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Business and Economics > Investments: Stocks

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

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Cover IMF Staff Country Reports
France: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper focuses on various aspects of corporate debt in France. The increase in debt has financed real investments, as well as acquisition of financial assets and extension of intercompany loans. The increase in debt (and its level) appears less worrisome when debt is consolidated among nonfinancial corporations. Despite the increase in the stock of debt, debt service has increased moderately. A cross-country regression analysis reveals that French publicly listed firms are on average not more indebted and have not increased their debt more than peers in other countries, after controlling for firm and sector characteristics as well as common time effects. However, the increase in debt is concentrated among large firms with sizeable leverage in a few industries, raising questions about these firms’ ability to service this debt when interest rates rise. Stress test scenarios of a large and sudden increase in interest rates suggest that corporate debt at risk could be significant at a macroeconomic level, but that cash buffers would mitigate the impact of the shock on debt service.
Keywords:
ISCR; CR; firm; government; debt stock; training; firm level; railway company; macron government; utility company; state innovation; government plan; Bonds; Stocks; Currencies; Global
Cover IMF Working Papers
Evaluating the Impact of Non-Financial IMF Programs Using the Synthetic Control Method
Ms. Monique Newiak
and
Tim Willems
We use the Synthetic Control Method to study the effect of IMF advice on economic growth, inflation, and investment. The analysis exploits the existence of IMF programs that do not involve any financing (Policy Support Instruments, “PSIs”). This enables us to focus on the effects of IMF monitoring, advice, and approval (as opposed to direct financial assistance). In addition, countries with non-financial programs are typically not crisis-struck – thereby mitigating the reverse causality problem and facilitating the construction of counterfactuals. Results suggest that treated countries add about 1 percentage point in annual real GDP per capita growth, with inflation being lower by some 3 percentage points per year. While we do not find evidence for an impact on total investment and the resulting capital stock, PSI-treatment does seem to stimulate foreign direct investment.
Keywords:
WP; adverse selection; absolute value; International Monetary Fund; Program-evaluation; Economic growth; Inflation; Investment; IMF operations; IMF loan-participation rate; treatment effect; IMF's executive board; PSI review; traditional IMF program; structural adjustment; causal effect of IMF-program; effectiveness of IMF-program; adoption of an IMF-program; types of IMF-engagement; Stocks; Consumer price indexes; Sub-Saharan Africa
Cover IMF Staff Country Reports
Haiti: Enhanced Initiative for Heavily Indebted Poor Countries: Completion Point Document
International Monetary Fund
This paper discusses Haiti’s progress under the Enhanced Initiative for Heavily Indebted Poor Countries. Substantial advances have been made toward meeting the four triggers not fully implemented, and the authorities are committed to further progress in the near future. These triggers relate to publication of audited government accounts, implementation of a new procurement law, education funding, teacher training and school inspections, and increasing immunization rates. Haiti’s parliament passed a new procurement law in June 2009, which is in line with international best practices.
Keywords:
ISCR; CR; U.S. dollar; NPV terms; HIPC assistance; NPV of debt-to-exports ratio; audited government; Haitian authorities; current account; debt management; exchange rate; IMF staff; NPV of debt; Debt service; Debt relief; Stocks; Global
Cover IMF Staff Country Reports
Suriname: 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:
IMF staff estimate; Surinam rice operation; burger Luchtvaart Autoriteit Suriname; Tennis bond; Sur. zwembond; unit value; Suriname authorities; Public sector; Agroindustries; Exports; Stocks; Western Hemisphere
Cover IMF Staff Country Reports
Suriname: 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; Suriname; joint stock; net; IMF staff estimate; Surinam rice operation; burger Luchtvaart Autoriteit Suriname; unit value; Sur. zwembond; Suriname authorities; Public sector; Agroindustries; Transportation; Stocks; Western Hemisphere
Cover IMF Working Papers
Institutions and the External Capital Structure of Countries
Mr. Paolo Mauro
and
Mr. Andre Faria
A widespread view holds that countries that finance themselves through foreign direct investment (FDI) and portfolio equity, rather than bonds and loans, are less prone to crises. But what determines countries' external capital structures? In a cross section of emerging markets and developing countries, we find that equity-like liabilities (FDI and, especially, portfolio equity) as a share of countries' total external liabilities (or as a share of GDP) are positively and significantly associated with indicators of educational attainment, natural resource abundance, and especially, institutional quality. These relationships are robust to attempts to control for possible endogeneity, suggesting that better institutional quality may help improve countries' capital structures. The results might also provide an explanation for the observed correlation between institutional quality and the frequency of crises.
