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Business and Economics > Finance: General

You are looking at 1 - 10 of 14 items for :

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Cover IMF Working Papers
Riding Unicorns: Startups and Venture Capital in Japan
Salih Fendoglu
and
TengTeng Xu
The startup ecosystem in Japan has seen gradual growth, supported by the government’s recent "Startup Development Five-Year Plan" and a significant interest from overseas venture capital. This paper lays out the startup financing ecosystem in Japan, with comparison to international peers, and studies potential drivers of startup financing and their relevance for startups’ performance. The results, based on country-level aggregate analysis, underscore the critical role of firm dynamism and entrepreneurship in supporting capital investment and firm valuations. Further analyses at the firm level suggest that equity funding helps startups innovate, grow, and successfully exit. Moreover, the impact of funding on the likelihood of a successful exit appears to be higher in cultures that seem to reward risk taking.
Keywords:
Startups; venture capital; Japan; firm dynamics; funding affect startup performance; startup ecosystem; helps startup; startup financing; TengTeng xu; Self-employment; Initial public offering; Development strategy; Global
Cover Technical Assistance Reports
Seychelles: Technical Assistance Report-Central Bank Strategic Planning
International Monetary Fund. Monetary and Capital Markets Department
This report provides an overview of the assistance provided by the IMF to the Central Bank of the Seychelles in reviewing and updating its strategic plan, in line with international best practices for central banks.
Keywords:
CBS management team; CBS strategy; MCM Department; mission from the Monetary and Capital Markets; CBS risk appetite; Budget planning and preparation; Central bank balance sheet; Central Bank digital currencies; Financial inclusion; Development strategy
Cover Selected Issues Papers
Startups and Venture Capital in Japan: How to Grow
Salih Fendoglu
and
TengTeng Xu
The startup ecosystem in Japan has seen gradual growth, supported by the government’s recent "Startup Development Five-Year Plan" and a significant interest from overseas venture capital. This paper lays out the startup financing ecosystem in Japan, with comparison to international peers, and studies potential drivers of startup financing and their relevance for startups’ performance. The results, based on country-level aggregate analysis, underscore the critical role of firm dynamism and entrepreneurship in supporting capital investment and firm valuations. Further analyses at the firm level suggest that equity funding helps startups innovate, grow, and successfully exit. Moreover, the impact of funding on the likelihood of a successful exit appears to be higher in cultures that seem to reward risk taking.
Keywords:
Inequality; labor market duality; wage gap; fiscal transfers; funding affect startup performance; startup ecosystem; helps startup; startup financing; TengTeng xu; Self-employment; Initial public offering; Development strategy; Global
Cover Regional Economic Outlook, Western Hemisphere, October 2023
Regional Economic Outlook, Western Hemisphere, October 2023
Securing Low Inflation and Nurturing Potential Growth
International Monetary Fund. Western Hemisphere Dept.

Abstract

After a stronger-than-expected recovery from the pandemic and continued resilience in early 2023, economic growth in Latin America and the Caribbean (LAC) is softening as the effect of tighter policies to combat inflation is taking hold and the external environment is weakening. The early and swift monetary tightening across the region since 2021, together with the withdrawal of most of the pandemic fiscal stimulus and the reversal of external price pressures, have helped put headline inflation on a downward trajectory. Core inflation has also started to ease, as price pressures are becoming less generalized, although it remains elevated amid strong labor markets and positive output gaps in some countries. Banking systems have weathered the rise in interest rates well and are generally healthy, though credit to the private sector is decelerating amid tighter supply conditions and weaker demand.

Keywords:
inflation; regional outlook; fragmentation; global trade; Latin America and the Caribbean; banking systems; volatility; IMF staff calculation; inflation expectation; cash equivalent; contractionary monetary policy; end-of-period inflation; price pressure; inflation gap; inflation projection; headline inflation in Brazil; inflation shock; return on equity; inflation from the inflation target; Fiscal stance; Central bank policy rate; Emerging and frontier financial markets; Purchasing power parity; Caribbean; Central America; South America; Global; Asia and Pacific
Cover Good Governance in Sub-Saharan Africa
Good Governance in Sub-Saharan Africa
Opportunities and Lessons

Abstract

Governance and corruption issues have taken the center stage in international discussions, especially after the adoption by the IMF in 2018 of a new framework for engagement on governance and corruption. Sound institutions that guarantee integrity in the management of public affairs are critical on the path toward higher and more inclusive growth. Corruption undermines the quality of institutions, weakens the effectiveness of government programs, and compromises social trust in government policies. Indeed, countries around the world that improved their governance systems are reaping a “governance dividend,” and governance-enhancing reformist countries in sub-Saharan Africa include Botswana, Rwanda, and Seychelles. In addition, Liberia, Sierra Leone, and Angola demonstrate that important reforms are possible, including in fragile environments. The importance of good governance has acquired even more importance as countries try to introduce policies to fight the ongoing COVID-19 pandemic. Special attention to governance in an emergency context, including situations associated with conflict, other health crises and natural disasters, is therefore essential. Innovation and new technologies are critical instruments that policymakers can use in their efforts to improve governance and transparency.

