Narrow Your Choices

Refine By Countries

Refine By Series

Refine By Language

Refine By Date

—

Refine By IMF Taxonomy

Refine By JEL Taxonomy

Refine by LOC Taxonomy

Refine By THEMA Taxonomy

  • Print
  • Save

Business and Economics > Investments: Stocks

You are looking at 1 - 10 of 29 items for :

  • Type: Journal Issue x
  • Public debt x
Clear All Modify Search
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 Staff Country Reports
Suriname: Technical Assistance Report on Government Finance Statistics Mission (December 6-17, 2021)
International Monetary Fund. Statistics Dept.
At the request of the Suriname authorities, a remote technical assistance (TA) mission took place during December 6–17, 2021. The mission was conducted in coordination with the IMF’s Western Hemisphere Department. The main objective of the mission was to assist the Ministry of Finance and Planning (MFP) and the Central Bank of Suriname (CBS) to improve the quality of the Government Finance Statistics (GFS) in view of the IMF program. The main tasks were to (i) conduct a diagnostic assessment of the current GFS and public debt compilation process,(ii) explain and reduce statistical discrepancies, (iii) analyze data on arrears and reassess their treatment in GFS, (iv) review the integration of stocks and flows of the gross debt; and (v) update the public sector institutional table, and (vi) deliver a workshop on GFSM 2014 framework and (PSDS).
Keywords:
IMF's Statistics Department; Suriname debt management office; staff team of the International Monetary Fund; government finance Statistics mission; CBS accounting report; Government finance statistics; Stocks; Fiscal accounting and reporting
Cover IMF Staff Country Reports
Cabo Verde: Technical Assistance Report-Government Finance Statistics and Public Sector Debt Statistics
International Monetary Fund. African Dept.
A technical assistance (TA) mission on Government Finance Statistics (GFS) and Public Sector Debt Statistics (PSDS) visited the city of Praia, Republic of Cabo Verde, from July 22 to August 2, 2019, with the aim of putting more and better-quality fiscal data —particularly on PSDS — in the hands of public decision makers. The mission was funded by the Data for Decisions (D4D) fund under module 1 on fiscal data including debt.
Keywords:
public sector debt statistics; authorities of Cabo Verde; department of the IMF; Cabo Verde escudo; General government account; Cabo Verdean authorities; Government finance statistics; Public sector; Securities; Stocks
Cover IMF Staff Country Reports
Republic of Mozambique: Technical Assistance Report on Public Sector Debt Statistics Mission (October 19-30, 2020)
International Monetary Fund. Statistics Dept.
This technical assistance (TA) mission on Public Sector Debt Statistics (PSDS) was conducted during October 19-30, 2020. The main purpose of the mission was to review the progress made by the authorities in implementing previous TA recommendations and provide further support to strengthen the compilation and dissemination of GFS in line with international standards set out in the Government Finance Statistics Manual 2014 (GFSM 2014).
Keywords:
Government Finance Statistics Public sector debt statistics Expenditure Public Sector; government finance statistics compilation committee; debt stock; International Monetary Fund Washington, d.c; State shareholdings management Institute; authorities of Mozambique; Public sector; Securities; Stocks
Cover IMF Working Papers
Government Insurance Against Natural Disasters: An Application to the ECCU
Mr. Alejandro D Guerson
This paper estimates insurance requirements against natural disasters (NDs) in the Eastern Caribbean Currency Union (ECCU) using an insurance layering framework. The layers include a government saving fund, as well as market instruments. Each layer is calibrated to cover estimated fiscal cost of NDs according to intensity and expected damage. The results indicate that ECCU countries could target saving fund stocks for relativelly smaller and more frequent events in the range of 6-12 percent of GDP, enough to cover 95 percent of NDs’ fiscal costs. To ensure financially-sustainable saving funds with a low probability of depletion, this requires annual budget savings in the range os 0.5 to 1.9 percent of GDP per year. Additional coverage could be obtained with market instruments for large and less frequent events, albeit at a significant cost.The results are based on a Monte-Carlo experiment that simulates natural disaster shocks and their impact on output and government finances.
Keywords:
ECCU; fiscal cycles; Monte Carlo experiment; debt sustainability.; WP; SF stock; ECCU country; CCRIF payout; financing flow; annual budget; cost composition; insurance cost; Natural disasters; debt sustainability; payout amount; rate of return; Insurance; Standing facilities; Stocks; Caribbean
Cover IMF Staff Country Reports
Somalia: Enhanced Heavily Indebted Poor Countries (HIPC) Initiative-Decision Point Document
International Monetary Fund. Middle East and Central Asia Dept.
