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Western Hemisphere > Argentina

You are looking at 1 - 10 of 307 items for :

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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 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 Working Papers
The Sovereign-Bank Nexus in Emerging Markets in the Wake of the COVID-19 Pandemic
Andrea Deghi
,
Mr. Salih Fendoglu
,
Tara Iyer
,
Mr. Hamid R Tabarraei
,
Yizhi Xu
, and
Mustafa Yenice
The COVID-19 pandemic has brought the relationship between sovereigns and banks—the so-called sovereign-bank nexus—in emerging market economies to the fore as bank holdings of domestic sovereign debt have surged. This paper examines the empirical relevance of this nexus to assess how it could amplify macro-financial stability risks. The findings show that an increase in sovereign credit risk can adversely affect banks’ balance sheets and credit supply, especially in countries with less-well-capitalized banking systems. Sovereign distress can also impact banks indirectly through the nonfinancial corporate sector by constraining their funding and reducing their capital expenditure. Notably, the effects on banks and corporates are strongly nonlinear in the size of the sovereign distress.
Keywords:
Sovereign-bank nexus; emerging markets; financial stability; sovereign risk; COVID-19; banking sector; corporate investment; outcome variable; Annex I. data description; summary statistics; Emerging and frontier financial markets; Capital adequacy requirements; Commercial banks; Credit default swap; Global
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 IMF Working Papers
Understanding and Predicting Systemic Corporate Distress: A Machine-Learning Approach
Ms. Burcu Hacibedel
and
Ritong Qu
In this paper, we study systemic non-financial corporate sector distress using firm-level probabilities of default (PD), covering 55 economies, and spanning the last three decades. Systemic corporate distress is identified by elevated PDs across a large portion of the firms in an economy. A machine-learning based early warning system is constructed to predict the onset of distress in one year’s time. Our results show that credit expansion, monetary policy tightening, overvalued stock prices, and debt-linked balance-sheet weaknesses predict corporate distress. We also find that systemic corporate distress events are associated with contractions in GDP and credit growth in advanced and emerging markets at different degrees and milder than financial crises.
Keywords:
Nonfinancial sector; Probability of default; Early warning systems; Macroprudential policy; balance-sheet weakness; appendix B constructing predictor; distress events; appendix C machine learning model; PD indices; Corporate sector; Banking crises; Credit; Financial statements; Global
Cover IMF Working Papers
Balance Sheets and Debt Crises – Empirical Regularities for Modern Cases of Sovereign Distress
Alexis Meyer-Cirkel
and
Gonzalo Huertas
Public and private sector balance sheets are an important component to any analysis of debt sustainability. A vulnerable and indebted private sector can become a sudden liability for the government; alternatively, resilient household and bank balance sheets may reveal potential sources of funding for the sovereign during times of fiscal distress. In this paper, we document empirical regularities in the behavior of macroeconomic variables during debt crises, and show how both macroeconomic fundamentals and sectoral net worth can affect the likelihood of undergoing default.
Keywords:
balance sheet dynamics; default probability; sectoral balance sheets; default episode; predicting default; banking sector balance sheet data; Financial statements; Commercial banks; Debt default; 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
Cover IMF Staff Country Reports
Paraguay: Request for Purchase Under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for Paraguay
International Monetary Fund. Western Hemisphere Dept.
This paper presents Paraguay’s Request for Purchase Under the Rapid Financing Instrument (RFI). In March 2020, Paraguay was hit by the Covid-19 epidemic, which has created fiscal and balance of payments needs. The authorities’ policy response to the epidemic has been timely, but limited access to financing and a weakened fiscal position constrain the ability to pursue a deeper emergency response. The Paraguayan authorities are requesting financial assistance under the IMF’s RFI to address the urgent balance of payments needs associated with the Covid-19 epidemic. Given the urgency of their request, there is no time to put in place a full-fledged upper credit tranche program, and the authorities are of the view that they can make suitable adjustments to manage their medium-term balance of payments challenges. In order to prevent the emergence of permanently high deficits after the crisis, Paraguay should return to the deficit ceiling under the Fiscal Responsibility Law. The exchange rate should continue to function as shock absorber, and monetary policy should focus on inflation targeting.
Keywords:
ISCR; CR; emergency package; monetary policy committee; support; balance of payments pressure; donor support; Executive Board discussion; Credit; Exchange rates; East Asia; Global; COVID-19
Cover Policy Papers
Streamlining Procedures for Board Consideration of The Fund’s Emergency Financing During Exceptional Circumstances Involving A Pandemic
International Monetary Fund
The COVID-19 pandemic has inflicted an unprecedented shock on the global economy and created an enormous demand for Fund resources. To accelerate processing and approval of members’ requests in such circumstances, the paper proposes measures to expedite Board consideration and approval of requests for purchases and/or disbursements under the Rapid Financing Instrument and/or the Rapid Credit Facility, respectively, completion of reviews and requests for changes in access in existing arrangements, and requests for assistance under the Catastrophe Containment and Relief Trust (CCRT), by shortening the circulation period for Board documents. The paper also proposes extending the use of the shortened circulation period to selected Article IV consultations necessary for use of Fund resources during a global pandemic. Management will also streamline internal procedures to accelerate program processing and reduce the burden on the Fund’s administrative capacity, and will seek the support of creditors to expedite the processing of financial transactions under COVID-19 emergency financing.
Keywords:
PP; pandemic; financing; emergency procedure; pandemic emergency procedures; RFI financing request; financing request; RFI request; emergency financing request; fund assistance; Emergency assistance; COVID-19; Lines of credit; Global
Cover Policy Papers
Safeguards Assessment—2019 Update
Mr. George M Kabwe
,
Elie Chamoun
,
Riaan van Greuning
,
Mowele Mohlala
, and
Ms. Julia Cardoso
Safeguards assessments are a key pillar of the risk management arrangements for IMF lending. Safeguards assessments aim to mitigate the risks of misuse of Fund resources and misreporting of program monetary data under Fund arrangements. Safeguards assessment reports are confidential and therefore the IMF Executive Board is provided with a periodic report on safeguards activities on a biennial basis, in addition to high-level summaries in member country staff reports on key findings and recommendations. This update on safeguards activity covers the period May 2017 to end-April 2019 (the period).
Keywords:
PP; central bank; governance; audit; risk management framework; lending; governance arrangement; central bank participant; central bank autonomy provision; central bank safeguards framework; central bank authority; Internal audit; Central bank governance; External audit; Auditing; Monetary statistics; Global; Middle East; Western Hemisphere; West Africa; Europe