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Business and Economics > Finance: General

You are looking at 1 - 5 of 5 items for :

  • Type: Journal Issue x
  • Corporate Culture; Diversity; Social Responsibility x
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Cover IMF Working Papers
Sustainable Finance in Emerging Markets: Evolution, Challenges, and Policy Priorities
Rohit Goel
,
Deepali Gautam
, and
Mr. Fabio M Natalucci
Sustainable finance has become a key focus area for global investors and policy makers. Last year proved to be a breakout year for emerging markets (EMs), with sustainable debt issuance in 2021 surging to almost $200 billion. This working paper, the first comprehensive study in the literature, analyzes the evoluiton of EM sustainable finance markets, including differences with advanced economies. The analysis shows how sustainable finance in EMs is growing fast not just in aggregate but importantly across many dimensions. The paper also identifies key development areas for EMs and policies to strengthen the resilience of sustainable finance markets.
Keywords:
Sustainable Finance; Emerging Markets; Sustainability; ESG; EM ESG market; finance market; AE ESG; ESG score; ESG indices; Financial sector; Climate finance; Corporate social responsibility; Emerging and frontier financial markets; Bonds; Climate change; Global
Cover Policy Papers
2021 Comprehensive Surveillance Review— Modalities for Modernizing Surveillance
International Monetary Fund. Strategy, Policy, & Review Department
Modern Fund surveillance needs to be more targeted, topical and timely, better interconnected and better informed. Modernizing surveillance will likely require additional resources, although estimates are highly uncertain at this stage. The paper offers a tentative costing of new proposals with significant budgetary implications. Other proposals could rely on optimizing processes, while others are underway and funded separately; the resource implications of yet others are being picked up in context of other workstreams. Estimates do not include short-term transition costs or pressures on support services and are subject to a significant degree of uncertainty. A flexible approach to implementing the new modalities, characterized by experimentation and learning-by- doing—a “sandbox” for new modalities—is proposed.
Keywords:
Fund surveillance; IMF surveillance; contingent Policy advice; surveillance activity; fund mission; policy advice; IMF's transparency policy; Climate change; Spillovers; Corporate social responsibility; Systemic risk assessment; Financial Sector Assessment Program; Global
Cover Global Financial Stability Report, October 2019
Global Financial Stability Report, October 2019
Lower for Longer
International Monetary Fund. Monetary and Capital Markets Department

Abstract

The October 2019 Global Financial Stability Report (GFSR) identifies the current key vulnerabilities in the global financial system as the rise in corporate debt burdens, increasing holdings of riskier and more illiquid assets by institutional investors, and growing reliance on external borrowing by emerging and frontier market economies. The report proposes that policymakers mitigate these risks through stricter supervisory and macroprudential oversight of firms, strengthened oversight and disclosure for institutional investors, and the implementation of prudent sovereign debt management practices and frameworks for emerging and frontier market economies.

Keywords:
GFSR; debt; emerging market; yield; economy; state-owned enterprise; US dollar; SOE debt rising; ESG factor; fund assets; credit quality; debt portfolio inflow; ESG risk exposure; Emerging and frontier financial markets; Corporate social responsibility; Financial sector risk; Climate finance; Global financial crisis of 2008-2009; Global; Europe
Cover Policy Papers
Evenhandedness of Fund Surveillance - Principles and Mechanism for Addressing Concerns
International Monetary Fund
Evenhandedness of the Fund’s analysis and advice is critical to the effectiveness of its engagement with member countries. In this regard, both actual and perceived lack of evenhandedness can be detrimental to the Fund’s credibility and legitimacy. While perceptions of evenhandedness often reflect views about the full range of Fund activities, Fund surveillance is an important contributor to perceptions. Moreover, the consistency of the Fund’s analysis and advice will likely be scrutinized more closely in an interconnected world.
Keywords:
PP; committee; fund; management; Policy; country
Cover IMF Working Papers
Effects of Culture on Firm Risk-Taking: A Cross-Country and Cross-Industry Analysis
Miss Roxana Mihet
This paper investigates the effects of national culture on firm risk-taking, using a comprehensive dataset covering 50,000 firms in 400 industries in 51 countries. Risk-taking is found to be higher for domestic firms in countries with low uncertainty aversion, low tolerance for hierarchical relationships, and high individualism. Domestic firms in such countries tend to take substantially more risk in industries which are more informationally opaque (e.g. finance, mining, IT). Risk-taking by foreign firms is best explained by the cultural norms of their country of origin. These cultural norms do not proxy for legal constraints, insurance safety nets, or economic development.
Keywords:
WP; return on assets; risk-taking behavior; economic development; standard deviation; oil refinery; National culture; corporate risk-taking; industry opacity; compensation practice; firm insolvent; sales growth; differential firm; Foreign corporations; Competition; Asset prices; Financial sector development; Central bank policy rate; Global