This paper presents an assessment of Somalia’s eligibility for assistance under the enhanced Heavily Indebted Poor Countries (HIPC) Initiative. The macroeconomic framework reflects the policy framework underlying the proposed three-year Fund-supported program. The debt relief analysis (DRA) remains largely unchanged, but some of the underlying debt data has been updated to reflect new information from creditors. In addition, this paper presents an assessment of debt management capacity in Somalia and a full Debt Sustainability Analysis under the Debt Sustainability Framework for Low-Income Countries. The DRA reveals that, after traditional debt relief mechanisms are applied, Somalia’s debt burden expressed as the net present value of debt-to-exports ratio is 344.2 percent at the end of December 2018—significantly above the HIPC Initiative threshold. Despite the challenging environment, progress on reform and policy implementation has been good and sustained reforms have translated into economic results. In addition to the coordinated support from the World Bank and the IMF, reforms have been supported by other development partners.
Keywords:
ISCR; CR; debt; Somalia; government; MDRI debt relief from IDA; HIPC debt relief analysis; HIPC Completion point; IMF in Washington; HIPC decision point; arrears clearance; burden indicator; Debt relief; Arrears; Debt service
Cover IMF Staff Country Reports
Republic of Mozambique: Technical Assistance Report on Government Finance Statistics Mission (December 2-13, 2019)
International Monetary Fund. Statistics Dept.
This technical assistance (TA) mission on Government Finance Statistics (GFS) was conducted during December 2-13, 2019.. The main purpose of the mission was to review the progress made by the authorities in implementing previous TA recommendations and provide further support to strengthen the compilation and dissemination of GFS in line with international standards set out in the Government Finance Statistics Manual 2014 (GFSM 2014).
Keywords:
Government Finance Statistics Public sector debt statistics Expenditure Public Sector; IMF's Statistics Department; public sector debt Statistics; authorities of Mozambique; staff team of the International Monetary Fund; priority recommendation; net Government credit; public finance; Government finance statistics; Treasury bills and bonds; Domestic debt; Stocks
Cover IMF Working Papers
Policy Trade-Offs in Building Resilience to Natural Disasters: The Case of St. Lucia
Mr. Alessandro Cantelmo
,
Mr. Leo Bonato
,
Mr. Giovanni Melina
, and
Mr. Gonzalo Salinas
Resilience to climate change and natural disasters hinges on two fundamental elements: financial protection —insurance and self-insurance— and structural protection —investment in adaptation. Using a dynamic general equilibrium model calibrated to the St. Lucia’s economy, this paper shows that both strategies considerably reduce the output loss from natural disasters and studies the conditions under which each of the two strategies provides the best protection. While structural protection normally delivers a larger payoff because of its direct dampening effect on the cost of disasters, financial protection is superior when liquidity constraints limit the ability of the government to rebuild public capital promptly. The estimated trade-off is very sensitive to the efficiency of public investment.
Keywords:
WP; investment; adaptation capital; risk premium; Climate Change; Natural Disasters and Their Management; Government Policy; resilient capital; ECCU debt target; public capital; debt data; targeted debt reduction; Natural disasters; Public investment and public-private partnerships (PPP); Public investment spending; Stocks; Caribbean
Cover IMF Working Papers
Do Temporary Business Tax Cuts Matter? A General Equilibrium Analysis
William Gbohoui
This paper develops a dynamic general equilibrium model to assess the effects of temporary business tax cuts. First, the analysis extends the Ricardian equivalence result to an environment with production and establishes that a temporary tax cut financed by a future tax-increase has no real effect if the tax is lump-sum and capital markets are perfect. Second, it shows that in the presence of financing frictions which raise the cost of investment, the policy temporarily relaxes the financing constraint thereby reducing the marginal cost of investment. This direct effect implies positive marginal propensities to invest out of tax cuts. Third, when the tax is distortionary, the expectation of high future tax rates reduces the expected marginal return on investment mitigating the direct stimulative effects.
Keywords:
WP; proportional tax; Ricardian Equivalence; Corporate Tax Policy; Financing Friction; General Equilibrium; dividend constraint; equity issuance; dividend payment; irrelevance theorem; proportional tax tax rate; net investment effect; investment effect; dividend policy irrelevance theorem; firm investment; investment equation; financing constraint; financing decision; Stocks; Corporate income tax; Return on investment
Cover IMF Staff Country Reports
Spain: Financial Sector Reform—Final Progress Report
International Monetary Fund. European Dept.
This paper discusses key findings of the progress report on financial sector reforms in Spain. Spain’s European Stability Mechanism (ESM)-supported program of financial sector reform aimed to assist economic recovery by promoting financial stability. The program was adopted in mid-2012. The Spanish authorities’ implementation of the program has been steadfast. All of the program’s specific measures are now complete. Major structural reform efforts in a variety of areas (including labor and fiscal policies) will need to continue to achieve sufficiently rapid growth to bring unemployment down to reasonable levels over the medium term.
Keywords:
ISCR; CR; capital ratio; bank equity; private sector; aggregate demand; balance sheets; bank assets; supply shock; bank capital; core business; debt ratio; Credit; Loans; Commercial banks; Stocks; Europe