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Europe > Iceland

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Cover Staff Discussion Notes
Insolvency Prospects Among Small-and-Medium-Sized Enterprises in Advanced Economies: Assessment and Policy Options
Mr. Federico J Diez
,
Mr. Romain A Duval
,
Jiayue Fan
,
Jose M Garrido
,
Sebnem Kalemli-Ozcan
,
Chiara Maggi
,
Mr. Maria Soledad Martinez Peria
, and
Mr. Nicola Pierri
The COVID-19 pandemic has increased insolvency risks, especially among small and medium enterprises (SMEs), which are vastly overrepresented in hard-hit sectors. Without government intervention, even firms that are viable a priori could end up being liquidated—particularly in sectors characterized by labor-intensive technologies, threatening both macroeconomic and social stability. This staff discussion note assesses the impact of the pandemic on SME insolvency risks and policy options to address them. It quantifies the impact of weaker aggregate demand, changes in sectoral consumption patterns, and lockdowns on firm balance sheets and estimates the impact of a range of policy options, for a large sample of SMEs in (mostly) advanced economies.
Keywords:
Insolvency; Bankruptcy; “Quasi” Equity Injections; Small- and medium-size enterprises; COVID-19; insolvent firm; cash position; equity injection; illiquid firm; firm exit; cash flow; Solvency; Small and medium enterprises; Stocks; Financial statements; Southern Europe; Asia and Pacific
Cover Fiscal Monitor, October 2016
Fiscal Monitor, October 2016
Debt: Use It Wisely
Ms. Marialuz Moreno Badia

Abstract

Drawing on an expanded data set covering emerging markets and low-income countries as well as advanced economies, this issue examines the extent and makeup of global debt and asks what role fiscal policy can play in facilitating the adjustment. The analytical framework explicitly models the interlinkages between private and public debt in analyzing the role of fiscal policy in the deleveraging process. Country case studies provide useful insights on what fiscal policy should and should not do to facilitate deleveraging while minimizing the drag on the economy.

Keywords:
FM; def; country abbreviation; bottom; nominal GDP; statistics manual; role fiscal policy; private sector leverage; potential GDP; balance sheet repair; Private debt; Fiscal stance; Macroeconomic and fiscal forecasts; Global; Africa; North Africa; Asia and Pacific; Middle East; IMF staff estimate; credit system; deflation episode; debt level; debt-restructuring program; fiscal policy intervention; debt deflation episode; debt development; debt overhang problem; debt problem; debt write-off; debt repayment; Financial statements; Emerging and frontier financial markets; Europe
Cover IMF Staff Country Reports
Republic of San Marino: Selected Issues
International Monetary Fund. European Dept.
This paper offers elements of a possible strategy to deal with San Marino’s nonperforming loans (NPLs). It provides a brief overview of the reasons behind the accumulation of impaired assets by Sammarinese banks. This paper also presents some stylized facts regarding the nature and composition of San Marino’s problem loans. Further, it summarizes the experience of other small economies in dealing with weak banks and NPLs, with a view to drawing policy lessons. This paper also discusses recent measures implemented by the Sammarinese authorities to address weak financial institutions and their problem assets and examines the main impediments to deal with NPLs in San Marino’s legal and tax framework.
Keywords:
ISCR; CR; recapitalization plan; Sammarinese bank; asset quality; secrecy regime; transferring bank; bank secrecy status; insolvency process; debt enforcement procedure; recipient bank; banks default; Nonperforming loans; Solvency; Debt restructuring; Loans; Commercial banks; Europe
Cover IMF Staff Country Reports
Spain: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper analyzes household savings ratio in Spain. The household savings ratio has fallen to its lowest historical rate in 2012, as households cut back savings to support consumption in response to negative income shocks. Household savings fell across all households, but the declines were likely more material among lower income and highly indebted groups. Declining household income and savings slowed deleveraging and put household balance sheets under pressure. Looking ahead, households may need to restrain consumption further to free resources for repaying debt. Household savings rates will likely stay below historical levels for some time then slowly increase.
Keywords:
ISCR; CR; insolvency; saving; Spain; household saving; AIReF; insolvency regime; financial market spillover; AIReF staffing; AIReF president; Solvency; Disposable income; Pension spending; Fiscal law; Personal income; Global; Europe; North America; Africa
Cover IMF Working Papers
Dealing with Private Debt Distress in the Wake of the European Financial Crisis A Review of the Economics and Legal Toolbox
Ms. Yan Liu
and
Mr. Christoph B. Rosenberg
The private non-financial sector in Europe is facing increased challenges in meeting its debt servicing obligation. In response, governments are revisiting legal tools and—in some cases—institutional arrangements to deal with over-indebtedness. For households, where the problem in some countries is large but no established best practice exists, reforms have generally sought to allow debtors a fresh start while minimizing moral hazard and preserving bank solvency and credit discipline. For the corporate sector, efforts have focused on facilitating debt restruturing (including through out of court mechanisms). Direct government intervention has been rare.
Keywords:
WP; country; government; procedure; court; track court approval procedure; private sector debt; household insolvency; corporate insolvency; government intervention; insolvency proceeding; a number of country; IMF country desk; court insolvency regime; government support scheme; Solvency; Debt restructuring; Private debt; Europe; Baltics
Cover IMF Staff Country Reports
Iceland: Ex Post Evaluation of Exceptional Access Under the 2008 Stand-by Arrangement
International Monetary Fund
The ex-post evaluation of Iceland’s Exceptional Access under the 2008 Stand-By Arrangement is presented. In the wake of the global financial crisis in late 2008, Iceland has experienced a deep financial and economic crisis of its own. Domestically, the rapid increase in lending fuelled bubbles in all asset classes, particularly the stock market and real estate. Inflated asset prices and nontransparent cross-financing and related party lending between banks and holding companies helped mask poor asset quality and facilitated the financing of credit expansion by borrowing abroad, increasing vulnerability.
Keywords:
ISCR; CR; banking system; debt restructuring; capital control; monetary policy; central bank; banks business diversification; bank support; bank collapse; control liberalization; overhang problem; restructuring cost; bad-bank approach; bank Support; Capital controls; Commercial banks; Global; capital control liberalization; program projection; exchange rate development; post evaluation; policy option; government of Iceland; Private debt
Cover IMF Staff Country Reports
Iceland: Staff Report for Second Review Under Stand-By Arrangement and Request for Extension of the Arrangement, Rephasing of Access and Establishment of Performance Criteria.
International Monetary Fund
This report discusses Iceland’s Second Review under the Stand-By Arrangement and Request for Extension of the Arrangement. Supportive fiscal policies have helped consumption hold up better than expected, while the external sector has benefited from currency depreciation and higher commodity prices. The overall improvements in inflation and the trade and current account balances since the late 2008 crisis have been striking. Indicators suggest firming consumer sentiment, and stable inflation expectations, but still weak business sentiment.
Keywords:
ISCR; CR; Iceland's economy; crisis; Dominique Strauss-Kahn; deficit; inflation expectation; Iceland's effort; deficit adjustment; economy of Iceland; savings bank; Debt restructuring; Private debt; Loans