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Western Hemisphere > Argentina

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Cover IMF Working Papers
The Scalability of Credit-Enhanced EM Climate Debt: What Role Can Guarantees, Collateralization, Securitizations, and Investment Funds Play?
Peter Lindner
,
Ananthakrishnan Prasad
, and
Jean-Marie Masse
This paper reviews the main types of credit enhancement approaches used to support climate debt issuances by EMDE borrowers. Fragmentation on the part of the providers of credit enhancements was identified as a major factor impeding scalability of credit-enhanced debt. The acceptance of credit-enhanced debt is also hampered by the structural characteristics of the capital markets, especially the fragmentation of the investor base. To place significant amounts of credit-enhanced climate debt with private sector investors, MDBs, DFIs, and other stakeholders should focus on simple and replicable debt structures. Securitizations and investment funds could help fund private sector climate investments in EMDEs.
Keywords:
Credit enhancements; blended finance; debt-for-climate swaps; climate mitigation; climate adaptation; climate finance; guarantees; securitization.; climate debt; B. credit enhancement; EMDE investor base; enhancement approach; replicable debt structure; capital market consideration; Bonds; Loans; Credit; Securities; Global
Cover IMF Working Papers
Crypto as a Marketplace for Capital Flight
Clemens M. Graf von Luckner
,
Robin Koepke
, and
Silvia Sgherri
This paper shows how cryptocurrency markets can fuel cross-border capital flight by serving as marketplaces that match counterparts with and without (illicit) access to FX. In countries where international transactions are restricted, crypto exchanges effectively allow domestic agents to pay a premium to buy foreign currency. The counterparts to these transactions are agents with access to FX, who sell crypto holdings purchased abroad. A stylized model illustrates that restricted foreign currency amid economic imbalances incentivizes these transactions via persistent crypto premia in local relative to global markets. We analyze relative crypto pricing data in several country case studies, providing empirical support that crypto markets serve as marketplaces for capital flight that already took place, rather than a novel channel for capital flight. We make available a novel dataset on crypto market premia, which we propose as indicators of excess demand for foreign currency and capital control intensity. The dataset will be posted along with this paper and updated periodically.
Keywords:
Capital flows; digital money; capital controls; cryptocurrency market; cross-border capital flight; crypto market; trading illicit capital flight; IMF working paper 24/133; Capital outflows; Currencies; Global
Cover IMF Working Papers
A Primer on Bitcoin Cross-Border Flows: Measurement and Drivers
Eugenio M Cerutti
,
Jiaqian Chen
, and
Martina Hengge
The rapid growth of crypto assets raises important questions about their cross-border usage. To gain a better understanding of cross-border Bitcoin flows, we use raw data covering both on-chain (on the Bitcoin blockchain) and off-chain (outside the Bitcoin blockchain) transactions globally. We provide a detailed description of available methodologies and datasets, and discuss the crucial assumptions behind the quantification of cross-border flows. We then present novel stylized facts about Bitcoin cross-border flows and study their global and domestic drivers. Bitcoin cross-border flows respond differently than capital flows to traditional drivers of capital flows, and differences appear between on-chain and off-chain Bitcoin cross-border flows. Off-chain cross-border flows seem correlated with incentives to avoid capital flow restrictions.
Keywords:
Crypto assets; Bitcoin; Cross-border flows; Capital flows; bitcoin blockchain; capital flow restriction; bitcoin flow; cross-border flow; Bitcoin transaction; Blockchain and DLT; Currencies; Financial activity tax; Global
Cover Selected Decisions and Selected Documents of the International Monetary Fund
Selected Decisions and Selected Documents of the International Monetary Fund
Forty-Third Issue
International Monetary Fund. Legal Dept.

Abstract

This volume is the Forty-Third Issue of Selected Decisions and Selected Documents of the International Monetary Fund. It includes decisions, interpretations, and resolutions of the Executive Board and the Board of Governors of the International Monetary Fund, as well as selected documents, to which frequent reference is made in the current activities of the Fund. In addition, it includes certain documents relating to the Fund, the United Nations, and other international organizations.

