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Middle East and Central Asia > Kyrgyz Republic

You are looking at 1 - 5 of 5 items for :

  • Type: Journal Issue x
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Cover IMF Working Papers
Managing Foreign Exchange Rate Risk: Capacity Development for Public Debt Managers in Emerging Market and Low-Income Countries
Thordur Jonasson
,
Sheheryar Malik
,
Kay Chung
, and
Michael G. Papaioannou
This paper presents some sound practices for foreign-currency risk management in developing countries and outlines instruments for managing sovereign debt portfolio currency exposures. Adoption of a debt management strategy with well-defined targets for foreign exchange risk is a critical element of public debt risk management. To this end, public debt managers often need to face with complex strategic and operational matters related to public debt hedging practices, including the use of derivatives. In this context, we highlight the main institutional challenges in the management of foreign exchange risk in sovereign debt portfolios and discuss the overall implementation of a foreign exchange risk-management strategy.
Keywords:
exchange rate risk risk management; debt portfolio; public debt manager; currency exposure; risk-management strategy; Government debt management; Debt management; Currencies; Exchange rate risk; Foreign currency debt; Asia and Pacific; Sub-Saharan Africa; Middle East; North Africa; Central Asia; Africa
Cover IMF Working Papers
Taming Financial Dollarization: Determinants and Effective Policies – The Case of Uruguay
Mr. Mauricio Vargas
and
Jesus Sanchez
With some of the most significant levels of financial dollarization in the Western Hemisphere, Uruguay is characterized by extensive dollarization in both deposits and loans. While traditional factors like high inflation and substantial devaluations have been associated with such outcome, the enduring nature of dollarization in Uruguay also underscores the importance of structural elements. In formulating a holistic strategy to reduce dollarization, not only should there be an enhancement of the monetary policy framework aimed at maintaining low, stable inflation, but it should also consider the calibration of prudential policies such as currency-differentiated reserve requirements and foreign-currency credit repos.
Keywords:
Dollarization; Prudential Policies; Monetary Policy; Uruguay; Peru.; deposit dollarization; dollarization trend; credit repo; financial dollarization; dollarization level; Inflation; Reserve requirements; Exchange rates; Currencies; Global; South America; Caribbean; Western Hemisphere
Cover IMF Working Papers
The Impact of the Global Financial Crisison Microfinance and Policy Implications
Gabriel Di Bella
The global financial crisis affected microfinance institutions (MFIs) as lending growth was constrained by scarcer borrowing opportunities, while the economic slowdown negatively impacted asset quality and profitability. It also brought to the fore the relatively high interest rates that MFIs charge to their (low-income) customers. This paper revisits the issue of systemic risk of MFIs, and finds that contrary to the evidence before the crisis, MFI performance is correlated not only to domestic economic conditions but also to changes in international capital markets. It also presents an empirical analysis of lending rates with the purpose of informing policy decisions, and finds that loan sizes, productivity, and MFI age contribute to explain differences in lending rate levels. This suggest that regulation (and policies) promoting MFI competition, and innovation in lending technologies have a better chance to result in decreased lending rates.
Keywords:
WP; lending rate; MFI grouping; institution type; financial crisis; MFI portfolio; MFI productivity; return on equity; global financial crisis; systemic risk; microfinance; lending rate fundamentals; show coefficient; MFI transparency; MFI institution; MFI performance; MFI deterioration; MFI exposure; International capital markets; Loans; Public expenditure review; Emerging and frontier financial markets; Global; Middle East and Central Asia; Central America; Eastern Europe; South America
Cover Policy Papers
Review of Access Policy in the Credit Tranches and Under the Extended Fund Facility and the Poverty Reduction and Growth Facility, and Exceptional Access Policy
International Monetary Fund
This paper reviews the Fund’s access policy under its main financing facilities in the General Resources Account (GRA) and under the Poverty Reduction and Growth Facility (PRGF). It responds to the Board’s request for a periodic review of the access policy, that is, the rules and practices that govern the amount of financing the Fund makes available to its members.
Keywords:
PP; fund resource; access policy; fund access; fund financing; fund policy; fund program; fund arrangement; fund engagement; Fund credit; undrawn funds; financing toolkit; concessional operation; Credit; Capital account crisis; Capital account; Liquidity; Emerging and frontier financial markets; Global
Cover IMF Working Papers
Emergency Liquidity Support Facilities
Mr. Dong He
This paper discusses operational aspects of official emergency liquidity support to individual institutions under stress. It argues that properly designed lending procedures, clearly laid-out authority and accountability, as well as disclosures rules, will promote financial stability, reduce moral hazard, and protect the lender of last resort from undue political pressure. Although there may well be good reasons to maintain ambiguity over the conditions for assistance, there are important advantages for developing, and for transition economies to follow a rule-based approach by setting out ex ante the necessary conditions for support, while maintaining that meeting such conditions is not sufficient for receiving support.
Keywords:
WP; liquidity support; capital market; emergency loan; interest rate; borrowing bank; discount window; Lender of Last Resort; Emergency Liquidity Support; insurance fund; financial support; liquidity assistance; central bank support; central bank liquidity support; State money market; Loans; Liquidity; Credit; Collateral; Central Asia; lending procedure; LOLR support; emergency Liqnidity support facilities; post transparency