Keywords:
WP; portfolio equity; portfolio; equity; GDP; Foreign direct investment; external debt; external liabilities; portfolio debt; equity finance; total equity; FDI share; FDI flow; equity to FDI; Stocks; Natural resources; Bank credit
Cover IMF Working Papers
Foreign Direct Investment and Regional Trade Agreements: The Market Size Effect Revisited
Ms. Florence Jaumotte
The paper investigates whether the market size of a regional trade agreement (RTA) is a determinant of foreign direct investment (FDI) received by countries participating in the RTA. This hypothesis is tested on a sample of 71 developing countries during the period 1980-99. Evidence is found that the RTA market size had a positive impact on the FDI received by member countries, even more so in the 1990s when such agreements were revived and became more widespread. The size of domestic population also seemed to matter, possibly because of its effect on the availability of the labor supply. It appears, however, that not all countries in the RTA benefited to the same extent from the RTA: countries with a relatively more educated labor force and/or a relatively more stable financial situation tended to attract a larger share of FDI at the expense of their RTA partners. This evidence suggests it is essential for all RTA countries to improve their business environment to the best available in the region. Finally, a partial negative correlation between the FDI received by RTA countries and that received by non-RTA countries possibly reflects a diversion of FDI from non-RTA to RTA countries. As an illustration, FDI benefits are simulated from the creation of a regional trade agreement between Algeria, Morocco, and Tunisia.
Keywords:
WP; market size; stock-to-GDP ratio; FDI inflow; Foreign direct investment; Regional trade agreements; Economic integration; Scale economies; RTA country; FDI stock-to-GDP ratio; FDI model; FDI benefit; Stocks; Financial sector stability; Infrastructure; Maghreb
Cover IMF Working Papers
Columbia or High School? Understanding the Roles of Education in Development
Mr. Rodney Ramcharan
No country has achieved sustained economic development without investment in education. Thus, education policy can play a vital role in facilitating development. But which types of schooling-secondary or tertiary-should public policy promote? This paper develops an analytical framework to address this question. It shows how the composition of human capital stock determines a country's development. Hence, promoting the "wrong" type of schooling can have little effect on development. In addition to identifying some characteristics of an optimal education policy, the paper helps in understanding why empirical studies have failed to find a significant relationship between schooling and growth.
Keywords:
WP; rate of return; private cost; demand and supply; education; development; growth; schooling cost; schooling externality; schooling investment decision; demand linkage; tertiary schooling; education investment; Skilled labor; Human capital; Stocks; East Asia
Cover IMF Working Papers
Social Capital and Civil Society
Mr. Francis Fukuyama
Social capital is an instantiated informal norm that promotes cooperation between individuals. In the economic sphere it reduces transaction costs, and in the political sphere it promotes the kind of associational life that is necessary for the success of limited government and modern democracy. Although social capital often arises from iterated Prisoner’s Dilemma games, it also is a byproduct of religion, tradition, shared historical experience, and other types of cultural norms. Thus whereas awareness of social capital is often critical for understanding development, it is difficult to generate through public policy.
Keywords:
WP; state; society; Institutions; social capital; economic policy; second generation reforms; public policy; transaction costs; centralizing state; physical capital; village association; state-supplied version; Civil society; Human capital; Stocks; Social networks; East Asia; North America; Western Europe; Europe; Africa
Cover IMF Staff Country Reports
Portugal: Selected Issues
International Monetary Fund
This Selected Issues paper examines the education system and public investment in Portugal. Both areas are generally considered as critical for Portugal’s prospects for sustaining or accelerating the drive toward real income convergence. Moreover, both areas absorb a substantial share of public resources and thus have important implications for fiscal balances, which are, under European Monetary Union, constrained by the Stability and Growth Pact. The paper assesses the performance of the Portuguese education system and delineates a possible agenda for reform. It also attempts to shed light on the role of public investment in Portugal.
Keywords:
ISCR; CR; macroeconomic data; href; statistics office; Lisbon stock exchange; forecasting department; budget Department; Public investment and public-private partnerships (PPP); Education spending; Stocks; Europe; Africa