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Western Hemisphere > Argentina

You are looking at 1 - 10 of 10 items for :

  • Type: Journal Issue x
  • IMF Policy Discussion Papers x
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Cover IMF Policy Discussion Papers
Vanishing Contagion?
Mr. Paolo Mauro
,
Tatiana Didier
, and
Mr. Sergio L. Schmukler
While a number of emerging market crises were characterized by widespread contagion during the 1990s, more recent crises (notably, in Argentina) have been mostly contained within national borders. This has led some observers to wonder whether contagion might have become a feature of the past, with markets now better discriminating between countries with good and bad fundamentals. This paper argues that a prudent working assumption is that contagion has not vanished permanently. Available data do not seem to point to a disappearance of the main channels that contribute to transmitting crises across countries. Moreover, anticipation of the Argentine crisis by international investors may help explain the recent absence of contagion.
Keywords:
PDP; crisis; investor; mutual fund; market price; net; crises; international integration; international transmission of shocks; emerging market country; mutual fund holding; ERM crisis; crisis economy; crisis month; Mutual funds; Emerging and frontier financial markets; Hedge funds; Stock markets; East Asia; Eastern Europe
Cover IMF Policy Discussion Papers
Pension Reform, Investment Restrictions and Capital Markets
Mr. Jorge Roldos
Pension reform in several emerging market countries has been associated with rapid growth in assets under management and a positive impact on the development of local securities markets. However, limitations on such development may lead to asset price distortions, bubbles, and concentration of risks. Regulatory limits on pension fund investments are assessed in light of these risks and developments in modern portfolio theory. A gradual but decisive loosening of restrictions on equity and foreign investments is recommended. Changes in these regulations ought to be coordinated with measures designed to foster the development of local securities markets as well as with macroeconomic policies.
Keywords:
PDP; emerging market; market; asset; portfolio; bond market; capital market; Pension fund regulation; asset allocation; capital market development; institutional investor; pension funds; market participant; a number of emerging market economies; portfolio restriction; Pension spending; Emerging and frontier financial markets; Securities markets; Stock markets; Stocks; Global
Cover IMF Policy Discussion Papers
Tax Administration and the Small Taxpayer
Mr. Parthasarathi Shome
Small taxpayers should pay their appropriate revenue share while their compliance costs should be reduced. This assumes importance as restructuring in emerging markets has meant rapid growth in services through self-employed small entrepreneurs, who have good revenue potential. Administrative facilitators such as a single tax covering income tax, VAT, and social security tax, at a reduced rate, do not lower tax evasion. They increase vertical and horizontal inequity, and lead to adverse resource allocation. A strategy is needed, extending modernization achieved in large taxpayer units (LTUs) to small taxpayers, including rationalization of collection and reporting of revenue data for policy formulation.
Keywords:
PDP; small taxpayer; tax administration; tax evasion; tax structure; administration measure; GDP ratio; Tax policy; tax administration; small taxpayers; large taxpayer units; services sector; tax administration and the small taxpayer; taxpayer base; tax simplification; taxpayer group; tax statute; tax administrator; tax practice; revenue productivity; taxpayer size; taxpayer separation; tax calculation; Income tax systems; Value-added tax; Tax administration core functions; Small and medium enterprises; Social security contributions; Asia and Pacific; Australia and New Zealand; Eastern Europe; North America; Northern Europe
Cover IMF Policy Discussion Papers
Reviving the Case for GDP-Indexed Bonds
Mr. Eduardo Borensztein
and
Mr. Paolo Mauro
This paper seeks to revive the case for countries to self-insure against economic growth slowdowns by issuing GDP-indexed bonds. We simulate the effects of GDP-indexed bonds under different assumptions about fiscal policy reaction functions and their output effects and find that they could substantially reduce the likelihood that debt/GDP paths become explosive. The insurance premium would likely be small, because cross-country comovement of GDP growth rates is low and cross-country GDP growth risk is thus largely diversifiable for an investor holding a portfolio of GDP-indexed bonds. Potential obstacles to the emergence of a market for these bonds include the verifiability of GDP data, the trade-off between insurance and moral hazard, and the need for liquidity. The paper discusses institutional fixes and suggests an approach to attempting to start up a market.
Keywords:
PDP; GDP-indexed bond; GDP growth; plain vanilla; GDP ratio; Emerging markets; GDP-indexed bonds; ratio path; debtor country; GDP indexation; GDP-indexation of bond repayment; Bonds; Inflation-indexed bonds; Emerging and frontier financial markets; Debt default; Global; Africa
Cover IMF Policy Discussion Papers
Fiscal Accounting of Bank Restructuring
Mr. Andy M. Wolfe
,
Mr. Jeffrey M. Davis
, and
Mr. James Daniel
Current guidelines and practice for classifying government bank assistance operations inadequately capture in the fiscal balance some of the most common, and important, operations. The shortcomings result from the focus on the general government, the exclusion of non-cash operations, and divergences between the timing of cash outlays and the economic impact of assistance operations. Complementing the standard measures of the fiscal balance with an “augmented” balance would provide a definition that is transparent, comprehensive, and reasonably comparable across countries. The augmented balance would explicitly incorporate the major quantifiable fiscal costs of bank assistance operations that are not already included in current definitions of the overall balance.