Keywords:
Governance; financing; growth; emergencies; pandemic; digitization; resource-rich countries; fragile and conflict-afflicted countries; tax official; government effectiveness; governance indicator; corruption perception; governance challenge; government policy; Corruption; Auditing; Anti-money laundering and combating the financing of terrorism (AML/CFT); Oil; Sub-Saharan Africa; Africa; Global; Caribbean; Middle East; South Asia
Cover Policy Papers
Guidance Note on Information Sharing Between IMF and World Bank Staff
International Monetary Fund. Strategy, Policy, & Review Department
and
World Bank
This Guidance Note outlines good practices on information-sharing across key areas in which the Bank and the IMF interact. The note outlines general principles consistent with these frameworks and discusses how the staffs of the two institutions are expected to exchange information related to country operations, technical assistance, and policy work.
Keywords:
World Bank staff; guidance note; information sharing; fund staff; share Between IMF; Debt sustainability analysis; Debt relief; Development assistance; Development policy; Global
Cover Staff Discussion Notes
A Post-Pandemic Assessment of the Sustainable Development Goals
Ms. Dora Benedek
,
Mr. Edward R Gemayel
,
Mr. Abdelhak S Senhadji
, and
Alexander F. Tieman
The COVID-19 pandemic hit countries’ development agendas hard. The ensuing recession has pushed millions into extreme poverty and has shrunk government resources available for spending on achieving the United Nations Sustainable Development Goals (SDGs). This Staff Discussion Note assesses the current state of play on funding SDGs in five key development areas: education, health, roads, electricity, and water and sanitation, using a newly developed dynamic macroeconomic framework.
Keywords:
Sustainable Development Goals, Development, Fiscal Policy, Structural Reform; policy option; composite index; case study countries' SDG spending; financing gap; SDG performance; analysis of development strategy; Sustainable Development Goals (SDG); COVID-19; Human capital; Emerging and frontier financial markets; Infrastructure; Sub-Saharan Africa; Global
Cover Policy Papers
Review of Implementation of IMF Commitments in Support of the 2030 Agenda for Sustainable Development
International Monetary Fund. Strategy, Policy, &amp
and
Review Department
The paper reviews the implementation of the initiatives the IMF committed to in 2015 to support developing countries in pursuing the 2030 agenda for sustainable development, including (i) strengthening national tax systems; (ii) tackling large infrastructure gaps; (iii) promoting economic inclusion; (iv) the development of domestic financial markets; (v) intensifying engagement in fragile and conflict-affected states; (vi) improving economic statistics; (vii) expanding the financial safety net for developing countries; and (viii) addressing macroeconomic aspects of climate change. The implementation record to date shows that there has been a large scaling up of IMF support for the 2030 development agenda. The IMF has also engaged in other initiatives of direct relevance for supporting the 2030 development agenda, including adopting a framework to assess corruption vulnerabilities and developing a broad framework for assessing the spending levels needed to reach key SDGs. The paper draws lessons learned from the implementation of the various initiative to inform future IMF engagements.
Keywords:
PP; IMF executive board reviews implementation; implementation; IMF engagement; IMF support; developing country; IMF's executive board; IMF staff; Climate change; Sustainable Development Goals (SDG); Financial inclusion; Public investment and public-private partnerships (PPP); Global; Africa; Sub-Saharan Africa
Cover Staff Discussion Notes
Fiscal Policy and Development: Human, Social, and Physical Investments for the SDGs
Vitor Gaspar
,
Mr. David Amaglobeli
,
Ms. Mercedes Garcia-Escribano
,
Delphine Prady
, and
Mauricio Soto
The goal of this paper is to estimate the additional annual spending required for meaningful progress on the SDGs in these areas. Our estimates refer to additional spending in 2030, relative to a baseline of current spending to GDP in these sectors. Toward this end, we apply an innovative costing methodology to a sample of 155 countries: 49 low- income developing countries, 72 emerging market economies, and 34 advanced economies. And we refine the analysis with five country studies: Rwanda, Benin, Vietnam, Indonesia, and Guatemala.
Keywords:
SDN; developing country; low-income developing countries; emerging market economy; spending; GDP; Sustainable Development Goals; Development; Fiscal Policy; equity-enhancing expenditure priority; spending pressure; enhancing spending efficiency; countries spend; spending estimate; Emerging and frontier financial markets; Sustainable Development Goals (SDG); Global; Sub-Saharan Africa; Asia and Pacific
Cover Policy Papers
Amendment to Steps to Address Excessive Delays in the Completion of Article IV Consultations or Mandatory Financial Stability Assessments and Application to the Case of Argentina
International Monetary Fund
Management has received a request from the Argentine authorities to publish documents on economic developments in the country prepared by Fund staff for informal Board briefings in 2013–15. The Argentine authorities see publication of these papers as part of their commitment to transparency and accountability in their operations. The documents were prepared pursuant to the Fund’s policy on excessive delays in the completion of Article IV consultations and mandatory financial stability assessments, which requires that staff informally brief Executive Directors every 12 months on the economic developments and policies of relevant members. The objectives of the policy are to promote re-engagement with members with excessively delayed consultations, and to share information with the Board to help it fulfill its surveillance function. Under current policy, the briefing documents are not published. Instead, a short factual statement is issued in a press release, noting that the Board was given an informal staff briefing on the member’s economy based on available information. Under the policy, the Fund decided against publication of the briefing documents since it was considered that publication could expose the Fund to a significant reputational risk if the analysis set out in the documents missed key vulnerabilities due to large information gaps created by the lack of consultation with the member. Also, outside audiences may not appreciate that the documents represent the views of staff, not the views of the Board, and do not constitute an Article IV consultation. A further concern was that publication could reduce the pressure on members to proceed with an Article IV consultation. In light of the current policy, any publication of these documents would require a change in policy approved by the Executive Board
Keywords:
PP; publication; briefing; member requests publication; briefing document; request; fund staff; staff briefing; fund's policy; Financial stability assessment; Development policy; Financial sector policy; transparency policy