Keywords:
IMF; UN organization; International Organization; International Finance; Articles and Agreement; capital transfer; usable currency; use of fund's resource; Japanese yen; abrogation of rule; Currencies; Institutional View on capital flows; Loans; Multiple currency practices; Credit; Global; West Africa; Caribbean
Cover IMF Staff Country Reports
Chile: Selected Issues
International Monetary Fund. Western Hemisphere Dept.
This Selected Issues paper studies renewable energy and attempts to estimate the gross domestic product (GDP) impact and assesses the role of policies in Chile. Chile has a comparative advantage in renewable energy. IMF estimates show that replacing coal power with solar and wind power, as announced by the government, could boost the long-term GDP level by at least 1 percentage point. The analysis indicates that the benefits of having targeted support for the transmission of electricity exceed costs. An additional benefit is the greater economic resilience to abrupt increases in coal and fuel prices that can have large negative impacts on the economy. A key constraint for the renewable energy sector is currently the transmission from where it is produced to where it is used. A cost-benefit analysis shows that state support industries, such as electricity transmission, may have economic benefits that outweigh the costs.
Keywords:
GDP impact; solvency risk; Chilean bank; Fintech firm; cybersecurity risk; Electricity; Cyber risk; Fintech; Energy sector; Financial inclusion; Global
Cover IMF Working Papers
Crypto Assets and CBDCs in Latin America and the Caribbean: Opportunities and Risks
Maximiliano Appendino
,
Olga Bespalova
,
Ms. Rina Bhattacharya
,
Jean François Clevy
,
Ms. Nan Geng
,
Mr. Takuji Komatsuzaki
,
Justin Lesniak
,
Weicheng Lian
,
Ms. Sandra Marcelino
,
Mr. Mauricio Villafuerte
, and
Mr. Yorbol Yakhshilikov
After providing a general overview of the nature, pros, and cons of crypto assets and CBDCs, this paper focuses on documenting their recent experience in LAC. The region records a high interest in unbacked crypto assets and stablecoins and its authorities’ policy responses have varied substantially, ranging from the introduction of Bitcoin as legal tender in El Salvador to their prohibition in many other countries worried about their impact on financial stability, currency/asset substitution, tax evasion, corruption, and money laundering. This paper also describes briefly the results of a survey on CBDCs’ introduction plans and crypto assets regulation. Finally, this paper presents some general lessons and policy recommendations for the region on the regulation of cypto assets, digital currencies and cross-border payments, and on the potential introduction of CBDCs.
Keywords:
crypto assets regulation; asset substitution; CBDCs in Latin America and the Caribbean; Policy recommendation; cypto assets; IMF working paper 23/37; Virtual currencies; Central Bank digital currencies; Digital currencies; Payment systems; Currencies; Caribbean; Central America; South America; Global
Cover Policy Papers
Safeguards Assessments - 2022 Review of Experience
International Monetary Fund. Finance Dept.
This paper reviews experience with the safeguards assessment policy since the last review in 2015. The policy is subject to periodic reviews by the Executive Board. The policy’s main objective is to mitigate risks of misuse of Fund resources and misreporting of monetary data under Fund arrangements. Consistent with past reviews, an external panel of experts provided an independent perspective on the implementation of the policy.
Keywords:
IMF purchase; safeguards Assessments policy; Policy evolution; assessment finding; control framework; safeguards assessments policy; External audit; Internal audit; Auditing; Central bank governance; Central Bank digital currencies; Middle East and Central Asia; Western Hemisphere; Asia and Pacific; Global; Caribbean
Cover Selected Decisions and Selected Documents of the International Monetary Fund, Forty-Second Issue
Selected Decisions and Selected Documents of the International Monetary Fund, Forty-Second Issue
International Monetary Fund. Legal Dept.

Abstract

This volume documents decisions, interpretations, and resolutions of the Executive Board and Board of Governors of the International Monetary Fund, as well as documents relating to the United Nations and other international organizations.

Keywords:
SELD; holding; capital transfer; usable currency; Japanese yen; signature authority decision; Currencies; Credit; Special Data Dissemination Standard (SDDS); Loans; Multiple currency practices; Global; West Africa; Africa; institutional view on capital flows; use of fund's resource; Poverty reduction strategy; Caribbean
Cover Policy Papers
Reviews of the Fund's Sovereign ARREARS Policies and Perimeter
International Monetary Fund. Legal Dept.
,
International Monetary Fund. Monetary and Capital Markets Department
, and
International Monetary Fund. Strategy, Policy, & Review Department
This paper undertakes a comprehensive review of the Fund’s sovereign arrears policies. Staff assesses that the Fund’s Lending into Arrears to Private Creditors (LIA) policy (established in 1989 and last reviewed in 2002) remains broadly appropriate, while recommending some improvements given the experience gained over the last 20 years. Staff also sees merit in codifying the existing practice guiding the Fund in preemptive debt restructurings into a Fund policy, together with an amendment focusing on debt transparency. Given limited experience with the application of the LIOA policy (established in 2015), staff does not propose any amendments but only one restatement confirming current practice. Given recent developments in the international creditor community, staff proposes refining the Fund’s arrears policies with respect to multilateral creditors. Finally, recent developments raise questions about the perimeter between official bilateral and private claims, with significant implications for the Fund’s arrears policies.
Keywords:
executive board understanding; draft executive board understanding; SPR coordinator; fund policy; executive board consideration; Arrears; Debt restructuring; Debt sustainability; Multilateral development institutions; Bonds; Global
Cover IMF Staff Country Reports
Chile: Selected Issues
International Monetary Fund. Western Hemisphere Dept.
Selected Issues
Keywords:
replacement rate; contribution rate; loan growth; price-earnings ratio; household income; household loan demand; Pension spending; Personal income tax; Income; Foreign exchange intervention; Global; Caribbean