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Business and Economics > Insurance

You are looking at 1 - 7 of 7 items for :

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Cover IMF Working Papers
Contingent Liabilities: Issues and Practice
Aliona Cebotari
Contingent liabilities have gained prominence in the analysis of public finance. Indeed, history is full of episodes in which the financial position of the public sector is substantially altered-or its true nature uncovered-as a result of government bailouts of financial or nonfinancial entities, in both the private and the public sector. The paper discusses theoretical and practical issues raised by contingent liabilities, including the rationale for taking them on, how to safeguard against the fiscal risks associated with them, how to account and budget for them, and how to disclose them. Country experiences are used to illustrate ways these issues are addressed in practice and challenges faced. The paper also points to good practices related to the mitigation, management and disclosure of risks from contingent liabilities.
Keywords:
WP; balance sheet; government guarantee; insurance coverage; net present value; risk premium
Cover IMF Staff Country Reports
Israel: Selected Issues
International Monetary Fund
This Selected Issues paper on Israel focuses on the fiscal institutions and the political economy in Israel. The paper addresses two questions. First, is there evidence for political-economy distortions to Israel’s fiscal policy? Second, what institutional changes could help in limiting these distortions? The paper presents some data on Israel’s political system and an empirical analysis of the relation between fiscal policy and the political infrastructure. It also presents some options for reducing political economy distortions through reforms in the budget process and institutions.
Keywords:
ISCR; CR; Israel; fund; regulatory authority; rule; provident fund; equity investment; government coalition; supervisory authority; supervision authorities; government duration; Pension spending; Mutual funds; Insurance; Budget planning and preparation; Global; Australia and New Zealand
Cover IMF Working Papers
A (New) Country Insurance Facility
Mr. Tito Cordella
and
Mr. Eduardo Levy Yeyati
To cope with the self-fulfilling liquidity runs that triggered many recent financial crises, we propose the creation of a country insurance facility. The facility, which we envisage as complementary to the existing multilateral lending facilities, would provide eligible countries with automatic access to a credit line at a predetermined interest rate. Eligibility criteria should be easily verifiable, focus on debt sustainability, and take into account the currency and maturity composition of the debt. Other critical design issues considered here include the size of the facility, its duration and charges, and the exit costs for a country that loses eligibility.
Keywords:
WP; CIF loan; credit line; liquidity run; IMF facilities; risk premium
Cover IMF Staff Country Reports
Israel: Statistical Appendix
International Monetary Fund
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
Keywords:
ISCR; CR; Israel; net; U.S. dollar; market value; consumer goods; net domestic product; nominal rate; rate of return; private income; pound sterling; Imports; Consumer price indexes; Insurance; Budget planning and preparation; South America; Central America
Cover IMF Staff Country Reports
France: Report on the Observance of Standards and Codes-Monetary and Financial Policies Transparency and Fiscal Transparency-Updates
International Monetary Fund
This report evaluates the Observance of Standards and Codes on Monetary and Financial Policies Transparency and Fiscal Transparency for France. Up to mid-2001, different rules were applied to insurance firms regulated by the Insurance Code and to establishments regulated by the Code de la Mutualité. Moving toward the consolidation of these rules, a new Code de la Mutualité was ratified by Parliament in July 2001. Now, prudential rules concerning authorizations for new entrants in the insurance business, technical provision, and solvency margins are the same for all companies in the sector.
Keywords:
ISCR; CR; code de la Mutualité; sc; Mutualité; principle of sincerity; B. insurance regulation; Opérations de Bourse; harmonization of rule; Insurance; Budget planning and preparation
Cover IMF Staff Country Reports
Republic of Estonia: Update to the Report on the Observance of Standards and Codes, 2002—Banking Supervision
International Monetary Fund
This paper presents an update to the Report on the Observance of Standards and Codes (ROSC) for Banking Supervision, Data Module, Fiscal Transparency Module, Insurance Supervision, Payment Systems, Securities Supervision, and Transparency in Monetary and Financial Policies for the Republic of Estonia. Beginning from January 1, 2002, the unified Estonian Financial Supervision Authority is responsible for banking, insurance, and securities market supervision. Relevant provisions to the Credit Institutions Act (Article 84) were extended to managers of shareholders and to companies in which managers hold a qualifying interest.
Keywords:
ISCR; CR; State budget law; government; local government; state supervision activity; budget report; market supervision; nonlife insurance; Financial stability assessment; Payment systems; Real time gross settlement systems; Insurance; Budget planning and preparation; Global
Cover IMF Working Papers
Externalities. Incentives, and Economic Reforms
International Monetary Fund
The paper emphasizes the role of institutions and incentives in the presence of externalities. An economy with multiple public decision makers is likely to experience “overspending,” “undertaxing,” “overborrowing,” and “overinflation” unless effective institutions exist for overcoming coordination failure. External financing may weaken incentives for adjustment over the longer run unless assistance is made conditional on fundamental institutional reforms. The paper also analyzes reforms that strengthen incentives to provide effort. Uncertainty regarding future taxes reduces present effort and the responsiveness of output to market signals. In addition, the paper addresses the adverse effects of bank insurance and soft budget constraints.
Keywords:
WP; effort E; inflation externality; inflation process; lump sum; investment project; banking system; utility function; marginal utility; adverse selection; rate of inflation; interest rate; spending level; enterprise manager; Insurance; Personal income; Inflation; Budget planning and preparation