion, General, Forecasting and Simulation, Financial Markets and the Macroeconomy

Lithuania's current credit cycle highlights the strong link between housing prices and credit. We explore this relationship in more detail by analyzing the main features of credit, housing price, and output cycles...

Central Bank Balance Sheet Policies and Spillovers to Emerging Markets

Central Bank Balance Sheet Policies and Spillovers to Emerging Markets »

Source: Central Bank Balance Sheet Policies and Spillovers to Emerging Markets

Volume/Issue: 2017/172

Series: IMF Working Papers

Author(s): Manmohan Singh , and Haobin Wang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 July 2017

ISBN: 9781484311417

Keywords: financial spillovers; collateral; RRP (reverse repo program); fed funds rate; General Collateral Finance (GCF rate); macro-prudential; capital control; quantitative easing, financial spillovers, collateral, RRP (reverse repo program), fed funds rate, General Collateral Finance (GCF rate), macro-prudential, capital control, quantitative easing, Government Policy and Regulation

We develop a theoretical model that shows that in the near future, the monetary policies of some key central banks in advanced economies (AEs) will have two dimensions-changes in short-term policy rates and balance...

Prevention and Management of Government Arrears

Prevention and Management of Government Arrears »

Source: Prevention and Management of Government Arrears

Volume: 14

Series: Technical Notes and Manuals

Author(s): Suzanne Flynn , and Mario Pessoa

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 July 2014

ISBN: 9781498313650

Keywords: Arrears, Public finance, Public financial management, commitment controls, government expenditure, treasury, expenditure, goods, stock, General

The accumulation of government expenditure arrears is one of the most common problems in public financial management. This technical note defines expenditure arrears and the different types of arrears that arise. T...

Finance and Employment in Developing Countries: The Working Capital Channel

Finance and Employment in Developing Countries: The Working Capital Channel »

Source: Finance and Employment in Developing Countries: The Working Capital Channel

Volume/Issue: 2017/189

Series: IMF Working Papers

Author(s): Mai Chi Dao , and Lucy Qian Liu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 August 2017

ISBN: 9781484314197

Keywords: JEL Classification Numbers: D22, D24, G20, J21, J23 Keywords: Financial constraint, firm-level employment, job creation, working capital financing, Financial constraint, Firm Behavior: Empirical Analysis

We study the effect of external financing constraint on job creation in emerging markets and developing countries (EMDC) at the firm level by looking at a specific transmission channel - the working capital channel...

Macro-Financial Linkages in Shallow Markets

Macro-Financial Linkages in Shallow Markets »

Source: Macro-Financial Linkages in Shallow Markets : Experience from the African Department's Pilot Countries

Volume/Issue: 2018/12

Series: Departmental Papers / Policy Papers

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 July 2018

ISBN: 9781484361498

Keywords: Financial risk, Sub-Saharan Africa, Financial markets, Low income countries, Financial inclusion, Shallow Financial Markets; Risk; Financial Inclusion, Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook, Economic Growth and Aggregate Productivity

This paper assesses and disseminates experiences and lessons from low-income countries (LICs) in Sub-Saharan Africa that were selected by the Africa Department in 2015-16 as pilots for enhanced analysis of macro-fi...

Controlled Capital Account Liberalization

Controlled Capital Account Liberalization »

Source: Controlled Capital Account Liberalization : A Proposal

Volume/Issue: 2005/7

Series: IMF Policy Discussion Papers

Author(s): Eswar Prasad , and Raghuram Rajan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2005

ISBN: 9781451975741

Keywords: Capital account liberalization, Capital controls, Capital inflows, Reserves, Foreign exchange reserves, International finance, closed-end mutual fund, international portfolio diversification, capital account, capital outflows

In this paper, we develop a proposal for a controlled approach to capital account liberalization for economies experiencing large capital inflows. The proposal essentially involves securitizing a portion of capital...