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Europe > Iceland

You are looking at 1 - 10 of 13 items for :

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Cover IMF Staff Country Reports
Euro Area Policies: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper highlights quantitative tightening (QT) by the European Central Bank (ECB). It uses evidence from the literature on the impact of central bank bond purchases and sales on bond yields, and the monetary policy stance, to outline a roadmap for reducing the Euro system’s bond holdings. The current tightening cycle provides an opportunity to revisit the ECB’s balance sheet policy. With inflation running above target, the monetary accommodation provided by the ECB’s bond holding is no longer necessary. The current tightening cycle provides an opportunity to revisit the ECB’s balance sheet policy. With inflation running above target, the monetary accommodation provided by the ECB’s bond holding is no longer necessary. The paper concludes that the ECB’s short term policy rates should be the main choice for adapting the monetary policy stance to changing circumstances and QT should proceed in a gradual, predictable manner as outlined by the ECB.
Keywords:
ECB Policy rate; ECB balance sheet; app portfolio; C. Policy consideration; bond supply net of ECB; Financial statements; Unconventional monetary policies; Central bank policy rate; Monetary stance; Securities
Cover IMF Staff Country Reports
Uruguay: Technical Assistance Report-Monetary and Financial Statistics Mission
International Monetary Fund. Statistics Dept.
At the request of the Central Bank of Uruguay (BCU), and with the support of the International Monetary Fund’s (IMF’s) Western Hemisphere Department (WHD), a monetary and financial statistics (MFS) technical assistance (TA) mission from the IMF’s Statistics Department (STA) visited Montevideo during February 3-14, 2020. The main objectives of the mission were to: (i) review available source data for other financial corporations (OFC); in particular, insurance corporations (IC), pension funds (PF), and credit administration companies (CAC); and (ii) compile standardized monetary statistics for OFC (report form SRF 4SR) in line with the 2016 Monetary and Financial Statistics Manual and Compilation Guide (MFSMCG). The officials met during the mission are listed in Appendix I.
Keywords:
IMF's Statistics Department; administration company; staff team of the International Monetary Fund; Statistics Department of the IMF; CAC assets; Nonbank financial institutions; Offshore financial centers; Financial statements; Financial soundness indicators; Collective action clauses; Global
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 Financial Soundness Indicators Compilation Guide 2019
Financial Soundness Indicators Compilation Guide 2019
International Monetary Fund. Statistics Dept.

Abstract

The 2019 Financial Soundness Indicators Compilation Guide (2019 Guide) includes new indicators to expand the coverage of the financial sector, including other financial intermediaries, money market funds, insurance corporations, pension funds, nonfinancial corporations, and households. In all, the 2019 Guide recommends the compilation of 50 FSIs—13 of them new. Additions such as new capital, liquidity and asset quality metrics, and concentration and distribution measures will serve to enhance the forward-looking aspect of FSIs and contribute to increase policy focus on stability of the financial system.

Keywords:
M&G; capital; loan; foreign currency; holding company; DT subsidiary; DT sector; parent corporation; FSI compiler; regulatory capital; capital range; Financial soundness indicators; Personal income; Loans; Real estate prices; Financial statements; Global; Western Hemisphere; Middle East and Central Asia; Sub-Saharan Africa; Europe; Caribbean; real estate; 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 Policy Papers
Crisis Program Review
International Monetary Fund
This paper provides an updated review of Fund-supported programs undertaken during the global financial crisis. It follows a series of previous reviews during 2009–12 that assessed program design and outcomes during the surge in Fund supported programs since 2008. The review covers experience during 2008–15 for 32 arrangements financed from the Fund's general resources account (GRA). It covers 27 countries for which arrangements were approved during September 2008–June 2013, with two years or more of program performance.
Keywords:
PP; fund; exchange rate; debt; financing; current account; Euro Area program; financial support; IMF staff; crisis program case; monetary policy; Fund-supported program; program document; program policy; nominal exchange rate; program fiscal consolidation; program objective; Financial statements; Fiscal consolidation; Debt restructuring; Exchange rates; Global; Europe
Cover IMF Working Papers
Some Algebra of Fiscal Transparency: How Accounting Devices Work and How to Reveal Them
Mr. Timothy C Irwin
Accounting devices that artificially reduce the measured fiscal deficit can be analyzed as transactions involving unrecognized assets and liabilities. Different accounting systems recognize different sets of assets and liabilities and are thus vulnerable to different sets of devices. Some devices can be revealed by moving progressively from cash accounting to modified accrual accounting to full accrual accounting. Revealing all would require the publication of extended fiscal accounts in which all future cash flows give rise to assets or liabilities.
Keywords:
WP; surplus; present value; accounting device; balance sheet; government accounting; budget deficits; accounting devices; deficit device; targeted surplus; recognized assets; accounting rule; Fiscal accounting and reporting; Accrual accounting; Currencies; Financial statements; Government finance statistics
Cover IMF Staff Country Reports
Iceland: Technical Assistance Report on a New Organic Budget Law
International Monetary Fund
This technical assistance report on Iceland focuses on a new organic budget law (OBL). In designing a new OBL, it is important to preserve good features of Iceland’s current legal framework for budgeting. At the same time, any new OBL should address the key weaknesses in the Financial Reporting Act 1997 that prevent it from providing a credible, integrated framework for budgeting. The institutional coverage of the OBL should be expanded to encompass the whole public sector and incorporate an integrated timetable for the entire budget process.
Keywords:
ISCR; CR; central government; annual budget; operating statement; budget year; balance sheet; Medium-term Fiscal Strategy; permanent secretary; net lending; Budget planning and preparation; Fiscal law; Financial statements; Australia and New Zealand
Cover IMF Staff Country Reports
Iceland: Staff Report for First Review under Stand-By Arrangement and Requests for Extension of the Arrangement, Waivers of Nonobservance of Performance Criteria, and Rephasing of Access
International Monetary Fund
This paper discusses key findings of the First Review Under the Stand-By Arrangement for Iceland. Post-crisis dynamics has followed the expected pattern: a sharp drop in GDP, rapid decline in inflation, shift of the current account to balance, and gradual stabilization of currency and financial markets. Several quantitative and structural program targets were missed. The authorities and IMF staff have agreed that a faster pace of fiscal adjustment and more gradual pace of capital account liberalization would be the key toward preserving stability and sustainability.
Keywords:
ISCR; CR; debt; debtor-creditor agreement; private sector; internal audit procedures practice; support private sector demand; Islandsbanki acquisition; management operation; fiscal consolidation objective; Capital controls; Loans; Financial statements; Global
Cover IMF Staff Country Reports
Iceland: 2008 Article IV Consultation: Staff Report; Staff Supplement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Iceland
International Monetary Fund
Iceland’s 2008 Article IV Consultation shows that the long expansion is coming to an end, exposing the economy’s overstretched private sector balance sheets, large macroeconomic imbalances, and high dependence on foreign financing. With external liquidity constraints binding, economic activity is expected to slow significantly from unsustainably high levels, inflation to remain well above target, and the current account to narrow. Uncertainty surrounding the outlook is unusually large, dominated by significant downside risks, both external and domestic.
Keywords:
ISCR; CR; consultation informational annex; consultation; foreign exchange position; deficit; consumer confidence; króna depreciation; price inflation; debit card turnover; Inflation; Financial statements; Loans; Global