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Business and Economics > Banks and Banking

You are looking at 1 - 10 of 17 items for :

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Cover Regional Economic Outlook: Europe, April 2023
Regional Economic Outlook: Europe, April 2023
Europe’s Balancing Act: Taming Inflation without a Recession
International Monetary Fund. European Dept.

Abstract

Economic growth has tumbled across Europe, inflation remains too high, and financial sector risks have materialized. Taming sticky inflation while avoiding financial stress and a recession will require tighter macroeconomic policies—tailored to changing financial conditions, stronger financial regulation and supervision, and bolder supply-side reforms that heal scars from the COVID-19 and energy crises.

Keywords:
Europe; regional outlook; economic growth; recession; financial stability; inflation; Russia’s war in Ukraine; COVID-19; financial sector risks; financial stress; financial regulation; energy; Türkiye earthquakes; housing market risks; Taylor Rule; European banking sector; labor; fiscal policy; monetary policy; financial policy; recovery; European economy; inflation expectation; rate surprise; growth-inflation trade-off; headline inflation; ECB monetary policy; price cap; central bank inflation target; target rule; inflation risk; Energy prices; Central bank policy rate; Inflation targeting; Housing prices; Global
Cover IMF Working Papers
Banks, Firms, and Jobs
Fabio Berton
,
Sauro Mocetti
,
Mr. Andrea F Presbitero
, and
Matteo Richiardi
We analyze the employment effects of financial shocks using a rich data set of job contracts, matched with the universe of firms and their lending banks in one Italian region. To isolate the effect of the financial shock we construct a firm-specific time-varying measure of credit supply. The contraction in credit supply explains one fourth of the reduction in employment. This result is concentrated in more levered and less productive firms. Also, the relatively less educated and less skilled workers with temporary contracts are the most affected. Our results are consistent with the cleansing role of financial shocks.
Keywords:
WP; firm level; service sector; credit crunch; dependent variable; Bank lending channel; Job contracts; Employment; Financing constraints; Cleansing effect; employment decision; quarter FE; financing constraint; employment agency; firm FE; firm cluster; credit supply index; Credit; Bank credit; Loans; Labor force; Asia and Pacific; Global
Cover IMF Staff Country Reports
Namibia: Selected Issues
International Monetary Fund. African Dept.
This Selected Issues paper assesses the impact of alternative fiscal consolidation strategies on Namibia’s growth. It uses a model developed at the IMF to gain insights on what would be a growth-friendly composition of the fiscal adjustment. The analysis suggests that a combined strategy of revenue and expenditure measures has lower negative effects on growth than a pure expenditure-based adjustment. Structural reforms improving the efficiency of public investment can further reduce the negative effect of consolidation on growth, and potentially strengthen growth. Overall, minimizing the negative impact of fiscal consolidation on growth requires combining revenue and expenditure measures, together with fiscal structural reforms.
Keywords:
ISCR; CR; International Monetary Fund Washington; D.C.; investment; copy; publication service; GDP; International Monetary Fund Washington; D.C.; GDP growth; equity portfolio; IMF staff estimate; consolidation strategy; Employment; Mutual funds; Unemployment rate; Labor force; Africa; Global; staff team of the International Monetary Fund; growth impact; EMPLOYMENT growth; Fiscal consolidation
Cover IMF Staff Country Reports
Italy: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper analyzes the conditions under which Italian banks can earn sufficient profits to grow out of their asset quality problems, rebuild capital buffers, and finance the real economy. A bottom-up analysis of the 15 largest Italian banks suggests that restoring sustainable profitability depends heavily on the growth outlook. Many banks are expected to become more profitable as the economy recovers, but their capacity to lend depends on the size of their capital buffers. However, a number of smaller banks face substantial profitability pressures, highlighting the need to reduce the large stock of nonperforming loans and for further cost cutting and efficiency gains.
Keywords:
ISCR; CR; bank; firm; Italy; firm performance; company board; asset quality; Veneto Banca SCpA; a number of bank; bank consolidation; Women; Countercyclical capital buffers; Loans; Nonperforming loans; Bank soundness; Europe; Global
Cover IMF Staff Country Reports
Euro Area Policies: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper discusses the impact of workforce aging on productivity in the euro area. The euro area population has aged considerably over the past few decades, and the process is expected to accelerate in the years ahead. At the same time, labor productivity growth in the euro area has been sluggish, posing risks to long-term growth prospects. It is estimated that workforce aging could significantly retard total factor productivity (TFP) growth over the medium to long term. Given current demographic projections from the Organisation for Economic Co-operation and Development, the aging of the workforce in the euro area could lower TFP growth by about 0.2 percentage points each year between 2014 and 2035. Appropriate policies can, however, mitigate the adverse effects of aging.