Keywords:
PDP; bank; assistance operation; outlay; cash; debt; Fiscal; Accounting; Banks; augmented balance; bank assistance measure; interbank debt; bank assistance cost; banks equivalent; Fiscal stance; Quasi-fiscal operations; Currencies; Bank resolution
Cover IMF Policy Discussion Papers
The IMF and the Latin American Debt Crisis: Seven Common Criticisms
Mr. James M. Boughton
The IMF played a key role in developing and implementing the debt strategy throughout the 1980s. That strategy not only overcame the crisis but also produced successful transformationsof several major economiesin Latin America. Nonetheless, the IMF's role has also been criticized on several grounds. This study examines seven such criticisms.
Keywords:
PDP; Fund; crisis; bank; bank debt; financing; adjustment program; IMF article; IMF's role; concerted lending; IMF articles of agreement; fund position; Debt relief; Debt service; Debt strategy; Debt burden
Cover IMF Policy Discussion Papers
Structural Policies in Developing Countries
Mr. Eduardo Borensztein
This paper discusses the broad orientation of the economic systems adopted in developing countries. While government-led development strategies were widely followed by developing countries since the 1950s and 1960s, a distinct trend towards the adoption of market-oriented systems has developed in the last decade. The paper reviews international trade policies, noting the move away from protectionism, and financial markets policies, where financial repression is also giving way to more liberal systems. The paper also discusses newer ideas supporting “industrial policies” or policies to promote certain export activities, that are partly inspired by the success of several East Asian economies, and observes that their application to other developing countries would not be promising.
Keywords:
PDP; economic system; financial market; developing country; liberalization; trade; market liberalization; market imperfection; transition economy; trade liberalization initiative; market development; transition economies of Eastern Europe; goods market; Trade liberalization; Trade policy; Real interest rates; Trade barriers; Eastern Europe; Africa
Cover IMF Policy Discussion Papers
Currency Boards: Issues and Experiences
Mr. Adam Bennett
This paper discusses some of the issues that concern the operation of currency boards, by comparison to conventional exchange rate pegs, and looks at the experiences of three examples of this type of arrangement: Argentina (from 1991), Hong Kong (from 1983) and Estonia (from 1992). In all three cases, the implementation of currency boards or equivalent arrangements played a significant role in their successful stabilization programs. Currency boards derive their strength from the fact that they severely constrain the policy maker’s room for manoeuvre, by comparison to conventional pegs. They generally require an even stricter and less forgiving attitude to bank failure, wage and price rigidities and other disturbances than do exchange rate pegs in general. This is a Paper on Policy Analysis and Assessment and the author(s) would welcome any comments on the present text. Citations should refer to a Paper on Policy Analysis and Assessment of the international Monetary Fund mentioning the author(s) and the date of issuance. The views expressed are those of the author(s) and do not necessarily represent those of the Fund.
Keywords:
PDP; currency board; currency; exchange rate; interest rate; commercial bank; base money liability; peg currency; currency bank notes; Hong Kong exchange arrangement; Hong Kong dollar; exchange arrangement; Estonian currency board; bank notes; Currency boards; Exchange rates; Currencies; Commercial banks; Open market operations; Baltics
Cover IMF Policy Discussion Papers
The Capital Inflows Problem: Concepts and Issues
Ms. Carmen Reinhart
,
Mr. Leonardo Leiderman
, and
Mr. Guillermo Calvo
Since 1990 capital has started to move from industrial countries to developing regions like Latin America, the Middle East and parts of Asia. Reentry into international capital markets is a welcome turn of events for most countries. However, capital inflows are often associated with inflationary pressures, a real exchange rate appreciation, a deterioration in the current account, and a boom in bank lending. This paper briefly examines how these inflows have altered the macroeconomic environment in a number of Asian and Latin American countries. The pros and cons of a menu of policy options are discussed.
Keywords:
PDP; interest rate; appreciation; group; Asia; decreasing returns; rate of return; exchange rate volatility; hot money; deposit requirements; resource allocation; real exchange rate appreciation; capital account surplus; nominal exchange rate; Capital inflows; Real exchange rates; Capital flows; Capital account; International reserves; Asia and Pacific; Southeast Asia
Cover IMF Policy Discussion Papers
Restructuring of Commercial Bank Debt by Developing Countries: Lessons from Recent Experience
Mr. Mohamed A. El-Erian
and
Mr. Charles Collyns
A number of developing countries, including some of the largest debtors, have recently completed comprehensive debt and debt service restructuring packages with their commercial bank creditors. The experience of these countries provides important lessons for other countries that are just embarking on discussions to normalize their external payments situation. Following a brief description of the framework of the international debt strategy, this paper discusses the main lessons, distinguishing between those that are relevant to the process of negotiation and those relevant to the structure of the package being negotiated. This is a Paper on Policy Analysis and Assessment and the authors) would welcome any comments on the present text. Citations should refer to a Paper on Policy Analysis and Assessment of the International Monetary Fund, mentioning the authors) and the date of issuance. The views expressed are those of the author(s) and do not necessarily represent those of the Fund.
Keywords:
PDP; debt; package; bank; payment; debt service reduction operations; commercial bank debt service; par bond; new money; debt service obligation; debtor country export; debt exchange; Debt reduction; Debt restructuring; Debt service; Commercial banks; Bank resolution