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Business and Economics > Investments: Stocks

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  • Type: Journal Issue x
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Cover Selected Issues Papers
Revamping the West African Economic and Monetary Union (WAEMU) Fiscal Framework
Can Sever
and
Athene Laws
This paper aims to provide a broad perspective on the WAEMU fiscal framework. Based on backward looking exercises and forward looking scenarios, it shows that (i) repeated fiscal slippages and historically large stock flow adjustments contributed to the surge in the WAEMU public debt, and (ii) stock flow adjustments can have significant effects on the WAEMU debt dynamics going forward. This paper also discusses that it is essential and urgent to reintroduce the fiscal rules and the Convergence Pact and to enhance the rules. Revamping the fiscal rules should focus on introducing a correction mechanism (which could contain surges in debt in the future) and an escape clause (which would enhance fiscal discipline and predictability), as well as capturing the extensive extra-budgetary and below-the-line operations and strengthening the enforcement mechanism. Any consideration to changing the fiscal deficit target should also encompass addressing extra-budgetary and below-the-line transactions (for example by changing the definition of the deficit). It is not appropriate to increase the debt ceiling.
Keywords:
Fiscal policy; fiscal rules; fiscal governance; PFM; fiscal coordination; monetary unions; WAEMU; stock flow adjustments; flow adjustment; debt dynamics scenario; deficit target; scenario assumption; deficit measure; deficit combination; so called SFA; Government debt management; Debt sustainability analysis; Debt limits; Global
Cover IMF Working Papers
How Private Creditors Fared in Emerging Debt Markets, 1970-2000
Mr. Jeromin Zettelmeyer
,
Ms. Beatrice Weder
, and
Mr. Christoph A Klingen
We estimate ex post returns to emerging market debt by combining secondary-market prices with observed flows based on World Bank data. From 1970-2000, returns averaged 9 percent per annum, about the same as returns on a ten-year U.S. treasury bond. This reflects the combined effect of the 1980s debt crisis and much higher returns during 1989-2000. Annual returns since 1986 have been less volatile than emerging market equity returns but more volatile than returns on U.S. corporate or high-yield bonds. However, unlike returns on these bonds, emerging market debt returns do not seem significantly correlated with U.S. or world stock markets.
Keywords:
WP; secondary market; debt crisis; emerging market debt; debt flow; debt stock; sovereign debt; crises; returns capital flows; debt price; flow series; debt restructuring operation; Emerging and frontier financial markets; Securities markets; Stock markets; Stocks; Asia and Pacific
Cover Primary Commodities
Primary Commodities
Market Developments and Outlook
International Monetary Fund

Abstract

This study prepared by the Commodities Division of the Research Department reviews and analyzes the developments in commodity markets.

Keywords:
WEFS; price; index; commodity; food; food commodity; commodity coverage; INRA buffer stock manager; world cotton production; world consumption; Agricultural commodities; Consumption; Commodity prices; Stocks; Global; West Africa; Central America; North America; Western Europe; Asia and Pacific