Keywords:
ISCR; CR; euro; rate; Area budget; Euro area policy; IMF staff calculation; deposit rate; euro area treasury; Aging; Deposit rates; Total factor productivity; Labor force; Central bank policy rate; Global; Europe
Cover IMF Staff Country Reports
Portugal: Third Post-Program Discussions-Press Release; Staff Report; and Statement by the Executive Director for Portugal
International Monetary Fund. African Dept.
This report discusses key issues related to the economy of Portugal. Highly accommodative macroeconomic conditions have generated only modest growth in the presence of remaining structural impediments. In 2015, low interest rates, a weak euro, and low oil prices remained largely in place, allowing growth to reach 1.5 percent. The 2016 budget proposal appears insufficiently ambitious to put public debt on a firmly downward trajectory, with significant risks to execution. Bank balance sheets need to be strengthened to avoid further negative surprises and protect taxpayers. Envisaged labor and product market policies imply at least a partial reversal of structural measures introduced during the IMF-supported program.
Keywords:
ISCR; CR; fiscal policy; EGF privatization process; growth; growth potential; profitability indicator; budget target; upfront cost; Credit; Loans; Labor force; Commercial banks; Global; Europe; Southern Europe
Cover IMF Staff Country Reports
Kuwait: Selected Issues and Statistical Appendix
International Monetary Fund
This Selected Issues and Statistical Appendix paper on Kuwait focuses on recent development in investment companies (ICs) and the business environment in the country. ICs continue to be vulnerable to swings in financial and real estate markets. They continue to have large exposures to domestic, regional, and international equity and real estate markets. Local banks’ lending to ICs declined in 2010–11 owing to banks’ write-offs of ICs loans. The financial situation of many ICs remains precarious, and there are 15 listed investment companies in a dire situation.
Keywords:
ISCR; CR; Kuwait; investment company; asset; investment companies operations; price elasticity; employment elasticity; management practice; ICs' assets; Labor force; Fuel prices; Consumption; Energy prices; Price elasticity; Global; Middle East
Cover IMF Staff Country Reports
Finland: 2007 Article IV Consultation: Staff Report; Staff Statement and Supplement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Finland
International Monetary Fund
This 2007 Article IV Consultation highlights that growth in Finland has outpaced the euro area average. Inflation is among the lowest in the European Union, and the external current account and general government budget are both comfortably in surplus. The labor market has improved markedly since 2005, with rising participation rates and comparatively strong employment growth. The unemployment rate has dipped below the euro area average, and hovers near estimates of the structural unemployment rate.
Keywords:
ISCR; CR; estimate; projection; wage; staff appraisal; estimates of the competitiveness margin; coalition government; staff's estimate; exchange arrangement; Labor markets; Fiscal stance; Employment; Labor force; Northern Europe; Baltics; Global
Cover IMF Survey
IMF Survey, Volume 33, Issue 12
International Monetary Fund. External Relations Dept.
The Web edition of the IMF Survey is updated several times a week, and contains a wealth of articles about topical policy and economic issues in the news. Access the latest IMF research, read interviews, and listen to podcasts given by top IMF economists on important issues in the global economy. www.imf.org/external/pubs/ft/survey/so/home.aspx
Keywords:
SVRodrigo de Rato; IMF Finance Deattribartment; IMF board; IMF survey; growth Facility; HIPC debt relief; sunset clause; Labor markets; Labor force; Fiscal consolidation; Caribbean; Global; Asia and Pacific
Cover IMF Staff Country Reports
Lesotho: Selected Issues and Statistical Appendix
International Monetary Fund
The Selected Issues paper provides an overview of trends, performance export growth, value added, and employment, account of the structure and evolution of Lesotho's textiles during the decade through 2002, and discusses future prospects and key issues. It analyzes the implications of the phasing-out of the African Growth and Opportunity Act and also reviews the HIV/AIDS situation in Lesotho. It discusses the current situation, the measures to enhance financial intermediation, and the Southern African Customs Union Arrangement and its effects on revenues. The paper also includes the summary of tax systems, July 2003, and the exchange trade system.
Keywords:
ISCR; CR; Lesotho; tariff; BLNS country; SACU imports; SACU agreement; credit society; reform program; HIV and AIDS; Exports; Labor force; Customs unions; Credit; Africa; Global; Sub-Saharan Africa; East Asia; Southern Africa